How much is "enough"- What would take to walk away with and retire?
We are all at different stages of our careers and have different goals. But is there a specific goal, number of which we are attempting to arrive in order to "cash in our chips" so to speak, and start to enjoy true freedom? Assuming that is what we are thriving for of course.
As a real estate investor for over 22 years now, I have come to a conclusion that money alone, although necessary, is not the greatest motivator to wanting to continue to grow our net worth/cash-flow. I began extensive traveling at the age of 49 and and almost 4 years later I continue to do so. I "visit" the USA to attend to issues that arrive from owning rental properties but have found that I have little interest to continue growing my portfolio.
I can easily cash-out with 42.5 times my annual expenses (assuming a 0 interest gain) if I decide to continue traveling but I do not see many people who think that way. I was wondering if this is "normal" investor thinking or is this too idealistic. Is it our "moral" responsibility to continue to grow our business while we still can or would that be considered laziness on our part?
Comments (2)
We all measure "success" in different ways. For many it is money. For me, like you, it is time freedom. When my rental income facilitated the choice of leaving my day job (I was self employed but worked a lot) I knew I would attain that freedom. The first time I went an entire month without setting my alarm clock I knew I was getting close. When I went a year without setting that clock I knew I would no longer live on anyone else's terms. Lately, I have been divesting myself of my rentals--converting them to paper assets. That leaves me with few routine responsibilities. I have done my part. I enjoy structuring deals so I still do that and expect I will continue to participate in financing deals but I no longer feel compelled to do so. I look forward to pursuing whatever interesting opportunities present and feel no moral imperative to grow my earnings.
Jeff Rabinowitz, almost 8 years ago
Awesome Jeff, Are you doing hard money loans or investing in the stock market as well? I appreciate your input and agree with your strategy. Best Success to you!!!
Greg R., almost 8 years ago