Benjamin132
Confused about dryer sheets
I am a new member of this site interested in retirement planning.
I want to know how I am doing in retirement planning.
I want help to develop a strategy for retiring debt and recovering from a MAJOR financial mess.
I want to retire at 67 in 22 years with my home paid off.
I dont mind having investment properties with mortgages while in retirement.
I am 45, have been working at my job for 21 years, and am married with 4 children. I have owned rental real estate for 21 years. My oldest 2 children are through college and married. My 3rd child is starting high school and my youngest is in the 5th grade.
I personally lost $500,000 in a business venture that went south. I did not invest retirement funds in the business. Two years ago I sold the business and retired $150,000 in business debt. Last year I filed chapter 7 personal bankruptcy and discharged $260,000 in business debt. The downturn in the real estate market prevented us from selling any real estate and none of our properties are paid off. Our properties have been listed for sale for
the past 4 years.
Our net worth is $700,000.
Our combined annual salary is $116,000.
25% of our net worth is in retirement accounts. (401K, Pension, IRA)
75% of our net worth is invested in commercial and residential rental real estate valued
at $2,500,000.
We owe $1,900,000 in mortgages.
$9,500 in credit card debt at 15% interest.
$95,000 to IRS/State for back taxes.
$30,000 to family members.
$25,000 on a 401K loan.
We have no vehicle loans and drive clunkers.
We live very much within our means.
We afford one luxury at $7,000 per year. (Private school)
We have a strict budget.
We pay cash for everything.
We rented our basement to help with mortgage.
We have $4,000 in savings.
I want to know how I am doing in retirement planning.
I want help to develop a strategy for retiring debt and recovering from a MAJOR financial mess.
I want to retire at 67 in 22 years with my home paid off.
I dont mind having investment properties with mortgages while in retirement.
I am 45, have been working at my job for 21 years, and am married with 4 children. I have owned rental real estate for 21 years. My oldest 2 children are through college and married. My 3rd child is starting high school and my youngest is in the 5th grade.
I personally lost $500,000 in a business venture that went south. I did not invest retirement funds in the business. Two years ago I sold the business and retired $150,000 in business debt. Last year I filed chapter 7 personal bankruptcy and discharged $260,000 in business debt. The downturn in the real estate market prevented us from selling any real estate and none of our properties are paid off. Our properties have been listed for sale for
the past 4 years.
Our net worth is $700,000.
Our combined annual salary is $116,000.
25% of our net worth is in retirement accounts. (401K, Pension, IRA)
75% of our net worth is invested in commercial and residential rental real estate valued
at $2,500,000.
We owe $1,900,000 in mortgages.
$9,500 in credit card debt at 15% interest.
$95,000 to IRS/State for back taxes.
$30,000 to family members.
$25,000 on a 401K loan.
We have no vehicle loans and drive clunkers.
We live very much within our means.
We afford one luxury at $7,000 per year. (Private school)
We have a strict budget.
We pay cash for everything.
We rented our basement to help with mortgage.
We have $4,000 in savings.