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Unread 12-09-2012, 09:09 AM   #16
John Bridge
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From an almost retired guy.

Like most others I had no plan until later in life, whereupon I concluded that anything that could bring in passive income or nearly passive income was the way to go. My brother-in-law and good friend deals in houses on the side, and I could certainly do that, but it's not passive.

I got into the book writing business at around 50 and the publishing business in my early 60s, and that has made money, not a huge amount of money but some money. I got into the web site business in 1999, and that has brought in some money.

Then, of course, there is social security which I wouldn't bank on if I were younger.

While my income is not totally "passive," it is the type of activity that is not limited by advancing age, and it allows me to travel six months out of every year. I believe that everyone needs work to keep them sharp, and I will never be fully retired.

P.S. I own a few shares of Exxon Mobile, not enough to retire on, though.
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Unread 12-09-2012, 09:35 AM   #17
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If you're doing real estate, don't leverage one property against another. That's setting up your own domino's Do it all in cash.
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Unread 12-09-2012, 09:42 AM   #18
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The best retirement plan is not to retire at all. You live longer if you keep working.

Or at least that's the perception I get.
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Unread 12-09-2012, 10:56 AM   #19
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Wink

Quote:
Originally Posted by Paul
If you're doing real estate, don't leverage one property against another. That's setting up your own domino's Do it all in cash.
Unless your name is Donald Trump
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Unread 12-09-2012, 04:58 PM   #20
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Start putting money inna IRA now.. ROTH's are NOT taxable when ya take out the money.... Both you and your wife can put in if you are both working... Used to be $2000 but I think you can put in $5000 now.. At 65 you should have a half a mil or so....
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Unread 12-09-2012, 05:23 PM   #21
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Unread 12-09-2012, 06:44 PM   #22
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Thanks all. Great info and inspiring to hear. I have thoughts if buying a small fixer upper with some land upstate NY. Finding places I can save for and buy outright. Then I just have to concern myself with taxes and utilities. I'm a simple guy. I just want to be able to wake up and do some fly fishing and take care of my land. I too though don't see myself completely retiring ever. However the thought of not having that option is what scares me. I don't want to be forced to go pull terrazzo or mud at age 60 I want to do it because I choose to.
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Unread 12-09-2012, 07:14 PM   #23
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I just plan on marrying well.........right at the last minute
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Unread 12-09-2012, 07:55 PM   #24
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Pick one with a fat purse and a bad cough.
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Unread 12-10-2012, 09:47 AM   #25
MNTileGuy
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I can relate to a little of everything said on here so far. Wiped out in a divorce, `gonna lose my a$$ on a house, but at least I married a lady with a "real" career that's been responsibly planning for retirement! If not for her, I'd probably be found keeled over from old age in a closet someday with a bucket and trowel.

From what I can tell, for the self employed, a Roth IRA is probably the best bet. mIt's certainly much safer than real estate.

Like JB said, don't plan on SS, so it's really all on us. My best guess is that for us under 40, the retirement age for getting whatever scraps are left will be at least 70. I suppose that's fine if you work at a desk, but I really don't want to be on my knees everyday at that age.

To expand on what Joe said, the best time to plant a tree was actually 20 years ago. The second best time is today.
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Unread 12-10-2012, 02:25 PM   #26
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I retired at 54, union worker, here we go
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Unread 12-10-2012, 05:41 PM   #27
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I have a small pension from the union. Certainly not enough to live on. I don't even know how that works. I haven't worked union in 9 years. Maybe I should just plan going back. Atleast I get medical and a pension when I'm done. Problem is that I can't stand half the people and all the drama of guys throwing each other under the bus to keep from getting laid off. The company I worked with was strictly terrazzo and the guy drank his multi million dollar business into bankruptcy so I basically couldn't find anything else and have been doing my own thing ever since.
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Unread 12-10-2012, 06:13 PM   #28
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Jamey, the important thing about saving money for your retirement is not how you do it, but that you do it.

Train yourself to save or invest 10 percent of every dollar you take in. And don't ever take it out unless it's to put it in a better place and leave it.

Doesn't take training, doesn't take education, doesn't take anything but discipline. Might be a little late today, but if by this time tomorrow you haven't at least opened a bank savings account into which to put the money while you research other options, you're not developing the necessary discipline.

Don't worry about doing it right, or doing it the very best possible way, just do it.

My opinion; worth price charged.
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Unread 12-10-2012, 07:25 PM   #29
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Agreed. Thanks.
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