Hi All, great community you guys have here! I registered a week or two back and have been lurking non stop. Thought it was time to say Hi, and tell ya about me.
I'm a 30yr old guy, I am engaged to be married this fall. I have been self employed for the last few years, bought a nice condo for cheap just about 2 years ago.
As of next week, I am selling a business I own... As of May 1st, I'll have a bunch of cash, but no income. How can I keep my retirement lifestyle? What are my best options?
Heres the low down: I have about $180k in assets: $50k in 401k, $60k in equity, $20k new car, $24k in money market.
I can live comfortably with $2k a month, I can live comfortably and road trip every weekend with $3k a month.
I'll be selling by business for $730k, cap gains will take 19% off the top, leaving me with $600k.
I think I'll have a lot of questions for you guys in the near future... My goal is to figure out a way to invest that $600k and live 100% off the investments so I can spend all my free time playing and traveling.
So, how can I make $600k cash toss out $3k a month?
One idea I'm looking at is to sell the condo and buy a 4plex. The numbers I have run would allow me to rent out 3 of the units, and live in the 4th for free. I could put 20% down on a 4plex with the equity I have in my loft. With that scenario, I would still have $600k cash, but my living expenses would drop about a grand a month. FireCalc tells me I could safely withdraw $23,851 safely...
Any other 30yr olds able to pull this off? Any advice would be welcome at this stage.
I'm a 30yr old guy, I am engaged to be married this fall. I have been self employed for the last few years, bought a nice condo for cheap just about 2 years ago.
As of next week, I am selling a business I own... As of May 1st, I'll have a bunch of cash, but no income. How can I keep my retirement lifestyle? What are my best options?
Heres the low down: I have about $180k in assets: $50k in 401k, $60k in equity, $20k new car, $24k in money market.
I can live comfortably with $2k a month, I can live comfortably and road trip every weekend with $3k a month.
I'll be selling by business for $730k, cap gains will take 19% off the top, leaving me with $600k.
I think I'll have a lot of questions for you guys in the near future... My goal is to figure out a way to invest that $600k and live 100% off the investments so I can spend all my free time playing and traveling.
So, how can I make $600k cash toss out $3k a month?
One idea I'm looking at is to sell the condo and buy a 4plex. The numbers I have run would allow me to rent out 3 of the units, and live in the 4th for free. I could put 20% down on a 4plex with the equity I have in my loft. With that scenario, I would still have $600k cash, but my living expenses would drop about a grand a month. FireCalc tells me I could safely withdraw $23,851 safely...
Any other 30yr olds able to pull this off? Any advice would be welcome at this stage.