Walking the Walk

[warren]

I ran across this forum today and thought I might have something to share. I retired early in 2000 with a little fear and trepidation after reading so many financial websites telling me I was TOTALLY UNPREPARED. I had no 401K since I owned my own computer business for the 35 years prior and my Stock Fund was a disaster. I had some property to sell, but the market was so depressed that was not an option.

I have nothing against those who deprive themselves so they can retire as millionaires, but I since learned you can probably do just fine if you play the hand you were dealt careful enough. Hey this is the information age and opportunity is behind every corner, at least it was for me.

So take it from someone who has been there and done that, suicide is NOT the only option left!!! I have more fun and see more of the country than I ever thought possible on our budget, so don't give up hope.

 

[heeyy_joe]

and now qualified to talk the talk. Thanks for sharing your success.

 

[UserRequested]

Well done on a successful retirement

 

[obgyn65]

Congratulations.

 

[REWahoo]

I retired early in 2000 with a little fear and trepidation after reading so many financial websites telling me I was TOTALLY UNPREPARED. I had no 401K since I owned my own computer business for the 35 years prior and my Stock Fund was a disaster. I had some property to sell, but the market was so depressed that was not an option.

This leaves me with the impression you retired with almost no assets other than "some property". So tell us, how did you manage to "do just fine if you play the hand you were dealt careful enough"?

 

[Jager]

Congratulations, and welcome to the board!

I, too, would be very interested in your experiences. How was it you played the hand you were dealt? Feel free to start another thread (probably under the 'Fire and Money' sub-forum).

Looking forward to hearing more!

 

[warren]

It's really pretty simple. As I mentioned I had a business that I sold to my head programmer for enough to last the initial first few years. He was a loyal employee and helped build the business, so I really just charged him enough to cover the equipment and pay our medical insurance until I reached 65 and Medicare kicked in.

Obviously I filed for Social Security and five years later my wife did too. She works part-time as a sub for special needs kids at the school, which is by choice. She loves the work and can take off at the drop of a hat anytime she wants to.

We refinanced the house and paid off all our other debt, so our expenses dropped to $650 a month plus the normal stuff like insurance, food, etc, and fits in our Social Security budget. The money she earns at school and a significant contribution I earn from the Internet, we use to travel and have fun.

No we are not rich, or even what I would consider well off. But our cash flow allows us to take a few week long trips every year to destinations all over North America. In October we spent 10 days driving around New England and this month we are going to North Carolina. In May it's Windsor California and August will find us at Depot Bay Oregon for a week. I'm sure there will be bonus trips to, but we don't have them planned yet. Being retired, we can grab surplus openings on sale from our Time Share at the drop of a hat.

To be honest, I should say that the property market did recover and we sold the building I ran my business from and a mobile home we had at the beach. I bought the business building myself and leased it to my company long enough to pay it off (I couldn't have had a better tenant), then when I retired we sold it and carried the contract. The trailer we sold and used the profit to buy into a Time Share system, so we could do exactly what we are, travel all over without adding much in additional expense from our daily budget.

Again, it's all cash flow management. My Time Share is paid for and the maintenance fees are in our daily budget, so all we need is gas money. There are enough good opportunities in today's Internet marketplace that I find it easy to add enough for that and more.

 

[Gumby]

So take it from someone who has been there and done that, suicide is NOT the only option left!!!

C'est vous, Albert? J'attends votre conseille.

 

[MooreBonds]

The trailer we sold and used the profit to buy into a Time Share system, so we could do exactly what we are, travel all over without adding much in additional expense from our daily budget.

Just out of curiosity.....did you buy the time share from the developer, or on the secondary (resale) market? I have had fleeting thoughts of one day looking into buying a timeshare that someone is looking to [-]make the maintenance fees end[/-] [-]sell it to someone that will actually use it[/-] off of their hands, and know that they can go for big discounts. Who did you end up buying it from? (developer or which website on the secondary)? What kind of a discount did you get?

 

[warren]

Just out of curiosity.....did you buy the time share from the developer, or on the secondary (resale) market? I have had fleeting thoughts of one day looking into buying a timeshare that someone is looking to [-]make the maintenance fees end[/-] [-]sell it to someone that will actually use it[/-] off of their hands, and know that they can go for big discounts. Who did you end up buying it from? (developer or which website on the secondary)? What kind of a discount did you get?

That's a controversial topic for sure, but I bought directly from the developer (Worldmark) at a discount for making the decision immediately (a game they play) so I could take advantage of the bonuses they give you that are not available on the aftermarket. This played a large part in our retirement plans, so I would rather lose a little money than run the risk of not getting what I wanted.

For example, we are going to Windsor, Ca in May for a 4 day, 3 night stay including receptions, dinners, a wine tour and lots of spifs and our cost was only $150 in cash. That only gets offered to VIP members and not aftermarket buyers.

 

[haha]

. There are enough good opportunities in today's Internet marketplace that I find it easy to add enough for that and more.

Do you mind expanding on that?

Ha

 

[warren]

Do you mind expanding on that?

Ha

Since this is my first day on the forum, I don't want to get in trouble so soon. Let me say that with full time to devote to learning and perfecting talents pertaining to building websites and graphics, in the last 12 years I have become quite proficient at marketing and promoting online.

Most of my success has been in the area of building networks of referrals and helping them learn to continue that growth for both of us. As most people online realize, these networks come and go, but if you protect your integrity you can always start over, which I have done many times. Then again, I have some income producers that I have enjoyed 5 or 6 years with no signs of letting up anytime soon.

My income has ranged from a few hundred dollars a month, to over $6,000 or more. My goal is $1,000 a month, which supports our travel desires without too much effort required to keep that going. I just started a new venture a month ago, but it is already showing the potential to help me reach those levels again.

I have a plan in place and websites designed for myself and others, so now it's just a matter of spreading breadcrumb trails that lead back to them. That is the strategy that has always worked for me in the past.

 

[Bestwifeever]

It sounds like you are still w*rking as an Internet marketer and promoter? But that's okay, many people define "retired" in different ways.

(PS: it was the breadcrumb trails that got Hansel and Gretel into so much trouble, as I recall .)

 

[warren]

My idea of retirement is being free to do what you want when you want to do it and no longer needing to punch a time clock or let someone else decide when you eat lunch.

It's interesting that the same strategy used in Hansel and Gretel still works today, slightly modified.

 

[Bestwifeever]

Right into the witch's oven?

 

[warren]

Right into the witch's oven?

That's where the modification comes in.

 

[UserRequested]

That's where the modification comes in.

Is it just me, or is this thread sounding too much like a cryptic crossword puzzle?

 

[FIREd]

FYI, this is a breadcrumb-free forum.

 

[Sarah in SC]

Network marketing. Got ya. All I needed to know.

 

[haha]

Network marketing. Got ya. All I needed to know.

Is this the same as MLM?

 

[Sarah in SC]

Is this the same as MLM?

Yes.

 

[jclarksnakes]

I thought DW and I were the only ones on this forum lucky enough to own timeshares. She inherited 5 of the damned things.

 

[UserRequested]

Is this a fishing expedition designed to scam. I'm beginning to become suspicious

Work from home scams

 

[Recutter]

I thought DW and I were the only ones on this forum lucky enough to own timeshares. She inherited 5 of the damned things.

What are the carrying charges with an average timeshare assuming you buy your week(s) with cash? Do you get hit with taxes,hoa fees, etc?

 

[jclarksnakes]

What are the carrying charges with an average timeshare assuming you buy your week(s) with cash? Do you get hit with taxes,hoa fees, etc?

We got lucky and sold two of the five. Two more were almost sold in 2005 just before the Hurricane hit Daytona Beach. The potential buyer was actually staying in one of them and seemed ready to buy when he had to evacuate because of the Hurricane. The building had extensive damage and was out of commision for around 2 years while they repaired it. In answer to your question. Yes there are annual fees and taxes and in our case also a large hurricane repair assessment. We would have been smart to just let them go but it is not in our nature (perhaps we have a serious character flaw in that area) to have done that. IMO all states need to change their timeshare laws so that in cases where the building will not be usable for more than six months all the owners vote on whether to scrap the building and sell it or repair it. I am pretty sure the majority of owners of our units did not want to proceed with repairs and would have rather just sold the building at a loss. As was expected the elected board of directors were all so rah rah about the place that they could only see rebuiding as a good idea when in fact it was not. Do I sound bitter? GRRRR!!!


EDIT TO ADD. We have not stayed in them since DW's father was alive and owned them. I have heard they are nice since the rebuild but we are too busy to ever stay in them. DW's sister does use them for trading for stays at other locations. We also occasionally get a small check when they rent ours out to someone else.