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Working towards ending the rat race

davycoppitt

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#1
SLV's thread about employment got my mind thinking and I can't shut it off.

I want out of the rat race. The wife and I live in a large city. We spend all of our life working, traveling to and from work, preparing for work or recovering from work. The positive we make a decent amount and can save allot. We both are vary unhappy. We dont want to waist our life Being a slave to our job. So we put together plan.

I was wonder if others are currently doing, have done, or are planning on doing to get out of being an employee 40 hours a week for 40 years.

What we are doing.

This year paid off our house. The current number one priority is dumping our house. We just decided this week we want to downsize greatly for the next few years. The housing market is unreal in our neighborhood and we want our cash out of the house. Luckily my best friend is a real estate agent and can come up with amazing deals every so often, so we are ready and waiting for that.

Worked real hard on getting as good as possible on buying and selling on eBay. Haven't had much time lately for this, but over the past few years have proven I can be consistently profitable doing this.

Got the opportunity to invest in a local startup. There is a local guy my age starting up a company that he would like to go nation wide with. It is one of the best business plans I have seen and he is sharp as a tack. He currently has one location that is very profitable. I bought into his second location and it will be breaking ground later this year. His plan Is to have 10 over the next 15 years and eventually 30-50. So if the first one works out I hope to be in on everyone. I'd rather not dig into what that is at this moment.

Spend most of my free time researching other investment/income opportunities.

Spending-
Went down to one vehicle.
Dumped Netflix and my cell phone (use work phone until they complain about it)
Watch all of our spending and I buy most of my stuff used.
Only thing we spring for is the healthiest food we can get and don't eat out.


Our plan is to be fully on our own in 10 years. I'm excited about this challange and am currently putting the pieces in place to make this happen.

Anybody else in the same boat?
 

hoarder

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#2
For 15 years from about 1985 to 1999, I worked an average of 60 hours a week and put most of my money in real estate. I did get tangled up with a lot of real estate loans and related burdens. That was when I drank myself silly every night and before I had the internet and GIM1 to educate me but it worked out real well and I retired on my investments the end of 1999 at age 44. It helped that I hadn't gone through a divorce since 1982 (when I was dirt poor). This strategy only works for people who are good at planning and prioritizing and if they're married must have a loyal spouse also dedicated to the same plan.
 

Buck

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#4
You plan on being financially sound, completely in ten years?

and you plan on maybe being able to sell on ebay?
along with dealing with a new city, new home, etc, different everything

Very Ambitious
How old did you say you were again?

What I'm getting at is, plan on spending lots of time with the business', just plan on the bulk of your time because you ain't going to go anywhere without the "sweat equity" to ensure your investment thrives, not just survives

I wouldn't plan on anything else
Seems you might actually be beyond new life creation so, let that be involved to keep you settled, enjoy

but, I'd focus, like a laser, on building this "new dream", otherwise, in 5 years, it could be a money pit

Be the leader, get your wife on board with the focus and it'll work, perhaps sooner than you think, this IS a "growing" economy, 'cept I think it's "stagnant", that means there's room for growth, in the right areas

and, remember, you gotta cover the "risk", in particular, your risk
Start Ups can eat money

I know little/nothing about your particulars, but standing off on the side-lines, I'm kinda envious, jealous, in a good sorta way, i've been a part of enough to know something something and in a growing economy, no matter, it's growing and strengthening, and good things ARE happening, right now:

There Are Advantages to knowing the demographics and traffic flow:

GL
 

hoarder

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#5
It sounds like you're on the right track....minimize expenses, take advantage of good opportunities, liquidate home equity while the market is hot...etc.... All these things add up to smart asset management. When you're young it seems to take forever to get ahead. Keep with your plan and you will be on easy street before you know it. Country life is much cheaper than the big city, but the key is to make the move when you know you won't ever have to get another job, not before.
 

davycoppitt

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#6
You plan on being financially sound, completely in ten years?

and you plan on maybe being able to sell on ebay?
along with dealing with a new city, new home, etc, different everything

Very Ambitious
How old did you say you were again?

What I'm getting at is, plan on spending lots of time with the business', just plan on the bulk of your time because you ain't going to go anywhere without the "sweat equity" to ensure your investment thrives, not just survives

I wouldn't plan on anything else
Seems you might actually be beyond new life creation so, let that be involved to keep you settled, enjoy

but, I'd focus, like a laser, on building this "new dream", otherwise, in 5 years, it could be a money pit

Be the leader, get your wife on board with the focus and it'll work, perhaps sooner than you think, this IS a "growing" economy, 'cept I think it's "stagnant", that means there's room for growth, in the right areas

and, remember, you gotta cover the "risk", in particular, your risk
Start Ups can eat money

I know little/nothing about your particulars, but standing off on the side-lines, I'm kinda envious, jealous, in a good sorta way, i've been a part of enough to know something something and in a growing economy, no matter, it's growing and strengthening, and good things ARE happening, right now:

There Are Advantages to knowing the demographics and traffic flow:

GL

Same location different house. We would like a much cheaper house. Something where when the market turns we don't have so much invested in it.

I know it will be allot of work. Every company I've worked for I have always been the hardest worker there, so when that happens why keep working for someone else. there is a good chance it won't work just as planned, but when I'm 60 I won't be wishing I would have tried.

Damn Horder out at 44 you are the dream. I'm 32.
 

Uglytruth

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#8
As fast as technology changes will ebay be around in 5 years? There are a lot of people working to stop the monopoly.
That's the problem with busines today. Tech changes so fast it catches you out. The older you get the harder it is to keep up with it all.
 

gliddenralston

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#9
You forgot the most important thing...enjoy your life now...getting totally wrap around saving and investing and not doing fun things is a mistake...your golden years are now...some day you'll realize ( as I have) the most important things in life are time and health. The golden years...not so golden!
 

Cigarlover

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#10
I would get out of the city altogether but I understand some people like it. Your next house I would also make sure you have space for gardens and fruit trees. Sounds like you like to eat healthy and growing your own is the best way to do that. You will also save a boatload of money over buying the best quality in the stores. If your a meat eater than also look at farmers who produce meat as healthy as possible. Buy 1/2 a cow at a time and get a freezer. Saves a lot of money over time.

A house paid off at 32 is impressive. I guess the next question is how much money do you need? Thats a ? for you to ask yourself. Only you and the wife know how much you need based on your lifestyle and really what you want out of life.
My place is paid for and I need very little. I live on very little and really enjoy gardening so a place out in the country is the only option for me.
You can adjust your lifestyle anyway you want to live on as much or as little as you want. Sounds like your making the right moves though and as long as you keep making investments with positive cash flow you will be fine.
 

EO 11110

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#11
just like to add the suggestion to track your net worth. tracking it will bring it to the front of your mind when you are making financial decisions

imo, the number one killer of net worth is buying cars/trucks. second is food, esp eating out on a regular basis
 

newmisty

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#12

hoarder

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#13
There always needs to be some flexibility to your strategy. Keep asking yourself "How can I improve my position?". Sometimes opportunities trump our current plans. Develop a nose for opportunity and you will know it when it presents itself.
 

newmisty

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#14
There always needs to be some flexibility to your strategy. Keep asking yourself "How can I improve my position?". Sometimes opportunities trump our current plans. Develop a nose for opportunity and you will know it when it presents itself.
Roger. I thought that's what you meant. Thanks.
 

97guns

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#15
I reached financial independence through real estate also, taking a 104 day trip through SE Asia in a few weeks, I’ll be collecting 3 months of rents while I’m there