been working my ass off for 10 years, since finishing college. the idea of working 50+ hour weeks for another 30 some odd years is revolting. I'm not against hard work and I'm not lazy, I just think there's more to life than that.
I need some advice, or a different perspective.
I'm selling my duplex this week and should clear 150k after the mortgage payoff. (tax free according to my CPA + google). after paying off all my personal debts, I should have 120k. doing some traveling, so take out another 10k. so 110k after everything.
my initial thought is to put 10k in savings/emergency fund, dump 100k into an IRA and let that sit for 35 years. not really planning to contribute anymore to it, maybe a grand here and there, idk
in the meantime I'm planning to move to semi-rural Portugal and live very cheaply on a D7 visa with rental income from a 4plex I'm renting out.
I don't own any other property or have any other source of income
are there any obvious pitfalls I'm ignoring?
I'm single with no kids, so I feel like I'm not really risking anything
I plan to keep the 4plex, pay it off over the life of the loan, and basically have that and whatever my IRA looks like, as my little retirement package
I know I won't have 2,3,4 million like a lot of people who constantly contribute to their 401k for decades, but I honestly just need enough to be content and not struggle.
if this is completely idiotic, lemme hear it. if it could work with a little tweaking, lemme hear that too.
thanks everyone
Submitted September 04, 2023 at 01:41AM by Candid_Option3608 https://ift.tt/YwXmsvn
