I do very much enjoy reading the thoughts and plans of others on this site. We are all very similar. I also feel a kinship with the many of you who feel burned out and still have a ways to go before you can stop the grind.
I am 49 and feel completely fried most of the time. I started everything late and have a 11 year old son who has dreams of private college education that I am eager, and will be proud, to pay for. With that said, I believe I can accomplish all in 13 years when he is done with school.
I have a pension plan that will be about $3500/month at that time.
Wife and I have 401k's and 401a's worth about 220k now. Her 401k is done with contributions as she is not working. My 401'a gets about 10K in contributions a year. They grow a little bit in safe money accounts. I hate the stock market and lost everything I had in 2000. Really everything.
I am also vested in my lifetime medical plan (for the both of us) that kicks in in exactly 13 years!
I have some real estate liabilities and assets.
*Condo 10k positive cash flow/year. current value 250K. equity 100%
*Commercial property store and 2 apartments in the town in where I hope to spend 6 months a year. The store is in a great location and the apartments are nice...so I could open a 6 month business to work the warmer months...not sure yet on how that plan would develop. maybe getting rent is better and easier. I don't know yet.
12K positive cash flow/year. Current value 220K equity 100%
*Vacation home 25K negative/year with property taxes and upkeep. Value 1.2M. Equity 100% (near the commercial building)
*Primary residence current value 600K. Mortgage will be paid off in 12 years.
I have no credit card debt. I do have a couple of car payments and that will not change for the next 13 years. I also have no other cash and investments to speak of...just some emergency reserves.
The only thing that I will not ever give up is the vacation home. It is my special place and I just can't live without it. I may be able to figure out a way to generate income from the property as it is in the heart of wine country. But I just don't know how to make that happen at this time, and property taxes are a big problem.
In any case, it seems like I should be in decent shape in 13 years if I can power through the occasional agony of my job and 3 hour a day r/t commute. The hope is to live in the vacation home in the summer and then somewhere warm in the winter. Do I keep the investment properties or cash out of them? I cant figure what would make more sense.
I appreciate any comments, good, bad, or indifferent.
I am 49 and feel completely fried most of the time. I started everything late and have a 11 year old son who has dreams of private college education that I am eager, and will be proud, to pay for. With that said, I believe I can accomplish all in 13 years when he is done with school.
I have a pension plan that will be about $3500/month at that time.
Wife and I have 401k's and 401a's worth about 220k now. Her 401k is done with contributions as she is not working. My 401'a gets about 10K in contributions a year. They grow a little bit in safe money accounts. I hate the stock market and lost everything I had in 2000. Really everything.
I am also vested in my lifetime medical plan (for the both of us) that kicks in in exactly 13 years!
I have some real estate liabilities and assets.
*Condo 10k positive cash flow/year. current value 250K. equity 100%
*Commercial property store and 2 apartments in the town in where I hope to spend 6 months a year. The store is in a great location and the apartments are nice...so I could open a 6 month business to work the warmer months...not sure yet on how that plan would develop. maybe getting rent is better and easier. I don't know yet.
12K positive cash flow/year. Current value 220K equity 100%
*Vacation home 25K negative/year with property taxes and upkeep. Value 1.2M. Equity 100% (near the commercial building)
*Primary residence current value 600K. Mortgage will be paid off in 12 years.
I have no credit card debt. I do have a couple of car payments and that will not change for the next 13 years. I also have no other cash and investments to speak of...just some emergency reserves.
The only thing that I will not ever give up is the vacation home. It is my special place and I just can't live without it. I may be able to figure out a way to generate income from the property as it is in the heart of wine country. But I just don't know how to make that happen at this time, and property taxes are a big problem.
In any case, it seems like I should be in decent shape in 13 years if I can power through the occasional agony of my job and 3 hour a day r/t commute. The hope is to live in the vacation home in the summer and then somewhere warm in the winter. Do I keep the investment properties or cash out of them? I cant figure what would make more sense.
I appreciate any comments, good, bad, or indifferent.
Last edited: