Could You Retire On One Million Dollars $$ ? Can you even make 1 million?

[69hurstolds]

Well, you're paying for the luxury of it not being your job on the water..🤣

Good point. I'd have probably paid $10K not to clean submarine bilges in the engine room.

 

[64nailhead]

The stock market ponzi scheme - that’s an understatement.

The only items I’ve bought that haven’t depreciated in value are cars that didn’t require a loan and my house. I’ve never seen housing values drop on an annual or decade basis. I agree 110% with Built6spdMCSS - your home is the best investment that you can invest in (of course assuming you didn’t buy a house in a future ghetto).

 

[WyoGN]

Love it!....we've done the 2 week cruise out of many....MIL would give us a cruise for wife's birthday every year....wonder if it might be too long, 2 weeks, but....never get tired of someone else making your bed and vacuuming.....when it was my turn to pick...Ireland, to drink some Guiness, Jaimeson and golf historic courses. Glad we got that out of our system though. I'd rather go to the wilderness in ID, MT or WY
Retirement?.....what's that?.....who has time for a job?....too much work to do.
Rich Dad Poor Dad...."are you willing to work for free?".....to get paid down the road. Asked my kids this and they said "No way"....they have changed their mind since

 

[Built6spdMCSS]

Interest rates are trash right now and house prices are inflated depending on area so not the time to buy when it's at the highs. Then again will it go to a low point. That's the gamble of the game.

I know people who rent because they don't want to do the work of maintaining a house. It's work, tons of work. To me it's worth it but not everyone sees it that way.

 

[PBGBodyFan]

Lots of fun opinions here.

The one thing I've grown to find sad is people who do well with the saving/investing thing and seem to barely enjoy what they saved up. If you want to do all the hard work and spoil your kids(or whoever) with what you earned, great, but YOLO, hopefully you get to spend/enjoy it while still above ground. Trying to find the balance of enjoying and getting what you want out of life throughout life and still putting some away for your 60's/70's is key, don't save it all for your old age when you might not be around or able to enjoy it, don't not save anything and spend it all in your 20's/30's I guess. Sounds simple.

Played the land lord game at a small scale for over 14 years, it worked out well enough but yea, no thanks for me personally anymore. I can only imagine being older and doing it if that was all I did, take away a "job" and replace it with multiple properties, then maybe. But even then you're always on call so to speak, not for the faint of heart is right. As time goes on priorities might shift in what you want to spend your time on.

The claim of social security going away has been around since I was probably a kid and perpetuated by some, it's not going anywhere. Not saying anyone should be relying on that for the basis of their retirement. And not everyone needs or wants the same amount to have when they retire.

 

[WyoGN]

I am 59 and have "work" left to do....finish remodeling rental, Air B-N-B or long term IDK.....build my "shed" 40x80 heated shop to build a Goblin, work on GN, store toys,ect.....and remodel our entire house. Instead of building from scratch we bought a fixer upper lol trout pond with a creek running through the property....guy was better at other types of construction rather than finishing. I joke about who has time for a job....but some really quit when they quit work....like die....look at Gene Whitfield still "working" into his 90's....my advice is to younger people really look into buying real estate, as a rental or otherwise....hard to save a hundred g's but easily doable with appreciation

if the air b-n-b is making good money, I don't mind running the vacuum and making beds. There are companies that will do it all for a % if I choose

 

[64nailhead]

The claim of social security going away has been around since I was probably a kid and perpetuated by some, it's not going anywhere. Not saying anyone should be relying on that for the basis of their retirement. And not everyone needs or wants the same amount to have when they retire.

Scare tactic. Perhaps it's a fact, but as you mentioned, I've heard this since the Reagan administration. Does anyone remember how a national debt of a trillion dollars would be the end our economy? I'm definitely not advocating increasing the debt, but if any of these things that we were told 30-40 years ago were accurate, then we'd be facing Armageddon right now lol.

 

[Built6spdMCSS]

if the air b-n-b is making good money, I don't mind running the vacuum and making beds. There are companies that will do it all for a % if I choose

That's what I've been looking into as my next purchase, clear about 4x what a house does. Then again I'm down here in the sweet spot for them.

but YOLO

I've seen a counter to that term. You only DIE once, you live every day. So live it.

 

[Bonnewagon]

I used to own several properties at a time.

Not.
Any.
More.

THAT^^^^ We were involved in rental property with my parents for a while. I did the work, they got the money. [I know, I know, but they were my parents]. Here in Shitty City it runs about 50/50 between good tenant/nightmare tenant. The courts suck balls. I especially loved the 'rent to a nice young working girl and three days later the drug dealing boyfriend moves in' scenario. Rental property is WORK and if you don't keep up with repairs and crappy tenants you will see a steady loss of return. When they passed I called it quits and walked away. Renters are renters for a REASON, just like car leasers.

 

[ck80]

THAT^^^^ We were involved in rental property with my parents for a while. I did the work, they got the money. [I know, I know, but they were my parents]. Here in Shitty City it runs about 50/50 between good tenant/nightmare tenant. The courts suck balls. I especially loved the 'rent to a nice young working girl and three days later the drug dealing boyfriend moves in scenario'. Rental property is WORK and if you don't keep up with repairs and crappy tenants you will see a steady loss of return. When they passed I called it quits and walked away. Renters are renters for a REASON, just like car leasers.

Some things people need to learn over time for themselves. It's good..... until it isn't. There's so many stories of good money, easy money, get paid for doing little.... until that drug dealing boyfriend you mentioned brings his 3 pit bulls that piss and crap all over inside the house and yard and it's a $50,000 renovation just to be habitable again.

Once it's rented, the tenants can call the cops on YOU for showing up at your own house to trying to check up on things.

It used to be renting was a headache. Now it's a ticking nightmare waiting to blow. I've thought about buying worn out end of life mobile homes to toss on some land and rent them priced accordingly, if first/last/security covered most of the acquisition cost that MIGHT be one way to do it and if they trash it you scrap it. Dunno.


People these days aren't what they were 20 years ago....