want2retire
Confused about dryer sheets
- Joined
- Feb 23, 2016
- Messages
- 2
Hi all,
Long story short, I'm looking to retire within 5 years and am hoping the community here can be a good resource to help.
I've been working since I was 12, and left a great job in the mortgage industry to start an e-commerce company. I owned that business from 21-30yrs old, until the great recession wiped out my entire net worth and put me out of business at the same time.
In 2012 I left that business behind and took a contract job in IT. The contract was short term and in 2013 I found a really sweet F/T work from home job (also in IT).
In between the contract job and my current WFH job I started a side business. The side business was a sort of fall back in case my contract ran out before securing F/T perm work. So the side business just sort of sat dormant until last spring when I decided to try to make something of it. Last year it net me an additional 65K of income. This year it's on track to net me over 100K and will surpass what I make at my F/T job.
I'm also planning to purchase two rental properties within the next 12 months (with no leverage).
Current age: 35
Income: 100K yr (plus side business)
190k mortgage at 4% (no other debt)
Total monthly expenses: $3,000 (including mortgage)
Although it sounds great to work from home making decent money, the environment at the job has changed and is burning me out. My goal is to pay off my mortgage, build the business up to a point where I can sell it, use the windfall to purchase enough rental properties to replace my income, hire a property management company, and retire (or at least semi-retire as a R.E. investor).
I've been living fairly frugally and definitely do not consume everything I earn. I do however want to "splurge" and purchase a vacation home in South Florida to use during these frigid northeast winters. This of course will add another mortgage to pay off, but with the amount of money I pay in state income tax it should be pretty close to a wash (Florida residents are not subject to state income tax if they live there 183+ days per year). I could buy a property there cash, but that would take away from the 2 investment properties (in cash) I was planning to buy this year. I plan to pay this mortgage off by 2018/2019.
I'd like to hear your thoughts or if this is just a completely naive plan.
I know that's quite a bit of info to digest, but hopefully it should kick off a healthy discussion
Thank you in advance!
Long story short, I'm looking to retire within 5 years and am hoping the community here can be a good resource to help.
I've been working since I was 12, and left a great job in the mortgage industry to start an e-commerce company. I owned that business from 21-30yrs old, until the great recession wiped out my entire net worth and put me out of business at the same time.
In 2012 I left that business behind and took a contract job in IT. The contract was short term and in 2013 I found a really sweet F/T work from home job (also in IT).
In between the contract job and my current WFH job I started a side business. The side business was a sort of fall back in case my contract ran out before securing F/T perm work. So the side business just sort of sat dormant until last spring when I decided to try to make something of it. Last year it net me an additional 65K of income. This year it's on track to net me over 100K and will surpass what I make at my F/T job.
I'm also planning to purchase two rental properties within the next 12 months (with no leverage).
Current age: 35
Income: 100K yr (plus side business)
190k mortgage at 4% (no other debt)
Total monthly expenses: $3,000 (including mortgage)
Although it sounds great to work from home making decent money, the environment at the job has changed and is burning me out. My goal is to pay off my mortgage, build the business up to a point where I can sell it, use the windfall to purchase enough rental properties to replace my income, hire a property management company, and retire (or at least semi-retire as a R.E. investor).
I've been living fairly frugally and definitely do not consume everything I earn. I do however want to "splurge" and purchase a vacation home in South Florida to use during these frigid northeast winters. This of course will add another mortgage to pay off, but with the amount of money I pay in state income tax it should be pretty close to a wash (Florida residents are not subject to state income tax if they live there 183+ days per year). I could buy a property there cash, but that would take away from the 2 investment properties (in cash) I was planning to buy this year. I plan to pay this mortgage off by 2018/2019.
I'd like to hear your thoughts or if this is just a completely naive plan.
I know that's quite a bit of info to digest, but hopefully it should kick off a healthy discussion
Thank you in advance!