Home Forums Hunting & Shooting Hunter's Campfire Retirement question

I have to disagree on the block chain thing. The block chain and some of the crypto stuff is going to happen with you or without you. My son in law works for FDIC and I asked him if he knew anything about bitcoin. He had a meltdown and said he would never invest in or use something like that. This was 2017 in may. I invested $1144 then and it went to $20K by November. YUP it went to about $3500 and everybody said look at how much you lost. I was still up about $2500. 2 months ago bitcoin was @ $6700 and today it is sitting at $10K and it is going to be another big run. JUST because you don't understand something is NOT a reason not to invest in it. There are a LOT of scam/fraud in this so you have to deal with someone that KNOWS what is going on. I have lost everything 2 times by letting some one else do my investing. I did some research, pulled all my money out of where I could and put $42K in investments and crypto and have built it to over $100 K since 2017. THIS YEAR should make you a BIG BUTT LOAD of money if you are working with good people. IF you doubt the blockchain/crypto thing is going to happen, check out FEDCOIN. YUP, they already got it. They just won't tell you yet. When the fed changes over to this you will never spend another dollar that the fed does not approve or decline the transaction. HECK, Los Vegas already has a bitcoin strip club. HOW REAL IS THAT ?? RAY

Been retired over 10 years. Had a heart valve replaced last year. My doctor says I should be good to go for another 15 years. Well, I worked for over 50 years, started as a curb hop at a drive in restaurant when I was 12. Was always kinda frugal in my spending habits. Do I miss work? In a word, no! My biggest problem has been convincing myself to spend my money, old habits die hard.

2020 401K is 100% maxed out and 2020 Roth IRA is currently 75% maxed and will be completed by the end of Q1.
The rest of this year will be going straight to the brokerage account.
Thought about making the mortgage a priority but my mortgage is literally $14 per day IE silly cheap.

That's fine. Everyone has to be comfortable in their own skin. I just know what is working for us. Everyone is different.

Ray 63...you're right..I have left a lot of money on the table by not investing in tech or cutting edge stuff...but on the other hand, with my old fashioned ways, I can sleep at night. I never lost a nickle in the Savings and Loan scandal downturn, never lost anything in 2008 junk bond downturn. Not many investment "experts" can claim that. Tortoise and hare comparison I guess, you will get there first for sure,,,I'll be along eventually. Neither of us is 'right'. Just different tolerances for risk.

When is debt good?

Pensions were nothing but a way to put emotional handcuffs on employees.

Think of it this way: how many people stayed in their boring, fatiguing, miserable, demoralizing, dead-end jobs for 30 years "because they couldn't afford to lose their pension" How many people could have stepped out of that dreary existence and found a better paying job with growth potential, if only they could have taken their retirement with them?

Can you really imagine doing the same dang thing for forty years, no meaningful choice in what your do, where or when you do it? Or would you rather change jobs for a better one a couple of times a decade, and have the ability to tell the boss "take this job and SHOVE IT" and happily walk away to a better job?

No, pensions weren't a benefit to the employee, they benefited the large employer. Whatever money they spent on pension costs, they saved on average compensation.

I never spend more than I budgeted for. The only exception was the mortgage on my home, which I paid off in 1993. I have been debt free since then. That makes it a lot easier to live on a fixed income. I never carry over a balance on my credit card.

Investment properties.

Yup the golden handcuffs. Most people are moving jobs every 5 years or so.

I love these retirement threads.

There are days when I dream about retiring. There are other days when I decide I'm not ready.

My kids are growing up, but still living at home. So, I'm a bit tethered meaning that traveling around isn't feasible quite yet. I've got a lot of projects I'd love to tackle on my own, but end up paying someone else, cause I don't have the time. Those type of things would be great to do on my own. I put my wood-working hobby on hold long ago. Would love to start that up again. Reloading and dog training certainly could eat up a bunch of time.

Financially, I'm not that worried. The only minor concern I have is healthcare because I'm a ways from medicare age.

I guess I'll keep building my business. Guess I might die and leave my wife and children a small fortune. We'll consider it a life well-lived.

Cretch , wasn’t there a cash price for the vehicle? Which to me equates into the interest in the difference between cash and financed vehicles.

Debt is good when you can reinvest the money at a rate higher than the interest on the debt. My mortgage is 2.5/8%; I have an equivalent amount of money in investment-grade corporate bonds paying 4 1/2%. I net about $2800/yr on the difference between what I pay and what I am paid. Why would I ever sell those bonds to pay off the mortgage?

Addressing the question of too much time on your hands after retiring and not having a sense of purpose. I enjoyed my work and most of the people I worked with but finally realized that I was living on someone else's schedule. Returning from a great vacation I realized that I was done being needed. I wish I had done it 7 years earlier, I was afraid of being bored.

Boredom has never occurred. We live where it is easy to travel into the outdoors for a day or a month. Hiking, hunting, fishing and seeing new places w/ plenty of time to really explore the things/places that interest you. Wolf season in Idaho and Montana runs from Sept.-the end of March. Always coyotes to hunt and we follow the weather to do what we like. Physical training is part of nearly every day and contributes to mental and physical well being, no excuse for missing a workout when you are retired. I read a book/week and spend some time on the internet. Life is good, retire as soon as feasible.


mike r

"It is better to spend money like there is no tomorrow than to spend tonight like there is no money."
P.J. O'Rourke

That's what we negotiated then was able to finance that over 72 months at 0%. Made no sense to take a lump sum out of retirement money that would/could be subject to taxes. Instead let our money sit and grow.

I have time but now I have bills too.

Au7MM08 & Utah708 just explained it. That was pretty much what I was saying in my post. My financial adviser says the same thing. Believe it or not, having some debt makes a big difference a big difference on credit rating for those times when someone actually needs a loan. It can qualify you for much better rates.

Yep,they are the golden anchor.I actually made good money,but did not particularly like my employer.So I ate the chit sandwich,but remember the more bread you have,the less chit you have to eat.I was also self employed at the same time.I used my employer for health benefits and retirement and a great 401K.Something if I was completely on my own would have come from my pocket.

I think for obvious reasons you’re gonna get those with well-planned retirements on here. The biggest torpedo that struck my own financial future was my wife and future Ex going rogue after a 20+ year marriage. My future retirement income is legally classed as a joint investment for all that time, so is hers but she is 10 years younger.

I took a major hit but am still afloat, coulda hurt a lot worse if I had major material aspirations and/or didn’t like what I do. It does mean that, God willing, I need to work another seven years until age 70. I would probably have done that anyway.