Hi blokes and sheilas,
Can anyone tell me what age they all plan to retire or if they are already retired?
What sort of strategy do you have to get there etc., invest in just property or not?
I have a goal to retire when I am 40 (when I say retire I meant I plan to work for myself!)
but I have not fixed a strategy yet.Just want some ideas from you knowledgable lot!
[bow]
August next yr. at age 25
By this time next yr. I may still be working but the difference will be that I will not have the need to work.
My strategy: 10 +CF properties each delivering $60.00 +CF equals a total of $600.00 per week. This is enough for me to stop working and cover my expenses for the week. Ofcourse, this will grow over time to 1k and then 2k per week as the loan repayments are being reduced with time, thus increasing the +CF amount per property.[biggrin]
Kind regards,
Geo.I’ve found a way to help you save and earn whilst not selling or delivering any product. If interested, drop me an email or PM me to find out how
Hi trisha007,
i’m a long way from retired and i don’t know how interesting my plan is to you but here it is anyway:
Retirement age: 27 (roughly 7 years)
Plan:
* finish saving my deopist for an older style unit in Annerley (found a two bedder with city views for $160,000) and add value through a rejuvenation / rennovation (very handy when your partner used to be a builder.)
*live in the property for 6 to 9 months and purchase additional properties as i free up capital and or save some more money.
* My partner (Rod) has been trading shares for around 5 years now and has built a solid understanding of the sharemarket has profitted well in the last 2 years in particular. So i guess i’ll always have an interest in shares as well.
Anyway reading back over that that’s not really much of a plan, but it’s a starting point i guess…
cheers,
e xMany people think they need a large lump sum to retire. This is false, all you need is the cashflow from either property, business or shares. I like property because it’s realtivly easy to understand, and you don’t need to use ssophisticated strategies like you do with options/futures/etc.
Check out the free ebook: http://www.theintrepidway.com/resources.htm
I think it would be helpful for you.
Rgds.
Lucifer_autrisha,
65, maybe 70 :o) I’ll work for the community until then (not for myself). I guess I’ll want my tenants to work until they’re 65 too, so that they can continue to pay my rents. Someone has to work- may as well be my tenants.
When do we want out tenants to retire?
kay henry
Hey Trish,
Firstly, let me set the record straight, you can call me whatever you like, but please please please [offtopic]don’t refer to me as a “sheila”!!! Don’t misunderstand me, I have no problem with anyone who is legitimately named as such, but apart from that, that reference would have to be the most “orkerish” patronising, demeaning slang label in the bastardised english language!!!
Anyway, in answer to your question, I am already retired; did so 2 years ago (aged 39).
What strategy did I use….simple, I worked my ass off, bought and held property, sold in boom times, and basically the same as most people here. No great magic; just a sh**load of hard yakka cobber!!!! [sweaty]
So go girl…if I can do it; so can you!!! She’ll be right mate!!! [winking]
Jo
(the non-Sheila) [tongue]There is a saying that goes,
“Better to aim your spear at the moon and strike an eagle than aim your spear at an eagle and strike only a rock.”
The meaning of this is aim to retire at 25 and you might achieve it by 30. Aim to retire at 35 or 40 and you might achieve it by 55 or 60 – If this is the case, better to go work full-time and not have any risk.
I’ve found a way to help you save and earn whilst not selling or delivering any product. If interested, drop me an email or PM me to find out how
Thanks peoples, keep those ideas coming!
Sorry Jo, didn’t mean to offend – a couple a questions though? How long and how hard did you have to work? Are all your properties in Australia?
I plan to retire in about ten years (when Im 40)
or sooner if I can do it!When I said ‘work for myself’ I meant that I will run MOB that of course benefits the community, but gives me something fulfilling and worthwhile to do with my time.
Any more comments?[bandana]
Trisha
Hey Trish,
It’s cool; although I don’t like the term, I took no offense (just a gentle nudge in jest) [grin]
Now to answer your questions….
How long did I work??? Since I was 13 (before and after school) including weekends at times. As an adult I worked full time, studied both part and full time, and eventually started and managed my own successful clinical practice (which I built up into a very financially viable business) before I finally relinquished (sold) my part of the partnership 2 years ago. I now see the occasional ex-patient in my home.
How hard??? Bloody hard!!!
Are my properties all in Oz??? Yes
Running your own business is both rewarding, and challenging; the hours are longer, but the pay-offs are greater!!! IMO it takes a great deal of discipline, motivation and a sh**load of endurance. But if you can do this, you’ll do just fine!!! After all, if I can do it; anyone can!!!
All the best, I’m sure you’ll do well!!!
Cheers,
Jo
It is not clear to me what people on here mean when they say they are or are going to retire.
To me retirement means to stop working, live on income from your retirement fund, or other income put aside for your retirement, and never work again for income.
Retirement means to do the things you like, such as travel, spending your day relaxing, having fun, socialising, etc.
Anything except working for an income.Starting your own business is still working, and working hard in most cases.
I don’t see that as retirement at all.Could anybody who runs their own business just say that they retired?
No, not in my opinion.Celivia
Celivia,
Retirement doesn’t have to been a work-death sentence!!!
Sure, mostly those who “retire” exit their day-to-day income generating lifestyles, but that doesn’t mean, they cannot continue working, for say, less income. In fact, it would be more beneficial to their health if they did so, as it will provide great personal satisfaction and help our economy at the same time.
Associating “retirement” with idleness is both a dangerous misconception to one’s health and society’s advancement. But then, it is open to interpretation isn’t it???
I see it as “retirement from income dependance” and the ability to enjoy part time work which will still be associated with income earning however, the necessity in HAVING TO is removed from the equation.
I call myself “semi-retired” because, although a great deal of what I do thesedays is VOLUNTARY, I still see the occasional patient, to keep my skills up and because it is good to know I can still make a dollar if I want to!!!
Either way, retirement is (and should be) as unique as the individual who chooses to exit the paid workforce. The level of retirement will depend on the individual’s need, or want to work. And isn’t that a nice choice to have???
Running your own business, doesn’t have to be “blood, sweat and tears”; I know a woman who runs her own business at a craft market, and she makes a healthy living from it, and doesn’t stress one bit!!! Go figure….
Jo
P.S. I go skiing (at least 3 times) every winter, and travel overseas at least every 18 months!!! Believe me, I spend lots of time doing “nothing” too, and love every minute of it!!!
OK, I don’t have the intention of tormenting people, like somebody you might remember [biggrin] in the past on these boards did who had an ongoing definition-debate (I think it was of banks in this case) hehe…but I always thought the definition of Retirement was closest to this one I found:
Withdrawal from one’s occupation, business, or office.It’s OK to say that you’re semi-retired if you are, but people I have noticed say that they’re retired if they’re just changing jobs, or starting their own business.
OK you can retire from your job, but you don’t retire from the workforce when you still go on working in a different field.
I would call that ‘a career change’ or something, not ‘retirement’.Celivia
Very interesting!
Retire to me means getting away from the drudgery of having to work for a boss, the getting up every morning to put in your 8 – 10 hrs a day and come home dead tired NO!
Instead to get up leisurely enjoy hearing the birds and sipping your tea and then decide I think Ill go and do my bit for the community (not work a such thats a four letter word) just enjoying what you like do to but also turning it into a business!
Thats not a career change because your not deciding to pursue a career as such just have a hobby if you like(whether it be gardener, handyperson whatever)
Keep smiling!
Trisha[biggrin]
You’re right Celivia, I’d call a change of occupation, a “job change” too!!!
Agreed, I have no intention of “splitting hairs” either, nor do I wish to enter a debate in semantics. People will define “retirement” for THEM as they see fit, be it correct or otherwise.
My belief is, that people choose to retire, hence they should be able to define that choice as it applies to them. Who am I to question what is a career change, or a withdrawal from the (fully) paid workforce??? Let’s move on hey???
Cheers,
Jo
To my thinking “retire” means that you don’t have to work for someone else or even yourself to survive.
Would essentially come down to enough passive income to meet all you expenses, or sitting on your bum all day and the money would still come in.
Hoping to do that by 40 (currently just gone 37).
I currently consult and think of myself as “semi retired” but this could be “retired” to some people.
To put all this into perspective, my father at the age of 65 has just “retired”. Gets $30K from annuities and part pension but still needs to work part-time for a company to earn a little extra to make ends meet. Boy, is he gonna be pissed in 3 years when I kick my heals up and play more golf than him!!!!
Later……….
If you think you can you can, if you think you can’t you can’t.
Hotrod, you said:
Boy, is he gonna be pissed in 3 years when I kick my heals up and play more golf than him!!!!There’s nothing wrong with being proud of your achievements, but it sounds like you are extolling your dad’s struggle in his retirement. [glum2]
I hope I’m wrong!
Parents often give up so much for their children. They deserve all the respect they can get.Celivia
I know it’s not manners to speak on someone else’s behalf without invitation, but I do believe HotRod is joking!!! [blink]
Quite correct Monopoly.
My post was firmly tounge in cheek regarding my dad being pissed!
Should have used one of those smiley thingies………
If you think you can you can, if you think you can’t you can’t.
Oh I dunno HotRod,
Around here it seems, you’re damned if you and (as in your case) damned if you don’t!!!!
I know you meant no disrespect to your dad; your posts never indicate any such maliciousness.
Cheers, [sunny]
Jo
The guys at work reckon we are all semi-retired…we work 4 days then have 4 off…not bad but we still have to go back.
To retire is to get out of the “rut”. That is, going from home to work, work to home, get to bed early so you can sleep, hit snooze 3 times, get up to go to work.
If your “work” in retirement means that you decide what you do and when you do it and not having to worry if $$$ come from your work – well then I think you are retired.
But you do need to work or be kept busy in retirement.
Does a mother/housewife who goes back to the workforce “retire” from home duties? Or when she does “retire” from the workforce again is she then considered retired when she resumes (probably never stopped) her household duties?[saywhat]
*** no sexual inequities here…read him/her & he/she if you like***Matt
You must be logged in to reply to this topic. If you don't have an account, you can register here.
