[flyer]

Have always had to watch the BP with the FAA Pilot Medical required every 6 months, but since we’ve always been into healthy eating and exercise, it hasn’t been much of a problem–even now, that I’m in my 50’s.

We all indulge in our favorites once in awhile, but, as has been mentioned, simply eating “real food” on a regular basis, and watching portions, is a good place to start. You should be fine if you just watch a few things, scaredy.

Speaking of indulgences, when eating out, +1 on Sammy’s and Souplantation with the Red Velvet Lava Cake (when they have it.) + Phil’s BBQ. We also like Donovan’s once in awhile, as well as Truluck’s, The Market Restaurant, Fidel’s Little Mexico, The Shores, Del Mar Rendezvous, etc., in the San Diego area. Other cities, other options.

[flyer]

Interesting that you’re having such a problem finding someone “suitable,” kev. Most we know in your age group are happily married to professional women.

Many of them are doctors, lawyers, film execs, pilots, etc., and these couples will also be in a position to retire early if they wish to. Many met in college, and built their lives together over the years.

[flyer]

First, I agree with the comments about the challenges of the world being a different place for those pursuing wealth today, vs. when we BB’s set out on that path. All anyone can do is the very best they can with what they have to work with.

Also, here’s a link to what I thought was an interesting article a friend forwarded to me regarding the value of a degree in today’s marketplace. Not necessarily my opinion, just passing the info along. . .

Today’s College Graduates: In Debt and Unable to Find a Job

[flyer]

That’s great, TS. Most BB’s I know will as well. Perhaps the stats are off.

I wouldn’t be comfortable in retirement without seven figures stashed, in addition to other retirement resources, but I know others who don’t consider this necessary,and who can still retire to their chosen lifestyle. Guess I’m always concerned about the “unexpected” and plan accordingly.

Agree health is as important as having the funds. I think we all know people who had their finances in order, but never made it to retirement for health reasons. That’s another reason we decided to “live along the way,” since no one really knows what the future will bring.

[flyer]

I agree that debt can kill dreams. Had we not been in a financial position to afford our dreams, we would not have pursued them. Managed debt can bring great rewards (within one’s individual realm of reality) but unmanaged debt can destroy a person and/or a family.

It seems that many live in denial about what they can actually AFFORD for whatever reasons, and, as CAR mentioned, they are way over their heads (living beyond their means) in debt with housing, cars, education, etc., etc. and have few, if any, backup resources. IMO, that’s a real recipe for disaster, if something unexpected should happen.

It’s no wonder the stats reveal that most people in this country–in all age groups–will never be able to afford to retire–even if their health or other issues force them to.

[flyer]

Since we’re talking tax deductions here, it seems our film investment deductions have always trumped our rental deductions by a long shot.

One such film investment deduction that we’ve used for several years expired at the end of 2013, but we’ve been able to use a “grandfather clause” (lasting 44 years) to protect this deduction on future projects, as long as we made sure certain requirements had been met by the end of 2013.

[flyer]

[quote=EconProf][quote=skerzz]The majority of W-2 workers that own rental property in California generally will not benefit from depreciation deductions (losses on rental properties). I won’t go into all the specifics, but unless you are a full time real estate professional you won’t be able to offset ordinary income with passive rental losses. There is an exception to this rule based on income limitations — however, those that own rentals in SoCal or the Bay Area are likely making too much money to realize the benefit.[/quote]
Please explain yourself here. A W-2 worker is exactly the taxpayer who can most use the depreciation “expense” that goes with owning rental real estate. While he may have a positive cash flow from rents minus cash expenses, he also gets to deduct depreciation “expense” every year. This lowers the property’s taxable income, maybe even making it negative for tax purposes. The result is lower total taxable income. In fact, the higher his W-2 taxable income, the greater the tax benefit from owning rental properties.[/quote]

Again, +1 EP.

[flyer]

Understand, FlyerIH, and, I agree it will be interesting, and, perhaps, devastating to some, to experience the way in which the future unfolds.

However, since none of us can turn back time to change whatever damage has or has not been done by or to my generation or future generations, IMO, the most any of us can hope for, is to use our individual resources to take care of ourselves and our families at the highest level possible for as long as possible. That was my point in mentioning the advantage of being the exception.

[flyer]

There will always be some winners and some losers in every generation, so, even though we can all generalize about the fate of a particular generation, there are always exceptions.

Some of us BB’s will have extraordinary, financially rewarding lives–some won’t. Some Gen Xer’s will have extraordinary, financially rewarding
lives–some won’t, and on and on. That’s the way life is.

[flyer]

[quote=EconProf]Here is a shameless plug for owning real estate as a means of planning for retirement. Whether a SFR or two, condos, or, for ease of management, commercial properties, the multitude of advantages are just about unbeatable.
We all know about the tax advantages: depreciation allowances permit you to lower your tax bracket from your regular income. Inflation allows you to use the lower capital gains tax rate when you decide to sell, which you can conveniently time to happen in your retirement years.
Your equity buildup over the years of ownership can be profound–both from paying down the loan and the (presumed) appreciation in property values. Together they may enable you to sell a free and clear property upon retiring or during retirement.
Yes, there are hassles to being a landlord. In the early years there is little cash flow and it is sometimes negative. There is a learning curve to both maintenance headaches and minimizing tenant hassles. But as you learn more the cash flow gets better. Most of all, beneath the surface, forced saving is occurring on your personal balance sheet. You learn to be frugal because your job income and property income demand it. Meanwhile you are quietly getting rich.[/quote]

+2 EP. Have been “quietly” doing this for years, as has most of our family. Of course, we’re all benefiting from this in our lifetimes, but we’re also glad to know our rentals, (unless we decide to sell them) are something we can leave our kids, which will enhance their lives as well.

[flyer]

I completely understand everyone’s concerns about the concept of living your dreams, but, I still think it is possible to have security, wealth AND to live your dreams.

We have, and I personally know many others who have in many different fields of endeavor–even some who have risen to great heights from ground zero (one of my wife’s best friends was a stay-at-home wife and mother, who became a world famous author after writing some books, then movies, about vampires a few years ago–and that’s how we started investing in films)–so I know it’s possible.

However, as was mentioned, embarking upon a quest to live your dreams should not be taken lightly. I agree that the realities of one’s abilities and individual circumstances should be evaluated, and realistic decisions should be made accordingly.

[flyer]

As a BB, one thing I would encourage all younger people to do is enjoy life along the way, as you acquire wealth–rather than waiting until you retire. I know that’s easier said than done, but it’s always been our philosophy, and we have no regrets.

Many people run out of time (or health, or?) before they run out of money. Some might say that’s good, but, IMO, it’s sad–especially if you didn’t have a chance to live the life of your dreams.

[flyer]

[quote=edna_mode]Comic on Gen X and real estate. Not sure I agree!
http://2.bp.blogspot.com/-AT9fFMD5bms/TuhTshwhG8I/AAAAAAAACh0/aV_Xppuqo48/s400/genxx.jpg%5B/quote%5D

Per the above post, it’s interesting how younger generations might think BB’s have had to choose between having a house or having a life, when we, and most people we know–other airline pilots, real estate investors, film executives–all of whom happen to be BB’s–have found it is definitely possible to have it all. Apparently misperceptions abound.

[flyer]

.

[flyer]

Personally, we love what life has brought us as BB’s. No complaints here. Since we’re still in our 50’s, our kids (who are doing well on their own) might have to wait awhile before cashing in on our assets:)

[Author]

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