03-22-2024, 08:02 PM
#31
Originally Posted By eddiehaskell⏩
That’s my plan pretty sure it’s about income not assets so even if I own property I should still be able to get it as long as I make little enough
depending on how your income is structured, you can get obamacare for free or close to free.
That ain’t Dababy that’s Basedbaby!
Jaded beyond salvation
Quote
03-22-2024, 08:18 PM
#32
Originally Posted By Basedbaby⏩
So wait until after November when trump is back in
Won’t Biden just screw me over if I become a landlord?
By reading this post you acknowledge r32gojirra is an online persona and all posts by r32gojirra are satirical in nature. Comments by r32gojirra shall not reflect on the integrity and morals of the author portraying the online character nor any professional or contractual affiliates of the author.
AP4C
HTC
Repped by kimm into 200kcrew crew
- r32gojirra
- Brootal
-
- r32gojirra
- Brootal
- Join Date: Feb 2013
- Location: East Coast, Australia
- Posts: 22,766
- Rep Power: 453,881
-
03-22-2024, 08:42 PM
#33
My mortgage, gas, and groceries probably add up to more than 50k so I don't think it would work for me.
- IPoopStandingUp
- Registered User
-
- IPoopStandingUp
- Registered User
- Join Date: Apr 2013
- Location: New Hampshire, United States
- Posts: 14,286
- Rep Power: 218,277
-
03-22-2024, 08:44 PM
#34
Originally Posted By eddiehaskell⏩
What if he goes the duplex or triplex route, rent out the other units?
yes. pay off the home and get the mortgage to $0. no car payment, no CC debt. now live off less than $50k and reinvest what's left over so your income continues to grow. let's say you live on $35k and invest $15k/year. your income will slowly grow higher than $50k which allows you a certain percentage of it for extra spending money. on the house go small with cheap property taxes/ultilities/insurance.
- MikeLowrrrey
- Registered User
-
- MikeLowrrrey
- Registered User
- Join Date: Jul 2018
- Age: 54
- Posts: 19,910
- Rep Power: 109,802
-
03-22-2024, 08:45 PM
#35
Originally Posted By -JR⏩
The 4% rule is outdated. I wish I could find that article with all the math, but for young retirees it's more like 7%
If you and your employer completely max out the 401k that'd only amount to about 350k. If you want to "live off the interest" good general guide is the "4% rule" which is basically living off 4% of whatever you've saved. To figure out what you need, multiply what you want to live off by 25 and that's the total amount you need to cover you for life. 50k*25= 1.25 million, so no your 401k probably won't cover you. Check out early retirement blogs like Mr Money Mustache, he's covered a lot of the early retirement math and has info from others as well.
- MikeLowrrrey
- Registered User
-
- MikeLowrrrey
- Registered User
- Join Date: Jul 2018
- Age: 54
- Posts: 19,910
- Rep Power: 109,802
-
03-22-2024, 09:03 PM
#36
not unless you have 2 million in the bank
- LaCosaNostra90
- Registered User
-
- LaCosaNostra90
- Registered User
- Join Date: Dec 2011
- Location: Alberta, Canada
- Posts: 14,955
- Rep Power: 22,156
-
03-22-2024, 09:52 PM
#37
Originally Posted By MikeLowrrrey⏩
yeah that works too. rent one or two units out and it likely covers the mortgage and most housing expenses. once paid off it's extra income.
What if he goes the duplex or triplex route, rent out the other units?
- eddiehaskell
- Registered User
-
- eddiehaskell
- Registered User
- Join Date: Oct 2009
- Age: 40
- Posts: 8,946
- Rep Power: 39,796
-
03-22-2024, 10:07 PM
#38
$50k per year, 3% increase in wage a year, putting in 12% into 401k, 5 years later you'd not even have $50k in that account. That account can't be touched till 59 1/2, from 30-59.5, assuming no contributions and it just grows on its own at 6%, would only be $250k, keeping in mind it'll be worth even less due to inflation. Retirement calculators want you having closer to $2m if your retirement CoL is $3.5k/mo, which it might be eventually due to inflation even with a paid off house. Any emergency during that time, especially before age 59.5, would send you back to work pronto.
i7-14700k
360mm AIO Liquid Cooler (Maingear)
4080 SUPER Founder's Edition
2x16GB 6000mhz DDR5 CL30
2TB Samsung 990 Pro
Corsair GA 850W Gold
MSI PRO Z790-A WIFI
Everything I write is NOT financial advice.
03-22-2024, 10:17 PM
#39
Originally Posted By MikeLowrrrey⏩
If you're pulling 7% you better have a massive amount saved up, you'll burn through it almost as quickly as the account grows which defeats the purpose of a safe withdrawal rate. Likely I think you mean the percent has lowered to be on the safe side.
The 4% rule is outdated. I wish I could find that article with all the math, but for young retirees it's more like 7%
-Virtue is its own reward
-Survived misc outage 2022 crew
-My old username (Johnez) did not survive outage :-(
03-22-2024, 10:27 PM
#40
onlyfans
MR.PHF '09
“Do you see over yonder, friend Sancho, thirty or forty hulking giants? I intend to do battle with them and slay them.”- Don Quixote
''damn right I like the life I live
'Cause I went from negative to positive
And it's allGood…"
"friends come and go but enemies accumulate"
< H.T.C Till I D.I.E >
"Zero tolerance Crew" ZERO, NADA !!!!
- mr.left hook
- PHF member
-
- mr.left hook
- PHF member
- Join Date: Jul 2007
- Posts: 11,830
- Rep Power: 125,425
-
03-22-2024, 10:37 PM
#41
The one and only way I can see it working: $50k/yr for 5 years then retire… is if you had a paid off house already, and you invested $3k+/mo, so your cost of living (bills, groceries, insurance, property taxes) would need to be below $1.5k/mo. And even then, you'd wanna do some super high yielding investment strategies, like investing in growth stocks, maybe even trying to "gamble" a bit via stock options.
i7-14700k
360mm AIO Liquid Cooler (Maingear)
4080 SUPER Founder's Edition
2x16GB 6000mhz DDR5 CL30
2TB Samsung 990 Pro
Corsair GA 850W Gold
MSI PRO Z790-A WIFI
Everything I write is NOT financial advice.
03-23-2024, 03:35 PM
#42
Originally Posted By crupiea⏩
Yeah I don’t ever plan on retiring fully I’ll probably do some kind of work till I die but I wanna do it on my own terms.
Have to ask yourself what will you do with all that free time.
It gets pretty boring with nothing to do all day.
gets expensive to do stuff all the time.
realistically how much do you think you will make on investment income. People usually way over estimate it.
pretty much with a good return you would have to invest around 200k to make about 1k per month if that.
So you would need to have over a million invested in order to make 50k per year. Thats assuming nothing goes south and you break even or even lose money. You are totally trusting someone you dont know with your future.
It gets pretty boring with nothing to do all day.
gets expensive to do stuff all the time.
realistically how much do you think you will make on investment income. People usually way over estimate it.
pretty much with a good return you would have to invest around 200k to make about 1k per month if that.
So you would need to have over a million invested in order to make 50k per year. Thats assuming nothing goes south and you break even or even lose money. You are totally trusting someone you dont know with your future.
When I say retire I mean retire from the full time rat race meat grinder I’ll still have a part time job or preferably some kind of laid back small business
That ain’t Dababy that’s Basedbaby!
Jaded beyond salvation
Bookmarks
- Digg
- del.icio.us
- StumbleUpon
Posting Permissions
- You may not post new threads
- You may not post replies
- You may not post attachments
- You may not edit your posts