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Old 04-02-2016, 12:00 PM   #21
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It sounds like the nudge you needed to leave, so congratulations!

I'd love to hear how you amassed $1.7M in real estate plus all of your retirements savings on a salary of $50K per year. That's pretty amazing!
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Old 04-02-2016, 06:53 PM   #22
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You can retire NOW !! It was a good thing you were fired - destiny has forced you to retire. It's time. Congrats. Be Happy! Don't let the ego get to you.

If your rental income gives you $50K, that replaces your salary, and you said don't spend all your salary so your Cost of Living is lower. And you have dividend income too of $8,500. So, go for it. Retire now if you feel very miserable with your job.

I don't know what you are waiting for? You are single, don't have kids, that makes retirement easier in financial terms.
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Old 04-03-2016, 01:27 AM   #23
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This can turn out as a blessing in disguise - if only you allow yourself to see it so.

You could be happy that the decision was forced on you.
So, forget about the toxic job asap and focus on the future.
Now, allow yourself to enjoy the fruits of your saving efforts.

Congrats!
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Old 04-03-2016, 05:18 AM   #24
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I am sure the firing was a shock, but I agree that there is a bright side. Do you still have the non-performing properties? Even if there is a tax bill, it is still better to have the cash back than a zero return asset.
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Old 04-03-2016, 07:58 AM   #25
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Thanks for the update. It's possible to deplore the situation that led to your firing and rejoice at being out of it. I've never been a fan of "they did you a favor..." because it usually means that you were badly managed, and the fact that you can leave with prospects as bright as yours is pure luck on their part. I also left a job earlier than planned (age 61) and, while I still deplore the toxic politics that led to my resignation, retirement has been wonderful.


You sound like an interesting guy- anyone with two degrees, the ability to use "excoriate" in a sentence, and your real estate smarts should be able to find some fulfilling ways to occupy your time. And don't worry about pre-existing conditions when you get health insurance. Obamacare isn't perfect, but insurers can't exclude for pre-existing conditions anymore. And, as someone else noted, some of your issues might go away now that you've lost a major source of stress and have the time to take care of yourself. There are great stories here from people who got fit and lost weight after retirement and some were able to stop taking meds for diabetes, BP, high cholesterol, (with the agreement of their doctors, of course). If you're overweight and lose the weight, you may be able to ditch the CPAP machine, too.


Since you have ongoing expenses, you may want to choose COBRA even if it's more expensive. Most of the policies in the open market have steep deductibles.


There's some good advice in other threads where people have retired and are trying to figure out what to do next. It's a very good problem to have when finances aren't a worry. Take a deep breath, enjoy your new freedom, and keep us posted!
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Old 04-03-2016, 01:09 PM   #26
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Getting fired is always a shock and drag on your ego but I would move forward and enjoy your life. It sounds like you are well prepared financially.
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Old 04-03-2016, 01:53 PM   #27
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Waiting around for organizations and bosses to change and make one happy is a waste of time. Organizations are amoral and uncaring "at-will employers" while bosses rotate on their way up and are very rarely of the "coaching" type most of us would prefer. There's little happiness to count on in that direction so don't bother wishing for it. On the bright side, what I've read and verified with my experience about human happiness indicates that we recover reasonably well from most anything life throws at us, except maybe the very worst stuff, in about 18 months. So raise a glass to the past that is now behind you, focus on the future, and check your blood pressure and cholesterol in about 18 months. Congratulations!
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Old 04-03-2016, 03:12 PM   #28
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on the non-performing 300K rental has that situation changed at all? Is it a SFH, if so you could move into live in it for I think it's 3 years and walk away tax-free...consult the tax guide but it could work to your advantage.
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Howdy 53 and hate my job.
Old 04-06-2016, 07:12 PM   #29
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Howdy 53 and hate my job.

Thanks, everyone, for the support.

Yes the $300K rental (single family) is now worth $400K and I'm finally getting better rent - $2300 month (but could maybe get $2500 or more if the tenant moves out and I do some work). Worried about recaptured depreciation and capital gains if I sell but maybe not enough to move in it --- will have to try to figure out how much the taxes would be (paid $92K about 30 years ago).

Was about to do about $40K worth of work on my own house. Pondering that now. There is a guest house out back and I could move back there and get maybe $2500 for the main house.
That's if I fix it up - so that might be a wise investment.




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Congratulations, Westlake!
Old 04-06-2016, 07:53 PM   #30
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Congratulations, Westlake!

[QUOTE=WestLake;1716378]Thanks, everyone, for the support.

Yes the $300K rental (single family) is now worth $400K and I'm finally getting better rent - $2300 month (but could maybe get $2500 or more if the tenant moves out and I do some work). Worried about recaptured depreciation and capital gains if I sell but maybe not enough to move in it --- will have to try to figure out how much the taxes would be (paid $92K about 30 years ago).

Was about to do about $40K worth of work on my own house. Pondering that now. There is a guest house out back and I could move back there and get maybe $2500 for the main house.



So, fast-forwarding past five years, you have now transitioned into a new career: "real estate investor" ("full-" or" part-time," whatever you decide) and/or "semi-retired" (since you can probably live off your real estate). Because of your smart investments, LBYM, and overall frugality, you are now in a position many 50-somethings would envy.

The world is wide open, and you are now your own boss. Enjoy!

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Old 04-06-2016, 08:14 PM   #31
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Marcola, I'd love to hear more about the 18 month recovery theory.
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Old 04-06-2016, 09:24 PM   #32
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Quote:
Originally Posted by Marita40 View Post
Marcola, I'd love to hear more about the 18 month recovery theory.
Happiness research is an enormous field but here are a couple of overview articles that might help:

https://positivepsychologyprogram.co...nic-treadmill/

https://en.m.wikipedia.org/wiki/Hedonic_treadmill
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