18 yrs old looking for retirement suggestions - Posted by BrianChicago

import · December 15, 2002, 6:27pm

Posted by BOB on December 17, 2002 at 10:15:59:

nt

import · December 15, 2002, 6:27pm

Posted by BrianChicago on December 15, 2002 at 19:27:42:

Hey all
I am wondering what you experienced investors would tell me, an 18 yr old, to do. Consider the following factors. I do not need monthly cash flow for the next 4 YEARS. I dont need money until I am out of college. I have about 10k to invest and I live in the heart of Chicago. I am looking to be able to retire in about 10 years, at 28. What do you think long term, what would you suggest I do, looking back on your own experiences. Buy and Hold SFH,apartment buidings? I am open to ALL opinions

Thanks
Brian

import · December 19, 2002, 4:14pm

Re: 18 yrs old looking for retirement suggestions - Posted by D.E. in N.Y.

Posted by D.E. in N.Y. on December 19, 2002 at 17:14:11:

I’m only 24. you’re asking one of the most exihilarating questions ever asked. I am trying to be to the point where I no longer punch anyone elses time clock by the end of 2003. I am starting my real estate business after 2 years of stundying and several misguided attempts. It will be done… The best advice anyone will give is listen. Listen to yourself, listen and pay attention to those in better position than you, most of all LISTEN TO YOURSELF. Remember there are always going to be haters. You can’t change that. And whatever formula you use to get money, research it extensively and know that you can’t ever know it all. Or for that matter know enough about any topic. At the expense of sounding like a professor, DON’T REINVENT THE WHEEL.GOOD HUNTING

import · December 16, 2002, 5:58am

Re: 18 yrs old looking for retirement suggestions - Posted by MikeD

Posted by MikeD on December 16, 2002 at 06:58:29:

Brian - Get Bob Allen’s Book “Multiple Streams of Income,” and develop those multiple streams. Follow the plan and you should easily be able to reach your goal.

import · December 15, 2002, 10:40pm

Fuel, Plan, Goals, Retirement - Posted by Justin (MN)

Posted by Justin (MN) on December 15, 2002 at 23:40:20:

Fuel for the job - what is motivating you to retire? Sick of working for someone else? Like to make some fast money so you can never worry about house payments? You need the fuel. What is yours?
Plan - Think ahead. Why do you need to retire at 28? Is 10 a nice round number? You must have a plan then, if you’re going to retire at that age. I’m not talking about year by year. I’m talking week by week plan for the next 10 years. No kidding. Start on it. If you want to retire at 60, you do your year by year plan.
Goals - you’ll get nowhere without them. Or better yet, you’ll get half as far. You’ve heard about goals all your life; now is the time you put them to work. Your goals must be daily. Also weekly, monthly, yearly. Get in the habit.
Retirement - let’s see. You’ve carefully planned out everything: What route to take, people to talk to, education to get, obstacles to overcome, days-where-I-don’t-want-to-do-this-anymore, financial situations, etc. and etc. (and etc.) Your goals are all set - not in stone, but set in place. Now count down the days.

Congratulations

Justin

import · December 15, 2002, 9:17pm

Re: 18 yrs old looking for retirement suggestions - Posted by paul

Posted by paul on December 15, 2002 at 22:17:39:

Brian,

Congradulations on thinking ahead, obviously you have a bright future ahead of you.
Now for my own opinion. There is no such thing as retirement. Back in the days of working for the big company you would put in your 40 years, receive the gold watch and retire, only to die 5 years later.
I’m 31 and have officially retired from the rat race. Do I play golf and travel every week! No. But most of what I do is much more rewarding. I find real estate deals! Now that is fun!
Think about it? Retirement is something of the past. Find something you enjoy doing and do it now.
Real estate can offer you that. Do I work hard? Yes. Do I play hard? Yes. I never want to stop. It’s very addicting.
Your thinking in the right direction. Find out what you want in life. Make a plan for it and go for it

Good Luck,

Paul

import · December 15, 2002, 8:14pm

Re: 18 yrs old looking for retirement suggestions - Posted by phong

Posted by phong on December 15, 2002 at 21:14:25:

Try and use that 10K to pretty yourself up then do an
Anna Nicole!

import · December 15, 2002, 7:13pm

Retire? - Posted by Bob

Posted by Bob on December 15, 2002 at 20:13:25:

Depends on what you plan to do from 28 until ??? And how much money that will require. Personally, I plan to spend the first part of my life amassing a fortune and the second part giving it away, so I’ll need a little more than just living expenses.

For me, I can’t imagine retiring at any age, sounds boring, no projects to work on, no challenge to overcome, no “the next big deal” around the corner, I think I would rust! With any luck I will expire at a ripe old age of 103 either leaving a closing, or after signing a big check for someone who needs it.

Just one guys perspective. Bob.

import · December 18, 2002, 11:52am

Paul Some insight - Posted by John_CT

Posted by John_CT on December 18, 2002 at 12:52:21:

Paul,

31 and not working full time, I envy you. I am sure you worked your tail off. Can you comment in general terms of the amount of rentals, etc etc that affords you this lifestyle.

Not trying to prye, just inetersted in how you achieved this.

John

import · December 15, 2002, 7:24pm

Re: Retire? - Posted by Mike

Posted by Mike on December 15, 2002 at 20:24:34:

Rob a bank. Lol. The American economy is screwed for the next 3-5 years if not for the rest of the decade. Think of starting a business that takes advantage of these slow times and maybe you will make some serious dough by 28. Unfortunately you missed the .com bubble, I don’t see anyone making easy money like that again for a long long time.

import · December 15, 2002, 10:35pm

Re: Retire? - Posted by Dave

Posted by Dave on December 15, 2002 at 23:35:22:

Bob could always take that $10K and buy lottery tickets. If he hits a big winner, he might just get the cash he would need to retire in 10 years.

import · December 15, 2002, 10:54pm

Re: Retire? - Posted by Bob

Posted by Bob on December 15, 2002 at 23:54:02:

BOB’s not trying to retire in 10yrs, Brian is! Bob (me) doesn’t want to retire… and do what, sit home with the wife all day? I’ll pass. LOL

import · December 16, 2002, 6:26am

Re: Retire? - Posted by Eric_Tx

Posted by Eric_Tx on December 16, 2002 at 07:26:38:

Well Hmmm let me think about this for a moment. Since I lost my job I get to say home with the wife all day. Granted sometimes she wears on my nerves, thats ok because im easily annoyed thats my problem not hers but I will tell you this I love my wife very much and a bad day at home with my wife beats the HELL out of a good day at a 9-5 job for some company that doesnt give a dammmm about my future…

I may or may not get hit for this post evil grin

import · December 16, 2002, 5:42am

Re: Retire? - Posted by Heather -Tx

Posted by Heather -Tx on December 16, 2002 at 06:42:14:

Bob I hope your wife doesnt read the forum!!! LOL

import · December 16, 2002, 11:51am

Ooops! - Posted by Bob

Posted by Bob on December 16, 2002 at 12:51:25:

Guess I better not leave this up on the computer!! LOL

import · December 16, 2002, 6:48am

Re: Retire? - Posted by Eric_Tx

Posted by Eric_Tx on December 16, 2002 at 07:48:56:

I knew it… she read the post and now Heather is pulling out the hair on my beard… Life is good grrrrrr

import · December 16, 2002, 2:52pm

Re: Ooops! - Posted by Heather -Tx

Posted by Heather -Tx on December 16, 2002 at 15:52:56:

Yeah cuz if you do…She may make you into this!

What do you call a man with no arms and no legs in the water.

You got it … BOB!!!
evil grin