@fell-like-rain The $1M includes my primary residence. But you're still right. My rent is a bit under market value because I decided to not raise rent on one of my two long-term tenants. My work does not offer 401K. Our employer contribute to a public employee pension fund for us. I will look into the Vanguard lifestrategy or target date that you recommended. Thank you.
@RWD Thanks for the links.
@life_travel Thank you.
I'm sorry about what you've been through during the GFC. I'm glad you were able to offload them, unfortunately with the long wait and other expenses.
Your advice resonates well with me. I don't want to wait until 50s to start traveling or "living the life". The last couple of decades of my life has been a struggle and sacrifice, although worth it. I might decide that this next decade (40-50) would be the last chance for me to truly enjoy what I've worked hard for. At age 50, I may have a different priority. At late 40s or early 50s, maybe I will have a family or wife / life partner by then.
During my recent travels, I have met many new friends. Some of them are doing well in online business. Some are more budget-oriented, like $1000/mo as you mentioned. I have lived in SE Asia, and have experienced weeks of living in many other places. I think a comfortable (with lots of cushion) number for me would be around $5k/mo. I don't plan to spend $5k/mo, but that is the number that I could probably give up and risk not being able to return to my well-paying job. It is very hard to return to my job because many employers now prefer lower paid, less experienced, newly-graduate employees. So, when I leave I have to be ready.
I enjoy RE. I never thought about selling it all. But your idea is interesting. If I sell everything now except one condo where I will be staying, I will have around $800k net. I've heard about this 4% withdrawal rule that will never let you run out of money. Where exactly do I invest this? Sorry for such a newbie question.
@Ready2Save27 Thanks.
I would like to have at least $60k/year from 40-50.
From 50 onwards, I will start withdrawing from my pension, probably 30k/year. That will provide me about $90k/year.
But the first step is to make $60k/year. I thought I could achieve that with RE. But active RE investing and landlording also comes with its many pros and cons. I am open to other ideas.
@Lady Stash Thank you.
Yes, I believe there might be a RE market correction that's why I am selling at least one property with a good chunk of equity. I have very mininal debt in RE debt so a market correction will not significantly affect me unless I sell at that time which I will not do. You are correct, I have all my eggs in one basket (or two). I definitely need to diversify.
Yes, Vanguard seems to be a safe choice as I've seen it mentioned many times in this forum.
Yes, I have around $40k cash right now.
I save a significant portion of my dayjob income because my house is paid for, and i have a little extra coming from the RE rental income. It also helped that I downsized my primary residence. I plan to downsize further as I've seen the impact it made in helping me reach my goals faster.
I appreciate all the advice.