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Joined: Feb 2004
Posts: 46,745
Campfire 'Bwana
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Campfire 'Bwana
Joined: Feb 2004
Posts: 46,745 |
Retirement is not for the faint of heart, or for the financially challenged. I prepared well, but even so, I can’t spend like a drunken sailor. One strategy for me was to buy high quality toys at good prices when I was bringing in the big bucks. Nothing I really need now, that I don’t already have. That's pretty sound advice.
Camp is where you make it.
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Joined: Apr 2011
Posts: 151,835 Likes: 20
Campfire Savant
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Campfire Savant
Joined: Apr 2011
Posts: 151,835 Likes: 20 |
Best to have everything paid for, have a good pension to go with Social Security. It’s nice to have money saved also. Most companies have done away with pension plans.
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Joined: Nov 2004
Posts: 7,113 Likes: 1
Campfire Tracker
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Campfire Tracker
Joined: Nov 2004
Posts: 7,113 Likes: 1 |
dave ramsey has lots of good advice but its not for everyone. I would say its for most people though. The problem I get is he always says "good growth stock mutual fund" uhh where? I have personally be unable to find anyone who has gotten wealthy with this strategy. NONE and I do ask. I ask my accountant, my mortgage guy, who sees 1000 tax returns a year. The problem is people don't get wealthy by investing that way. They just don't. The numbers never seem to work. the 401k people may have 100k in some account in a mutual fund they have made some money on. to that I say big whoop, 100k aint getting anything done. Where are most people's greatest wealth? in their house, right? YES that is where your average persons biggest amount of wealth is at, Soo
If you ask people that have really made it, its going to be insanely rare to find someone who doesn't trace their wealth back to real estate somehow.
Dave's advice on budgeting, settling debts, and not actually being bankrupt is spot on. I do tune in at times to listen to him but, when he tells someone to sell a rental property they have 50% equity in that makes them money every month, my eyes glaze over and he loses me.
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Joined: Sep 2004
Posts: 29,383
Campfire Ranger
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Campfire Ranger
Joined: Sep 2004
Posts: 29,383 |
dave ramsey has lots of good advice but its not for everyone. I would say its for most people though. The problem I get is he always says "good growth stock mutual fund" uhh where? I have personally be unable to find anyone who has gotten wealthy with this strategy. NONE and I do ask. I ask my accountant, my mortgage guy, who sees 1000 tax returns a year. The problem is people don't get wealthy by investing that way. They just don't. The numbers never seem to work. the 401k people may have 100k in some account in a mutual fund they have made some money on. to that I say big whoop, 100k aint getting anything done. Where are most people's greatest wealth? in their house, right? YES that is where your average persons biggest amount of wealth is at, Soo
If you ask people that have really made it, its going to be insanely rare to find someone who doesn't trace their wealth back to real estate somehow.
Dave's advice on budgeting, settling debts, and not actually being bankrupt is spot on. I do tune in at times to listen to him but, when he tells someone to sell a rental property they have 50% equity in that makes them money every month, my eyes glaze over and he loses me. My Dad has been retired since he was 55. No pension, a few hundred grand in the bank and a few houses that were paid off when he retired. He lives very comfortably in West Palm Beach . He hates phugging Stocks ,
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Joined: Mar 2006
Posts: 11,666
Campfire Outfitter
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Campfire Outfitter
Joined: Mar 2006
Posts: 11,666 |
I'll probably just hook up with the next 21 year old freshly minted financial planner who wants to show me how to get rich. They all seem to have a fairly high level of interest in the money I earn.
Broncos are officially the worst team in the nation this year.
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Joined: Jun 2006
Posts: 46,114 Likes: 6
Campfire 'Bwana
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Campfire 'Bwana
Joined: Jun 2006
Posts: 46,114 Likes: 6 |
I'll probably just hook up with the next 21 year old freshly minted financial planner who wants to show me how to get rich. They all seem to have a fairly high level of interest in the money I earn. LOL, ain't that the truth.
A wise man is frequently humbled.
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Joined: Aug 2009
Posts: 20,824
Campfire Ranger
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Campfire Ranger
Joined: Aug 2009
Posts: 20,824 |
Dave speaks to the very unsophisticated investor........
Basic stuff and works fine for many.
Originally Posted by Judman
PS, if you think Trump is “good” you’re way stupider than I thought! Haha
Sorry, trump is a no tax payin pile of shiit.
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Joined: Jan 2008
Posts: 15,757 Likes: 1
Campfire Ranger
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Campfire Ranger
Joined: Jan 2008
Posts: 15,757 Likes: 1 |
Yup. And for the right person an annuity can be the perfect tool. Or it could be like pounding nails with a socket wrench. Depends on a lot of variables and if the advisor doesn't ask a ton of questions raise your red flag. I did it for 12 years and did not once put a client into a product they did not need or did not fit their comfort zone.
Not that hard to have integrity. Demand it.
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Joined: Dec 2007
Posts: 3,474 Likes: 1
Campfire Tracker
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Campfire Tracker
Joined: Dec 2007
Posts: 3,474 Likes: 1 |
dave ramsey has lots of good advice but its not for everyone. I would say its for most people though. The problem I get is he always says "good growth stock mutual fund" uhh where? I have personally be unable to find anyone who has gotten wealthy with this strategy. NONE and I do ask. I ask my accountant, my mortgage guy, who sees 1000 tax returns a year. The problem is people don't get wealthy by investing that way. They just don't. The numbers never seem to work. the 401k people may have 100k in some account in a mutual fund they have made some money on. to that I say big whoop, 100k aint getting anything done. Where are most people's greatest wealth? in their house, right? YES that is where your average persons biggest amount of wealth is at, Soo
If you ask people that have really made it, its going to be insanely rare to find someone who doesn't trace their wealth back to real estate somehow.
Dave's advice on budgeting, settling debts, and not actually being bankrupt is spot on. I do tune in at times to listen to him but, when he tells someone to sell a rental property they have 50% equity in that makes them money every month, my eyes glaze over and he loses me. I guess I must be the exception to your rule. I got started with stocks and mutual funds and have never stopped. The only real estate I have is my house, and I would say that it is a small (and iliquid) part of my wealth. Mutual funds probably account for about 70% of my wealth and I find they are easy to convert to income when needed. Not sure who you are talking to, but I can't imagine an easier or dependable way to go. For the record, I was a financial adviser for 10 years. I have looked into real estate many times over the years, but it fails to impress me. Dealing with tenants, government, attorneys and insurance companies is a nearly sure way to lose money. Not to mention the near necessity of debt and lack of liquidity. I guess there are lots of ways to do it, and my hat is off to anyone who can navigate the minefield of real estate, but I think I found a better way.
Last edited by NDsnowman; 07/29/19.
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Joined: Dec 2008
Posts: 78,304 Likes: 2
Campfire Oracle
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Campfire Oracle
Joined: Dec 2008
Posts: 78,304 Likes: 2 |
The first thing out of an investing professionals mouth are annuities. SAFARIMAN sold annuities...thats all you need to know about them...
"...the left considers you vermin, and they'll kill you given the chance..." Bristoe
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Joined: Feb 2009
Posts: 1,183
Campfire Regular
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Campfire Regular
Joined: Feb 2009
Posts: 1,183 |
Sorry, but Dave Ramsey is a pompous, know-it-all, windbag.
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Joined: May 2013
Posts: 1,520
Campfire Regular
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Campfire Regular
Joined: May 2013
Posts: 1,520 |
My wife and I have always worried about retirement, but then God brought a gentleman from our church into our lives. we ended up giving him a power of attorney where our paychecks go into his account and he then pays our bills and invests the balance. Mr. Claiborne says that we should be able to retire well ahead of schedule......
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Joined: Sep 2011
Posts: 2,287
Campfire Regular
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Campfire Regular
Joined: Sep 2011
Posts: 2,287 |
My wife and I have always worried about retirement, but then God brought a gentleman from our church into our lives. we ended up giving him a power of attorney where our paychecks go into his account and he then pays our bills and invests the balance. Mr. Claiborne says that we should be able to retire well ahead of schedule...... Glad for you but there is no way I’d trust anyone with that much control over my livelihood. That’s some don king and mike Tyson trust
Originally Posted By: slumlord
people that text all day get on my nerves
just knowing that people are out there with that ability,....just makes me wanna punch myself in the balls
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Joined: Feb 2011
Posts: 5,856
Campfire Tracker
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Campfire Tracker
Joined: Feb 2011
Posts: 5,856 |
I guess I must be the exception to your rule. I got started with stocks and mutual funds and have never stopped. The only real estate I have is my house, and I would say that it is a small (and iliquid) part of my wealth. Mutual funds probably account for about 70% of my wealth and I find they are easy to convert to income when needed. Not sure who you are talking to, but I can't imagine an easier or dependable way to go. For the record, I was a financial adviser for 10 years.
I have looked into real estate many times over the years, but it fails to impress me. Dealing with tenants, government, attorneys and insurance companies is a nearly sure way to lose money. Not to mention the near necessity of debt and lack of liquidity. I guess there are lots of ways to do it, and my hat is off to anyone who can navigate the minefield of real estate, but I think I found a better way.
Same here. A house isn't an investment, it's a place to live. If you sell it, you still have to have a place to live. My wife and I invested in mutual funds our entire careers and will be fully retired in 2 years. We will be able to live very comfortably.
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Joined: Feb 2011
Posts: 5,856
Campfire Tracker
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Campfire Tracker
Joined: Feb 2011
Posts: 5,856 |
My wife and I have always worried about retirement, but then God brought a gentleman from our church into our lives. we ended up giving him a power of attorney where our paychecks go into his account and he then pays our bills and invests the balance. Mr. Claiborne says that we should be able to retire well ahead of schedule...... Does he give you monthly or quarterly statements and does he tell you exactly where your money is invested? If not, I'd run.
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Joined: Mar 2009
Posts: 24,616
Campfire Ranger
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Campfire Ranger
Joined: Mar 2009
Posts: 24,616 |
The first thing out of an investing professionals mouth are annuities. SAFARIMAN sold annuities...thats all you need to know about them... My wife and I have always worried about retirement, but then God brought a gentleman from our church into our lives. we ended up giving him a power of attorney where our paychecks go into his account and he then pays our bills and invests the balance. Mr. Claiborne says that we should be able to retire well ahead of schedule...... Here we go. Let the games begin. 
Have Dog
Will Travel
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Joined: Mar 2009
Posts: 24,616
Campfire Ranger
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Campfire Ranger
Joined: Mar 2009
Posts: 24,616 |
Have Dog
Will Travel
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Joined: Feb 2010
Posts: 16,103 Likes: 2
Campfire Ranger
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Campfire Ranger
Joined: Feb 2010
Posts: 16,103 Likes: 2 |
My wife and I have always worried about retirement, but then God brought a gentleman from our church into our lives. we ended up giving him a power of attorney where our paychecks go into his account and he then pays our bills and invests the balance. Mr. Claiborne says that we should be able to retire well ahead of schedule...... That sounds UBER!
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Joined: Mar 2009
Posts: 24,616
Campfire Ranger
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Campfire Ranger
Joined: Mar 2009
Posts: 24,616 |
The only real estate I have is my house, and I would say that it is a small (and iliquid) part of my wealth. Mutual funds probably account for about 70% of my wealth and I find they are easy to convert to income when needed.
Wealth is my middle name...... Slave P.S. unfortunately, my first is No.
Have Dog
Will Travel
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Joined: Feb 2010
Posts: 16,103 Likes: 2
Campfire Ranger
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Campfire Ranger
Joined: Feb 2010
Posts: 16,103 Likes: 2 |
Sorry, but Dave Ramsey is a pompous, know-it-all, windbag. ...and a wealthy SOB. He might just have some advice worth considering.
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