What would you do to retire at age 50?

[Markthebroker]

I started planning for early retirement at 18, and implementing at 21. By investing aggressively and consistently, living well below my means, and having some business ventures go well, I was able to basically retire at 37, working about 10hr a week.

The first 6 months were great, then by month 12 I was pretty much crazy. Turns out one can only watch so many movies and go on so many trips. Now I'm back to about 20-30hrs a week, mostly for my sanity, plus it turns out I enjoy it.

I'd say buying income property in an area that shows strong signs of growth is the way to go. Look at HUD plans, road plans, water, and sewer. There are also certain demographics that are growing in this country, and some that are shrinking. Certain demographics will generally gentrify an area, and others will typically destroy an area. I'm sure I'll get an angry response or two over that one. Community college real estate classes like the ones I took (real estate basics, real estate law, real estate finance, property management, economics, etc.) are good places to learn.

More wealthy Americans made their money in real estate than anything else, and yes it will continue. It has been a big money maker for thousands of years and will continue.

 

[Alston]

So it's unrealistic. I appreciate the reality check. Thank you.

I don't think anyone thinks your goal is unrealistic.

You're new to the forum. You'll be able to figure out what's a joke and what's not soon.

(I say this with respect and appreciation for the legend that is @somarco, he really shouldn't quit his day job.)

I think you're already following the most important practices. Continue to live below your means and invest your money.

I'm not the person who can help you with the what and how of investing. But if you earn more and spend less, you'll move towards your goal.

13 years is more than enough time. Just maintain your motivation and discipline.

 

[rousemark]

I been kind of obsessing about retirement lately, when and if I make it

I would very much appreciate any advice or input anyone is willing to offer. I will try to keep this short to not take too much of you time.

Would like to retire at 50. Modest living expectations. Currently 36 years old. Earn 70-100k per year as a long haul truck driver. I love the job, but it's unhealthy so my hope is to not have to do it forever. It's rewarding to be able to make people's lives better so they don't have to travel far to get stuff they want.

I have Charles Schwab Brokerage: 28,000 invested average 32% return. Mix tech stocks, utilities, ETF. Looking to add a REIT or two for diversity. All dividends are reinvested.
Fidelity ROTH IRA 10k. 13% return high risk mutual fund
Fidelity 401k 7% payday contribution plus 3% employer match
Texas State Pension valued today at 60,000.

Expenses:
600.00 Rent
I own my car. No desire to drive flashy cars. Insurance low. I drive well and don't hit stuff.
17k available credit but I never carry balances on my revolvers. Over 700 credit score.

What I am not sure about mostly is if an early retirement is my goal should I favor my Schwab or my 401k or ROTH IRA? Right now I favor my Schwab heavily because I feel like I have most control over it. I own stocks like Microsoft, utilities like PEG and American Power Company, Intuit. My best performer so far is Mongodb, I bought at $60. Have not sold yet.

Any advice, even just a sentence long is appreciated. Thank you and stay warm!

I would love to retire at 50.. Oh, wait, first I would have to be 50!

 

[dumDriver]

I started planning for early retirement at 18, and implementing at 21. By investing aggressively and consistently, living well below my means, and having some business ventures go well, I was able to basically retire at 37, working about 10hr a week.

The first 6 months were great, then by month 12 I was pretty much crazy. Turns out one can only watch so many movies and go on so many trips. Now I'm back to about 20-30hrs a week, mostly for my sanity, plus it turns out I enjoy it.

I'd say buying income property in an area that shows strong signs of growth is the way to go. Look at HUD plans, road plans, water, and sewer. There are also certain demographics that are growing in this country, and some that are shrinking. Certain demographics will generally gentrify an area, and others will typically destroy an area. I'm sure I'll get an angry response or two over that one. Community college real estate classes like the ones I took (real estate basics, real estate law, real estate finance, property management, economics, etc.) are good places to learn.

More wealthy Americans made their money in real estate than anything else, and yes it will continue. It has been a big money maker for thousands of years and will continue.

Congratulations on your success and having the foresight to achieve what takes most of us a lot longer to figure out.

I know a couple retired truckers that have done very well with properties. My younger brother who has the time to learn that stuff is looking into it, and I have the capitol to make it happen.

 

[dumDriver]

I don't think anyone thinks your goal is unrealistic.

You're new to the forum. You'll be able to figure out what's a joke and what's not soon.

(I say this with respect and appreciation for the legend that is @somarco, he really shouldn't quit his day job.)

I think you're already following the most important practices. Continue to live below your means and invest your money.

I'm not the person who can help you with the what and how of investing. But if you earn more and spend less, you'll move towards your goal.

13 years is more than enough time. Just maintain your motivation and discipline.

Thank you for saying so!

Part of me thought those folks were just teasing, but I wasn't sure. I know in forums the new guys get hazed sometimes.

I don't know much but I do know you need to have more coming in than going out and the more you have coming in needs to work for you. You can't just put it in a savings account because it just won't do enough. And while I love my job I can't do it forever because my health will fail me.

Be well brother

 

[Markthebroker]

Congratulations on your success and having the foresight to achieve what takes most of us a lot longer to figure out.

I know a couple retired truckers that have done very well with properties. My younger brother who has the time to learn that stuff is looking into it, and I have the capitol to make it happen.

Well, I appreciate the kind words, but most success I have found in life is by listening to and learning from people smarter than me and following what they have done, and tweaking it and refining it to make it my own. That is very much the case here.

I would suggest you take the time to learn and take the classes yourself. I wouldn't want someone else doing anything with my money I didn't completely understand. That's a recipe for disaster, no matter how much you trust the person.

Yeah, it will take some time, but then you've got it for the rest of your life. The fundamentals and laws have changed little or none since I took my classes 15 years ago, and I doubt it'l change much in the next 15.

 

[dumDriver]

I would love to retire at 50.. Oh, wait, first I would have to be 50!

It happens to everyone and it won't feel like a long time.

 

[dumDriver]

Well, I appreciate the kind words, but most success I have found in life is by listening to and learning from people smarter than me and following what they have done, and tweaking it and refining it to make it my own. That is very much the case here.

I would suggest you take the time to learn and take the classes yourself. I wouldn't want someone else doing anything with my money I didn't completely understand. That's a recipe for disaster, no matter how much you trust the person.

Yeah, it will take some time, but then you've got it for the rest of your life. The fundamentals and laws have changed little or none since I took my classes 15 years ago, and I doubt it'l change much in the next 15.

I like learning new things. And that's why I come here and to other websites like this one to try to learn a few things.

Formal classes sounds like a lot of fun. But my problem there is I live on the road. I make a lot of money but... I'm just in a truck, not at a residence where I can get to a classroom. When I went to college I studied mathematics. Glad that I did so, but looking back I think finance would have been better, especially since I am not even in an office using that stuff. LOL

I could probably take a year off and study real estate, but then all that I have built up so far would be depleted.

 

[Markthebroker]

I like learning new things. And that's why I come here and to other websites like this one to try to learn a few things.

Formal classes sounds like a lot of fun. But my problem there is I live on the road. I make a lot of money but... I'm just in a truck, not at a residence where I can get to a classroom. When I went to college I studied mathematics. Glad that I did so, but looking back I think finance would have been better, especially since I am not even in an office using that stuff. LOL

I could probably take a year off and study real estate, but then all that I have built up so far would be depleted.

I don't know all the details of how they work since I've never done them, and frankly I'm not the right type of person for the, but internet courses come to mind...

 

[dumDriver]

I don't know all the details of how they work since I've never done them, and frankly I'm not the right type of person for the, but internet courses come to mind...

I can tether my phone to my laptop and get internet to possibly take some courses. My younger brother is doing that right now also. But if I can do it also then it's all the better.

The area that I live in and know well between San Antonio and Dallas along I-35 is growing like wildfire. There's probably good opportunities here.

When I moved in to where I am now I heard cows moo every day and night. But I don't hear mooing cows anymore because so many people are building houses. :( It was very relaxing but soon probably I'll just hear sirens.