Full time investors - When you gave up 9-5?

[snobilo]

I am wondering what was the turning point for the full time investors out there? When did you quit your job and live solely off your investments income. Personally I plan to work everyday until I no longer enjoy what I am doing!

I look forward to your stories!

Sam

[Don't believe the Hype]

That's exactly when I did it!

Oh... And the property business that I ran along side my paid employment was fully sustaining for 3yrs so that he bank was satisfied I was running a business not investing as investing requires a source of income to sustain said investments.

[PTILoveYou]

I am wondering what was the turning point for the full time investors out there? When did you quit your job and live solely off your investments income. Personally I plan to work everyday until I no longer enjoy what I am doing!

I look forward to your stories!

Sam

I personally would get the passive income (rent) or full time income (coaching) up first, then think about quiting my day job. Also need to think about whether I can keep buying rentals or not if I quit my full time job.

Atm I am working towards getting my wife quit her job first. Then she can spend heaps more time with the kids, and occasionally help me coach students.

[snobilo]

investing requires a source of income to sustain said investments.

True I'm just curious when people tend to find that the investments create enough of their own income that the day job is a waste of time. I mean once my mortgages are reshuffled next month I'll be getting $200 a week from them (after interest, but before tax and other expenses) when I have been in the game for just under a year. That is more than some people get from WINZ and live off.

[snobilo]

I personally would get the passive income (rent) or full time income (coaching) up first, then think about quiting my day job. Also need to think about whether I can keep buying rentals or not if I quit my full time job.

Atm I am working towards getting my wife quit her job first. Then she can spend heaps more time with the kids, and occasionally help me coach students.

Cheers Gary. My interest in coaching is more in Financial management and awareness than property though (Enableme - but the early stages, people in debt with nothing to their name). Little money in my dream there though as the people I want to help have no money, hence my interest in increasing free time.

I bet your wife can't wait for that day!

[Beano]

I am wondering what was the turning point for the full time investors out there? When did you quit your job and live solely off your investments income. Personally I plan to work everyday until I no longer enjoy what I am doing!

I look forward to your stories!

Sam

Retired from the day job when my net income (before tax) reached the big m.
Ps 2nd one is a lot easier

[snobilo]

Retired from the day job when my net income (before tax) reached the big m.
Ps 2nd one is a lot easier

Did you have quite a high paying day job?

[AlFa]

Following .

[Don't believe the Hype]

True I'm just curious when people tend to find that the investments create enough of their own income that the day job is a waste of time. I mean once my mortgages are reshuffled next month I'll be getting $200 a week from them (after interest, but before tax and other expenses) when I have been in the game for just under a year. That is more than some people get from WINZ and live off.

while you're right your cash flow is greater than some live on I bet your obligations to the bank are bigger too.

$200/wk is a bit slim of a margin I'd suggest... You never know when your situation might change and only a small change could erode all of your $200/wk and more!

a big contributor to this decision will be how the bank views the change in your arrangements.

happy to have a chat on this if you like - PM me your details if you want to talk.

[flyernzl]

When I finally reached the income goal from working as a Landlord that I had set out to acheive 23 years earlier.

[snobilo]

while you're right your cash flow is greater than some live on I bet your obligations to the bank are bigger too.

$200/wk is a bit slim of a margin I'd suggest... You never know when your situation might change and only a small change could erode all of your $200/wk and more!

a big contributor to this decision will be how the bank views the change in your arrangements.

happy to have a chat on this if you like - PM me your details if you want to talk.

Pm'd you - cheers.

[snobilo]

When I finally reached the income goal from working as a Landlord that I had set out to acheive 23 years earlier.

so from day 1 you had your mind on the income you wanted? did you account for inflation, change in life style etc.?

[charlotte30]

I retired 12 years after I set a goal to be financially independent. Should have left a few years earlier but just could not let go of the job. It only paid $50,000 pa!! Life is now very cruisy. Do what I want when I want.

Cheers
Charlotte30

[andyp2010]

I was working a full time job, nothing high paying, $35k a year maybe. I was tied down though time wise and realised that by being available and by being able to do things myself as well as have the time to look for better deals on things meant that after tax, i was earning as much as i could otherwise save. Since leaving the workforce ive learned so many more skills that are relevant to what i do and hoping to learn many more that i wouldnt have otherwise.

Plus ive got to the point where i make a terrible employee as ive spoiled myself with years of self employment.

Lifes for enjoying, if you can, why not? Wont lie though, it took months and months of guilt and uncertainty before i got used to it.

[Beano]

Did you have quite a high paying day job?

Yes in the end I did and that is why I found it hard to resign
However in saying I had replaced my salary within 6 months of my first job.(70's)
It was pretty easy getting finance in those days as solicitors lent to everyone (at a cost of course 10% first mortgage 12% second mortgage) even persons who have just started working!
From then on just had to make sure investment income equalled salary. (Easier said than done as the late 80's high interest killed all profits. ...it was not till the mid 90's and got back ln track investment income equals salary ....the rest as we say is history )