How much income do we need ?
September 1st, 2006 | by lissie |So the basic problem how to fund our lifestyle without jobs ? At this stage I think a lot of people go too hard and look for another job. Logically however I htink its easier than many people believe. Obviously there are 2 sides of the equation - income and how to get it and how much to cover our expenses ?
Income to live not to invest
We have been investing quite a lot of our after tax income into share funds and into paying down our rental property mortgages. When we did the figures though this was a bit of a waste time. The amount of money we were putting in was insignificant when viewed against the capital growth of the assets. Eventually the capital will grow to the point that we can easily afford to pay off the loan by selling on a small part of our assets. Therefore no more investment - as we’ve always lived well below our means this makes a really big difference for us.
Rent out the house
We thought about house swapping but at the end of the day the most economically attractive option is to rent the house out. We are lucky already being in the rental property game because we already have a property manager who we know and trust - so they will be the agents. The ideal though is to get 12 month fixed term tenancy so then we pretty much know how much we will be getting for the year.
Income while on the road
It seems in Australia there is well advertised “harvest trail” government site for seasonal workers required for farm work - that would at least get us fit and tanned ! I’m also looking at setting up some income streams from website publishing
