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Nope. I've understood for many years, conceptually, that I had to create some sort of residual (passive) income in order to be truly financially free. I lived off my MLM income for 10 years, and off my ebay ("S" business) for another 3. But in order to maintain the lifestyle to which I've grown accustomed, I've got to do the 9-5 thing. Yes, I could dump the huge house, luxury car, etc and get by on (relatively) passive income. But to create the lifestyle that I want for the long term, it will require that I continue to build massive passive income, which can only be fueled by big "E" or "S" income in the short term.
If I'm wrong, I'm willing to listen.
Thanks for the insight and feedback, phlgirl. I think I recall reading that you have the same background - HR software consulting, formerly Big 5? (Or was that someone else?)...The question is, have you explored all of the investment options to prove this theory?
Would you be willing to give up the extravagant vehicle/home, temporarily, to obtain true wealth faster? ...
Yes. I have the computer-based version. I'm looking forward to playing the boardgame at Beer & Pancakes.Jill-
Have you ever played Cashflow 101, the board game?
Me too! I'm very excited to brainstorm with you guys! (OK, it may just be a flurry in my case!) Thanks so much for spending the time to help me think about ideas beyond my current line of sight. Speed+...Jill........ Very successful MLM, EBay business.... You obviously have the capibility to create the "B" style business that can support your desired lifestyle. There are definately options for you to consider. I will be really interested to see how you feel about things after the P and B Gathering...
Yes, I was a software consultant (SAP FI/CO) for 7-8 years and I did have some crossover work into the HR modules. I can definitely understand the hesitancy of leaving that income.Thanks for the insight and feedback, phlgirl. I think I recall reading that you have the same background - HR software consulting, formerly Big 5? (Or was that someone else?)
And no, I wouldn't be willing to give up the lifestyle to buy my freedom 5 years sooner. This is, after all, the "lifestyle" that I will be seeking to enjoy then. I'm just lucky that I can enjoy it now, while also having enough $ left over to put in place the plan for the future (e.g. early retirement).
Although, I'll be the first to admit, there might be other avenues that are faster than what I'm currently doing. I THINK that if I can suck it up for a few more years, generating a 10-15K surplus each month, then I can invest a LOT more into passive income properties than I could if I were just squeeking by.
But I'm certainly open to suggestions!!! Just here to learn and grow.
That's because I AM a middle-class rat racer. LOL. But I am in the process of changing that, which is why I am coming to B&P and in other ways trying to gain as much knowledge into REI as I can, as I believe this will be the most efficient tool for me to move into the fastlane....You *do* sound a bit smug-- but for different reasons that you might suspect. You are living the life of a middle class rat racer. Not the life of a business owner...
Definitely! That's why I'm coming. OK, well not just to talk to you! :smxB: But to learn from other like-minded folks who are already doing what I want to be doing. Believe me, if I can figure out a way to get something else in place that will support my lifestyle sooner, I'm all over it! There's no warm spot in my heart for HR software!!...We can talk more about this at the B&P GT, if you'd like.
Not really. I've kinda wrapped up the "doodad-gathering" phase of my life, and am moving on into asset acquisition phase. I realize (now) that I went about it all backwards. But I can't change that now.... not so much about the car, the house, handbags & shoes (although I do splurge a bit in these departments too). I assume by â€˜lifestyleâ€™ these are the types of things you are referring toâ€¦.
I want to ask... how much is enough? why does it have to be $20K a month in order to retire? I know you already are generating extra $15K, but what is the minimum you need to retire?What am I missing?
No. Not for both of us to "retire".I want to ask... how much is enough? ... isn't $10K enough?
definitely not! :nonod:... what about $7K
I would start considering it.How would you feel if your apartment building was giving you only $12K a month? Would you retire then?...
S-Corp, actually, since it is primarily a professional service provider. But still.Jill- My mistake. If you're a C-corp, then you're getting many of the tax advantages of a business owner, as a self employed person.
Working on them.
WLB, in Glendale. Know 'em?PS May I be nosy and ask who the acct is you're meeting with? (ours is in Tempe, and was referred by DKA as well )
I think I understand where Jill is coming from...and perhaps others aren't thinking from the same perspective...Now, lets look at 2 options:
1) You continue to work the JOB - socking away 15K / mo into real estate investments. What would your cashflow be in 2 years? Of course, there are a lot of other assumptions you would need to make in this calculation - and this will vary widely from investor to investor and vehicle to vehicle.
2) You quit the JOB - use a portion of your savings to live for 2 years at your current standard of living. If you are able to devote 100% of your time - where could you be in 2 years? If REI is your vehicle - then you could devote your time to development or rehab rather than less time intensive acquisition of an existing property. In the end - could you use your time to build a multi million dollar business or to add the sweat-equity to major property development - and have that dollar amount higher than your salary?
Believe me, if I can figure out a way to get something else in place that will support my lifestyle sooner, I'm all over it! There's no warm spot in my heart for HR software!!
ATW ~ These all sound great to me.
A couple of other topics I would be interested in hearing about, if someone knows anything about them, would be:
- Real estate Development - building your own Multi-families, to pick up the extra margin (read, "cash flow") Pros and cons?
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