Who Has Made Enough to Retire Or Is Well On The Path?
A lot of doom and gloom given current market conditions so I wanted to ask something a little different today. On reddit there is thread called FATFire, where people speak about their path to retirement. On that thread I see mostly tech workers and small business owners giving out nuggets of advice.
With that being said, I'm posting this to ask the veterans WSO and real estate industry that work in the various disciplines how close you are to having enough money to retire?
If you're close, how long have been working on to get to this point? What did you do in the real estate industry that will enabled you to retire?
If you're retired, how long did it take? What did you do in real estate that enabled you retire?
Disclaimer: I know for some retirement doesn't need to happen in real estate but I ask this with the thought the retirement is financial independence where you don't need to work if you didn't want to.
Not well on the path, but this year should be my first year breaking $500K in TC (all cash). Should be able to reach $1M+ in 3-4 years. Goal is to grind another 10 years then step back a bit, but with two kids under 5, trying not to be the total absentee father in the meantime. Not sure I'll ever "retire" or stop working, goal is just to work on things I truly enjoy and am passionate about.
What do you do in the real estate industry? I definitely hear you on the balance work and family life. I also hear you on not actually retiring. I also don't think it's necessary in real estate but I think of retirement in real estate as milestone where you reach some sort of financial independence where you tell yourself if I quit today, I'm set financially.
Currently multifamily ownership focused, we have a digital marketing agency as well as real estate brokerage. We generate a ton of leads (300K+ annually) for MF so we're also consulting with asset managers and ownership to make sure they're staying occupied.
Thank you for sharing!
So much of this is related to what your ongoing burn rate in retirement. For me, I am aiming to be able to "retire" in the 40-45 year old range. Once I am to that point, I will probably do 2-3 syndications a year with strategies that aren't super intensive in order to stay busy and continue bringing in some cash.
The thing I love about real estate is that I'll never have to "retire", but I can start to slow down my work pace once I'm getting closer to 60. I don't think I'm mentally wired to ever be 100% retired for the rest of my life, but 15-20 hours a week and the ability to step away for weeks at a time would be nice. Biggest issue I have currently is balancing a young family with work. It's really hard - far harder than I would've imagined. Very difficult to work much later than 4:30-5 and have any amount of time for your family, so my work schedule has shifted to much earlier in the morning, an hour or two each night and then blocks of work time during naps on the weekend.
I get pissy when younger RE people on Twitter say that if you aren't working 80-100 hours week you're a lazy loser. There comes a point in your life where if you are working those hours, you're a loser. Working 80 hours a week with a family means you're not a present father, husband, or both.
Agree with this 100%. I am also at this stage in life, and the hours are tough with kids. I used to be the 70-80 hour a week guy until I had a kid.
We have an older principal (70+) at our firm that still works ~10-15 hrs per week, and he wouldn't have it any other way.
Same, and then you have a kid and realize that even working 50-60 hours, almost every hour of your day is consumed with working or being a dad. I wouldn't trade it for anything, but until you have children, hard to realize the impact that it has on your lifestyle and career.
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