Let's Talk Retirement.

Discussion in 'Lets talk Business!' started by Mikey P, Dec 27, 2017.

By Mikey P on Dec 27, 2017 at 1:46 PM
  1. Mikey P
    Mikey P

    Administrator

    Joined:
    Oct 6, 2006
    Messages:
    71,385
    Location:
    The High Chapperal
    Name:
    Mike Pay-oh-tay
    For some an ugly subject that gets put off year after year untill it's toolate but to kid yourself

    For others it's constant thought and probably thier main hobby.

    Some of us have working wives who may be able to float the boat once our backs can no longer devastate soiled floors as owner op super heros.
    Some, few, very few actually have a business with a value that can fund our survival
    Some are fit enough to wand their way into the grave.

    And some like @Radar Foster and @Wandslinger have it figured out with enough side action that they could quit today, make a few adjustments and be fine..

    Let's talk about what your parents did, what your kids will do and most importantly, what you're doing right now.
    Matt Wood and Derrick T. like this.

Comments

Discussion in 'Lets talk Business!' started by Mikey P, Dec 27, 2017.

    1. Neil E
      Neil E

      Member

      Joined:
      Dec 31, 2017
      Messages:
      34
      Location:
      Fl
      Name:
      Neil E
      AMEN to that Willy.... X's 2! :smile:
    2. Greg Stiel
      Greg Stiel

      Member

      Joined:
      Jan 20, 2018
      Messages:
      2
      Location:
      Fredricksburg Va
      Name:
      Greg Stiel
      Well Willy, I know what your saying.
      I busted my ass as a one man band for 40 years. I was frugal worrying about every penny I spent. 30 years ago I handed my wife the check book and she handled the finances. I lived good, 2 nice vacations a year , nice home new cars and truck but I thought I could never get ahead. (cash in the bank) At 60 I looked at her as I was getting ready to leave for a night job (most were) and said "I can't do this any more" She asked why do you? I said I need the money. She laughed and said that I couldn't spend what I had in the rest of my life.

      I was so worried about getting the jobs done that I really didn't know what I was making. I was blessed to have so much work but felt like I was always scrambling to get it done.

      But more than having the work, I was blessed with a wife that knew how to put money aside and invest it,
      roro, SamIam, The Great Oz and 12 others like this.
    3. Beeks
      Beeks

      Member

      Joined:
      Feb 5, 2013
      Messages:
      391
      Location:
      Orlando
      Name:
      J.R.
      Currently trying to live the retirement life as much as possible...while still working? I continue to hire help when Im able to, so I don't have to "work". Though I still work ON the business, it honestly doesn't feel like work, as I truly enjoy growing the company. I really don't like workin IN the business at all, hence why I continue to hire people when it's not necessary. I continue to put most of the pennies back into the company, buying new equipment on a regular.

      Have a ROTH IRA, they allow $5500 a year max, and I max it out, have been doing this for the last 4-5 years(turned 34 last week). Wife works for a mortgage company, has been there for a couple decades, and has double my ROTH saved in her 401k's. I have a SEP IRA that I will start adding more to in the coming years, and keep the bank accounts chunky for the unforeseen.
      SamIam and Bob Pruitt like this.
    4. 1st choice restoration
      1st choice restoration

      Member

      Joined:
      Sep 21, 2014
      Messages:
      240
      Location:
      Oklahoma
      Name:
      John
      Buy apartment complex and rental properties.....
      Matt Wood likes this.
    5. TomKing
      TomKing

      Supportive Member

      Joined:
      Sep 18, 2012
      Messages:
      1,097
      Location:
      Indianapolis
      Name:
      Tom
      My 401k is doing awesome. Got to love this market. We have 10 years and then done. Jordan will transition in during that time. He runs most of the day to day for the service side of the business right now. The retail side looks to be pretty exciting in the next 24-36 months. The next 3 year goal is to build a level of management that drives growth. We are well on our way to building a turn key cash machine.

      For the young guys reading and lurking go attend Dave Ramsey’s Financial Peace University. We pay for all our employees to attend if the would like to.

      Start living debt free as soon you as you can and you will be just fine.

      I am super stoked about what is happening in our country right now. This is a great time to be a service provider.
      Beeks, Wandslinger, scottw and 5 others like this.
      Last edited: Jan 24, 2018
    6. Brian H
      Brian H

      Member

      Joined:
      Dec 14, 2006
      Messages:
      1,729
      Location:
      Detroit Michigan area
      Name:
      Brian H
      Great advice for the younger folks Tom! It's also never too young to start working with a financial adviser. We may know our industry but that doesn't always translate into knowing how to manage your money for your retirement.

      My wife is a corporate controller for a $100 million dollar a year services company and does a phenomenal job managing our day to day expenses. Even she needs help though in how to get the most out of our 401Ks, IRAs and other investments. For example, we met with our adviser last week to discuss whether it's better to pay off our house before we retire or not. We were on a path to make that happen but now I am not so sure. There are good arguments for doing it either way and we will work out the best strategy based on our wants/needs.
      Bruce Humphrey, scottw and Mikey P like this.
    7. Hoody
      Hoody

      Supportive Member

      Joined:
      Oct 24, 2007
      Messages:
      5,720
      Location:
      Bowling Green, Ohio
      Name:
      Steven Hoodlebrink
      My mom has a retirement account with her job but she's not had the best streak of employment so she will likely live off of social security when she retires unless she starts investing now. I don't see that happening though. My dad has always been hard working and smart with money. He paid into a 401k for 26 years as a welder before they permanently laid him off and he rolled it over into an IRA. He has a new 401k with his new career. He will likely retire well and makes good money at his current job. Now if he'll stop buying guns and invest more of it he'll do really well.

      The way I figure it, when I go to retire social security will probably be bankrupt and I need a major plan B. Plus I've watched enough people live solely off SS and just be plain miserable and struggle until they die. Certainly not how I want to end things.

      A few years ago I was living in an apartment but it was too close to the railroad tracks for me to run the business from my home so I decided to move out. The owners were an old couple who wanted to unload it at that time. I bought it for roughly 35% under the appraised value and have kept renting it out. It is a house separated into the 3 apartments. It provides enough income to make double payments/insurance/taxes, keep some back for maintenance, and keep a little coin in my pocket. I will have it paid off in another 2 years. The nice thing is CSX built a major hub in that little town and brought a lot of jobs and property values have increased about 14%. After it is paid off I may rent it for one more year and then put it on the market then take that and invest it, or I may keep renting it and invest what I make from it into the market.

      Since becoming a father my main concern has been ensuring my son's future should something happen to me before he turns 18. My life insurance death benefit pays any funeral and medical expenses and then it goes into a trust where it will make monthly payments to his mom until he is 18. After that college tuition payments can be paid out from it and then the rest he gets when he turns 25. I'm honestly not sure how that all works I just paid a lawyer a good chunk of change to make it happen. Since it is in a trust I can change it should I have more children or my situation greatly changes.

      Currently I have an HSA and high deductible plan for the lower premium. I'm treating the HSA more like a retirement account but the money is there should I need major surgery or a long-term hospital stay. I max that out each year. The other option I'm looking at is a Simple IRA as a retirement account but also have the flexibility to use it for tuition as well.

      I've started to read about stocks and investment and may start playing on a simulator to understand it better. Also have a few meetings with 2 financial advisors to see what options they have too.

      I will be 32 this year and although 65 is another lifetime away for me I would be an idiot not to start now. I should have 5 years ago.
    8. KevinD
      KevinD

      Member

      Joined:
      Nov 23, 2006
      Messages:
      1,689
      Location:
      Binghamton,New York
      Name:
      Kevin Dumas
      Start investing as soon as you can.
      The 2nd. 32 years of your life will go twice as fast as the 1st. 32

      32 years ago I bought my 1st. house.
      Seems like yesterday.
      Hoody, Mikey P and Matt Wood like this.
    9. hogjowl
      hogjowl

      @

      Joined:
      Feb 19, 2007
      Messages:
      26,878
      Location:
      Prattville, Alabama
      Name:
      Marty Sutley
      :eekk:
    10. Hoody
      Hoody

      Supportive Member

      Joined:
      Oct 24, 2007
      Messages:
      5,720
      Location:
      Bowling Green, Ohio
      Name:
      Steven Hoodlebrink
      :marty:
      hogjowl likes this.
    11. Mikey P
      Mikey P

      Administrator

      Joined:
      Oct 6, 2006
      Messages:
      71,385
      Location:
      The High Chapperal
      Name:
      Mike Pay-oh-tay
      I read it all.
      Thanks Hoodie


      Cant get my kids to listen.
      Bruce Humphrey likes this.
    12. SamIam
      SamIam

      Supportive Member

      Joined:
      Aug 9, 2012
      Messages:
      7,349
      Location:
      California
      Name:
      sam miller
      Not when they’re law enforcement hahaha

      And they call me the local broke dick to clean it!

      Thanks @Wandslinger
      Wandslinger and Mikey P like this.
    13. Hoody
      Hoody

      Supportive Member

      Joined:
      Oct 24, 2007
      Messages:
      5,720
      Location:
      Bowling Green, Ohio
      Name:
      Steven Hoodlebrink
      He read it, he just doesn't want to admit it.

      You couldn't get me to listen either at 18-26 either. Becoming a parent does something to you where you realize it isn't all about you anymore. I'm not saying you HAVE to become a parent to realize that. It is just what woke me up. That and watching people 25-45 randomly pass from health issues or accidents and seeing the financial devastation it has brought to their families. Life is fragile and bad things happen. I feel as if I have any current problems that could happen covered with the various protections I've put in place. That includes having 3-6 months of personal expenses in savings. Now I'm thinking about the future long down the road. That would be my advice to your non-listening kiddos.
    14. Beeks
      Beeks

      Member

      Joined:
      Feb 5, 2013
      Messages:
      391
      Location:
      Orlando
      Name:
      J.R.
      Was curious about the retail side you are talking about? Looking to sell rugs? Been a follower of yours for a while, and Jordan has helped me greatly grow my rug division over the last year or so. Much appreciated.
      Mikey P likes this.
    15. amygeorge
      amygeorge

      Supportive Member

      Joined:
      Jun 15, 2011
      Messages:
      521
      Location:
      Vernon, Texas
      Name:
      Amy Lorance
      You hit the nail on the head. Farmers and ranchers rarely retire. My husband and I have this discussion often because his brother and partner is 10 years younger than he and won't be ready to retire when we are and he won't be able to buy us out. Land is stupid expensive now and you can't make it work running cattle, etc. You get the big bucks when you sell to rich urban folks. Sad, but crappy hunting land goes for more than cultivation land in our part of the country. Gone are the days of farm land bring more than hunting land - unless you're in the rich soils of the midwest, etc. Our children will never come home to ranch and I'm not gonna just leave it for them to sell. Sounds selfish, but I would be happy to leave it if we had a child that wanted to come home and take over. Our SIL and future SIL, a nuclear engineer and software guru only like it for recreational reasons. All land with my name on it will be sold and my real estate investments, too - 'cause I sure hope I'm not living here in my retirement years. My laundromat was purchased with selling in mind from day one. I don't mind living on the ranch part time, but it sure won't be full time when the time is right. But in all honesty - who really knows what is going to happen... I also buy lottery tickets - yes, I do!
      ruff, Brian H, scottw and 1 other person like this.

Share This Page