rachael777
Confused about dryer sheets
- Joined
- Oct 1, 2015
- Messages
- 5
Hi all
I am trying to be 'financially independent' early (by 6/2018)and do work I like paying $30-50k a year or maybe even what I do now but less and lower stress making $90-100k a year. I lost basically everything in 2009-2012 in a divorce, lawsuit attachments due to my ex, and the real estate crash. I am not looking to retire and do nothing (yet). I just want more time and less stress.I am EXTREMELY motivated as my Dad took sick this year and the change and quickness of it is scary... makes me see life is VERY short. I went the real estate/higher risk route as I see it as a faster way to get my monthly needs (be financially independent) taken care of then saving.. I am saving as much as I can IN ADDITION to purchasing the real estate
Current situation
1. make approx $120k on contract, contract renews or not each year, if I lose my contract, I anticipate 2-3 months downtime while I find another one. I have an emergency fund for this that is fully funded (not shown below)
2. 401k/IRA/Roth/HSA= $52k
3. Taxable investments= $116k
4. I own 6 homes right now, they are paid off, net $3800 a month (I am transitioning property managers right now and there may be some smoothing out in the next few months. )
5. I am paying off (2) 3 units, pay off date 6/2018, I will net $2500-$2800/month once paid off, currently I net zero as it all goes to the payoff (early payoff requires me to put aside $2k additional a month )
6. I maxed out the 401k, roth and hsa this year and intend to continue to do so
7. I am saving everything I can which amounts to approx $4-5k a month on top of the 2k/month for the 3 units above. This 4-5k goes into the taxable investments. The $2k a month I do not track as an asset as it will payoff the 3 units.
My goals are to 'be financially independent' by 6/2018 with $400k (hopefully more) investments/cash, owe less than $100k on the house, and $8000 net cash flow a month and then continue adding to that investment/cash stash from there but in a more relaxed way not working a high stress job
I am trying to convert my mortgage to a 15 year at a lower rate. The payment will be $300 more than now.. so not significant.
Budget averages $4700 a month.. of this $3150 is my expected HIGHER mortgage payment... right now budget is $350 less w my current mortgage payment. I do not skimp. but we can even go up to $5000 to get to worst case. I expect to payoff my house inn hte next 7-8 years.
I am dating someone but I am not sure it is going somewhere and not sure we are on the same page about life and active retirement.. exploring, shortness of life, finances etc.. Trying to figure things out there. My house is very nice but I would be satisfied with a lesser house in a more neighborly location. I am not tied to my house. I anticipate I will get remarried at some point and my housing costs may be decrease
I see a lot of people here with 2-6 MM. I do not have that now.. nor am I aspiring to that... I do not feel I need it. realistically though if my net cash flow goes according to plan my rentals will cover my needs so all my income can be saved from late 2018 on (and then my savings and investments can build to that higher amount) and still not be scrimping...
I feel I need and want time to enjoy life. I anticipate more money spent to travel, take some trips (while young) so should probably allocate some money to that as I get nearer to the date.
Oh. Dad is 76 and stays in a fairly nice alzheimers only place and his costs are $7600 a month (care and other misc meds etc) ... regularly... so makes me think all this about health care costs etc is not as bad as I thought
what am I missing? what can I do more or better of or at?
Wanting to learn and fine tune as I go..or redirct efforts if I am going down the wrong path
thanks everyone!
I am trying to be 'financially independent' early (by 6/2018)and do work I like paying $30-50k a year or maybe even what I do now but less and lower stress making $90-100k a year. I lost basically everything in 2009-2012 in a divorce, lawsuit attachments due to my ex, and the real estate crash. I am not looking to retire and do nothing (yet). I just want more time and less stress.I am EXTREMELY motivated as my Dad took sick this year and the change and quickness of it is scary... makes me see life is VERY short. I went the real estate/higher risk route as I see it as a faster way to get my monthly needs (be financially independent) taken care of then saving.. I am saving as much as I can IN ADDITION to purchasing the real estate
Current situation
1. make approx $120k on contract, contract renews or not each year, if I lose my contract, I anticipate 2-3 months downtime while I find another one. I have an emergency fund for this that is fully funded (not shown below)
2. 401k/IRA/Roth/HSA= $52k
3. Taxable investments= $116k
4. I own 6 homes right now, they are paid off, net $3800 a month (I am transitioning property managers right now and there may be some smoothing out in the next few months. )
5. I am paying off (2) 3 units, pay off date 6/2018, I will net $2500-$2800/month once paid off, currently I net zero as it all goes to the payoff (early payoff requires me to put aside $2k additional a month )
6. I maxed out the 401k, roth and hsa this year and intend to continue to do so
7. I am saving everything I can which amounts to approx $4-5k a month on top of the 2k/month for the 3 units above. This 4-5k goes into the taxable investments. The $2k a month I do not track as an asset as it will payoff the 3 units.
My goals are to 'be financially independent' by 6/2018 with $400k (hopefully more) investments/cash, owe less than $100k on the house, and $8000 net cash flow a month and then continue adding to that investment/cash stash from there but in a more relaxed way not working a high stress job
I am trying to convert my mortgage to a 15 year at a lower rate. The payment will be $300 more than now.. so not significant.
Budget averages $4700 a month.. of this $3150 is my expected HIGHER mortgage payment... right now budget is $350 less w my current mortgage payment. I do not skimp. but we can even go up to $5000 to get to worst case. I expect to payoff my house inn hte next 7-8 years.
I am dating someone but I am not sure it is going somewhere and not sure we are on the same page about life and active retirement.. exploring, shortness of life, finances etc.. Trying to figure things out there. My house is very nice but I would be satisfied with a lesser house in a more neighborly location. I am not tied to my house. I anticipate I will get remarried at some point and my housing costs may be decrease
I see a lot of people here with 2-6 MM. I do not have that now.. nor am I aspiring to that... I do not feel I need it. realistically though if my net cash flow goes according to plan my rentals will cover my needs so all my income can be saved from late 2018 on (and then my savings and investments can build to that higher amount) and still not be scrimping...
I feel I need and want time to enjoy life. I anticipate more money spent to travel, take some trips (while young) so should probably allocate some money to that as I get nearer to the date.
Oh. Dad is 76 and stays in a fairly nice alzheimers only place and his costs are $7600 a month (care and other misc meds etc) ... regularly... so makes me think all this about health care costs etc is not as bad as I thought
what am I missing? what can I do more or better of or at?
Wanting to learn and fine tune as I go..or redirct efforts if I am going down the wrong path
thanks everyone!