Hello,
Id just like to know if anyone knows a friend or has a business associate, that from scratch with no help (ie wasnt born with a silver spoon or given great amounts of money from someone)has retired by 30 and lives off passive income(has time & money), and what vehicle (business, property, shares) they used?
It would be intresting to find out, especially from the people that are getting mentored.Hello Pipeline builder,
Sounds like u r a young fella wanting to retire early?!
This is great mate!
It can be done!
I actually have only worked part time since age22.
I had a passive income(approx half the average wage) at age 27ish and now at age 31 am fairly close to being able to retire.
The vehicle I have used is working mega hard from the age of 15 after leaving school and becoming a mechanic.
Then just being wise with yr money.I saved up for ahouse deposit(about 30K) then bought a house at age 21..
Then just piled as much money as poss into paying it off. Then mortgaged it out at about age 24 and bought my first commercial shop.
Etc Etc
This is getting a bit longGo for it mate you can do it!
DematioWe’ve got 70 yrs on planet earth,Lets make the most of every day!
Luke Taylor | Hope Property Investing
http://hopepropertyinvesting.com
Email MeProperty Support,Strategist and Buyers Agent
Called it a day at 39 but got bored at home so went back to finance broking again and love every minute of life.
Can travel the world when i want to see the kids grow up and still work at the same time.
Cheers Richard
Ph: 07 3720 1888
[email protected]
http://www.yourstatefinance.comSpecialising in US & IP finance.
Richard Taylor | Australia's leading private lender
I retired from a normal job at 33 with passive income and loads of equity. Only to find another job called property investing! I am now 36 and just as busy as I was in my normal job:(
Does it ever end?
We buy properties in Adelaide. Immediate Cash Settlements, No Agent Fees.
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phone 0412 437 582Thanks, the feedback is great, it so great to hear there are some other people that dont just talk the talk, they walk, the walk.
Currently I work with some very successful people from various age groups,
25 – retired
27 – retired
27 – retired
40 – retiredAll them live off their passive income and as a couple have replaced both or at least one income with passive cashflow.
I believe my Mentor could have been in this position but why pull the plug at 30 ?? I think you are refering to being in a job that you don’t like or have a boss to answer to.
He’s now 66 and intends on ‘working’ well into his 80’s. Why not if you are enjoying what you do. Although I note the fishing trips are getting a tad longer and more frequent nowadays.
Business vehicles were and still are ;
1. A construction / industrial development business with 55 MM p.a. turnovers.
2. A little bit of industrial land appreciating for over 45 years.With 230 MM in property…life is interesting and fun for him…why would you want to give up that ??
Does it ever end…ummm, if you like what you do, I guess not.
Dazz,
I totally agree with you, if you love what you are doing why stop, personally i belive in hard work, but work with the right vechicle.
The problem is most people dont like what they are doing or dont know they have other options.
I have a simple formula money + time = lifestyle, its simple but that way you can choose to do what you want with your time, eg work, invest, spend time with family, holiday, whatever.
hi pipelinebuilder
retiring at 30 , won’t you be bored?
and how much passive income do you think you’ll need to live this lifestyle?
I had the same ambition retiring at 30.
now nearly 55, i think i’ve just about made it.
good luck
harryYou will find that retirement is a concept of the poor and the working class.
The wealthy don’t retire…its nice going to work when you don’t have to.
Michael Yardney
METROPOLE PROPERTIES
Author of Australia’s leading property e-magazine.
Join over 10,000 readers each month.
FREE subscription http://www.metropole.com.auHello,
The people that I know are retired so young arent bored, they all have active lives and as many of the people in this forum have business, investments that give them passive income.
But when they get up in the morning, they choose what time they get out of bed and how they spend their day, eg working, family, travel etc etc.
Retirement is a function of money not age, and by retirement I mean having the choice to work or not work in a job and doing what you would like to do or however you want to spend your time.
I watchced my parents do the 40 / 40 year plan, worked 40 hours a week and for 40 years, yet they told me to do the same thing because they didnt know any better. Did you know that approximatley 80% of people will retire on about 12 – 15 K per year and that only 1% of people will retire on more than 40K per year after working to their 65, that scares the pants off me.Personally I would rather spend more time with my wife than my boss. I think most people to maintain their standard of living a minimum would be 40 – 50 K per year as thats the average wage now.
Wow nice topic! Basically when people say Retire, they mean we are not forced/have to work anymore, now we can start living life the way we want, doing the things we want. I wish I could come up to this stage, still working hard for it.
Cheers,
SerkanThis is a very interesting post!! I am 29 and was hoping to retire by I reach 35. Then I thought about it and I love what I do! I am retired but yet to achieve the sort of passive income that some of the forumites have!
ALways on the hunt!
Prakman
Pipelinebuilder
I am 23 and have similar ambitions to you. I have grown up watching my parents work hard and now are nearing retirement with no where near enough money to do thinks they deserve to do in their retirement.
I think you are right retiring means not having to go to work. I don’t think i will ever stop working but i think when you don’t have to it allows you to enjoy and choose what you do. It means you can work in a lower payed job because you enjoy it and don’t really need the money instead of working in a highly stressful yet well payed job.I have a cousin who is only 24 and is getting very close to retiring and he has done it all through property.
I think it can be done you just have to make your money earned from work harder for you.
Regards
Cama20I heard a quote that has stayed with me.
“If you love what you are doing, you will never work a day in your life”
CATA
Asset Protection Specialist
[email protected]Awesome post!
I am 33 and went absolutely gung ho at investing about 3 or 4 years ago. Anyway I was in the midst of my first (and sizeable) deal when Sept 11 struck. Key people in my deal got nervous so it fell in a heap. I came out unscathed and alot more cautious, now have kids and a good job again (Sept 11 also caused redundnacies in IT sector) and now about to get back on the investing track…
Feels good to finally gear up again.
Cheers and go for it – but do your due diligence well!
Richard
I think we should not forget Steve McKnight being one who retires rich and retires young as well. Remember he’s just 33 this year! am I right?
Cheers,
HermanAaaa the life, Pipe good question to see if it does exist, its something I aspire to, (but 32 now), but I dont think you actually stop working and retire as such, but have more options to exercise that you may not have been priveledge to before.
Them longer fishing trips, four wheel driving is definately a calling
I hope to be in that position is 5 years via a mix or commercial & residential.
Excellent reading.
Ps Dazz how did you find your mentor, just curious
yes learn and share
there is steve who’s retire rich
but my gut feeling is that it wasn’t from property.
if you sell a million books and make $1 from each, how much do you make???
lots
your rich.
much easier than worrying about fly wire screens (about $10 at bunnings) that seem to be such a concern in the other forum, or some tennant not paying rent…
Now wheres my pen…..
i feel a book coming onharry
wow, so many intresting comments, personally like I said I belive if you can replace your job income with passive income then you have options then you choose what you work on and how much time you want to use doing that activity, eg this is a stupid example, but many teachers I know love teaching, love kids etc when they start teaching they love it but maybe after 20 years teaching they may not have as much passion for it, its a little like if you have to earn money for it then its a job, where if you could teach when you wanted and the kids you wanted to teach because you had passive income it would be a different option.
This is my view
1. Find a mentor (thats easier said than done) one that your not going to be charged for advice but has a vested intrest in your success.
2. Be teachable and open mineded, listen and learn.
3. Implement it, action.
4. Systemise it so it gives you passive income
5. Help others
6. Repeat the processMy nephew started his business from his bedroom at 16yrs he expanded and rented a small commercial property. At 17yrs he has his own company but couldn’t be Managing Director until his 18th birthday.
His business has expanded and he moved to larger premises. He turned 18 in May has legally become Managing Director of his business and employs 8 full time people.
His business turns over $40,000 per month and is still growing rapidly…am I proud of him? You bet,[biggrin] he works very hard to get where he is, and is now asking me for advice on property investment.
He has no intention of retiring as he loves what he does.
Jenny1
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