Those of you saying its a boring life obviously haven't lived it. There is plenty that can keep you busy that isn't work related and very rewarding.
OP you didn't give enough information. The key is recurring income. Either from investments, real estate, passive business income etc. This income needs to be reasonably sustainable and at a level that will account for inflation. So if its barely enough to live on now in 10 years you'll be back to work and likely out of the loop so starting over again.
As for how much you need that is dependent on your life style choices. Since you are just asking this now and only have 6 years I doubt you'll be able to meet your goal.
As for how its done, what we are doing:
1. Find a business that offers excellent residuals on products sold (alarm monitoring, insurance, cell phone, satellite tv etc)
2. Build said business
3. Hire and retain excellent staff
4. Repeat 1-3 and/or Invest excess in real estate rentals (preferably multi family units)
5. Once everything is paid off start socking money away
6. Live well below your means during 1-5
You can put some serious coin away and maintain a very healthy income stream without EVER touching any investments if you do it right.
TBH making money isn't the hard part, keeping the money you make, living below your means and making it work for you is what is difficult.
We have a manged portfolio which has done very well with providing solid, IMO excellent, returns while limiting risk. Something I've become much more concerned with over the years as opposed to just looking at the gains. Perspective changes when you have more to lose. At least it should.
I've watched people play the game, stupidly I might add, lose almost everything and then sit there with their heads hanging between their legs and near their balls. Which tends to happen when you invest thinking with the wrong appendage. The slightly larger gains of years past all gone when the margin call comes and their play deteriorated faster than single ply toilet paper in a Mexican tourist town. My all be it small sample size and limited experience has shown me that people tend to get a false confidence when they go it alone and I've watched a few close friends lose everything as they double down on whatever play they thought was the winning one. I'm amazed actually how many people will put almost everything they have into something. Diversification be damned. Chasing unrealistic and unsustainable returns to make up for time lost, gambling compulsion or some other reason(s). Funny thing is it always starts reasonably, generally ends bad. Many can make the money, most can't save it / invest it / keep it worth a damn over the long term.
My favorite investment is real estate. We have made a ton of money in real estate and once you get invested into the rental market, get everything properly manged, paid off and rented its a beauty to behold. The best money makers are multi family dwellings. You can make money with single family but its much harder and your downtime between tenants and repairs can really eat into your profits. I prefer Quad units or 6 families but will do duplex units in the right markets. The important thing is to remember the three L's of real estate and not to over saturate an area with your investment but keep them close enough to make them easier to manage. Keep the places nice and standards high and you generally will have less issues in the long run.
The best markets to be in are College towns (although this presents a different challenge at times) or near large / many hospitals and popular retirement areas (SE Florida).
College towns are an obvious ones but can be a pain in the ass if lucrative. Grad students are the best group to target here. I'll share a not so obvious one though and that is Hospitals. Especially areas with many or a couple of big ones. These areas tend to be GOLD MINES for the rental market and you get awesome tenets. Hook up with a couple of traveling nurse companies in these areas and you'll have waiting lists of high earning / single / usually woman professionals that generally take really good care of your property.
The bottom line is you need to secure continuous cash flow. I've found a good business that you can passively run while combining that with real estate investment in good markets can more than adequately provide a continuous stream of income, can be relatively recession resistant and still provide enough free cash for significant savings / other investment.
OP you didn't give enough information. The key is recurring income. Either from investments, real estate, passive business income etc. This income needs to be reasonably sustainable and at a level that will account for inflation. So if its barely enough to live on now in 10 years you'll be back to work and likely out of the loop so starting over again.
As for how much you need that is dependent on your life style choices. Since you are just asking this now and only have 6 years I doubt you'll be able to meet your goal.
As for how its done, what we are doing:
1. Find a business that offers excellent residuals on products sold (alarm monitoring, insurance, cell phone, satellite tv etc)
2. Build said business
3. Hire and retain excellent staff
4. Repeat 1-3 and/or Invest excess in real estate rentals (preferably multi family units)
5. Once everything is paid off start socking money away
6. Live well below your means during 1-5
You can put some serious coin away and maintain a very healthy income stream without EVER touching any investments if you do it right.
TBH making money isn't the hard part, keeping the money you make, living below your means and making it work for you is what is difficult.
We have a manged portfolio which has done very well with providing solid, IMO excellent, returns while limiting risk. Something I've become much more concerned with over the years as opposed to just looking at the gains. Perspective changes when you have more to lose. At least it should.
I've watched people play the game, stupidly I might add, lose almost everything and then sit there with their heads hanging between their legs and near their balls. Which tends to happen when you invest thinking with the wrong appendage. The slightly larger gains of years past all gone when the margin call comes and their play deteriorated faster than single ply toilet paper in a Mexican tourist town. My all be it small sample size and limited experience has shown me that people tend to get a false confidence when they go it alone and I've watched a few close friends lose everything as they double down on whatever play they thought was the winning one. I'm amazed actually how many people will put almost everything they have into something. Diversification be damned. Chasing unrealistic and unsustainable returns to make up for time lost, gambling compulsion or some other reason(s). Funny thing is it always starts reasonably, generally ends bad. Many can make the money, most can't save it / invest it / keep it worth a damn over the long term.
My favorite investment is real estate. We have made a ton of money in real estate and once you get invested into the rental market, get everything properly manged, paid off and rented its a beauty to behold. The best money makers are multi family dwellings. You can make money with single family but its much harder and your downtime between tenants and repairs can really eat into your profits. I prefer Quad units or 6 families but will do duplex units in the right markets. The important thing is to remember the three L's of real estate and not to over saturate an area with your investment but keep them close enough to make them easier to manage. Keep the places nice and standards high and you generally will have less issues in the long run.
The best markets to be in are College towns (although this presents a different challenge at times) or near large / many hospitals and popular retirement areas (SE Florida).
College towns are an obvious ones but can be a pain in the ass if lucrative. Grad students are the best group to target here. I'll share a not so obvious one though and that is Hospitals. Especially areas with many or a couple of big ones. These areas tend to be GOLD MINES for the rental market and you get awesome tenets. Hook up with a couple of traveling nurse companies in these areas and you'll have waiting lists of high earning / single / usually woman professionals that generally take really good care of your property.
The bottom line is you need to secure continuous cash flow. I've found a good business that you can passively run while combining that with real estate investment in good markets can more than adequately provide a continuous stream of income, can be relatively recession resistant and still provide enough free cash for significant savings / other investment.
