Aldeer.com Forums Alabama Deer Talk Aldeer General Forum How do folks retire?

How many do you have and who's your property manager??

Rentals became my full time job when I was 23, 13yrs ago. Folks that haven't done it have no clue how expensive, time consuming, and stressful they can be.

They can be a great wealth building tool, and retirement income but it's far from easy money. If you have a mortgage than they're not going to make squat, so if that's your retirement plan you better buy them early in life or have a couple million to spend. Also a few units won't be enough to retire on imo. Once you have them paid off you'll need 2x your desired income in gross rents. Buying smart, working hard, basis management, depreciation, 1031's, and a little luck are keys to building a lot of wealth in real estate.

My mutual funds have averaged 8% over the last 10 years.

I haven't inherited anything, never been given anything other than a free education.

That's because big banks like Regions and WF are pulling them in to work commission jobs and putting goals to sell a certain # of a certain product each month or they lose their job and have to pay back all non-vested commissions. Look for an FA that works on flat fees and you'll be much better off. They arent motivated to sell you anything because it doesn't help their pay check. I charged a flat fee so people putting $3k in and IRA made me as much money as putting $100k into large cap funds.

Bash WF all you want to, but Regions is a good bank. It's not the traditional banks doing it anyways. Insurance companies are the worst. Asking me what "my financial situation is".... If you didn't have any money, they wouldn't care.

If you have 100k cash to invest, a financial advisor is a good idea. Until then, make it yourself. One guy I know from high school, who keeps wanting to "advise me" posts snapchats at the casino all the time. F'n idiot.

My retirement money will be diversified but heavily invested in Net Leases.

I have to put Regions right down there with WF, they suck. But then most banks today are all the same. Not a nickle worth of difference in any of them, except the very few locally owned banks still in business

Regions is nothing but a thief with manicured fingernails. Won't see a dime from me.

Yep. I have my checking and savings there but wouldn't invest a dime with them. All those banks care about is how much their people can sell.

Wouldn't invest a dime? Have you seen the share price over the last couple of years?

I don't do business with thiefs. I've had opportunities to do business with many thiefs, principals are more important than money.

Not talking about in stock. I'm talking about giving a check to one of their FAs to make me money.

Every job has it's own stress levels. It's how you deal with it. I'm on the verge of retirement at 56-57 from my job. I picked up the real estate business as side/ full time next job. Money is made when you buy, appreciation should not be depended upon to make you money. When I had cows, you worry about them getting out or sick etc. If a house burns down( knock on wood won't happen) I still make about 4 times my money. Anything else is fixable. I have a pension and various saving investments. You will make some money on these but if you take out inflation you average 4% or so. Still not a lot of money. I have saved $400 a check for a long while, still never will make a million. Any business a person has will take time to run just like any other job. Management is the key.

I'm going to have to work half a day on the day of my funeral.

Lonster

Understood, but that's not "interest". Those are investments; we have been on the greatest run in history since 03/09 when the S&P 500 bottomed at 683 and closed yesterday at 2465. I have also enjoyed nice returns(for instance,bought Apple at the bottom) during that period; but can't expect it to continue.
Plan to buy some nice dividend yielding stocks on next pullback for retirement income.

I'm 56 and Mrs. Irish is 54. We started dating about 10 years ago and we got married 9 years ago. When married we both had good jobs, but she had a townhouse that she was upside down in and we couldn't sell it so she let the bank have it. We both had debt. I was paying $1000 a month in alimony (Long story) She didn't get child support. We had 3 teenagers living with us and a 9 year old in a blended family. We had virtually no savings or retirement.

Fast forward to now and we have built up our 401k plans to about 1/4 of a million, we have a nice savings for emergencies, we have beach property and mountain property that are both paid for and we are in the process of building our mountain retirement home and paying for it as we go along with no debt.

We currently each put 14% of each paycheck before tax into our 401k plans and that number goes up 1% or more per year depending on what kind of raise we get.

If the Lord keeps blessing me and I am fortunate to keep my current job I plan on retiring in 9 years at 65. I do have a pension that I am vested in but it's not enough to live off of, but that combined with my S.S., a little each month from the 401k and I plan on doing some handyman stuff on other folks cabins for something to do and a little extra spending money we should be alright.

My point is this: Even though it may seem difficult and next to impossible to overcome your current set of circumstance, it is possible. You have to focus and set your priorities. I drive used vehicles that I buy cheap, fix up, take good care of and when I sell them I usually either break even or actually make money off of them. Irish Jr. has been driving a 1999 Mazda Protege for the last 2 years that we bought for $2500. Mrs. Irish put 250k miles on her 2003 GMC Envoy before we sold it to our oldest son for $3500 and then we actually splurged on a new Mazda CX-5 for her, but she will drive that car until the wheels fall off. It is the only depreciating asset that we have purchased since we got married.

Our house is furnished with unique finds that we bought a yard sales, and it looks damn good. We take inexpensive vacations, and stay in quirky, locally owned, but nice and clean places. We bring our own food and cook when we go to the beach. We take our lunches almost every day to work. So does Irish Jr. When we do go out to eat, we like to go to places that have great food, but reasonable prices.

We love comfortably, but we also live frugally and we put as much as possible in our long term savings. We've never bought a new boat, new motorcycle, new 4 wheeler, only one car, and that car was only $20k.

IrishGuy,
We should hold courses for millennials on prudent financial planning and money management. I am AMAZED how they just don't get it. I read aricles the other day that said 80% can't buy a house don't have $1000 I the bank. One reason rental market is good; but I don't have the patience for that.
They have terrible priorities( cars, internet, TV, and other crap) and no vision for the future and what is possible. Even worse; their children are learning these same bad lessons.

The socialists have created an economy that depends on the majority being deeply in debt. Its the only way they can hide their counterfeit money. The dollar is actually worth nothing these days, no more than the paper its printed on. If the majority attempted to pay off their debt it would crash the entire house of cards.

I haven't read the whole thread, but the thing most of you younger guys don't understand is that when you get old, for most people your health is headed south. When that happens, all the things you thought you wanted to do in retirement now seem like too much trouble.

Travel? There is nothing more miserable for me than traveling. I'm still trying to make myself do some things, but I'd probably be more content to sit here and watch TV. I think that's what I'll do with the rest of the day.

all the more reason to do it while you are young I suppose