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Re: 20 years working is all you need
Old 01-10-2006, 05:09 PM   #61
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Re: 20 years working is all you need

If you use your puny 30k salary to buy rental properties which creates a passive rental income(which doesn't do you any good in the short term because it all goes to paying the mortgage) does that count as extra salary or just a good investment of your money? I think everyone is getting caught up on the simple savings mathematics and not thinking about the many other ways to multiply wealth.....through hard work and side business.

It isn't always what you make, it is what you do with it, and you don't always have to invest it in something that steadily returns 6% to 8%.....rental properties that don't appreaciate take the 20 years to really produce returns, but once they are paid off.....well...life is good.
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Re: 20 years working is all you need
Old 01-10-2006, 05:14 PM   #62
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Re: 20 years working is all you need

Quote:
Originally Posted by REWahoo!
My advice is you shouldn't seek a career in the military to reach FIRE unless you understand and accept the possibility of being FIREd upon.*


Saw on the news a few nights ago, that a regiment of Army troops were in staging, and 12 enlisted personnel were filing Conscientous Objector status. *(Awaiting orders to Iraq).

Unbelievable! *"Hell, we came in here for the benefits, we're not mad at anybody".

Jarhead, who agrees with ReWahoo, that Texas is the best college football team in the Country.

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Re: 20 years working is all you need
Old 01-10-2006, 05:14 PM   #63
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Re: 20 years working is all you need

Quote:
Originally Posted by TomSimpsonAZ
If you use your puny 30k salary to buy rental properties which creates a passive rental income(which doesn't do you any good in the short term because it all goes to paying the mortgage) does that count as extra salary or just a good investment of your money? I think everyone is getting caught up on the simple savings mathematics and not thinking about the many other ways to multiply wealth.....through hard work and side business.*

It isn't always what you make, it is what you do with it, and you don't always have to invest it in something that steadily returns 6% to 8%.....rental properties that don't appreaciate take the 20 years to really produce returns, but once they are paid off.....well...life is good.
I think the issue is you have to save some money before you can find a place to invest it. *It would be pretty tough to make much on savings alone. *Even a savings account is an investment since it has a return on your investment. * Rentals, land, stocks, mutual funds, CDs, IBonds, pork bellies or your stamp collection can all be investments but you still have to have some $$$ to make money. *It is how and where you put it for the long term that will make your FI or an Average Joe. *
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Re: 20 years working is all you need
Old 01-10-2006, 06:12 PM   #64
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Re: 20 years working is all you need

Quote:
Originally Posted by Jarhead*
Saw on the news a few nights ago, that a regiment of Army troops were in staging, and 12 enlisted personnel were filing Conscientous Objector status. *(Awaiting orders to Iraq).

Unbelievable! *"Hell, we came in here for the benefits, we're not mad at anybody".

Jarhead, who agrees with ReWahoo, that Texas is the best college football team in the Country.

Like Muhammad Ali said, as he refused to step forward for the draft: "I don't hate no Viet Congs!"
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Re: 20 years working is all you need
Old 01-10-2006, 09:08 PM   #65
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Re: 20 years working is all you need

Quote:
Originally Posted by Jay_Gatsby
Nobody seems to have brought up the military as being a way to reach FIRE (or at least semi-FIRE) in 20 years. Any ex-military folks here want to provide some insight?
Quote:
Originally Posted by REWahoo!
My advice is you shouldn't seek a career in the military to reach FIRE unless you understand and accept the possibility of being FIREd upon.
Yeah, what he said. We survivors think that the 20-year military retirement is a pretty good deal, if you can figure out how to avoid ending up in the "other" category.

Quote:
Originally Posted by Jarhead*
Saw on the news a few nights ago, that a regiment of Army troops were in staging, and 12 enlisted personnel were filing Conscientous Objector status. *(Awaiting orders to Iraq).
The Navy has even seen a bit of that.

Hey, at least the serious COs during the Vietnam war avoided the draft by serving in hospitals or in other ways. The last-minute CO ploy from an active-duty guy (or an activated Reservist/NG) gets as much respect from the military today as it did during the Vietnam war, but these CO-wannabes usually don't jump through the required hoops in the correct manner. No brig or BCD, just an OTHD and no benefits.

Of course the shipmate who's left with a port&stbd watch rotation has a different idea of what the miscreant should receive...
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Re: 20 years working is all you need
Old 01-10-2006, 11:39 PM   #66
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Re: 20 years working is all you need

Quote:
Originally Posted by Nords


Hey, at least the serious COs during the Vietnam war avoided the draft by serving in hospitals or in other ways.* The last-minute CO ploy from an active-duty guy (or an activated Reservist/NG) gets as much respect from the military today as it did during the Vietnam war, but these CO-wannabes usually don't jump through the required hoops in the correct manner.* No brig or BCD, just an OTHD and no benefits.
Nords: Not shooting the messenger here, but
I find it incredible that an active duty military
individual can refuse a combat assignment, and not be subject to a severe run-in with the U.C.M.J. (Brig time & at best BCD).

"I'll take your benefits, but when the s--- hits the fan, somebody else can do it."
Inf---ing credible !

Jarhead, who agrees with ReWahoo, that Texas is the best college football team in the Country.


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Re: 20 years working is all you need
Old 01-10-2006, 11:55 PM   #67
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Re: 20 years working is all you need

Quote:
Originally Posted by Eagle43
Like Muhammad Ali said, as he refused to step forward for the draft: "I don't hate no Viet Congs!"



Jarhead, who agrees with ReWahoo, that Texas has the best college football team in the Country.
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Re: 20 years working is all you need
Old 01-11-2006, 01:46 PM   #68
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Re: 20 years working is all you need

Thread summary (so far) for Young Dreamers.

If you are reading this then you are probably interested whether a short career is possible, the subject of this thread. Rather than having to wade through the whole thing I have tried to summarize the discussion to date. Let me know what I have missed or miss-stated.

Is a 20 year career possible as a goal?

Yes. People on this board have done it. You may have to take some investment risks, work at higher paying jobs, and/or be frugal. The important thing though is that it can be done.

Can anyone FIRE after 20 years?

No. If you high living expenses, a low wage job, a poor saver and/or are uncomfortable with riskier investments then you will likely be working many years.

Is using a 20 year ‘clock’ a good goal?

That’s for you to decide. If it is useful to achieve your goals in life then it is good. If it doesn’t motivate you to save or invest, then it is not a good goal. Remember, life may be shorter than you think. Don’t defer living now to live later. None of us knows how much time we have on our personal clocks.

What are important things to consider if you want to have a 20 year career?

Make a simple plan and stay with it.
Keep savings as automatic as possible.
Aggressively seek better wages.
Live frugally – LBYM.
Invest wisely.
Taking investment risks can help, but take them early.
Live now, but work on developing good spending/saving habits.
Save as much as early as you can. The earliest $ are the best $.
A person telling you that something is impossible is a good sign that it isn’t.
Try not to be your own worst enemy!
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Re: 20 years working is all you need
Old 01-11-2006, 02:13 PM   #69
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Re: 20 years working is all you need

Quote:
Originally Posted by BearlyWorking
Thread summary (so far) for Young Dreamers.

If you are reading this then you are probably interested whether a short career is possible, the subject of this thread.* Rather than having to wade through the whole thing I have tried to summarize the discussion to date.* Let me know what I have missed or miss-stated.

Is a 20 year career possible as a goal?

Yes.* People on this board have done it.* You may have to take some investment risks, work at higher paying jobs, and/or be frugal.* The important thing though is that it can be done.

Can anyone FIRE after 20 years?

No.* If you high living expenses, a low wage job, a poor saver and/or are uncomfortable with riskier investments then you will likely be working many years.

Is using a 20 year ‘clock’ a good goal?

That’s for you to decide.* If it is useful to achieve your goals in life then it is good.* If it doesn’t motivate you to save or invest, then it is not a good goal.* Remember, life may be shorter than you think.* Don’t defer living now to live later.* None of us knows how much time we have on our personal clocks.

What are important things to consider if you want to have a 20 year career?

Make a simple plan and stay with it.
Keep savings as automatic as possible.
Aggressively seek better wages.
Live frugally – LBYM.
Invest wisely.
Taking investment risks can help, but take them early.
Live now, but work on developing good spending/saving habits.
Save as much as early as you can. The earliest $ are the best $.
A person telling you that something is impossible is a good sign that it isn’t.
Try not to be your own worst enemy!
Good job. Could you apply the same unbiased approach to some other long threads on this board. It would save me the trouble of wading through them.
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Re: 20 years working is all you need
Old 01-11-2006, 02:37 PM   #70
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Re: 20 years working is all you need

Quote:
Originally Posted by retire@40
Good job.* Could you apply the same unbiased approach to some other long threads on this board.* It would save me the trouble of wading through them.
How about paddling through them in a kayak?
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Re: 20 years working is all you need
Old 01-11-2006, 03:23 PM   #71
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Re: 20 years working is all you need

Quote:
Originally Posted by Jay_Gatsby
How about paddling through them in a kayak?
Some of them are pretty bad and may require a kayak.

Some are even worse and require a shovel.
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Re: 20 years working is all you need
Old 01-11-2006, 03:52 PM   #72
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Re: 20 years working is all you need

Quote:
Originally Posted by retire@40
Some of them are pretty bad and may require a kayak.*

Some are even worse and require a shovel.
Better make sure you have a decent supply of wheat bread...you wouldn't want to get hungry.
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Re: 20 years working is all you need
Old 01-11-2006, 08:47 PM   #73
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Re: 20 years working is all you need

Ya, but you gotta love the sense of humor!
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Re: 20 years working is all you need
Old 01-21-2006, 05:20 PM   #74
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Re: 20 years working is all you need

I tell you what can mess up FIRE plans big time! DIVORCE

Quite a few folks restart close to zero after a divorce.

So, avoid that too....

Audrey
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Re: 20 years working is all you need
Old 01-23-2006, 09:33 AM   #75
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Re: 20 years working is all you need

Quote:
Originally Posted by audreyh1
I tell you what can mess up FIRE plans big time!* DIVORCE

Quite a few folks restart close to zero after a divorce.

So, avoid that too....

Audrey
But who would get the kayak in the divorce? Would it be cut in half?
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Re: 20 years working is all you need
Old 01-23-2006, 09:43 AM   #76
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Re: 20 years working is all you need

If she tryed to take my dog and my truck!

I might end up incarcerated.

BTY - I'm safely single.

heh heh
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Re: 20 years working is all you need
Old 01-23-2006, 10:35 AM   #77
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Re: 20 years working is all you need

Hmmm, looking back on it, I became a full-time employee on President's Day, 1994. Which means that my first day as a full-time employee was a paid holiday!

I think I'm goint to start shooting for President's Day, 2014 as my retirement goal date...I'll keep y'all posted!
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Re: 20 years working is all you need
Old 01-23-2006, 11:03 AM   #78
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Re: 20 years working is all you need

Heck, you may be retired before I am...
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Re: 20 years working is all you need
Old 01-23-2006, 12:11 PM   #79
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Re: 20 years working is all you need

Well, it's just a thought at this point, nothing set in stone. I came up with that retirement date goal, oh, about 2 minutes before I typed that message! My original goal was to go out somewhere between 50-55 (which would be 2020-2025), or earlier if the situation permitted it.

But, I'm learning that I'm really not that extravagant when it comes to spending, having the latest trends, etc, so I could probably go out with less that what I'd originally factored for.
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Re: 20 years working is all you need
Old 01-23-2006, 12:18 PM   #80
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Re: 20 years working is all you need

Quote:
Originally Posted by Andre1969
I think I'm goint to start shooting for President's Day, 2014 as my retirement goal date...I'll keep y'all posted!
I'm thinking July 4 would be a good day to retire as well (Independence day in the U.S. of A., for you non-U.S. folks). It would be a very symbolic day to retire.
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