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Re: Retirement.
[Re: trapdog1]
#7029104
10/27/20 09:39 AM
10/27/20 09:39 AM
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Joined: Dec 2006
Posts: 11,165
Central NC
traprjohn
trapper
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trapper
Joined: Dec 2006
Posts: 11,165
Central NC
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Our own mortality is something no one wants to dwell on, . nope but it needs addressed, like in paying for your funeral yrs beforehand, then YOU get to pick everything involved, AND save your heirs thousands $$$$. I was blessed Dad did this 20 yrs before he died. Mourning and making those decisions don't go well, often...so mine is paid for now, too, so my family won't have to make any of those decisions while mourning. ALSO, we all need a MASTER LOCATOR. It is a book/file with ALL bank account and insurance company and investment co phone and acct #'s ..another effort Dad made that made our lives so much easier, not having to hunt for any of this info.
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Re: Retirement.
[Re: coonman220]
#7029114
10/27/20 09:46 AM
10/27/20 09:46 AM
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Joined: Dec 2006
Posts: 7,507
WI>>>MN >>>WI
T-Rex
trapper
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trapper
Joined: Dec 2006
Posts: 7,507
WI>>>MN >>>WI
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I took early SS retirement.
If I am lucky enough to die in the next ten years, I win.
Man who mistake shillelagh for fairy wand; see pixie dust, also.
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Re: Retirement.
[Re: Blaine County]
#7029127
10/27/20 09:58 AM
10/27/20 09:58 AM
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Joined: Jan 2007
Posts: 3,960
Northern Nevada
Bob
trapper
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trapper
Joined: Jan 2007
Posts: 3,960
Northern Nevada
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Actor, I’m sorry about your misfortune but you brought both those things on yourself, by not using a reputable, big name broker and by making a bad deal to sell your business on a payment plan.
JD hornet, unless you pulled your money out you didn’t lose a cent. The market has since quadrupled from what it was before the 2008 crash.
It says you are 31 years old. Is that right? Also, what do you do for a living? I ask because you write as if you are absolutely certain about all things investing, finance and retirement planning. That’s right. And no, I don’t have a financial degree, if that’s what you’re getting at. I just care deeply about my financial health and my families financial health after I die, so I’ve spent thousands of hours studying and reading everything I can get my hands on about investing, business, and wealth.
"I have two guns, one for each of ya."
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Re: Retirement.
[Re: Bob]
#7029142
10/27/20 10:26 AM
10/27/20 10:26 AM
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Joined: Mar 2010
Posts: 5,934
2A Sanctuaries-W. OK & N. NM
Blaine County
trapper
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trapper
Joined: Mar 2010
Posts: 5,934
2A Sanctuaries-W. OK & N. NM
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That’s right. And no, I don’t have a financial degree, if that’s what you’re getting at. I just care deeply about my financial health and my families financial health after I die, so I’ve spent thousands of hours studying and reading everything I can get my hands on about investing, business, and wealth.
Fair enough and I applaud you for thinking about it so intensely. There are a couple of investors on this site way more knowledgeable than me but here's some free advice from a guy that has, as an adult, lived through four recessions, four oil busts and is a productive earner, disciplined saver and active investor: You appear to be on the right track but you don't know everything about the markets, business or wealth. None of us do. In other words, don't be so certain!
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Re: Retirement.
[Re: Bob]
#7029198
10/27/20 11:27 AM
10/27/20 11:27 AM
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Joined: Jul 2011
Posts: 159
Virginia
Dave Kimball
trapper
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trapper
Joined: Jul 2011
Posts: 159
Virginia
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You are not financially ready to retire. I can tell that just by your posts on here. If you want to retire you’re going to have to live on nothing and start saving aggressively In an IRA or 401k for the next five to ten years. And I mean aggressively, the legal maximum the government will allow, which I believe This year is 18,000 a year in a 401k and 7,000 a year in an IRA. I think you can even do a little extra at your age as catch up.
Young people on here, take note. 60 might seem way far away, but you gotta start saving now if you’re ever going to retire. This would be a much different conversation if coonman had saved 15 percent of his income in a 401k for the last 30 years. He would be a millionaire. He wouldn’t have to worry about his truck breaking down, cause he could just go pay cash for a brand new one. He could never work another day in his life if he felt like it.
Coonman, I’m not trying to be down on you. I just want the young folks here to understand that THEY control their future and retirement, not the government or social security. Mr. Bob, Any chance you are not accounting for the fact that CM may be "hard scrabble" and knows how to grind out an existence?
Dave Kimball
NTA-VTA Life Member
Trapping Some- Buying Some
(804) 631-7417
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Re: Retirement.
[Re: Blaine County]
#7029210
10/27/20 11:44 AM
10/27/20 11:44 AM
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Joined: Jan 2007
Posts: 3,960
Northern Nevada
Bob
trapper
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trapper
Joined: Jan 2007
Posts: 3,960
Northern Nevada
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That’s right. And no, I don’t have a financial degree, if that’s what you’re getting at. I just care deeply about my financial health and my families financial health after I die, so I’ve spent thousands of hours studying and reading everything I can get my hands on about investing, business, and wealth.
Fair enough and I applaud you for thinking about it so intensely. There are a couple of investors on this site way more knowledgeable than me but here's some free advice from a guy that has, as an adult, lived through four recessions, four oil busts and is a productive earner, disciplined saver and active investor: You appear to be on the right track but you don't know everything about the markets, business or wealth. None of us do. In other words, don't be so certain! There is always much to learn. I listen to or read around ten to twelve hours a week of financial material because I don’t know it all. I do know there are two things that are absolute truths though. 1- if you don’t save money you’ll never have any, and 2- 100% of repossessions and foreclosures happen on assets with debt attached to them. So, if you do nothing else, save money and avoid debt and you’re well on your way to being financially secure. Big brownie, my assumption of a ten percent return is based on what my 401k has done since I opened it. Some years it was less, some years more, but the average has been 10.2%. This year so far my rate of return is 9.65%
"I have two guns, one for each of ya."
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Re: Retirement.
[Re: Dave Kimball]
#7029215
10/27/20 11:47 AM
10/27/20 11:47 AM
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Joined: Jan 2007
Posts: 3,960
Northern Nevada
Bob
trapper
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trapper
Joined: Jan 2007
Posts: 3,960
Northern Nevada
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You are not financially ready to retire. I can tell that just by your posts on here. If you want to retire you’re going to have to live on nothing and start saving aggressively In an IRA or 401k for the next five to ten years. And I mean aggressively, the legal maximum the government will allow, which I believe This year is 18,000 a year in a 401k and 7,000 a year in an IRA. I think you can even do a little extra at your age as catch up.
Young people on here, take note. 60 might seem way far away, but you gotta start saving now if you’re ever going to retire. This would be a much different conversation if coonman had saved 15 percent of his income in a 401k for the last 30 years. He would be a millionaire. He wouldn’t have to worry about his truck breaking down, cause he could just go pay cash for a brand new one. He could never work another day in his life if he felt like it.
Coonman, I’m not trying to be down on you. I just want the young folks here to understand that THEY control their future and retirement, not the government or social security. Mr. Bob, Any chance you are not accounting for the fact that CM may be "hard scrabble" and knows how to grind out an existence? Well if he wants to struggle for the rest of his life then I guess he can retire whenever he wants.
"I have two guns, one for each of ya."
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Re: Retirement.
[Re: coonman220]
#7029237
10/27/20 12:09 PM
10/27/20 12:09 PM
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Joined: Dec 2015
Posts: 6,338
se South Dakota
NonPCfed
trapper
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trapper
Joined: Dec 2015
Posts: 6,338
se South Dakota
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coonman could have his own reality tv show from his posts here on tman. I'm not trying to make fun of him, just stating observational data. I wish him a tuck load of 4xl prime Iowan coon, I think that will make him a smile, for a bit...
"And God said, Let us make man in our image �and let them have dominion �and all the creatures that move along the ground".
Genesis 1:26
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Re: Retirement.
[Re: Crit-R-Dun]
#7029279
10/27/20 01:05 PM
10/27/20 01:05 PM
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Joined: Aug 2011
Posts: 45,474
james bay frontierOnt.
Boco
trapper
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trapper
Joined: Aug 2011
Posts: 45,474
james bay frontierOnt.
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My offer still stands on that 22. [/quote] ![[Linked Image]](https://trapperman.com/forum/attachments/usergals/2020/10/full-21521-66327-886.jpg) You mean this one? ![[Linked Image]](https://trapperman.com/forum/attachments/usergals/2020/10/full-21521-66328-917.jpg) Still looking for one of these?
Last edited by Boco; 10/27/20 01:15 PM.
Forget that fear of gravity-get a little savagery in your life.
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Re: Retirement.
[Re: coonman220]
#7029282
10/27/20 01:09 PM
10/27/20 01:09 PM
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Joined: Jan 2007
Posts: 3,960
Northern Nevada
Bob
trapper
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trapper
Joined: Jan 2007
Posts: 3,960
Northern Nevada
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Okay, so here’s the math. At $12 an hour, you put away 15%, or $288 a month, which is $3,456 a year into an S&P 500 fund, which if you do your research has a 50 year track record of earning 10% annually. If you were to do that for 30 years you’d end up with $625,340.48
So you’re right, not a millionaire, but 625k will produce an annual income of just over 60k a year in perpetuity. Do you think he could live on 60k a year? I think so, seeing as 12 an hour at 40 a week is only just over $23k
"I have two guns, one for each of ya."
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Re: Retirement.
[Re: Bob]
#7029287
10/27/20 01:16 PM
10/27/20 01:16 PM
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Joined: Apr 2018
Posts: 135
Ozark Mtns, AR
JD Hornet
trapper
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trapper
Joined: Apr 2018
Posts: 135
Ozark Mtns, AR
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I pulled my money because I could still afford to retire not at the level I had thought but then I don't need a bunch of money to live on. I've always said if your mortgage is paid for you are pretty much retired. I'm having fun doing what I want to do, farming trapping being available to and for my family. If I would of stayed in the market to let my account quadruple as you say, my quality of life would not be the same. I got enough. When you get older you will understand time with loved ones is the most important and if the markets are not soaring when you are ready to retire you can make a decision make more money or retire on what you have. Not saying which is right for you just I made a decision that was right for me and my family.
Farm Hard
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Re: Retirement.
[Re: coonman220]
#7029292
10/27/20 01:23 PM
10/27/20 01:23 PM
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Joined: Jan 2007
Posts: 3,960
Northern Nevada
Bob
trapper
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trapper
Joined: Jan 2007
Posts: 3,960
Northern Nevada
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You withdrew all of your money from the market? Why not continue to let it grow, pulling out only what you want to live on in a given year? It’s not an all or nothing equation. The point of investments is to create income. If you pull it all out you pull the plug on your income
"I have two guns, one for each of ya."
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Re: Retirement.
[Re: coonman220]
#7029293
10/27/20 01:24 PM
10/27/20 01:24 PM
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Joined: Jan 2007
Posts: 3,960
Northern Nevada
Bob
trapper
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trapper
Joined: Jan 2007
Posts: 3,960
Northern Nevada
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And you’re 100% right. I do understand the value of time with my family and the freedom of retirement. That’s why I’m so intensely focused on it.
"I have two guns, one for each of ya."
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Re: Retirement.
[Re: Kansas Cat]
#7029299
10/27/20 01:28 PM
10/27/20 01:28 PM
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Joined: Jan 2007
Posts: 3,960
Northern Nevada
Bob
trapper
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trapper
Joined: Jan 2007
Posts: 3,960
Northern Nevada
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Hey Bob, what industry are you working in there in Nevada? I currently do landscaping. I’m trying to get on with the natural gas company, but those are both short term plans. When I get the capitol saved up I plan to go into business for myself growing landscaping trees and plants. Not sure what the industry I work in has to do with math though
"I have two guns, one for each of ya."
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Re: Retirement.
[Re: coonman220]
#7029313
10/27/20 01:37 PM
10/27/20 01:37 PM
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Joined: Jan 2007
Posts: 3,960
Northern Nevada
Bob
trapper
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trapper
Joined: Jan 2007
Posts: 3,960
Northern Nevada
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No, I promised myself if I ever got out of the oil industry I’d never go back. I hate that work, but I did it cause my family needed me to. Now that we’ve put ourselves in a place financially where I don’t HAVE to earn that kind of money I’m searching for work that is fulfilling in more ways than a paycheck
"I have two guns, one for each of ya."
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