Originally posted by @Rhett Dean:
@Shiloh Lundahl
Great points everyone!! My net worth is about 1.2 million. I am 42 years old and I make about 200k a year selling in the medical field. Some would say wow that’s not to bad your doing ok. But Last year I lost my job due to a restructure and suddenly that nice big salary was gone and I had expenses and a wife and 4 kids counting on me. Luckily I am a saver but that net worth didn’t make me feel any less vulnerable. Most of it was tied up in retirement funds that I wouldn’t want to liquidate and take the tax hit and pay down on my primary home. Luckily I found a better paying job and was only out of work for about a month, and with a nice severance the whole ordeal turned out to be a financial blessing. A hit to my ego being the first time I had been unemployed since the age of 9 but a big blessing. But what it did was wake me up to the need for passive income. I don’t want to feel helpless like that again. Since last year I have bought 16 properties now as rentals that I manage myself and my goal is to grow that to about 150 to help supplement my income. In the process I have found a new zest for life and it’s been a blast getting my teenage boys involved with me in the real estate. My personal goal is 15 million by retirement age around 67 or so, I am excited to make that happen over the next 25 years and enjoy journey to get there.
Great income and great net worth, no doubt ! But as it shows some of us think so apart from others.....To retire at 67 especially as a male is a death sentence . Whether you have 15 mil or 150 mil at 67 it won't make a single difference because you will be old as hell and lifeless # facts. I guess I must think totally different than you because my goal would be to be DONE with work ASAP, 67 is wayyyyyyyyy too late, probably 15-20 years too late.
Living outside of DC , driving Toyotas and living relaxed lifestyle with trips whenever and wherever with my family (2 kids) , 8-10 paid off properties collecting $1700-2200 a month from each I will be retired 20 years before you.
Why some wants to work so late to get to some millions when they die so young, especially men???
I went to Costa Rica 2 years ago with my wife and we saw buses that arrived with old retired folks from U.S to explore local rain forest and beautiful beach. Most of those folks were soooooo damn old and worn out that they could not explore a damn thing since the access to all of those attractions is not easy. You can't just drive up there or take your wheelchair. Whether they were some millionaires or not, it was sad to see their struggle to make first 100 steps of the bus into the "jungle" . To get to the point, retire as young as you can and forget those impressive net worth numbers because when you are dead, you are dead.
Cheers!
