How much to retire, can you stop?

Question

Jerry W. · Answer

@Liz C., great problem to have.  Perhaps because real estate did so much for you that it caused you to love it.  Why is it bad to do something you love?  What better way to spend your time.  Not everyone can sit on the beach for 3 weeks sipping a drink and sunbathing.  Some of us have to do more.  If you don't need the extra money you make give it to a charity that makes you feel good.  Buy gifts for kids on the angel tree for Christmas, or go the SHriner's Hospital and find a family struggling to get by as their child faces surgery for cancer or a tumor and help them out.  Give to the Make a Wish Foundation to help a terminal child's dream come true.  We can do what we love and do more for others at the same time.

Daniel Peavey · Answer

Great question! Great insight!  We are so focused on climbing, working to reach the Peak, once we arrive, we did not have foresight to ask what next?

Age will help reduce the struggle, because time and freedom of place, mobility, will be of more value than just cash flow

It is still difficult though!  There is a art to making money and a art to enjoying the fruits of it

Jerry W. · Answer

I am going to disagree respectfully that rich people never think they have enough.  In order to move yourself up in the world it takes discipline.  Over time the being careful what you spend, and doing things in ways that produce income become habit.  If you have been careful with money and invested wisely for 20, 30, or even 40 years that will not disappear over night.  Making sure you take in more than you spend almost becomes your mantra, those good habits can be as hard to break as bad habits, and when you think about it, why break a good habit.

Dawn Brenengen · Answer

@Liz C. Do what you love.  If that means you are still searching for deals, then by all means, keep doing it.  However, I would slow it down enough to also pursue other interests.  If you don't have other interests, start trying things out to see if you have some other passions you didn't even know about.  I love real estate, and I don't think I'll ever be out of the business, but I can definitely see my self not working some parts of my business as I get into retirement.  I may even grow other parts of my business in "retirement".  There is no right answer.  Do what makes you happy if you can afford it  :)

Michael Plante · Answer

100% agree

Would rather work than do just about anything else

I like it much better than going on vacation

Daniel Peavey · Answer

Nice write Thomas!!  Helps my psyche!!

Thomas S. · Answer

Research has shown that wealthy people never feel they have enough. It is a obsession and like any other and is unhealthy regardless of whether you enjoy it or not.

Set a goal of paying off all personal debt (personal home etc.) prior to retirement and all you should need is to replace 70% of your employment income or self employment income.

Whether you are a employee or self employed to be able to retire and live a long life you must have interests to fill your life beyond work/ investing. If you do not you will have no retirement possibility. Whether you feel continuing to invest is exciting or not if you are unable to separate yourself and find other interests you will never be able to retire. You will work till you die.

Personally I have enough activities and hobby/interests to fill many life times and rarely think about investing further. Once I reached a income level required to support my retirement I quit cold turkey to peruse pleasurable interests. My income properties now interfere with my personal/retirement life and will soon be sold to put the money into passive income vehicles.

Work is work regardless of whether you enjoy it or not.

How much to retire, can you stop?

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