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Another Story

Discussion in 'Forum Introductions (Who are you!?)' started by wildambitions, Aug 29, 2007.

  1. wildambitions
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    wildambitions Bronze Contributor Read Millionaire Fastlane

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    Hi all,
    I am very happy to be in contact with some new friends. Here's my story. Married. Two high income "E's". Living the typical middle class life, paycheck to paycheck, in debt, and literally one medical emergency away from total financial disaster. Husband ill. Medically disqualified from job. Forced into medical retirement. I resigned about 6 months later. Income (earned) reduced from more than $120,000.00 to less than $20,000.00 (passive). That may have been OK but we foolishly cashed out what we had in our 401K's to live instead of restructuring our financial plan. We soon realized our error which resulted in a bankruptcy and forclosure. Once we were able to remove emotion from the equation it became very clear what we had to do. We learned to live within our means. We continued our financial education and we focused on living off only the passive income. We managed to do that while renting but realized that we were not moving forward beyond that. We decided there was no better time to move into our retirement phase. We relocated. That made us homeless for about 2 weeks but it was just another hurdle to jump. We landed in the area of our dreams. The move took us to a lower cost of living area and now we actually ended up with some disposable income with which to invest with. We knew are goal was to continue building our passive income to increase our comfort. We are both working "jobs" again, but this time they are retirement jobs. My husband does his for fun. Mine is another high paying "E" position but I have a ton of down time to devote toward other interests...like building my passive income, or writing this thread. My friend and I have started a new property management company/real estate investing company. We currently have 3 vacation rental properties to manage, 2 that are owned by my friend. I developed our static web site. It is nothing fancy. We do have some passive income from the properties but right now we are concentrating on the development of our business' systems. We also plan to continue our property inventory and continue increasing the passive income.

    Glad to be here and looking forward to hearing from you all!
     
    Last edited: Oct 7, 2007
  2. LightHouse
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    LightHouse Legendary Contributor Read Millionaire Fastlane FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    Welcome good story, where did you relocate to?
     
  3. Peter2
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    Peter2 Fastane Legend. RIP.

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    Welcome to the fastlane. :)
     
  4. wildambitions
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    wildambitions Bronze Contributor Read Millionaire Fastlane

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    Alamogordo, NM
     

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