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Hello, first post here. Would like to know from folks - in the same boat as us.
Did the BigCompany-upper-management think and hated it. Big time. Few years ago, said 'I'm done' and working as a consultant now. Love being my own boss and working [U]my[/U] own hours.
Wife and I have around $600k together in savings (500k in IRA's and 100k in stocks).
We are both 48. We own 4 commercial properties (combined worth around $3m) with about $900k outstanding on all loans. Fixed rate at 5% for another 9 years. All four are completely rented. The rent from our tenants pays for everything: loans, tax, insurance, maintenance (they pay their own utilities). We managed 'em ourselves. These numbers and property worth, includes our home, where we live.
Our plan is to pay off the loans pretty aggressively within the next 7 years or so (between $3k-5k extra principal payments -depending on work). Then, relax, travel and live on the income from 'em.
Anyone else on this track?