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32 years young...
Old 03-09-2005, 01:13 PM   #1
 
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32 years young...

Here is my question, I would like to at least have the ability to retire by the time I am 40.

I would like the time to actively invest in real-estate and manage my properties.

I am working on my goals now and even writing a blog describing what I am doing:

http://www.retireyoungandwealthy.com/

What is a good figure to aim at? $1M, $5M?

I would appreciate anyone's thoughts.
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Re: 32 years young...
Old 03-09-2005, 01:33 PM   #2
 
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Re: 32 years young...

I believe most people will tell you it depends on your lifestyle and withdrawl rate. Check out the FIREcalc and play with the numbers. Why invest in real estate when you go farm peanuts?
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Re: 32 years young...
Old 03-09-2005, 01:39 PM   #3
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Re: 32 years young...

Quote:
I would like to at least have the ability to retire by the time I am 40...What is a good figure to aim at? *$1M, $5M?
I resemble that remark, but I have no idea how to answer your question because I don't know what your expenses are now and what they may be when you hit 40.

A good estimate to use would be to take your realistic budget and multiply it by 25 to get to your estimated magical net worth. For example, if I estimate my budget at 40 to be $50K a year, then my net worth should be at least $1.25mil. In my case, I should be under that at about $950K to $1mil, but I plan on working just enough to meet the gap. Plus by earning anywhere from 15K to 20K a year, I will be able to throw most of those earnings back into the pot in Roth IRAs.
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