I am in a position where I am uncertain how to proceed. I could take a sizable sum of money and pay off a real estate portfolio except for 1 rental (perhaps 2) and all my other bills with exception of taxes, utilities, phone bill ect. This would allow me to retire 17 years early. My younger wife would continue to work part-time for medical.
In this scenario we would bring in about $700.00 More a month than we do now and have a small 6 figure income during retirement. We would transfer my small work 401k to something like VTSAX, Keep around 100k in the bank.
I have good corporate job from a well-known fortune 1000. I get paid well, have stupid amounts of vacation, and the benefits are adequate. However, I have been working my rear off since age 15. When is enough, enough?
My accountant is not a fan of paying off my real estate, but I don’t fully understand why. Through Phone conversations, neither are financial advisors. – I fear they just want a donkey to make them money.
I just finished the Simple path to wealth. If I keep all my money in the Market, I will need to slowly pare down the real estate if at all but cannot retire. If Collins is right, the Money will make more in the Market @ 10-12% (estimated) vs the Known 8.6% that I see feel and calculate today from my real estate.
The big hitch: It seems to take more money in the Market to retire than it does in real estate. I cannot seem to escape that fact.
“A bird in the Hand is better than 2 in the bush” – Grandad always said that. This seems like a no brainer to me and I should just go for it. I can always open a metaphorical shop later should I get bored. Not wanting to be a fool, I will sit down with financial advisor to see if there are things I failed to consider.
Thoughts?