Early Retirement
How much do you need to retire early?
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I want to retire
My current income streams:
salary $23k rental 1 $2.5k rental 2 $2.2k side hustle 1 $6k side hustle 2 $1k dividends $1.3k Total: $36k If I retire I will lose my salary of $23k, leaving $13k. However, these are my expenses: parents 4.5k helper 0.7k ppty tax 0.4k credit cards 6k bills 0.5k loan 1 6k loan 2 3k income tax 3k Total: $24k If I exclude income tax, it is still $21k. Granted that both loans are technically paying off properties which are assets, they are still depleting my cash. Am I able to retire? |
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my household income (both age 50)
salary $40k rental $4k dividend $5k (annualized into monthly) total about $49k total expense about $20k/month but should drop to $8k once we decide to retire in 5 years time. Quote:
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Another humble bragging.
Easy. Just sell your second property. Apparently the rental yield is much lower than the repayment. You've now got cash to invest in stocks and stuff. And what the hell are you buying to have credit bill of 6k a month. That needs to be looked at. Obviously you can't be eating wagyu everyday if you genuinely want to retire comfortably. And why do your parents need 4.5k when you retire? Don't they have their own savings and retirement plan? Quote:
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The amount required to retire is relative to one's expectation. An above average performing grad should be able to retire at 55 and a high achiever can expect to retire at 40-45.
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