What didn't you like about it. I think I have a pretty good idea because I spent a little under a decade in Montana when I was your age.

You just lost your T Man Financial Planner credentials. You're 31. If you are skilled oilfield you would be crazy to not ride the next boom. Income is the biggest driver of wealth and you are young enough to pile up some cash--assuming we have another boom or boom lite.

Source: former oilfield worker (low skilled) now energy lawyer

Many things. I hated how backhanded the whole industry is. Much of the time I had bosses over me who didn’t know squat about the job but got there because their high school buddy’s brother is the CEO, you know, stuff like that. And when you’re the crew foreman anything that happens is your fault, even when it really isn’t. Every person out there is ready and willing to throw you under the bus to get one more step up the ladder. I can’t even remember how many times a superior told me to do something, I did it, and then his superior got mad and all of a sudden that’s not what they told me to do, now I’m the idiot. I hated working 14-20 hours a day six days a week because some guy in the office decided we had a deadline and my boss doesn’t have the backbone to tell em we don’t have enough people to reasonably make it happen. Or he just didn’t care, cause he’d be home by 5 anyways. Get the job done no matter what it takes because money. Doesn’t matter if you have to lift a 300 pound valve into place by hand, figure it out, our equipment is busy. Can’t get it? Well you’re just worthless then.

I could go on for a long time about it lol. Also, I HATE cold weather, so that didn’t help matters.

Blaine, you are welcome to your opinion, but I think you’re wrong. Studies show that workers who do work they enjoy are better at their jobs, and in turn earn more. On the other hand, do work you hate and you’ll always be mediocre at best, with mediocre wages.

I was pretty sure you were in the oil field making big money before. It's easier to put a lot away when you're making a lot to begin with.

Keep in mind the stock index, the S&P 500 had a lost decade that returned -2% 1999 - 2009. It can happen and for a long period of time.
Of course 1999-2009 was largely before you were investing. It's still the best bet but it can also dive.

Also,79% of millionaires in the USA did not inherit money. Over 60% of millionaires in the United States didn’t average over $100k annual income. 1/3 of the millionaires in the US NEVER once cleared 6 figures a year in their working life. So while income is important, what you do with your income is more important.

Another thing to keep in mind, the current state of the stock market has a lot to do with the trillions of borrowed stimulus money sloshing around.

That’s the mistake investors often make. Looking at what is happening in the market today, instead of researching the stock markets past records and using those to project into the future.

Mom just got quite defensive with me a few minutes ago when I said something to this effect about her situation.

That said I am considering taking the penalty and removing some money out of my 401 to pay off a house I'm renting. I think if the Democrats win markets will tank 50%+ and take some time to recover. So those losses will more than off set the penalty. In 5 years I will have got my money back on rent including the penalty. In 4.5 years after that so in 10 years that I will have made 20k and 5k a year there after. Also at any time I can sell that asset.


Edit: Everyone opinion is this good move or not? This would be the equivalent earning my investment or doubling it every 4.5 (well 5 years with taxes). And keeping a 75k asset.

I have never forgotten the first company retirement seminar I attended as a freshly minted engineering graduate. His pitch was, if we invested x amount of dollars for the length of our career, we could retire with a million dollars in the bank. Of course he was right. The real question was what we could buy in 40 years with a million dollars. I can tell you, in hindsight, it is considerably less than I thought those many years ago.

I have no interest in retiring. I like what I am doing but I am cutting back on some things. On December 22 I will go apply for social security and take my chances. I have no 401k or IRA, Never had any stock or anything like that. I just have my health and a desire to keep working for a while yet. I did the math; I can get my SS and still work because of being self employed I have a TON of deductions and show little income. I hunt and fish for a living so it's all tax deductible.

I made this decision when I was in my 20's and I knew I would probably get to this point and be where I am now. Barring a stroke of luck, I would never have a lot of money in reserve. And I wouldn't change it even though I have little savings and my net worth is tied up in real estate equity. I'll use the SS income to pay off the rest of the real estate and I can easily make enough to be comfortable working part time.

I decided in my 20's that there was no amount of money that can compensate you for spending your life doing something you don't like. Advice to the younger people: 1) Do what you love and let the rest sort itself out. 2) Live frugally, avoid debt and put a little away. Doesn't have to be a lot. 3) DEBT will steal your life away.

My wife has never made much money either she spent most of her life being an amazing mother. She now works for a nonprofit so that tells you about her income. But we are careful with funds and love to travel so we save for vacations. In 6-8 years we will have a place down south in the winter, and our lake place will be for the summer here in Minnesota. Believe me if we can do that on the amount of money we have made through our lives, ANYONE can do it.

Hope this helps you coonman, it's never too late to make good choices.

True but when on that history have there been the massive government bail outside and infusions like we have had in the last 12 years?.

That should chang things but how and how much?

One thing I've noticed in my lifetime about people who worry their whole life about saving for retirement is, they never "retire" and enjoy the fruits they gave up when they were in their prime. To the day they die, they worry about money to the point I have to wonder if they need to be screwed into the ground they're so tight.

Either that, or they never enjoyed life and die before they can spend any of their savings or their body is so wore out they can't do a thing they thought they would once they retired.

Yep, ya gotta save some, but if its on your mind so bad you don't live while tour able you might never get the chance.
Tomorrow isn't promised.

At your age Bob, time is your friend. A lot of investors don't have that luxury. Apparently a lot of professional investors are keeping a tremendous amount of cash on the sidelines right now. Not a bad thing to keep in mind.

down on y

Any chance you are not accounting for the fact that CM may be "hard scrabble" and knows how to grind out an existence? [/quote]

Well if he wants to struggle for the rest of his life then I guess he can retire whenever he wants.
[/quote]

One man's struggle is another man's peaceful, stress-free existence. I can tell you that from someone who left the rat race in the 1980s. Numbers are only numbers. I know a guy who has 150 million in the bank and is more stressed about money than most people who could probably qualify for food stamps but don't want them.

Just a thought that came to mind as I was reading this. There are such incredibly wide gaps in wealth in this country, more than at any other time in history it seems. A friend of mine sold his medical business for I have no idea how much, but it was a lot. He called me last week to tell me that he decided to take up bowhunting. So he bought a new bow and 480 acres of hunting land.

Maybe he'll let me hunt there when I have nothing to eat.

The last reason you mentioned was the cold. I figured that and the wind would be your main two reasons. LOL. The other things you mentioned are not peculiar to the oil industry. You will find those situations in every industry.

I have read all the posts on this thread-- I agree with most of them however I think there is one point that is missing from this discussion. I am an old guy, worked on three different continents, from top of a saddle horse to corporate boardrooms and much in between. I say that only to qualify my point. That point is you dont know. Nobody knows if they have 30 years left or 30 minutes. Nobody knows if their investments will be viable 30 years from
now. Nobody knows even whats going to happen next week let alone way down the road. What we do know is you have now. Do not wait until "retirement" to do what you have dreamed of -- do it now. I knew quite a few men that worked jobs they hated so they could have a good "retirement" only to die very shortly after they retired. The man that is blessed and prosperous is doing what he enjoys. Take care of your family, pay your bills and do some things you enjoy NOW

Very good point. Which is why there are three things you must always do with money once your necessities are taken care of. You have to save some. You have to give some. You have to spend some.

think of giving, saving, and spending as muscles. Each one must be worked out and exercised in order to maintain a healthy relationship with money. If you spend your whole life never saving, it will be difficult for you to save when you need to. If you never spend a dime on anything that isn’t essential, you’ll never be able to enjoy your money. If you never give any money away, you’ll always have trouble Being a generous person. The giving portion extends far beyond money and into your spiritual and emotional health but that’s another topic

Ks wolfer, you’re very right, you have to live in the now, but do it wisely. Don’t steal your future to fund your now. A lot of people do die before retirement, but a lot more live to retirement and spend their last years in poverty because they didn’t plan on a future.