Retire Young and Wealthy

I had a good year this year in terms of property aquisitions – I bought three individual properties. The first one I know definitely has gone up in value – or I was able to buy it below market value and all are running cash flow positive.

I am still wondering if I should keep buying property in 2006. Buying properties does take up some cash reserves, in terms of funding the deposit, legal fees and other closing costs.

I was thinking of putting new purchases on hold for 2006, to build up some cash reserves in case I wanted to quit my job some time in the year and do something different, or even move back to Australia.

Then, just yesterday I was talking to a Polish-American who was travelling around China. I asked him how he could take so much time off his job/business. His answer was – property.

He has a son who he just put through law school. Total tuition cost US$200K and another daughter who he is currently funding to the tune of $40K a year! He told me how he started with virtually nothing and couldn’t even speak English.

Ideally, I would love to be able to have a business in the future where I can take long trips away and visit all the places I want to visit.