Pool Service Pro, Do you Have a Retirement Plan?
I always like to do a quick recap when I reach these even number hundred podcast episodes. In this one, I thought I would address something that isn’t talked about much and that is the End Game. What goals are you working towards and do you have a plan when your career reaches its end?
A little about me:
I am a Pool Service Professional with over 30 years of practical experience. I currently maintain a pool route so I am right there in the trenches every day. I have extensive experience in water chemistry, automatic cleaners, pool filtration, pool equipment, and automated systems.
I work in Southern California and have been in the pool industry since 1988 with a brief hiatus in the late 1990s to buy and sell Real Estate.
Being financially independent has allowed me to freely share my knowledge with others through my videos and articles so that you can save money as you take care of your pool. I give out free advice to whoever asks and you can post a question or comment here, on YouTube, Facebook, or my blog and I will answer it to the best of my ability at no charge to you.
I am the creator of the #1 Swimming Pool Channel on YouTube which attracts viewers from within the industry and your typical homeowner who manages their own pool. My YouTube Channel Started in 2012 has over 89,000 subscribers and over 46 Million video views.
I have been married for 25 years and have a 13-year-old.
Back to the End Game. Do you have any plan in place for the future of your business and the future of your potential retirement? I know when you are young you don’t think about these things but one day you will likely get old. I turn 50 years old this year so I am on the other side of the tracks already. We started planning a little later and it wasn’t until we were in our early 30’s that we seriously looked at an End Game plan.
Real Estate is how we have been investing and we are currently acquiring our 5th property. We don’t flip the houses but keep them and rent them out. I have been a landlord in Southern California since 2001 giving me 20 years of experience. I have done everything from an eviction, fighting with the city planning/code enforcement department to removing a dead body. Being a landlord takes some getting used to and you do need to have some people skills. For example, I don’t raise the rent on my tenants every year and I have had some very long-term tenants – 5 years, 6 years, 8 years, and the like. Turn over and getting the place ready is the biggest issue so be keeping my tenant's long term I avoid all of that. I also make sure any issues are addressed right away to keep the tenants happy and paying on time.
But you don’t have to do real estate. You can just invest in Roth IRAs, Mutual funds, Investment funds, and other investments of these types that take very little hands-on operation. We just like real estate and the benefits of owning properties debt-free. The key is to find an investment you like and then to consistently put money into it year after year.
You also need to consider that as you get older your body will start to break down. You can’t service and clean pools forever. One way to extend the life of your service business is what I call Empire Building. Keep acquiring more and more pools and bring on an employee and then keep adding pool and employees until you reach a level where you don’t need to be in the field every day. This could mean 150 pools, 300 pools, or 1,000 or more.
Working for a company in the industry after you call it quits on your route is another option. Hayward, Pentair, Jandy, Leslie’s all look to hire former pool pros. They pay well and you may find the work on the other side of the industry very rewarding. It is something to consider and a way to continue to earn a good income and save on the wear and tear of your body.
Passive income is the way I plan to complete my End Game. Our goal is to have over $10,000 a month in gross rental income and we are close to being there. If you invest in the stock market you can also build up a substantial portfolio. The point of passive income is to create enough to replace most of the money you earn now so that you can retire comfortably without any money worries. A good retirement calculator can be found here:
Just enter your goal and what you already invest and in 2 minutes the site will let you know how you are doing.
The bottom line is it is never too early or too late to start planning. In fact, start today.
Visit my Website: http://www.swimmingpoollearning.com/
YouTube Video Index: http://poolmandave.blogspot.com/2014/03/swimming-pool-tips-reviews-how-to-video.html – A list of all of my videos.
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