timjet
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- Apr 9, 2009
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In my 38 years of flying I've never lost an engine. I've had a few precautionary shut downs though. I hope I make it another 2 without incident. Smoke in the cockpit scares me the most.
* * * ** Although that's not exactly the scenario I went through, it's very close.FlyWright wrote:
"Why not pull the plug at the earliest opportunity if the numbers all work out? Life's too short." I don't need to be rich to be happy...just enough to pay the bills and enjoy boating in retirement.
*I know what you mean in the thread i started on "Whew hat was fun"FlyWright wrote:
"How do you handle that kind of pressure/stress."
*an emergency is NOT an emotional event. It's a factual event. It's a situation to be dealt with using accepted procedures .
Early retirement usually takes much earlier planning. I decided at 30 that I was going to retire at 50. I only missed it by two years.
When to retire?
Why, today of course
Looking forward to exploring BC's north and central coast for longer than 3 week 'holiday from work' increments
When to retire?
Why, today of course
Looking forward to exploring BC's north and central coast for longer than 3 week 'holiday from work' increments
I am not being flippant, This is a serious answer!!
When your house is paid for, when you have a decent car paid for. When you have all the toys you need and long for, including your boat (paid off). When you can figure out the health insurance problem.
And finally when you have a SOLID income stream of at least a thousand dollars a week (net).
pete
I am not being flippant, This is a serious answer!!
When your house is paid for, when you have a decent car paid for. When you have all the toys you need and long for, including your boat (paid off). When you can figure out the health insurance problem.
And finally when you have a SOLID income stream of at least a thousand dollars a week (net).
pete
Greetings,
Mr. MM. Beauty, eh?
Some stuff I learned:
Tomorrow is promised to no one. That "shot across the bow" came 11 years ago when I lost my dearly departed to cancer. Makes 'ya think about 'yer mortality, what's important, what is fluff.
It's not just how much does it take to retire, it is also about how little it can take to retire. I learned this wintering in Baja over last 13 years. My Mexican amigos/amigas there have next to nothing material-wise compared to most norte americanos, yet they are happy/housed and we always have a good time with familia and friends. And Mex med care has been good to me the couple times I've used it.
SSA: the actuarial tables for me (man) and the payout from SSA at 62 vs. 65 was such that the crossover point was out around 83/84 y.o. What I have seen from my "elders" is that by the time they got that old (if they did) they couldn't spend what was coming in because they couldn't do much anymore! A lot of people think they are going to beat that by waiting longer, about half wind up being wrong.
When I was managing jobs on site I ready an article about jobs, management and stress. The message was that most managers live 5 to 7 years less than "normal" workers. So what is the point in me working my butt off to "get ahead" as we used to say if I'm gonna keel over sooner!
I transitioned into full retirement over a period of about 10 years, last W2 income in '16. Now, don't know how I had time for all the work back then!
Joy is not in things, it is in us.
Mark Twain: "Twenty years from now you will be more disappointed by the things you didn't do than by the ones you did do. So throw off the bowlines, sail away from the safe harbor. Catch the trade winds in your sails. Explore. Dream. Discover."
John Lennon: " Life is what happens while you are busy making other plans."
that’s not being flippant at all. Thats's being realistic!
Too many people out there think in terms of trying to replicate their pre-retirement income and most of them fail at that. Why??? Simple, life gets in the way. You need a quarter million in the bank to replace every $1,000 you earn prte-retirement. Most will never get there.
We have some commercial property that we inherited, but we have always concentrated on single family homes, which would appeal to middle income families. I particularly like ranch style, three bedroom, two car garage, 1400 -1800 sq. ft. and buy nothing older than 20 years, they rent easy and are low maintenance. *I have one like this that we bought in 1993 which has been continuously rented except for one month since (only because we needed to paint it inside and out and put a new roof on it.)
This September, the current renter will have been in it for 9 years. *They pay $1000 a month and all utilities. We should be getting $1200, but don't like to raise rent on good renters who don't demand constant improvements. *So do the math, $1000 x 12 = $12000 per year x 9 years = $108,000. *We paid $129,000 for the house. You will probably ask, "Why is this person renting?" *Damm good question, but some people are just not interested in owning and have rented all their lives. *The key to getting good renters, is run a credit check and check county records for leans and adverse comments. *Don't rent to people who are dead beats and have a history of not paying their bills.
You're right, no condo's, unless they're in Manhattan, or downtown Seattle.
The rise and fall of the property value of the home is not that important, because we are not "flipping" properties. *As you say, the gain and loss in value is only on paper. The profit is derived from the rental income.
Stock funds are ok, I dabble in the market and have capital in a State Deferred Compensation program. *But I don't rely on this money for my retirement. *It's my form of gambling, instead of going to the casino with my for sure loser friends. *But you have to be on top of it all the time and get out when the market goes south and back in when you think it's turning around. *You have to do your research and follow the financial news. *It can be intense at times, (like right now!!) but a whole lot of fun!! * *
Larry B
Edelweiss and superdiver,
Just curious what kind of real estate do you have? *I've heard mid to lower income housing is the most profitable.
-- Edited by timjet on Wednesday 3rd of August 2011 01:05:24 PM
"This is my personal opinion - You are too young to retire and really not ready yet or you wouldn't be asking the question !!"
There are other reasons people retire. For example, Tuesday was one of those eye-opening days on the job. It highlighted for me that the working isn't everything, life is short and sometimes it's best to just slow down and smell the roses.
We were flight checking some airport lights at Coos Bay/North Bend, OR that guide aircraft into the runway at the proper approach angle to clear the obstacles. As we approached 1000 ft, the right engine failed. We executed a go around, retracted landing gear and flaps, climbed safely above all obstacles, declared an emergency and secured the engine. We diverted to Eugene to get enough runway for landing and attempted a restart. No oil pressure on restart, so we re-secured the engine and landed uneventfully.
I've been flying for 37 years and this is the first actual engine failure I've had to deal with. Of course, I've had hundreds of practice failures of every kind in the simulators over the years. I was hoping to retire without having one, but now that it's happened, I'm thinking, "Why not pull the plug at the earliest opportunity if the numbers all work out? Life's too short." I don't need to be rich to be happy...just enough to pay the bills and enjoy boating in retirement.
That’s not being flippant at all. Thats's being realistic!
Too many people out there think in terms of trying to replicate their pre-retirement income and most of them fail at that. Why??? Simple, life gets in the way. You need a quarter million in the bank to replace every $1,000 you earn prte-retirement. Most will never get there.
Too few people out there think about the other side of the equation, money going out every month. They continue to re-finance their principal home. They continue to buy new vehicles. They continue to pile on credit card debt to support their lifestyle needs.
Then they reach a point where they are out of options. Mid 50’s, no actual path to paying off their house, etc....
The key to retirement planning is two fold. Plan for money coming in, and plan for eliminating debt. My opinion is eliminating debt prior to retirement is the most important one, and the one that most people overlook.
Think about it like this...
You need a half million in the bank to equal your two car payments, and some credit card debt in terms of income.
You need another half million (or more) to equal your mortgage payment.
Why not just pay those things off over time, while still saving for retirement at a reasonable rate?
Imagine the loss of pressure on you if you were in your 50’s with no mortgage, no car payments, and no credit card debt.
I am 58. Sitting in my paid off home right now. Looking out at my paid off trucks that are in great shape. Thinking about my boat payment that ends next year.
The day I make the last boat payment is the day I put in my retirement papers.
You need a quarter million in the bank to replace every $1,000 you earn prte-retirement. Most will never get there.
Like most things I believe it is best to seek balance.
Do spend everything for today, save for retirement.
Do not save all for the future, live for today as well.
Enjoy the trip and the destination equally.
When you reach the point where you do not have to sacrifice anything that is significant to your current life you are ready to retire.
Then it is time to retire.