Wondering if there is anyone on here that has retired early (FIRE Movement)

[long hunter]

Pulled the pin at 59, wife 7 years before that, house paid for no bills except regular household bills, hunt, fish, shoot whenever I want. Life is going good even with the inflation issues. We live a good life, heading to Wyoming first of October, middle of October looking at a sika deer hunt and already contacted a few outfitters in Montana for a possible future mule deer hunt. I will be 67 years old soon and worked my entire life for this time.

 

[ianpadron]

I knew a guy who had a bunch of money handed to him to get started in life. He does good. He should, most of it was handed to him to get started.

He talked just like you and talks down to people who have real jobs and 401K's all the time.

Cool story.

80% of millionaires in this country are first generation.

Get to work.

 

[MallardSX2]

For those who retired early could you please speak to how you handled health insurance? My wife and I are healthy now and we wondered what others were doing for insurance.

 

[MallardSX2]

Cool story.

80% of millionaires in this country are first generation.

Get to work.

You assume too much.

 

[CorbLand]

How much would the government be legally allowed to take if you were to claim bonus depreciation every year you buy a new piece of real estate?

That's my point...if people truly understood the multiple benefits...they'd stop pimping government endorsed "wealth-building" strategies.

Appreciation, leverage, cash-flow, tax sheltering, principal pay down...no other asset class offers the one stop shop of building generational wealth...

Throw it in a trust and lend against it...now you're pouring rocket fuel on your $$$

I thought this thread was about getting out of the rat race early, not crawling to the finish line at 60...

You do realize that all the depreciation you are claiming could all be change by the government, right?

A simple tax code change could turn that game upside down, just like any change could, for any investment. The greatest thing about investing is that you can literally pick what meets your needs and wants.

 

[ianpadron]

You do realize that all the depreciation you are claiming could all be change by the government right?

Highly unlikely...look who benefits most from real estate and foundation/trust tax law...it ain't the worker people.

Every tax advantage of every strategy in this thread could be re-written...

So I'll roll with the ones that politicians and the lobbyists that put them in office use.

 

[ianpadron]

You assume too much.

I mean that's an objective fact...

But it's 2023 so that doesn't mean much anymore I guess.

 

[CorbLand]

Highly unlikely...look who benefits most from real estate and foundation/trust tax law...it ain't the worker people.

Its also equally unlikely that people putting money into a ROTH are making as bad of a choice as your making it out to be.

You have your way of getting to retirement and others have theirs.

 

[svivian]

You do realize that all the depreciation you are claiming could all be change by the government right?

Thats why @william schmaltz post earlier is so correct. Having multiple avenues of revenue by diversifying is so important. Its also important to make adjustments and reevaluate your portfolio regularly based on how its performing to your goals.

Real estate is great and usually a no brainer but I'm also not foolish enough to think that's the only way to build wealth.

 

[Crowmangler]

While you're talking about Roth limits, etc... There are many pros & cons to owning your own small business but one of the big pros is being able to contribute to & manage your own SEP. I think the limit is around $60k/ year if you so choose. And it's written off as an expense so you're getting an immediate return of whatever your tax bracket happens to be.
It took me a long time to finally realize that you don't have to have a shit ton of $ to use the same tools of those who do. It's just on a smaller scale. This especially applies to real estate & hard assets.

 

[CorbLand]

Thats why @william schmaltz post earlier is so correct. Having multiple avenues of revenue by diversifying is so important. Its also important to make adjustments and reevaluate your portfolio regularly based on how its performing to your goals.

Real estate is great and usually a no brainer but I'm also not foolish enough to think that's the only way to build wealth.

I know a few people, some very personally, that have made millions in the real estate market. One thing that they all have in common, diversification.

 

[ianpadron]

Thats why @william schmaltz post earlier is so correct. Having multiple avenues of revenue by diversifying is so important. Its also important to make adjustments and reevaluate your portfolio regularly based on how its performing to your goals.

Real estate is great and usually a no brainer but I'm also not foolish enough to think that's the only way to build wealth.

Define real estate though...

Sfr, multi fam, rv parks, self storage, commercial retail/office/industrial/warehouse, land, ag...every single asset class within the same umbrella offers distinct advantages and can serve as risk hedges.

You are 100% correct that there are multiple ways to financial freedom, I'm just making the point that for the average Joe, real estate is tough to beat.

Stats on where financially free Americans made their $$$ support my view, I'm not just making this stuff up.

 

[CorbLand]

Define real estate though...

Sfr, multi fam, rv parks, self storage, commercial retail/office/industrial/warehouse, land, ag...every single asset class within the same umbrella offers distinct advantages and can serve as risk hedges.

You are 100% correct that there are multiple ways to financial freedom, I'm just making the point that for the average Joe, real estate is tough to beat.

Stats on where financially free Americans made their $$$ support my view, I'm not just making this stuff up.

It had very little to do with the point you were making and more how you were making it.

 

[ianpadron]

Its also equally unlikely that people putting money into a ROTH are making as bad of a choice as your making it out to be.

You have your way of getting to retirement and

This thread is about FIRE, not traditional retirement timelines.

Huge difference in strategy.

 

[svivian]

Define real estate though...

Sfr, multi fam, rv parks, self storage, commercial retail/office/industrial/warehouse, land, ag...every single asset class within the same umbrella offers distinct advantages and can serve as risk hedges.

You are 100% correct that there are multiple ways to financial freedom, I'm just making the point that for the average Joe, real estate is tough to beat.

Stats on where financially free Americans made their $$$ support my view, I'm not just making this stuff up.

I dont think anyone is saying you are making anything up, you are choosing to be overly aggressive about it being the only way to build wealth.

What you are asking has nothing to do with what i stated... at this point im not sure what you are trying to accomplish in this thread other than bully your point of view

 

[ianpadron]

I dont think anyone is saying you are making anything up, you are choosing to be overly aggressive about it being the only way to build wealth.

What you are asking has nothing to do with what i stated... at this point im not sure what you are trying to accomplish in this thread other than bully your point of view

This thread is about financial independence and retiring early.

It isn't about building a nest egg like every other worker bee and calling it quits between 60 and 65.

It's quite literally impossible to utilize any other tool aside from cash flowing assets to accomplish what the OP is looking to do.

The only other guys that have... have pensions.

If you want your $$$ prior to 59.5...my advice remains the logical option.

I think that quickly became lost as the pages grew in this thread.

 

[MallardSX2]

If you want your $$$ prior to 59.5...my advice remains the logical option.

Meh.....check out the rule of 55...gets you there a bit sooner but I don't you really care....I just wanted to point out that you are kind of wrong.

Have a great day!

 

[wingmaster]

Meh.....check out the rule of 55...gets you there a bit sooner but I don't you really care....I just wanted to point out that you are kind of wrong.

Have a great day!

Was about to post this, knocks a few years off.

Withdrawing Roth IRA contributions and taxable investment accounts could get you from 50 - 55 if you really wanted to. But I think I'll take your route and aim for 55.

 

[CorbLand]

This thread is about financial independence and retiring early.

It isn't about building a nest egg like every other worker bee and calling it quits between 60 and 65.

It's quite literally impossible to utilize any other tool aside from cash flowing assets to accomplish what the OP is looking to do.

The only other guys that have... have pensions.

If you want your $$$ prior to 59.5...my advice remains the logical option.

I think that quickly became lost as the pages grew in this thread.

It actually didnt get lost until you showed up. I scanned back through and unless I missed it, you were the one that brought up IRAs and other tax advantaged accounts. Before that, it was people saying dont retire early and people talking about multiple income streams.

The funny thing is that really, nobody in this thread disagree with you on creating wealth. Like I said earlier, all you did was shit on anyone that has a different strategy than you. The great thing is, we each get to choose our own way in this life.

 

[PredatorSlayer]

I am 41 and work for the feds. I have a great job with a ton a flexibility. I coach my kids sports teams, work from home most of the time and everybody stays out of my business. I am currently a GS 15 equivalent at my agency, but will likely move up in the next 18 months. I love what I do. My wife is an elementary school teacher. I will retire comfortably at age 59 with no debt, likely a couple homes, a nice pension and two 401ks plus whatever my wife gets from her job.

Why would I walk away from a substantial income and work I love with flexibility that allows me to do whatever I want to do?

I realize I am very blessed, but we worked hard to get to where we are and have sacrificed to get here.