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Re: I'm 22 and I want to retire at 45
Old 10-30-2005, 03:23 PM   #21
 
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Re: I'm 22 and I want to retire at 45

Make sure that you understand life insurance. *When you've got lots of future earning potential and little money, you need life insurance. *But as you have less future earning potential (older) and more money you need less life insurance. *And only consider straight term.
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Re: I'm 22 and I want to retire at 45
Old 10-30-2005, 06:28 PM   #22
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Re: I'm 22 and I want to retire at 45

Ha, that has to be the funniest, most direct to the point post I've read in months.

Yes, I could see myself talking to my dad, grandparents and uncles, @ age 25.

.........they, all now deceased, wouldn't have been amused! "What the hell are you thinking? Get a life, and look after your family!

Read between the lines and you can see someone not lasting too long in the marriage game. ("The wife can work if she wants after 45, but not me, I'm outta' here.")

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Re: I'm 22 and I want to retire at 45
Old 10-30-2005, 09:37 PM   #23
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Re: I'm 22 and I want to retire at 45

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Originally Posted by Zipper
Ha, that has to be the funniest, most direct to the point post I've read in months.

Yes, I could see myself talking to my dad, grandparents and uncles, @ age 25.

.........they, all now deceased, wouldn't have been amused! "What the hell are you thinking? Get a life, and look after your family!

Read between the lines and you can see someone not lasting too long in the marriage game. ("The wife can work if she wants after 45, but not me, I'm outta' here.")

What about being financially independent would is so terribleto want? What does that have to do with me taking care of my family? I'm not so sure I follow you or HA.

And as far as my marraige not lasting....where do you get that impression? My fiance doesnt NEED to work now, but she does because she wants to. So, she can do whatever she wants when we're 45 as well. I'll retire, and she can work if she wants. Simple as that.
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Re: I'm 22 and I want to retire at 45
Old 10-30-2005, 09:43 PM   #24
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Re: I'm 22 and I want to retire at 45

thefed -

Don't worry about it.* I have never heard anyone say "I wish I started planning later."* Planning for your future, being a good hubby/dad and living a good life while you are young can all be done regardless of your age.
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Re: I'm 22 and I want to retire at 45
Old 10-31-2005, 04:40 AM   #25
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Re: I'm 22 and I want to retire at 45

Quote:
Originally Posted by TromboneAl
Make sure that you understand life insurance. *When you've got lots of future earning potential and little money, you need life insurance. *But as you have less future earning potential (older) and more money you need less life insurance. *And only consider straight term.
Just one added thought about life insurance is that it is necessary when responsiblities are extensive (read kids and family young) and becomes less so as those responsibilites lessen. One expense that goes to 0 in ER.
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Re: I'm 22 and I want to retire at 45
Old 10-31-2005, 06:15 PM   #26
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Re: I'm 22 and I want to retire at 45

I'm 45, retired, would like to be 22 again
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Re: I'm 22 and I want to retire at 45
Old 10-31-2005, 07:22 PM   #27
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Re: I'm 22 and I want to retire at 45

Hey, thefed -

Don't sweat the various sarcastic comments. I think that anyone who is even thinking about this stuff at 22 has a huge head start over the rest of the working world, you are to be commended!

At 22 I was still in college and still believing that saving the world was more important than making a living...

Your goals and priorities may change before you're 45 but if you're making informed decisions and learning along the way, have at it and have fun!

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Re: I'm 22 and I want to retire at 45
Old 11-01-2005, 08:44 AM   #28
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Re: I'm 22 and I want to retire at 45

ive been considering my desire to retire at 45 a lot over the last month or so.

im beginning to think it would be easier overall if i just did something OTHER than my current career. Something that I could do if/when I wanted....

that leave me only one option :self employment. Ideally real estate (sales and/or rehabbing), somethign along those lines.

IT'd definately make it easier financially
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Re: I'm 22 and I want to retire at 45
Old 11-01-2005, 08:50 AM   #29
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Re: I'm 22 and I want to retire at 45

Yeah, my urgent wish to retire co-incided with my growing frustration/boredom with my current work. I wouldn't mind "work" of some sort if (a) I could travel whenever I wanted, and a lot and (b) it was something I truely enjoyed. As you say, both point to self employed and real estate. We probably would have been doing this by now if it had not been for the insane real estate situation now. Two years ago we started looking at potential development properties, about 2 years too late....


BTW, what IS your current career?
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Re: I'm 22 and I want to retire at 45
Old 11-01-2005, 09:07 AM   #30
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Re: I'm 22 and I want to retire at 45

Quote:
Originally Posted by thefed
ive been considering my desire to retire at 45 a lot over the last month or so.

im beginning to think it would be easier overall if i just did something OTHER than my current career. Something that I could do if/when I wanted....

that leave me only one option :self employment. Ideally real estate (sales and/or rehabbing), somethign along those lines.

IT'd definately make it easier financially
You currently work as finance manager for a subprime lender. You might consider moving to a more traditional lender employee and maybe moving into commercial lending from consumer lending. The income may be bigger and the work may be more satisfying. I know a person who started out years ago working for a subprime lender, moved to a bank, then moved to an independent commercial mortgage broker and finally to self employment as a commercial loan broker. He makes the big bucks. All commercial loans, which has higher income potential. If you get a good grounding in the lending world you could have some great self employment opportunities later on. And your journey to eventual retirement may be a lot more fun.
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Re: I'm 22 and I want to retire at 45
Old 11-01-2005, 09:20 AM   #31
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Re: I'm 22 and I want to retire at 45

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Originally Posted by Martha
You currently work as finance manager for a subprime lender. You might consider moving to a more traditional lender employee and maybe moving into commercial lending from consumer lending. The income may be bigger and the work may be more satisfying. I know a person who started out years ago working for a subprime lender, moved to a bank, then moved to an independent commercial mortgage broker and finally to self employment as a commercial loan broker. He makes the big bucks. All commercial loans, which has higher income potential. If you get a good grounding in the lending world you could have some great self employment opportunities later on. And your journey to eventual retirement may be a lot more fun.
Sounds like a plan. Thing is, I have a slight blemish on my record, something that many companies frown upon. It had nothing to do with theft, violence or anything like that. A victimless crime you might say.

That's what's kept me her the last year or 2
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Re: I'm 22 and I want to retire at 45
Old 11-01-2005, 10:56 AM   #32
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Re: I'm 22 and I want to retire at 45

Felony conviction of growing weed? Distributing weed?
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Re: I'm 22 and I want to retire at 45
Old 11-01-2005, 10:58 AM   #33
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Re: I'm 22 and I want to retire at 45

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Felony conviction of growing weed? Distributing weed?

8)
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Re: I'm 22 and I want to retire at 45
Old 11-01-2005, 11:02 AM   #34
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Re: I'm 22 and I want to retire at 45

8) = taking the 5th, I assume
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Re: I'm 22 and I want to retire at 45
Old 11-01-2005, 01:29 PM   #35
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Re: I'm 22 and I want to retire at 45

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Originally Posted by thefed

8)
Crying shame...
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Re: I'm 22 and I want to retire at 45
Old 11-01-2005, 01:31 PM   #36
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Re: I'm 22 and I want to retire at 45

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Crying shame...
It would've been a crying shame had I still been up to no good once I had a child. things happen for a reason I guess...
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Re: I'm 22 and I want to retire at 45
Old 11-01-2005, 04:29 PM   #37
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Re: I'm 22 and I want to retire at 45

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Originally Posted by thefed
It would've been a crying shame had I still been up to no good once I had a child. things happen for a reason I guess...
Most people on this board seem quite conservative, as you would expect from the retirement crowd. I've only been here a short while, but it seems to me as some have said, 20 years is quite a long time, and many things can happen.

I would say to concentrate more on ways to earn a higher income. Either via Real estate investing, or starting a business of some sort.

Obviously I'm a bit skewed because of my experiences.

Take this for instance....

Start buying one or two rental properties a year with a minimum $100/month cashflow on each one.

In twenty years you should own 40 rental properties, with some heavy duty equity and a great cashflow ($4000 per month if your still only using the $100 per month calculation). The equity could well be in the hundreds of thousands by that time.

I guess I am just amazed at how some young people look at retirement. Although I will say, I'm skewed
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Re: I'm 22 and I want to retire at 45
Old 11-01-2005, 04:50 PM   #38
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Re: I'm 22 and I want to retire at 45

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Originally Posted by CybrMike
Most people on this board seem quite conservative, as you would expect from the retirement crowd. I've only been here a short while, but it seems to me as some have said, 20 years is quite a long time, and many things can happen.

I would say to concentrate more on ways to earn a higher income. Either via Real estate investing, or starting a business of some sort.

Obviously I'm a bit skewed because of my experiences.

Take this for instance....

Start buying one or two rental properties a year with a minimum $100/month cashflow on each one.

In twenty years you should own 40 rental properties, with some heavy duty equity and a great cashflow ($4000 per month if your still only using the $100 per month calculation). The equity could well be in the hundreds of thousands by that time.

I guess I am just amazed at how some young people look at retirement. Although I will say, I'm skewed
I see what u mean. however, this is my approach:

I plan to plan now, based on what I earn NOW. If I can set myself up for a very,very frugal ER, then I'm happy. Anything above and beyond that is icing on the cake.

I'm planning for the worst, hoping for the best!

I dont plan on making a measley 34k/yr for the next 23 yrs, no way. I expect to be above 50k within 5 yrs and I'm taking steps to get there.

As far as RE goes...that's my dream. I already did one simultaneous closing and pocketed 5k. However, I'm lacking the capital to buy what I want right now. SO, I'm building equity in my own home and plan on using a HELOC to buy a house for "cash" in 5 yrs. I think in 5 yrs it will be an investor's market (i think there'll be a flood of houses for sale/foreclosure in my area due to the ARMS people got up til the rates went up).

From there, the sky's the limit. I WANT to buy/sell/rent and everythign in between. But again, I'm simply planning for the worse, and the WORST it can get is I have one debt free, income producing property when I retire in 23 years. no problem.

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Re: I'm 22 and I want to retire at 45
Old 11-01-2005, 05:30 PM   #39
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Re: I'm 22 and I want to retire at 45

Quote:
Originally Posted by thefed

That's what's kept me her the last year or 2
That sexual preference thing can be a real bitch!



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Re: I'm 22 and I want to retire at 45
Old 11-01-2005, 06:20 PM   #40
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Re: I'm 22 and I want to retire at 45

sounds like you've got a good handle on things. I'm sure you'll be fine.
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