All Topics / Help Needed! / AIMING FOR RETIREMENT BY 35, 25 NOW – ADVICE!!!!

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  • Profile photo of Mcubed82Mcubed82
    Member
    @mcubed82
    Join Date: 2005
    Post Count: 32

    Hey Everyone, My goal is to be able to retire by the time I AM 35, in saying that though. I want to be able to retire by then or close to it but don't want to stop working. I have three properties now,
    a unit, block of land and house.

    Have 10k savings, on approx 80k.
    please advise where to from here

    Thank heaps!

    Mel

    Profile photo of David LaytonDavid Layton
    Member
    @david-layton
    Join Date: 2008
    Post Count: 11

    keep going Mel you are doing really well.
    Not sure of your exact situation however it would definitely be worth building a long term plan to ensure you reach these goals. Consider this as a business, every business has very distinct business goals, so should you.
    If you would like help with this please let me know as i have some documents and things that may help you.
    P.S. this is not advertising they are free. just trying to help

    Profile photo of Michael 888Michael 888
    Participant
    @michael-888
    Join Date: 2005
    Post Count: 260

    H Mel,

    At age 25 you have a great goal to "retire" or at least have more choices in your life by the time you're 35. Most people over-estimate what they can achieve in a year however they often under-estimate what can be achieved in a decade.

    You have 10 years to live your plan.

    First you need to decide "what you want". Quantify it. Is it  $ 100,000 net income per year, 200,000 or a million? Do you want $ 10 million of net assets, or some other figure. Where will you live? How will you spend your time, with whom? Often including others in your dreams and wishes gives more purpose to your vision and the impetus to follow thru on your plan.

    Once you have established what you want and how much……. you need to work backwards and form a roadmap of how you will get there. You need a master plan and more manageable stepping stones (yearly and maybe six monthly). Will it involve passive investing (I note you have three properties from another thread you started) and funding purchases thru equity growth and your JOB. Or will you take a more active role, by adding value thru reno's and developing to manufacture/release more growth thru a higher and better use for the assets you own and will acquire.

    It may be worthwhile thinking of adding other income streams such as shares (investing or trading) and/or some type of part time business.

    I have proposed more questions than answers for you to ponder, but have found that unless you are clear on what you want and put a deadline on it, the discipline to follow thru may be lost. Goals are dreams with a deadline. Without some time frame and accountability along the way (milestones), dreams and wishes remain exactly that…..dreams and wishes.

    You need knowledge (read as much as you can) and take informed action. Try and get around others who are where you want to go. Forums are great but a real life mentor who can challenge you and keep you accountable will hasten your journey.

    Congratulations on your progress so far.

    Profile photo of LalibellaLalibella
    Participant
    @lalibella
    Join Date: 2007
    Post Count: 116

    Hi Mel, loved your story in API. Your a legend!  Your on a great wage, more than most so your options are huge. What are you going to do with your land? Will take it take multiple dwellings?
    As I read recently most people would require 5 to 6 unencumbered properties to retire on.
    Your doing better than most and have a great portfolio for your age.
    Have you read all the great aussie property authors? Great read.
    Most people regret not starting earlier then they did ( including me) so relish in your early start.
    Do you have a Mortgage Broker and or mentor?
    Well done…….

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024

    I was fortunate to retire at 39 and could have quiet easily lived of passive income from property rents and dividends from my share portfolio for the rest of my life.

    After 6 months or so it is suprising that when you have nothing to get up for in the morning other than take the kids to school time can be boring and time ticks away if you havent planned for it. It was simple my wife gave me the option of moving out from under her feet all day or going back to work.

    I decided to start my own boutique mortgage brokerage and financial planning consultancy and pick and choose the clients i took on. I enjoyed helping others reach their investment goals and now work longer and harder than I ever did but love every minute of it.

    I can take a day off any time I want to attend a school function or take the wife to lunch but then often sit in the office late at night answering emails and writing proposals for clients.

    All i would say is "Plan to retire" but keep the mind active and have an interest or activity to keep you going.

    Start small and build your portfolio using responsible gearing and time.
    Pay off bad debts that do not generate an income or are tax effective.

    Get yourself a good mortgage broker who has trodded the same path as you and work with them. I have clients who i have financed 10 -20 homes for them and they still come back and back. Only limiting factor is your income.

    Remember it is Time in the market and not Timing of the market that drives long term success.

    Richard Taylor | Australia's leading private lender

    Profile photo of v8ghiav8ghia
    Member
    @v8ghia
    Join Date: 2005
    Post Count: 871

    Two things here……first Mel, I did enjoy your API feature…..keep it up and 'good on you'.
    AND Richard….(QLDS007) Thanks for a bit more 'insight' on yourself, and a good postive post on what can be achieved. One of the most inspirational posts I have seen her. Congratulations to you too mate.
    Cheers

    V8GHIA

    Profile photo of kum yin laukum yin lau
    Member
    @kum-yin-lau
    Join Date: 2006
    Post Count: 342

    Hi, well said, Richard.

    What would we not give to have the wisdom of age & the aspirations & visions of youth?

    I'm settling on a small business next Friday so I have a licence to distribute food. The dumplings I make are going out faster than I intended. So the food licence will be good.

    What do we do when we 'retire'? My sister stitched & knitted & found even then, you can only give away so many pairs of bootees so she started supplying a couple of shops. Incidentally, she's in Italy & she travelled business class too.

    The above is not to brag about how much we have achieved, it's to illustrate that we need to 'do' something with our time. A couple of years ago, I decided to build some houses & now that's done, I find I still have too much time.

    So everyone's right, we need to find 'meaning in life'.

    Have a good week,
    KY

    Profile photo of devo76devo76
    Member
    @devo76
    Join Date: 2007
    Post Count: 542

    Now my retirement life.

    Monday.
     Walk on the beach and check out potential fishing hot spots for later.
    Back home for breaky,read paper.
    Go to my shed and play with my model aeroplanes and cars.
    Lunch down the local bistro.
    Afternoon fish on the beach
    Club again for a try at winning a meat tray.
    Telly with the missus untill bed

    Tuesday.
    Surfs up so down to the beach. This eats up the whole morning.
    Back home for lunch.
    On the net to see how my shares are doing.
    Go to a movie

    Wed
    Sleep in until 11
    Get up and organise holiday/Tax write off to check some of our IP.s on the other side of the country.
    Go for a look around town with the wife and grab a coffee
    Dinner with friends

    Thursday
    Golf with my mates then to the pub
    2 pm drunk too much crash on the lounge at home
    Wake up at 9. Grab some food then crash again

    Friday
    Back to the shed to work on my aussie muscle car. Its getting close now

    Saturday
    Fish in the morning
    Go look at a boat as a potential hobby to fix up and sell.
    Down the club for dinner.

    Sunday
    Grandkids arrive so take them for a spin in the tinny up the river. then spend the day on the beach
    realise my week is over and didnt get any business done with my IP,s. Busy week next week to catch up.

    Thats sounds like a good to retirement to me.

    Profile photo of Mcubed82Mcubed82
    Member
    @mcubed82
    Join Date: 2005
    Post Count: 32

    hey there, thanks heaps for your respones,
    I don;t have a mentor, are u offering? i love getting advice on topics i love

    cheers
    Mel

    Profile photo of Michael 888Michael 888
    Participant
    @michael-888
    Join Date: 2005
    Post Count: 260
    Mcubed82 wrote:

    hey there, thanks heaps for your respones,
    I don;t have a mentor, are u offering? i love getting advice on topics i love

    cheers
    Mel

    Hi Mel,

    Have sent you a PM.

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