How to retire on $100,000 - page 3. | Bitcointalksearch.org

CoinCidental

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Quote from: hopenotlate on January 26, 2015, 04:08:42 AM

A better option would be to rent both the two houses and you'd move to cheaper countries, either to Africa, Asia or central/southern america, and live above standard average people living there.

The real problem is if tenants, for some reasons, stop paying you

Other problem. Might be if he can't find tenants to Stay in the houses etc....
Property bubbles burst all the time and people are left kinda screwed

You suggest getting cheap properties which will then not be in prime rental locations so you may not have tenants a year around etc... Or you may have to reduce the rent if there are too many similar empty properties on the market....
A lot of variables to consider but if the house gets trashed by bad tenants, burglary, fire etc or they stop paying the rent and you live in another country are you going to fly across the world every time there's a problem or pay an agency a % of the rent to manage the tenant's?

Many things can eat into your profits

hopenotlate

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A better option would be to rent both the two houses and you'd move to cheaper countries, either to Africa, Asia or central/southern america, and live above standard average people living there.

The real problem is if tenants, for some reasons, stop paying you

Bizmark13

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Quote from: Lethn on January 26, 2015, 01:58:34 AM

It's impossible to live on $100,000 and retire on it, for one thing you clearly haven't factored in inflation which would obviously destroy a good percentage of your wealth.

In the example I gave, your main source of income would be from the rental property. Obviously, the rental price would rise in proportion to inflation. The only other factor that would affect your net worth would be the value of the house that you live in. Fortunately, housing prices have typically risen at a rate above that of inflation.

Quote from: Gronthaing on January 26, 2015, 02:02:08 AM

Quote from: Bizmark13 on January 25, 2015, 11:36:52 PM

Quote from: b!z on January 25, 2015, 11:21:35 PM

...And? You can retire on $10,000 in some places, even $1,000 in others.

I don't think it's possible to retire on $1,000 or even $10,000 in any developed country in the Western world. Many people seem to think that you need a million dollars or more to retire hence why I made this thread. Virtually anyone living in even the most wealthy countries can retire after 3-5 years of saving money if they wanted to. It surprises me that most are unaware of this.

Your 3-5 years of saving aren't the same for everyone. Someone with a family isn't going to be able to save enough in that time to retire. People making minimum wage and barely getting by aren't going to do be able to do it. This not even getting into if $100k is enough which I don't think it is.

Yeah, my example was pretty much only for those living alone. You would need much more money per week if you have a wife and kids to support. People making minimum wage might need a bit longer to save the $100,000 but it should still be achievable within 3-5 years if they are living with their parents or <10 years if they are living alone.

Gronthaing

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Quote from: Bizmark13 on January 25, 2015, 11:36:52 PM

Quote from: b!z on January 25, 2015, 11:21:35 PM

...And? You can retire on $10,000 in some places, even $1,000 in others.

I don't think it's possible to retire on $1,000 or even $10,000 in any developed country in the Western world. Many people seem to think that you need a million dollars or more to retire hence why I made this thread. Virtually anyone living in even the most wealthy countries can retire after 3-5 years of saving money if they wanted to. It surprises me that most are unaware of this.

Your 3-5 years of saving aren't the same for everyone. Someone with a family isn't going to be able to save enough in that time to retire. People making minimum wage and barely getting by aren't going to do be able to do it. This not even getting into if $100k is enough which I don't think it is.

Lethn

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It's impossible to live on $100,000 and retire on it, for one thing you clearly haven't factored in inflation which would obviously destroy a good percentage of your wealth.

Bizmark13

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No property tax?

You mean rates, right? That would fall under the "miscellaneous expenses" part. For two properties worth $50,000 each, you would pay about $3,000 in rates per year. The bill would be included in the rent so your tenant would pay the rates for your rental property leaving you to pay the rates for your other property (i.e. the one that you live in). So overall you would pay $1,500 per year or $30 per week for rates.

CoinCidental

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Quote from: ?? on ??

Quote from: CoinCidental on January 26, 2015, 01:06:48 AM

Quote from: ?? on ??

Quote from: Bizmark13 on January 25, 2015, 11:36:52 PM

Quote from: b!z on January 25, 2015, 11:21:35 PM

...And? You can retire on $10,000 in some places, even $1,000 in others.

I don't think it's possible to retire on $1,000 or even $10,000 in any developed country in the Western world. Many people seem to think that you need a million dollars or more to retire hence why I made this thread. Virtually anyone living in even the most wealthy countries can retire after 3-5 years of saving money if they wanted to. It surprises me that most are unaware of this.

A million

I've never heard of anyone with that much, and I know a number of old people, even if you count the value of all their possessions.
If you have your own house with a garden, even a sum of $50,000 should be enough.

nobody in relative youth could retire on 1k 10k 50k or even 100k
sleeping in a park you would spend that much on cheap fastfood every day in a year or two
and you health would take a nosedive as well so unless medical care is free your fucked anyways

you could live in a forrest and eat plants and berries for free but how many people would be willing to do that ?? Cheesy

I was talking about older people, not young ones.
If you have your own house with a garden and don't mind planting some vegetables, you could easily retire on $100k.

If I were to retire I wouldn't mind making my own food and working around the house. Things can get more expensive if you're planning to sit in the pool all day sipping whiskey.

what about when the car breaks down ? or the tv dies or the cooker or the refridgerator or you get a burst pipe and need to call a plumber in emergency
what about heating or aircon needing servicing ?
what about toothpaste and dental work or insurance costs
are you going to wear the same clothes you have now until you die ?
what about entertainment ?
no holidays or trips ever ?
you need some money for when shit happens ,because there will always be unexpected expenses here and there

i also like sipping whisky by the pool so its going to cost a bit

CoinCidental

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Quote from: ?? on ??

Quote from: Bizmark13 on January 25, 2015, 11:36:52 PM

Quote from: b!z on January 25, 2015, 11:21:35 PM

...And? You can retire on $10,000 in some places, even $1,000 in others.

I don't think it's possible to retire on $1,000 or even $10,000 in any developed country in the Western world. Many people seem to think that you need a million dollars or more to retire hence why I made this thread. Virtually anyone living in even the most wealthy countries can retire after 3-5 years of saving money if they wanted to. It surprises me that most are unaware of this.

A million

I've never heard of anyone with that much, and I know a number of old people, even if you count the value of all their possessions.
If you have your own house with a garden, even a sum of $50,000 should be enough.

nobody in relative youth could retire on 1k 10k 50k or even 100k
sleeping in a park you would spend that much on cheap fastfood every day in a year or two
and you health would take a nosedive as well so unless medical care is free your fucked anyways

you could live in a forrest and eat plants and berries for free but how many people would be willing to do that ?? Cheesy

Bobsurplus

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Quote from: Bizmark13 on January 25, 2015, 11:51:13 PM

Quote from: Bobsurplus on January 25, 2015, 11:43:51 PM

Quote from: b!z on January 25, 2015, 11:21:35 PM

...And? You can retire on $10,000 in some places, even $1,000 in others.

Dont be foolish. NO ONE can retire on 10K... Let alone 1K.

Actually, it might be possible to retire on $10,000 if you moved to a place like Uganda and lived in a mud hut. I don't think that's what he had in mind though. Grin

Well that's not really retiring to me bud...

Bizmark13

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Quote from: Bobsurplus on January 25, 2015, 11:43:51 PM

Quote from: b!z on January 25, 2015, 11:21:35 PM

...And? You can retire on $10,000 in some places, even $1,000 in others.

Dont be foolish. NO ONE can retire on 10K... Let alone 1K.

Actually, it might be possible to retire on $10,000 if you moved to a place like Uganda and lived in a mud hut. I don't think that's what he had in mind though. Grin

hardhouseinc

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100K?
Easy, just move to a cheap area of Thailand and live pretty well.

Bobsurplus

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Quote from: b!z on January 25, 2015, 11:21:35 PM

...And? You can retire on $10,000 in some places, even $1,000 in others.

Dont be foolish. NO ONE can retire on 10K... Let alone 1K.

Bizmark13

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Quote from: b!z on January 25, 2015, 11:21:35 PM

...And? You can retire on $10,000 in some places, even $1,000 in others.

I don't think it's possible to retire on $1,000 or even $10,000 in any developed country in the Western world. Many people seem to think that you need a million dollars or more to retire hence why I made this thread. Virtually anyone living in even the most wealthy countries can retire after 3-5 years of saving money if they wanted to. It surprises me that most are unaware of this.

b!z

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...And? You can retire on $10,000 in some places, even $1,000 in others.

Bizmark13

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Most people would say that it's impossible to retire on just $100,000. But this is not true. You can use $100,000 to buy two cheap houses. Keep one house for yourself and one house to rent out. You will be able to retire because you would no longer need to pay rent anymore and if you live frugally enough, then any other expenses (e.g. power, food, Internet) can be paid using the rental income derived from the second house.

Don't think that $50,000 houses are impossible to find. If you live away from the popular urban and suburban areas then they are very common.

For example, this tidy 4 bedroom 2 bathroom house is $51,000 USD ($69,000 NZD is roughly $51,000 USD):

Link: http://www.trademe.co.nz/property/residential-property-for-sale/auction-592061964.htm

According to the description, the property generates a passive rental income of $180 USD per week.

The average person needs $20 for electricity and $50 for food per week. Where I live, unlimited broadband Internet costs about $20 per week. That leaves a profit of slightly under $100 per week which should be enough for gas (if you own a car) as well as miscellaneous expenses such as vacations, investments, etc.

Of course, you can lower your weekly expenses even further too by installing solar panels on your roof, growing vegetables and chickens on your land, and ditching the car for a bike.

Topic: How to retire on $100,000 - page 3. (Read 3775 times)