Comments on: The most dangerous idea in retirement planning that I have ever read! http://7million7years.com/2008/05/02/the-most-dangerous-idea-in-retirement-planning-that-i-have-ever-read/ How to make 7 million in 7 years ... Sat, 11 Feb 2012 22:32:23 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Inspiration at the pump …- 7million7years http://7million7years.com/2008/05/02/the-most-dangerous-idea-in-retirement-planning-that-i-have-ever-read/comment-page-1/#comment-4152 Inspiration at the pump …- 7million7years Mon, 21 Dec 2009 10:27:33 +0000 http://7million7years.wordpress.com/?p=141#comment-4152 [...] dangerous idea in retirement planning that I have ever read” (and, you will have to read this post to find out why), I had better give you my much simpler [...] [...] dangerous idea in retirement planning that I have ever read” (and, you will have to read this post to find out why), I had better give you my much simpler [...]

]]> By: What if you don’t want to exit? « How to Make 7 Million in 7 Years™ http://7million7years.com/2008/05/02/the-most-dangerous-idea-in-retirement-planning-that-i-have-ever-read/comment-page-1/#comment-945 What if you don’t want to exit? « How to Make 7 Million in 7 Years™ Mon, 06 Apr 2009 08:27:44 +0000 http://7million7years.wordpress.com/?p=141#comment-945 [...] why I called the book’s concept of encourage people to start/buy, then keep, these innovative enterprises [...] [...] why I called the book’s concept of encourage people to start/buy, then keep, these innovative enterprises [...]

]]> By: AJC http://7million7years.com/2008/05/02/the-most-dangerous-idea-in-retirement-planning-that-i-have-ever-read/comment-page-1/#comment-944 AJC Sat, 03 May 2008 10:34:41 +0000 http://7million7years.wordpress.com/?p=141#comment-944 @ socialOrb - I was hoping that YOU knew what it meant, so that you could explain it to me! :)) Thanks for participating! @ socialOrb – I was hoping that YOU knew what it meant, so that you could explain it to me! :) ) Thanks for participating!

]]> By: socialOrb http://7million7years.com/2008/05/02/the-most-dangerous-idea-in-retirement-planning-that-i-have-ever-read/comment-page-1/#comment-943 socialOrb Sat, 03 May 2008 06:36:28 +0000 http://7million7years.wordpress.com/?p=141#comment-943 I really don't know what I just read here. I will have to read it a few times to get it, but I just wanted to say thank for posting. I am just starting to realize what investing really means and its stuff like this and people like you that give me a chance to do something about my finances and outlook on life. I really don’t know what I just read here. I will have to read it a few times to get it, but I just wanted to say thank for posting. I am just starting to realize what investing really means and its stuff like this and people like you that give me a chance to do something about my finances and outlook on life.

]]> By: AJC http://7million7years.com/2008/05/02/the-most-dangerous-idea-in-retirement-planning-that-i-have-ever-read/comment-page-1/#comment-942 AJC Fri, 02 May 2008 20:39:40 +0000 http://7million7years.wordpress.com/?p=141#comment-942 @ Gryffindor - Defining 'retirement' seems to be a key question, so I may need to do a post on just that. Most people look at retirement as when you stop work, which is an OK way to look at it for teh 'work to 65 then retire on your $1 mill 401k' set. For the rest of us, I think a better way might be to think about 'retirement' as when you stop actively worrying about your investments being able to feed you, as well as deciding how "passive" is a 'Passive Investment' (?). @ Gryffindor – Defining ‘retirement’ seems to be a key question, so I may need to do a post on just that. Most people look at retirement as when you stop work, which is an OK way to look at it for teh ‘work to 65 then retire on your $1 mill 401k’ set. For the rest of us, I think a better way might be to think about ‘retirement’ as when you stop actively worrying about your investments being able to feed you, as well as deciding how “passive” is a ‘Passive Investment’ (?).

]]> By: Gryffindor http://7million7years.com/2008/05/02/the-most-dangerous-idea-in-retirement-planning-that-i-have-ever-read/comment-page-1/#comment-941 Gryffindor Fri, 02 May 2008 20:15:21 +0000 http://7million7years.wordpress.com/?p=141#comment-941 Thanks for continuing the conversation. I think the real question is what does retirement mean? Being fully retired without some type of work doesn't appeal to me at this point. I look at some of the bloggers and see them really worried about their "passive" investments. And wonder how passive it really is. Instead I'm trying to figure out what semi-retirement looks like; e.g, "what kind of activity do I want to retire into". I'm in my early forties and hope to get to semi-retirement in the next 2-3 years. Its a quality question. If someone starts to enjoy some of the active investments that you are mention , then it might become more of a hobby than work as long as you set it up right ( e,g . the 2 key points you make ) 1.) You would need to set out to have the business/es that you select run without you from the very beginning. 2.) Own the real estate as well The key practical question for me is -- do I shoot for a 7 mill NW like you while working full time or do I get to 4-5 mill NW and then start to transition into "semi-retirement" . Still working on figuring this one out -- if you've got some pointers, delighted to hear them. Cheers Thanks for continuing the conversation.

I think the real question is what does retirement mean?

Being fully retired without some type of work doesn’t appeal to me at this point. I look at some of the bloggers and see them really worried about their “passive” investments. And wonder how passive it really is.

Instead I’m trying to figure out what semi-retirement looks like; e.g, “what kind of activity do I want to retire into”. I’m in my early forties and hope to get to semi-retirement in the next 2-3 years. Its a quality question.

If someone starts to enjoy some of the active investments that you are mention , then it might become more of a hobby than work as long as you set it up right ( e,g . the 2 key points you make )
1.) You would need to set out to have the business/es that you select run without you from the very beginning.
2.) Own the real estate as well

The key practical question for me is — do I shoot for a 7 mill NW like you while working full time or do I get to 4-5 mill NW and then start to transition into “semi-retirement” . Still working on figuring this one out — if you’ve got some pointers, delighted to hear them.

Cheers

]]> By: AJC http://7million7years.com/2008/05/02/the-most-dangerous-idea-in-retirement-planning-that-i-have-ever-read/comment-page-1/#comment-940 AJC Fri, 02 May 2008 15:34:59 +0000 http://7million7years.wordpress.com/?p=141#comment-940 @ Q - if you are still earning a living because you HAVE to, you are not 'retired' ... if you are still earning a living because you WANT to, you should have your head examined ;) Actually, for an entrepreneur, many 'retirement' activities MAY yield a return (more likely an unusual 'spike' in income, rather than a steady stream - except, of course for the large passive income stream/s that 'fuel' the retirement in the first place) without being classified as 'work'. @ Q – if you are still earning a living because you HAVE to, you are not ‘retired’ … if you are still earning a living because you WANT to, you should have your head examined ;)

Actually, for an entrepreneur, many ‘retirement’ activities MAY yield a return (more likely an unusual ‘spike’ in income, rather than a steady stream – except, of course for the large passive income stream/s that ‘fuel’ the retirement in the first place) without being classified as ‘work’.

]]> By: Q http://7million7years.com/2008/05/02/the-most-dangerous-idea-in-retirement-planning-that-i-have-ever-read/comment-page-1/#comment-938 Q Fri, 02 May 2008 14:23:45 +0000 http://7million7years.wordpress.com/?p=141#comment-938 The money part aside, I think it is about how you define retirement. Personally, retirement means to me not having to worry about that kind of stuff any longer. Q The money part aside, I think it is about how you define retirement. Personally, retirement means to me not having to worry about that kind of stuff any longer.

Q

]]> By: Tim http://7million7years.com/2008/05/02/the-most-dangerous-idea-in-retirement-planning-that-i-have-ever-read/comment-page-1/#comment-939 Tim Fri, 02 May 2008 12:00:41 +0000 http://7million7years.wordpress.com/?p=141#comment-939 This was a very interesting post with some good thought provoking items in it. I'm 30 and have always wondered how I'll make it to retirement, and when I do, I'd wondered just what will I do. I've owned businesses and real estate, as well as been an employee at companies. The bottom line thought I have about when I hit retirement is: - Will I need to work/own businesses because I need the money and have to? or - Will I work because I want to? When I retire, I still see myself working. However, at that point I see myself doing it on my terms solely for fun, not because I need any of the income. This was a very interesting post with some good thought provoking items in it. I’m 30 and have always wondered how I’ll make it to retirement, and when I do, I’d wondered just what will I do. I’ve owned businesses and real estate, as well as been an employee at companies. The bottom line thought I have about when I hit retirement is:

- Will I need to work/own businesses because I need the money and have to?
or
- Will I work because I want to?

When I retire, I still see myself working. However, at that point I see myself doing it on my terms solely for fun, not because I need any of the income.

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