[toy71camaro]

Originally Posted by Vegas69

Great discussion guys...

I doubled my retirement contribution today. It's 11% of my NET income. The only reason it's not 15% is due to my goal to acquire 1 more property in the next 5-7 months. Once I have a tenant in that property, I plan to increase my investments and work on paying off my primary in under 15 years. Hoping no later than age 50 to have 3 free and clear rentals and primary residence. My long term goals include 2 more rentals for a total of 5 free and clear investment properties by 55. That should create 6k in monthly income based on today's numbers which will accommodate financial independence with no debt. At age 65, I can start drawing on my Roth, SEP, Life Insurance, and Social Security. I anticipate a 1031 exchange on my properties in that ball park to a new market or a commercial interest. Time will tell..... Kelli has a government pension and is investing around 15% of her gross income into a Roth IRA and Life Insurance product on top of her existing 403b. We are very diversified. The rentals and the pension reduce the dependency on timing the stock market at retirement age. The Roth/Life Insurance, allow us to pull on them in our high income years to decrease our tax bill.

One of the major lessons to be learned from that video I posted is the fact that it doesn't matter how much money you make. If you invest 15% of your gross income into investments and curb your spending, you can achieve financial independence at an early age. I can tell you for a fact after reviewing countless financial worksheets that it doesn't matter how much money someone makes, they'll spend more. Take control of your finances today, so you can live like a King later.

AWESOME! Great plan too.