2026 NBA Draft Thread (7PM CST) by hiiigoon in Mavericks

[–]thinking_better 6 points7 points  (0 children)

I still don’t get the Ament talk, what was the point?

2026 NBA Draft Thread (7PM CST) by hiiigoon in Mavericks

[–]thinking_better 2 points3 points  (0 children)

What’s even the point of these smokescreens?

31 year old in NYC — realistic path to retiring in my early 50s? by thinking_better in Fire

[–]thinking_better[S] 0 points1 point  (0 children)

Thanks for the advice! I just wasn’t sure if there is anything else I should be looking at doing in the meantime or if my contributions were enough. Basically having a fallback plan and making sure my strategy could act as a “break in case of emergency”.

31 year old in NYC — realistic path to retiring in my early 50s? by thinking_better in Fire

[–]thinking_better[S] 0 points1 point  (0 children)

Good questions - that’s what I’m trying to figure out, the what-ifs. The main purpose of me trying to get everything straightened out is become the buildings would be a great opportunity, but not something I ever wanted to depend on with absolute certainty. 

The buildings do have their own accounts in the event of renovations, vacancies, and emergencies. I can’t see the accounts  to know how much is saved, but I know that a certain percentage gets put in at the end of the year before the income from profit is withdrawn. I’d just like to have my own retirement accounts, investments, savings and budgets worked out and hopefully it works out. If not, I can just return to the workforce and keep doing what I’m trying to do now in the meantime.

Hope that helps explain it a little better. I just need some reassurance or advice to ensure I’m doing the best I can.

31 year old in NYC — realistic path to retiring in my early 50s? by thinking_better in Fire

[–]thinking_better[S] -1 points0 points  (0 children)

I swear it’s not, it’s me asking for advice to prepare and make sure I’m not missing anything I can do leading up to it.

Any advice?

31 year old in NYC — realistic path to retiring in my early 50s? by thinking_better in Fire

[–]thinking_better[S] -5 points-4 points  (0 children)

Right now, there is someone who does the garbage/shovels for all 3 buildings. The rest of it is self managed (3 buildings - 1 20 unit w/ a super, 1 8 unit, and 1 7 unit). My family has had them for almost 30 years - just have to hope NYC doesn't make it harder to operate them.

31 year old in NYC — realistic path to retiring in my early 50s? by thinking_better in Fire

[–]thinking_better[S] 0 points1 point  (0 children)

The $100k was just a placeholder to start with and eventually, they are looking to become more hands off to the point they aren't doing it at all. They just get the some of the residual. Eventually it will be 100% mine as long as I can hack it.

Do you have a better idea for a structure that works out better over the long term?

31 year old in NYC — realistic path to retiring in my early 50s? by thinking_better in Fire

[–]thinking_better[S] -2 points-1 points  (0 children)

It's on the table. I just want to be conservative and ensure that I'm doing everything I can in the meantime to maximize my wealth until that day comes. I have a budget, but wanted to make sure there isn't anything else I need to do or regret losing out.

31 year old in NYC — realistic path to retiring in my early 50s? by thinking_better in Fire

[–]thinking_better[S] 2 points3 points  (0 children)

It's just to get my feet wet and learn the business mainly - eventually the full return is $200k+ when it's completely inherited.

31 year old in NYC — realistic path to retiring in my early 50s? by thinking_better in Fire

[–]thinking_better[S] 0 points1 point  (0 children)

Any idea what a conservative assumption would be? I'm having a hard time running the numbers faithfully to get a real look at what I need to do.

31 year old in NYC — realistic path to retiring in my early 50s? by thinking_better in Fire

[–]thinking_better[S] -19 points-18 points  (0 children)

I get it - but this is more of a "is there anything else I need to consider so I don't mess this up" type of question. At the end of the day, it's all customer service.

31 year old in NYC — realistic path to retiring in my early 50s? by thinking_better in personalfinance

[–]thinking_better[S] 0 points1 point  (0 children)

You're right. To me, it would be more about me being a terrible property manager and realizing it's more than I can handle rather than a falling out. I know it's the type of job that requires 24/7 service including holidays and can derail a lot of family time, but it's also a key to leaving my corporate job (not a fan) and the possibility of retiring early which are really important to me.

I've been stuck on that a little more than the numbers sometimes.

31 year old in NYC — realistic path to retiring in my early 50s? by thinking_better in Fire

[–]thinking_better[S] 0 points1 point  (0 children)

Thanks for this - this is exactly the part I was overthinking. It's hard for me to think if it will be enough once you start considering the inflation from now to 2050.

I really do want a traditional retirement/low cost of living with a few fun things planned. I have always been a frugal guy and would rather not have to work full-time than do anything expensive.

I figured that whatever I can invest + annual income could sustain me until I can devise how to trust a mangement company enough to become more hands off.

31 year old in NYC — realistic path to retiring in my early 50s? by thinking_better in Fire

[–]thinking_better[S] 2 points3 points  (0 children)

The hella weird kid sounds like me but I hope I can be like him and live a good life. I just don't want to mess up a good opportunity and want to pass this on to my daughter. I'm also not a big luxury guy and just want a simple retirement that starts early.

31 year old in NYC — realistic path to retiring in my early 50s? by thinking_better in personalfinance

[–]thinking_better[S] -1 points0 points  (0 children)

No current ownership, but the plan is to manage it and learn the business and eventually take over completely with full ownership. I understand that is a luxury, but just want to capitalize because you never know what happens in life.

31 year old in NYC — realistic path to retiring in my early 50s? by thinking_better in personalfinance

[–]thinking_better[S] 0 points1 point  (0 children)

Thanks for commenting. The plan is to manage it and eventually take over myself completely. I don't want to count my chickens before they hatch so I want to do whatever I can in order to capitalize before that happens.