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Retirement.....what are you gonna do? (1 Viewer)
- Thread starter eoMMan
- Start date
Bob Sacamano
Footballguy
Those are fine assumptions to make, and I'll be pleasantly surprised when I get there and the money is waiting for me. Still not planning for it, though.
Random
Footballguy
James Daulton
Footballguy
Is everyone in here assuming that they won't touch the nest egg?
NutterButter
Footballguy
Provided you don't want to travel a lot and your house is paid off, other than healthcare, you shouldn't need much money per year. 30k inflation adjusted after tax should be fine. I talking about for one person there.
NewlyRetired
Footballguy
I will probably hit my nest egg some where later in life.
We only have one child so leaving a big inheritance is not something we are considering. We figure the house itself will be a pretty big number for one child to get.
FUBAR
Footballguy
What do you expect to pay 2 adults for 4 hours? They do a thorough cleaning. If it were just Picking up stuff, that would be different.
Lots of things are unnecessary, but if they reduce stress, they're worth it.
FUBAR
Footballguy
chet
Footballguy
fred_1_15301
Footballguy
I'm aiming for this by the time I retire. I'm on pace so farDentist said:
Judge Smails
Footballguy
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Dentist
***Official FBG Dentist***
If that's not shtick that's awesome.What is your goal to accomplish this and in what time frame and what do you do for a living?kutta said:
What's your investment plan.
I'd love to do what you describe also but I don't see how I'll ever make it unless I worked a long time.
chet
Footballguy
You become wealthy by concentration and stay wealthy by diversification. Careful though--concentration can be a slippery slope.
mr roboto
Footballguy
Yeah real wealth beyond workaday squirreling away into retirement accounts and penny pinching = owning some business/means of production. Gotta create value not just flip valuations of other companies (trading).
And usually this requires high risk and a stomach for debt.
And usually this requires high risk and a stomach for debt.
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Rohn Jambo
Footballguy
chet
Footballguy
Higher % of your NW allocated to single investments. Adds volatility to your portfolio which can be good ..... or bad.
kutta
Footballguy
Not shtick. I've never been a great saver/investor. I've always lived by the philosophy of don't save a nickel, earn a dollar. I just sold my very successful business and the deal closed last week. I'm going to start a thread on that soon, but let's just say I'm well on my way to my goal.
Dentist
***Official FBG Dentist***
Cool.
Dentistry allows one to have a very excellent salary comparatively, but very few dentists actually become wealthy. Those that do either do so with commercial real estate, inventing some sort of product or training, or developing a multi-office almost local franchise sort of concept where they employ a lot of other dentists underneath them.
All of those things can provide wealth, but come at a high cost of time investment and personal investment without the guarantee of a payoff.
It's the concentration concept Chet was referring to... which it seems you are following as well. You hit a mini jackpot on the company you sold, but if it had flopped it sounds like you would have had little to fall back on.
I guess I've always played it safe... just work along diligently in my career without taking any big shots and hitting it big and investing only in a diversified basket of index funds which build wealth but probably don't allow you to really hit it big time like you would if you picked correctly on a google or netflix type of stock with a large investment early on in the company.
can't get rich playing it safe, but there's not much heartache either.
Of course, some people even think index funds are too risky and there are just a shocking number of people that neither build a business, nor save money or if they do don't invest it properly and are doomed for a life of mediocrity to poverty.
mr roboto
Footballguy
Here's how my boss is doing it - successful personal trainer and D1 strength coach. Opened his own 2 studios 15 years ago. Partnered with a high tech fitness equipment company to franchise (which is what I do - franchise development). We bought the equipment company last year. Still selling personal training studio franchises, working with hospitals, physical therapists and corporate wellness providers to build high tech solutions for their populations.
He started with 100k raised to open his first studio from 5 local doctors - 20k each. Now owns majority still in both franchise and equipment tech companies.
Each individual studio (franchise) has the opportunity to make 100k for the owner per year if run strongly. But much like a dental practice, the actual increase in value of the studio business itself is at most 2x what it cost to get open. He could have opened 5-10 on his own in this area and had a very nice income and probably saved a couple mil over 20-30 years to retire on. He chose to build a brand, system, proprietary equipment offering that could really be worth 8-9 figures to a buyer.
He started with 100k raised to open his first studio from 5 local doctors - 20k each. Now owns majority still in both franchise and equipment tech companies.
Each individual studio (franchise) has the opportunity to make 100k for the owner per year if run strongly. But much like a dental practice, the actual increase in value of the studio business itself is at most 2x what it cost to get open. He could have opened 5-10 on his own in this area and had a very nice income and probably saved a couple mil over 20-30 years to retire on. He chose to build a brand, system, proprietary equipment offering that could really be worth 8-9 figures to a buyer.
FUBAR
Footballguy
That's pretty awesome. The kind of thing that makes me wonder if I'm in the wrong field.
But then I suppose there's time after first retirement to get into that kind thing.
Capella
Footballguy
Hmmm. My wife and I work for the federal government. The salary is safe and very good but I'll never make a million a year or even close to it. But the benefits are insane, we'll be able to retire super comfortably and there's no risk or even more than an 8-hour day.
I guess my career is hitting a lot of doubles and calling it a day. Never will hit a grand slam but I'm not trying to either.
Balco
Footballguy
Wow, that's awesome. Looking foward to the thread. Would love to see how you built your business.
msommer
Footballguy
mr roboto
Footballguy
Lot's of franchise buyers are 50-something corp types with healthy NW who don't want to retire and always wanted to own their own business.
kutta
Footballguy
Gopher State
Footballguy
Retiring with a home in San Diego and the Black Hills of South Dakota. awalys been an outside the box thinker. Invested in farm land when corn was a 1.50 bu. Purchased Apple stock early, currently buying oil stocks like rig on the cheap(SUVs and pickups not going away). Hadsome klunckers like etoys, but no risk no reward. I thinking of starting home propane deliverly business with my sons for gas grills. Also I plan to go back to coaching,football and track
NewlyRetired
Footballguy
I have been meaning to share a story about vetting financial advisers for our early retirement. We knew we were close so we decided if we were going to make the jump we should get some professional advice.
So we picked out 3 advisers that were recommended to us and we met with each of them separately.
The first guy was very knowledgeable and energetic, but seemed a bit too pushy, like he had the perfect solution for our situation, which in his mind was always based around "how much money do you want to make?"
We left that first meeting a bit underwhelmed but I told my wife that these guys know what they are doing. Lets see how the next 2 are.
The next two guys were almost identical. And truth be told, I liked some of what they had to say but was a bit leery in that I felt they were being a little too salesman like for me (I guess that comes with the category).
I decided which one I liked best but my wife was very uncomfortable with all of them. She could not put her finger on it and neither could I.
We then did nothing for a while trying to figure out our next move when we met a couple in their mid 40's who retired in their early 40's like we wanted to. They gave us the name of their adviser with no recommendation other than they liked her and we should talk to her.
Being at an impasse we set up a meeting with her, expecting pretty much the same song and dance (this annuity will make you X, this bond will make you Y, the mutual fund will make you Z etc etc).
We sat down, she smiled at us and then for the next 30 minutes she undressed us financially. Luckily I was prepared since I was a bit manic about tracking finances.
Questions like:
How old are your parents, what is their health, and financial situation
What and how old are your cars, how long do you tend to keep cars
What grades and test scores does your daughter get? What is your opinion on public vs private college
When, where and how often do you intend to travel
How do you intend to handle health care
What do you spend per year right now
What is the value of your house, do you intend to downsize and all related housing questions.
Every question you could imagine concerning taxes
etc
etc
etc
10 minutes in I looked at my wife and we both smiled at each other. This felt right. It was a basic difference from the other guys we met with but she was approaching everything from an expense base instead of a revenue base. And that I could really understand.
A week later she used all the data we provided in the meeting along with other data I had to provide over email to create an impressive plan that took into account everything we wanted from an expense base. It also was used to provide what would happen if things went different than we expected in terms of our expenses being higher. She showed how the plan could be altered to cover changes in our lifestyle that we could not predict.
Almost 5 years later we could not be more happy. We are planning a 5 year top down review this summer with plugging in any updated thoughts we have now regarding our future to see if we are still on track.
So we picked out 3 advisers that were recommended to us and we met with each of them separately.
The first guy was very knowledgeable and energetic, but seemed a bit too pushy, like he had the perfect solution for our situation, which in his mind was always based around "how much money do you want to make?"
We left that first meeting a bit underwhelmed but I told my wife that these guys know what they are doing. Lets see how the next 2 are.
The next two guys were almost identical. And truth be told, I liked some of what they had to say but was a bit leery in that I felt they were being a little too salesman like for me (I guess that comes with the category).
I decided which one I liked best but my wife was very uncomfortable with all of them. She could not put her finger on it and neither could I.
We then did nothing for a while trying to figure out our next move when we met a couple in their mid 40's who retired in their early 40's like we wanted to. They gave us the name of their adviser with no recommendation other than they liked her and we should talk to her.
Being at an impasse we set up a meeting with her, expecting pretty much the same song and dance (this annuity will make you X, this bond will make you Y, the mutual fund will make you Z etc etc).
We sat down, she smiled at us and then for the next 30 minutes she undressed us financially. Luckily I was prepared since I was a bit manic about tracking finances.
Questions like:
How old are your parents, what is their health, and financial situation
What and how old are your cars, how long do you tend to keep cars
What grades and test scores does your daughter get? What is your opinion on public vs private college
When, where and how often do you intend to travel
How do you intend to handle health care
What do you spend per year right now
What is the value of your house, do you intend to downsize and all related housing questions.
Every question you could imagine concerning taxes
etc
etc
etc
10 minutes in I looked at my wife and we both smiled at each other. This felt right. It was a basic difference from the other guys we met with but she was approaching everything from an expense base instead of a revenue base. And that I could really understand.
A week later she used all the data we provided in the meeting along with other data I had to provide over email to create an impressive plan that took into account everything we wanted from an expense base. It also was used to provide what would happen if things went different than we expected in terms of our expenses being higher. She showed how the plan could be altered to cover changes in our lifestyle that we could not predict.
Almost 5 years later we could not be more happy. We are planning a 5 year top down review this summer with plugging in any updated thoughts we have now regarding our future to see if we are still on track.
NewlyRetired
Footballguy
She is fee based. That is the only ones I vetted.
Specifically, she would not have likely taken us as a client if I went earlier to her as she has a minumin assests threshhold she deals with and we would not have met it when I was younger.
Generally, yes I bet I would have done better with her than I did on my own and likely have covered her fee pretty easily.
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FUBAR
Footballguy
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