What would it take for you to retire? My plans are to retire by 45, many will say BS but I strongly feel it is within reach. All 3 of my boys college is paid for with their accounts that just keep building interest which to me was my MOST important goal and alot of other things I own now. Just curious...
What you all think?
- Thread starter Kenny
- Start date
Good question, me and my wife thought about that but I still say hell no. Im Not sure about that. I have a close friend of mine that is 29 and believe it or not he has retired. LOL yeah that boy doesnt do crap but have fun. He started a company and turned it into a multi million dollar one within 5 years and then sold it to a very BIG competor then contracted himself out to that company for 300k a year. I know I would like to but the truth of it is the people I work with will not let me go. They will call me and still ask for advice on "how tos" One of the companies I started late last year has already exceeded my expections 10 times and the one I started 6 years ago now is something I could only dream of. I dont know, just curious...
Well Kenny I guess the only way to figure it out, is to try it when your ready. Sounds like you've started several very successful companies already, if you don't like retirement start another one. I have friends that love being retired several before 50 and quite a few before 60. I'm past that now and haven't seriously thought about retiring. I have been blessed having two companies I helped create become very successful, the first an auto dealership and the second I'm running now. I tried to semi retire (consulting only) after the auto dealership sold and it didn't work for me. I went into a related business and that has developed into a national company, requiring constant travel, endless meetings and hotel rooms. I wouldn't change a thing, I love the fast pace and constant challenges that arise. Currently changing the company into an employee owned corporation is the thing that drives me now. I think the important thing for anyone, is having a financial plan in place that will fund retirement when they choose to hang them up. Knowing you can retire when your ready, sure takes the pressure off.
WOW oneaday, Im speechless... I understand what you are saying. I thought about just consulting and leaving the other part of the business alone but who knows. Only time will tell. Im in the supplement industry.
ATCDub
Lowly Civil Servant
That's what I'm talkin' bout. I've got a little over 9 years to go before I give up this gig.
If I was rich enough to retire (and I wasn't like 60+ yet) I'd start up a little B&M with private humidors and shit. I wouldn't care if I made money or not because I'd already be rich, and it would be the coolest thing in the world just working at a cigar shop and chilling with all the customers. I'd have a couple part-time people to ring people up and do the bitch work though, cause I'd just wanna sell cigars and talk to people.
TYLER
TYLER
Yes I produce supplements for a few companies out today and am just about to come out with my own line. If it works cool if not no biggie. Alot of ethylated stuff and changing sctructures of different compounds. My first company I started is a Pharmaceutical supply company. Just the machine parts, If you are into sterile production then I can get all the machines for you to produce everything at a better price than what many pay. I just finished a 5 office contract meaning I supplied 5 emergency clinics with all the equipment and supplies needed. I just dont do injectables or drugs. The doctor handles that part. I prefer compounding pharmacies, much easier to work with but who cares as long as I make them deposits.
I dont see retirement in the near future for myself. Shit, I am only 26. I am thinking about it and saving for it now. When will I retire? Who knows. What will I do when I retire? Probably go to work part-time somewhere, just to keep me busy and hopefully keep insurance. But that is just me.
I think I would get too bored not working. Then again I could work towards something new. I'm pretty young at the moment so retirement is pretty far off, in fact most things are still pretty far off. Assuming I stay where I'm at now and continue to get promoted, we have a manditory retirement age between 55-60 (not quite sure) for all the partners.
i have no doubt that i WILL NOT BE BORED!! i've already decided t'll be a fishing pole in one and beer in the other. i've only to choose the place,,,, worst case scenario will be Fisher's Landing, AZ (already have a place there!). best case, probably ambergris caye, belize! still, the beer and pole have to be in the equation!!
My father retired last week at 55. I hope I can manage well enough to do the same.
I work away from home as a consultant at a remote Uranium minesite. I work long hours in a pretty stressful environment. I'm hopin to bank my nestegg and use my experience and contacts to get a job close to home in a consulting position as well. I figure once I get established and can work at home it just may feel like retirement to me after the stuff I've been doing the past 5 years and will be doing for another 3-5 up here currently. I don't think that I will ever fully retire. I just want to make my interests profitable and be in a position where I can choose how much work I take on.
I don't wanna be the guy who hates my job and does something that is a huge departure from what I would be doing if I had the money to retire. I'm not quite there yet but I think I am on path. As for retiring at 45, I think you'd need one good stash of money. You want to have the freedom to be able to do the things that make them years 'golden'. In canada at least I know there are lots of job vacancies, especially the higher up you go. I think in this climate it would be easy to pick up a seasonal type of consulting job. It'd kill some boredom that may manifest itself over the year, yet let you do all the other things in the year that you may wish to do.
Just my $.02 on the matter
I don't wanna be the guy who hates my job and does something that is a huge departure from what I would be doing if I had the money to retire. I'm not quite there yet but I think I am on path. As for retiring at 45, I think you'd need one good stash of money. You want to have the freedom to be able to do the things that make them years 'golden'. In canada at least I know there are lots of job vacancies, especially the higher up you go. I think in this climate it would be easy to pick up a seasonal type of consulting job. It'd kill some boredom that may manifest itself over the year, yet let you do all the other things in the year that you may wish to do.
Just my $.02 on the matter
Texas Cop
Cavalry Scout
Retire?!? Sheeeeeeeee-it, I'm only 24 and I've damned near already ruined my body chasing dreams. I'm going to give the Army a few more years, maybe try my to get my foot into some security contracts (though I look like a damned Girl Scout when I start comparing resumes with my would-be coworkers), then find some sweet little female that makes mega bucks to take care of me on into my old age....
drew
drew
cvm4
BoM - July '05 & Dec. '10
Ditto, Mom just retired at age 55 or 56, I forget. Although an incentive from Ford Credit to retire helped too.
My uncle was an computer engineer most of his career, made a decent living and then decided to retire in his 50s. He ended up starting a woodworking and handyman business with one of his buddies so now he still keeps busy, but works at a slower pace. So he has a bit of extra money now and then, but can still relax and enjoy his free time.
tubaman
3 Time BoM
Well, I already know that I will go stir crazy if I retire at this point. By the end of the summer, I'm totally ready to get back to it at school. But at 42, that's down the road quite a bit. My pension will be pretty good, and when I retire I will take on a bigger role in my wife's audiology practice. Right now it's like a second job for me, a couple hours a day. Right now we are designing a web page for people to buy hearing aid batteries online from us, so I'll let all of you guys know when we get that up and running.
It's a personal decision when to retire. I know I won't be ready at 45. Some people would be however.
Kevin
It's a personal decision when to retire. I know I won't be ready at 45. Some people would be however.
Kevin