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Joined: Jul 2001
Posts: 60,054
Campfire Kahuna
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Campfire Kahuna
Joined: Jul 2001
Posts: 60,054 |
One thing I've seen a lot of over the decades is people who worked their ass off at a job they didn't like so they could do the things they wanted in retirement. Instead I chose a job I liked, and did most of the things I dreamed about in life as part of my job, so they were business expenses, or even paid for by somebody else.
Started saving and investing money a little later than some here, because I was plowing considerable money into the business early on. But am sitting OK now, especially since the part of the business requiring the least work continues to grow, in the past few years providing more income than our other investments (including the ones with compound interest). Since my wife also works for herself, this allowed us to live in a part of the country with a low cost of living, so we've been debt-free for years.
Don't ever intend to fully retire, unless absolutely forced to. One of my mentors kept working until he died at 91, because he liked to, but like him I will slow down. And as I do, will sell off some of the business investments made over the years, including many guns. Dunno when that will happen, but am already enjoying a sort of semi-retirement, since I've already done most of the travel dreamed about when younger, so am spending far more time with family and friends closer to home.
“Montana seems to me to be what a small boy would think Texas is like from hearing Texans.”
John Steinbeck
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Joined: Sep 2009
Posts: 46,243
Campfire 'Bwana
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Campfire 'Bwana
Joined: Sep 2009
Posts: 46,243 |
I'm with you gunner500. Years of hard work, spending way less than I made, and blessing from the Man upstairs allowed me to be 100% debt free, personal and business, at age 41. It ain't rocket science.
Oh yeah, never ever let someone else manage your money. The cash that I do keep is in several accounts at a local FCU. Agreed, started to fully retire 13 years ago at 40, but, you know what they say about an idle mind.  I'll be slightly busy doing something till they pat my face with a spade.
Trump Won!
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Joined: Nov 2010
Posts: 37,035
Campfire 'Bwana
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Campfire 'Bwana
Joined: Nov 2010
Posts: 37,035 |
You were wise enough, early on, to set your priorities, make a life plan and work the plan.
I think that's neat, wish more had that discipline and foresight.
It's not really work if you enjoy what you're doing. So many are slaves to something/someone.
DF
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Joined: Aug 2005
Posts: 28,229
Campfire Ranger
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Campfire Ranger
Joined: Aug 2005
Posts: 28,229 |
I doubt I'll ever fully retire either.
Mule Deer, you are very fortunate in that you could make a living doing what you love. I'm sure you know that. I tried to make a living playing baseball, and it didn't work out but that is fine. Ever heard that saying, "the quickest way to ruin your hobby is to make it your job"? That's the way baseball bacame for me. Unless my kid, neighbor, etc was playing I could care less about watching a baseball game.
It is irrelevant what you think. What matters is the TRUTH.
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Joined: Sep 2003
Posts: 23,385
Campfire Ranger
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Campfire Ranger
Joined: Sep 2003
Posts: 23,385 |
My hobby is my job, and I love it. I'm sure they'll find me slumped over in the wheelhouse when I'm an old man.
I'm a huge fan of debt free. Huge. I don't see the point in investing if you are paying interest on anything other than a house. You can live so cheap if you are debt free that you don't need a huge retirement and saving money is really easy.
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Joined: Nov 2010
Posts: 37,035
Campfire 'Bwana
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Campfire 'Bwana
Joined: Nov 2010
Posts: 37,035 |
Oh yeah, never ever let someone else manage your money. I'm with you there. Most of my "growth" and "bottom line" is real estate related. It's tangible and local; I can "kick the tires" with hands on involvement. You gotta do what's in your comfort zone, what you are at peace with. Everyone is different, one size doesn't fit all. And at the end, we all end up with about the same sized real estate plot...  The only lasting thing is relationships, first with our Maker then others in our lives. I've yet to see a Brinks trucks in a funeral procession. And how we live our lives depends on how many come to pay last respects, how many come to "make sure"...  DF
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Joined: Dec 2008
Posts: 78,300
Campfire Oracle
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Campfire Oracle
Joined: Dec 2008
Posts: 78,300 |
.
I'm a huge fan of debt free. Huge. I don't see the point in investing if you are paying interest on anything other than a house. You can live so cheap if you are debt free that you don't need a huge retirement and saving money is really easy. ^^^^^^ This I became solvent at 37....retired for 11 years and traveled/hunted/fished while I was young enough to physically do it. Ran out of money at 48 And went back to work. But as Calvin said, debt free you really don't need that much. I live modestly, and by many standards I don't have much...but most importantly amongst what I don't have is debt..... Retired again at 62, bucket list full, so again, that requires very little. I wanted to put myself in a situation years ago where if everything went to schitt, I could work part time at McDonalds and still live the way I live. One other point, unlike others I didn't work and live someplace I hated waiting for retirement...I picked where I wanted to live THEN got a job.....
"...the left considers you vermin, and they'll kill you given the chance..." Bristoe
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Joined: Oct 2005
Posts: 16,000
Campfire Ranger
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Campfire Ranger
Joined: Oct 2005
Posts: 16,000 |
Index funds have been very popular, and for a reason.. We just pulled out of a big crash and have been on a run for awhile. Hit another bear market for several years or longer and you won't hear people singing Index praises too loudly.
The last 15 years in the market have actually been pretty "meh" compared to historical rates, but then again, so has inflation. The stock market moves in spurts, both up and down. If you want to try your luck, you can try and time the spurts, and you can very easily outperform the market. Or lose money handsomely. Miss one good upswing in your lifetime, and it will cut your lifetime returns as much as 50% (considering compound interest). THAT is why index funds are popular. They are always in the market. you find very few people talking about that, and what dollar devaluation has done to measured investment returns.
THE BIRTH PLACE OF GERONIMO
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Joined: Oct 2005
Posts: 16,000
Campfire Ranger
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Campfire Ranger
Joined: Oct 2005
Posts: 16,000 |
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I'm a huge fan of debt free. Huge. I don't see the point in investing if you are paying interest on anything other than a house. You can live so cheap if you are debt free that you don't need a huge retirement and saving money is really easy. ^^^^^^ This I became solvent at 37....retired for 11 years and traveled/hunted/fished while I was young enough to physically do it. Ran out of money at 48 And went back to work. But as Calvin said, debt free you really don't need that much. I live modestly, and by many standards I don't have much...but most importantly amongst what I don't have is debt..... Retired again at 62, bucket list full, so again, that requires very little. I wanted to put myself in a situation years ago where if everything went to schitt, I could work part time at McDonalds and still live the way I live. One other point, unlike others I didn't work and live someplace I hated waiting for retirement...I picked where I wanted to live THEN got a job..... you are one of the very few, live within your means, and realize what you want. I have dealt with various people through the years from the very wealthy(dinner at the petroleum club a few times if that means anything to anyone) to those with not so much. Money provides the grease, but i can honestly say some of the happiest people i deal with are those that are on the other end of the spectrum, or were once. And have reasonable expectations.
THE BIRTH PLACE OF GERONIMO
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Joined: Dec 2008
Posts: 78,300
Campfire Oracle
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Campfire Oracle
Joined: Dec 2008
Posts: 78,300 |
Reasonable expectations are the key. Frankly I wish I didn't have as much as I do...I would like to have 50% less schitt and a house half the size that I have, and lower maintenance. But, tune into TLC in a few years...I expect them to do an episode of " Hoarders" dedicated to my wife....
"...the left considers you vermin, and they'll kill you given the chance..." Bristoe
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Joined: Jan 2009
Posts: 23,319
Campfire Ranger
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OP
Campfire Ranger
Joined: Jan 2009
Posts: 23,319 |
My hobby is my job, and I love it. I'm sure they'll find me slumped over in the wheelhouse when I'm an old man.
I'm a huge fan of debt free. Huge. I don't see the point in investing if you are paying interest on anything other than a house. You can live so cheap if you are debt free that you don't need a huge retirement and saving money is really easy. Great advice. I credit Dave Ramsey with teaching me this salient point about 14 years ago.
"All that the South has ever desired was that the Union, as established by our forefathers, should be preserved, and that the government, as originally organized, should be administered in purity and truth." – Robert E. Lee
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Joined: Jan 2009
Posts: 23,319
Campfire Ranger
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OP
Campfire Ranger
Joined: Jan 2009
Posts: 23,319 |
Sure are a lot of good posts here. I never did good in the market. I did good for a while 30 yrs ago , put it in Tech stocks in 2000 and lost what I gained. At 9.5% interest on my house , I thought , heck, pay the house . It's a9.5% guarantee. Now that my house wis payed for 7 yrs now. I am investing in the market. My biggest mistake was a bank talked me into loaded funds. ( FKUSX) in 9/2011. Bad move . Next , my wife that worked at a bank is where we went. More loaded Franklin funds. He at least steered us straight with half decent fund, but still loaded. Next, a referal from some friends. An investor in town, and more loaded funds, non traded reits and more loaded mutual funds loaded with oil in June 2014. ( guess how well that fund is doing) . I decided to go on my own with Fidelity . I was down 25K when I left the investment firm in Oct. 2015 . AS of last week I am dead even. Today 2-3 K ahead. I have y own portfolio I did mostly on my own. I am slowly going into index , ETF or stocks cause I learned very fast how expensive high load / expense ratios kill returns. Here is my portfolio. Is it normal or is it all wacked out?
My son is smarter than I . He has about 3K in a roth and barely 19 yrs , 1/2 BP, 1/2 FKDNX.
Here is my portfolio.
AGNC - Mortgage reit. 11% up about 10% or so . Bought 6 months ago. 13% div.
BP OIL 13% up 10% since bought 6 months ago 7.7% div.
ETGLX MID CAP growth 3% down 2% or so
fbiox BIOTECH 4.4% down 20% in since bought 1 yr ago
fbsox IT 3% up 3% in 6 months
FKINX OIL? BONDS 15.4% down 5% ( bought 2 yrs ago. OIL 5.4% div.
FMEIX madcap blend 1.2% even
focpx TECH growth 6.3% up 10%
FREL realestate (ETF) 1.4% up
fresh realestate 1.4% up
fsphx 1.4% down 10%
JAWWX world stocks 2.9% - 3% ?
PRBLX large cap blend. 19% May go into index fund + 10% in 4 months
NON traded reit American Capital realty 4%
GNL equity reit. 10% dead even , bought 2 yrs ago. 7.1% div.
My own experience, learning about investing over the past five years, has cost me thousands of dollars in "stupid tax" (as Dave Ramsey calls it. Once me and the little wifey became debt-free following Ramsey's 7 Baby Steps program, I finally discovered an investment philosophy that worked for me. I credit two books for my current strategy, though I have read dozens of books on investing over the years as part of my personal education on the subject. I set up my retirement accounts (401(k) and both mine and my wife's ROTH IRAs) with the "All Weather Retirement Portfolio" and set up my joint brokerage accounts with "The 3% Signal" portfolio.Both of these strategies fit my own personal risk/reward mind set at this stage of my life (63 years old and still working.) I could not recommend more a careful reading of these two books before one invests another penny in a portfolio in which you have no plan or confidence. Hope doesn't work out in the stock market . . . I know from experience.
"All that the South has ever desired was that the Union, as established by our forefathers, should be preserved, and that the government, as originally organized, should be administered in purity and truth." – Robert E. Lee
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Joined: Apr 2010
Posts: 20,683
Campfire Ranger
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Campfire Ranger
Joined: Apr 2010
Posts: 20,683 |
Bought my first house at 31 years old
Got a pretty good deal but interest on the loan was 10.75%
Paid it off in 3.5 years Talk about scrimping, we just barely made 6 figures in those days. Lived off what my wife made around 35K and used dang near every nickel I made to pay off the house
Since then we've taken out a few biz loans that we've been blessed to,pay off early
As others have stated different strokes for different folks. Imo bankers make fine partners during good times but can be a sob when times get hard
So for our personal comfort zone we try to use banks & loans sparingly
Still live in that old house today & folks like ironbender, jeffak, Idared & a few others can tell ya it & the property are pretty dang humble, but it's home
Funny how habits die hard
We could have a 500k house or fancy cars or a new boat
We don't have any of that & don't miss it.
We did get momma a new taco for her b'day last year, paid cash. Freakin ridiculous over 30k for an itty bitty truck
I'm pretty certain when we sing our anthem and mention the land of the free, the original intent didn't mean cell phones, food stamps and birth control.
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Joined: Jan 2005
Posts: 57,474
Campfire Kahuna
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Campfire Kahuna
Joined: Jan 2005
Posts: 57,474 |
Humble, thats a good thing really IMHO.
All you need to live is what YOU need.
Debt free we are, and about to dive off and do an early kind of semi retire thing and head norht.
Figuring that since we have housing and all, taken care of, its going to be bare bones living, small income, small expense.
As long as we are happy, I'm figuring thats all that matters.
We'll be a bit before 60, so there will be some lean years before retirement stuff kicks in, and this would be easier if o care wasn't around too.
Bottom line though, how long are we issued on earth? How do we know? Lets do some things we enjoy, rather than just work, while we still can.
We figure if we run out of money at 80 and are still alive... well... we'll just go greet at walmart or let .gov take care of us like they do so many others...
Folks should learn its not possessions or cash that makes happiness. Though you have to pay your bills...at least if you are white you do.
We can keep Larry Root and all his idiotic blabber and user names on here, but we can't get Ralph back..... Whiskey Tango Foxtrot, over....
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Joined: Sep 2003
Posts: 23,385
Campfire Ranger
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Campfire Ranger
Joined: Sep 2003
Posts: 23,385 |
I'm surprised I don't hear more about closed end mutual funds on here. Short term bond funds, etc. Pay monthly, 7-9%, and you can reinvest the dividends for free. My old man makes a fortune off the things and lets them really snowball over the years. Makes more when they are down than they are up he buys so many a month on reinvested dividends.
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Joined: Jan 2005
Posts: 57,474
Campfire Kahuna
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Campfire Kahuna
Joined: Jan 2005
Posts: 57,474 |
I should add, I am amazed at how much orange posts having only been introduced to investing 5 years ago. I would have figured he'd have done it his whole life.
I"d be scared at 5 years in to profess much of anything.
We can keep Larry Root and all his idiotic blabber and user names on here, but we can't get Ralph back..... Whiskey Tango Foxtrot, over....
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Joined: Sep 2003
Posts: 23,385
Campfire Ranger
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Campfire Ranger
Joined: Sep 2003
Posts: 23,385 |
Paid it off in 3.5 years Talk about scrimping, we just barely made 6 figures in those days. Lived off what my wife made around 35K and used dang near every nickel I made to pay off the house
In my opinion, that's the best way to build wealth. 2 incomes, live off of one. My folks did it for 30+ years. Neither one of them ever made more than 40k a year, but when you can save a 30k salary a year for 30 years and invest it, you retire rather comfortably.
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Joined: Jul 2001
Posts: 60,054
Campfire Kahuna
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Campfire Kahuna
Joined: Jul 2001
Posts: 60,054 |
Dirtfarmer,
A local friend died a few years ago at 59, and he always claimed he'd take some of his stuff when he went, and in fact had a clause in his will to that effect. So some of his friends rented a U-Haul filled with his favorite stuff, and the hearse towed it to the cemetery.
“Montana seems to me to be what a small boy would think Texas is like from hearing Texans.”
John Steinbeck
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Joined: Nov 2010
Posts: 37,035
Campfire 'Bwana
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Campfire 'Bwana
Joined: Nov 2010
Posts: 37,035 |
Dirtfarmer,
A local friend died a few years ago at 59, and he always claimed he'd take some of his stuff when he went, and in fact had a clause in his will to that effect. So some of his friends rented a U-Haul filled with his favorite stuff, and the hearse towed it to the cemetery.  He probably had a smile on his face... Don't guess he got to see those friends dividing up his goods after the fact...  Good one...  DF
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Joined: Jan 2002
Posts: 12,818
Campfire Outfitter
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Campfire Outfitter
Joined: Jan 2002
Posts: 12,818 |
At 51, I really can't even fathom completely retiring. We work with innovative, "can't be done" stuff on a routine basis. I'd go bonkers if I ware forced to sit in a boat and fish for months on end. There's way to many problems to solve to just sit and play pinochle on Tuesdays and Thursdays. Besides, the dogs like the farm too much.......
I'm sure I'll slow down a lot, and the younger crowd gets to do the heavy lifting, but I really can't imagine a better way to spend my time than what I do right now.
Oh, and when I die, I want to take all my money with me. Just write a check for the value of the estate and drop it in the casket before lighting the fire......
Sic Semper Tyrannis
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