Can luck play a part in retirement?
In speaking to one of my neighbors, a retired dentist I’ll call Edwin, I asked how he planned for retirement. The answer appeared haphazard. Edwin is 92 and has been retired for about 20 years.
Back in 1960, when he was about age 38, a friend of his had built a couple of apartment buildings in the Palms area of Los Angeles. He offered Edwin the chance to own half of the next 7 unit building he was constructing for a $6000 investment. To a young dentist raising a family that was a lot of money. But Edwin was able to borrow $6000 against his life insurance and made the investment. While it didn’t pay much for the first 10 years, the profit did grow. By the 1970’s Edwin was receiving about $1000 per month. Now… the building is paid off it is generating about $4000 per month profit at this point. Continue reading Edwin, lucky retirement picture