Originally Posted by Azanon
I think if I play my cards correctly I will be able to retire at 40 years old.
Sweet, you're going to have at least 2 mil by then or the income power of 2 mil? Awesome man, gratz!
If not, .... you're insane. There are a lot of recklass people here; beware. There are also a lot of people here trying to make themselves feel better about their dumb move of pulling the trigger too early by suckering someone else into doing it.
I dunno about you, but i plan on making at least 85 as a health nut. 85-40 is a LONG time and I wouldnt risk that retirement timeframe without a huge wad of cash.
hmmm ok ... that seems loaded. however I don't really plan on doing this like everyone else. I am very conservative, and don't want to make any mistakes. thus I have many stages in my plan, and if you are interested I can share them.
have my rentals paid off. This will pay all of my bill. If this was my only plan I would be able to sit in a room and watch the flys.
Have my 401K hit $450K by the age of 40. I don't plan on touching it unitl 60. In fact I may continue to add to it via a SEP plan. This should continue to grow to $2M, unless I continue to contribute to my SEP in which case it will be larger. This will fully fund everything post 60.
Live off my carwash proceeds. Assumming my bills are paid via my rental then this is $50-$100K of gravy I can use to travel and save for future investments.
(Stage four ... optional)
I would like to build some commercial realestate.
Once I hit 60 I plan to sell the carwashes, and bank the money.
start pulling out my 401k
start drawing SS, assumming my generation will be getting SS.
If all works out this will be more than enough money. If not then I have several back up plans.
If it all works out then I should have a networth of aproximatly $1.7M by forty, $3M by 50 and $6M by 60. But remember I don't really plan on cashing in all of my assets to use as investments rather I plan to leave them allone to live off them. Cashing them will cost me dearly in taxes, and feels a little more risky.