I know an older gentleman with six rental properties. 20+ years ago, he bought the properties and worked to pay them off. Today, in his 80s, he enjoys all of the cash flow from his rentals and a few other investments.
Some time ago, he shared with me how big of a blessing his rental properties have been for him and his wife. He had worked in small business his entire life and never had a big, fancy 401(k). But, because he was disciplined with his money and focused on his investment strategy, he is now able to live comfortably off of his rental properties. Through his own hard work and vision, he has created (and lived) a legacy for himself and his family.
I know an older woman who has followed a very similar path as this gentleman. A while ago, I was actually trying to buy some of her properties, and she turned me down. She explained to me that she has a handful of properties that are core properties in her investment portfolio, and she is planning to keep them because they provide the majority of her income. While she didn’t share her entire business plan with me, I got to see a glimpse of it. Simply put, she had taken the time to identify her core properties and realize the amount of income coming from them, and she saw that it was a plan that worked. Today, the income from her core properties pays her bills and gives her the lifestyle she had always dreamed about.
These two older people have accomplished their legacies, both for themselves and their families. Their stories are definitely an encouragement to me and prove that the end goal is possible!