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Posted By: J Randol Retirement Strategy - 05/23/11 02:48 PM
I don't think I could do this with the whole-she-bang but buying a few would be fun. I wonder if he still uses them or they sit in the closet???

Retirement Strategy
Posted By: Shotgunjones Re: Retirement Strategy - 05/23/11 03:12 PM
Most of us have done this unintentionally.

The market does swing up and down, but guns of good original quality in good condition will never lose value.

The guns I bought more than ten years ago have on average nearly doubled.

Do take advantage of IRA's and 401K's where available because that's deferral of today's taxes (not 'savings' as the genius advisors always say) and likely to pay off in the long term, but once those advantages are exhausted, quality iron is better than most investments.

Besides, it's fun.
Posted By: ClapperZapper Re: Retirement Strategy - 05/23/11 03:16 PM
It's a flawed strategy based on the imbalance in their personal relationship. It's a demonstration of power over her, not an investment strategy.
"I'm spending MY money on what I want."

The difficulty with hard asset investments, is that you can only sell them once. Most "investors" have little desire to be toting a high grade shotgun around at gun shows when they are 80 trying to pay for their prescriptions.
And even fewer follow an orderly liquidation of their accumulations prior to their death. So, the beneficiary is usually your "friends" with similar interests, as they are the ones that will see to it that your wife is properly screwed after your demise.

It's a lousy strategy. I know, I am there.
Posted By: Genelang Re: Retirement Strategy - 05/23/11 04:00 PM
The problem is, while a gun's value may increase, the market for medium high-end guns is degraded. There will always be a rich guy to buy a $100K shotgun, but the number who buy $10K guns is less, because those consumers aren't rich, and many of them are out of a job.

The value of a gun, or anything else, is what it will sell for, not an intrinsic value.
Posted By: Shotgunjones Re: Retirement Strategy - 05/23/11 04:03 PM
Case in point:

A good friend of mine bought an entire collection from the estate of a fiend of his who had passed. The widow had the collection appraised, and my buddy stepped in at the last minute and bought the stuff from under the nose of the appraiser/broker.

The widow received the same amount as had she sold it to the broker they screwed out of the deal. The lot was $25k, +/-. You might say the original guy didn't have a good strategy.

My pal sat on the stuff another 15 years, until he reached about 80 years of age. He then sold it off, one by one, on Gunbroker and netted near $50K. Most of the value was in Colt pistols and Winchester rifles.

He had a better strategy.
Posted By: KY Jon Re: Retirement Strategy - 05/24/11 12:37 AM
CD's are paying 1-3%. Real Estate is depressed in value in some areas and may be depressed for many, many years. Stocks are a crap shoot for most people. Buying guns is more of a crap shoot for most. You have to know what to buy and what a good price to buy it is. Most "investors" will have neither. Just money for a buyer to try to get them to buy "almost" collectible guns for top dollar. A sellers dream come true.
Posted By: eightbore Re: Retirement Strategy - 05/24/11 12:52 AM
Profits on guns are made on the buy, not on the sale. The sale, to maximize return, should be on the day after the buy, so the money can be recycled on another buy. This is not fun, or a retirement strategy, it is business, a way to make a living. Some people in the business have outrageous collections, but they are sucked out of the business, very little at a time. And the 28%? Fill out the forms and send in the check.
Posted By: George L. Re: Retirement Strategy - 05/24/11 03:02 AM
I held a securities license, Series 6, 63 & 26, for about 18 years. I advised good people on where & how to invest their hard earned money. Most of that time I watched them lose money. At the same time I lost money on the same investments. I finally came to realise that investing in the market, whether it be in common stocks, mutual funds, REITs, etc. is a lot like going to Las Vegas except that you don't get free drinks, cheap hotel rooms and floor shows. Over the past fifteen years I invest my little money in guns and land and have never lost with either. That's just my strategy, I'm not recommending it for anyone else. I just wish that I had been doing it for the whole 30-40 years.

Best Regards, George
Posted By: Gnomon Re: Retirement Strategy - 05/24/11 12:32 PM
OK, so some guy buys a collection of firearms for 25K and 15 years later sells it for 50K. His return is just about 5% per annum. And he's had to store and care for the stuff for 15 years. Guys, this is an act of hobby, not investment. It's nice to collect something that you like and then maybe make a few bucks on it when you're done. But if you seriously want to retire off something or live on the returns for the next 20+ years a closet full of guns probably won't do it.

If someone's lost money in the stock market consistently for 18 years something's wrong. Seriously wrong. Any index fund would be way ahead. What is wrong is the entire retail financial industry - it is set up to fleece retail investors and, making exception for present company, financial advisors are an investor's worst enemy. In 50 years' investing I have met only one or two who were both honest and competent. And they only worked with very large portfolios.

The industry is rotten. Don't trust anybody other than yourself and if you can't or don't want to be responsible for your own market investment decisions buy a Vanguard index fund and be happy and play with your hobby.
Posted By: King Brown Re: Retirement Strategy - 05/24/11 01:04 PM
Where we live is significant with retirement strategies. "Land is the only real estate," my mother would say. We live on the coast in rural Nova Scotia where land is in hot demand, particularly from the US and overseas. Almost everyone with half a mind keeps eyes and ears open because land becomes available from time to time as bargains. A neighbour picked up waterfront for $5,000 and sold it 20 years later for $1,000,000. A Pittsburgh newspaper editor paid $150,000 for land my mother bought for $4,000. Real estate is where it's at for those of us with day jobs.
Posted By: James M Re: Retirement Strategy - 05/24/11 01:35 PM
My investment "strategy" is simple. I'm diversified and not counting on any one area for funding my retirement.
If all else fails I have a 6 month supply of food and other necessities on hand at all times.
Jim
Posted By: AmarilloMike Re: Retirement Strategy - 05/24/11 01:41 PM
During the oil bust of the early eighties a story went around the oil patch. They bankruptcy judge was inteviewing the former oil man; "So what did you do with the twenty million from the loan?" "Well judge, we bought a corporate jet. And a couple of Ferraris, and a Rolls Royce, and a new office, and a game ranch. The rest we just pissed away on whisky and whores."

Any savings or investment is more likely to produce positive results than none at all.

Best,

Mike
Posted By: J Randol Re: Retirement Strategy - 05/24/11 01:56 PM
I know I wish I hadn't transferred some of my investments to be watched over by a financial advisor. Not that he is doing bad but I just hate seeing the advisory fee on the statements.

Come to think about it, had I just took that money and bought a nice double barrel, I bet I would have done better than the markets the past 6 years.
Posted By: GLS Re: Retirement Strategy - 05/24/11 02:16 PM
A buddy went to the bank and was asked by the loan officer about his retirement assets and exit strategy. He told the startled banker that he had enough money to buy a cheap .38 revolver.
Posted By: eightbore Re: Retirement Strategy - 05/24/11 04:22 PM
Yup. "Stick 'em up."
Posted By: Gnomon Re: Retirement Strategy - 05/24/11 04:37 PM
Originally Posted By: J Randol
I know I wish I hadn't transferred some of my investments to be watched over by a financial advisor. Not that he is doing bad but I just hate seeing the advisory fee on the statements.

Come to think about it, had I just took that money and bought a nice double barrel, I bet I would have done better than the markets the past 6 years.


The maximum fee anyone should ever pay a FA is 1% of the total portfolio. There should be no additional charges. Period. Be wary of the FA who puts you into mutual funds that have a load - the FA gets a commission and is not putting your interests before his. Be wary of the FA who puts you into mutual funds operated by the parent firm (Example: Wachovia Bank owned Evergreen mutual funds and their investment "advisors" put clients into these funds, much to the clients' sorrows)

I know of one Merrill Lynch "wealth advisor" who put one of her clients into totally inappropriate instruments and was chargin 3% per annum for this outrageous "service"

Many financial advisors, are in my opinion and that of many others, crooks. Pure and simple crooks.
Posted By: Michael Petrov Re: Retirement Strategy - 05/24/11 06:03 PM
I've worked with the same financial adviser since I was in my late 20's and we planned for my retirement when I reached 50.

The names of the investment company has changed over the years but it's now Morgan Stanley Smith Barney. He is one of the most professional people I have ever worked with.

I had a good job and worked by the hour. We would meet maybe once a year and go over everything and plan for the year ahead. The company I worked for was sold so I had to wait until I was 55 to get health insurance.

I'm 65, I retired at 55 and could not be more pleased with my financial adviser.

My wife and I both decided that we should think about retirement early. We then talked with many friends and found this man. The majority of the people I worked with are still working.

Like any occupation there are good ones and bad ones, ask around.
Posted By: murphy Re: Retirement Strategy - 05/25/11 03:22 AM
Thank you MP, I also am an investment advisor and have been in the business 30 yrs. 28 yrs. with the same firm. My son is now my partner and has been in the business 19 yrs. 15 with this firm. As with any profession there are good and bad, successful and unsuccessful IA's. As for investments, any investment including homes and land can and do lose value. A long term plan investing in 401-k, IRA, or stocks, bonds,mutual funds has been a good way to build retirement funds. Remember a healthy married couple age 65 should plan on 1 or both living 30 yrs. EVERYTHING you buy gets more expensive to buy when you replace it, (car,gun,food,gas) How will a person get a retirement income from guns or land, without selling it. A stock, bond, mutual fund can and has returned to the investor a cash flow that historically has beaten inflation and allowed a person to maintain a standard of living. As for guns, I buy them to use and enjoy. If you think the management fee/commission is to high at 1% to 3 % please consider the benefit as well as the cost. Some of the investments I recommend to clients I am paid 1% to 2% when they buy and the investment (stock or bond) and will be held without any cost for many years. Mutual funds and variable annuities pay me 1% per year. Don't make the mistake of only looking at cost, be sure you look at benefit. kind of like buying a $200. gun or a $10000 gun, they are not the same.
Posted By: Gnomon Re: Retirement Strategy - 05/25/11 11:13 PM
murphy- you are quite right. Sometimes you have to pay more to get quality. I believe that in guns, cars, houses and "stuff" such as the art I collect.

However, if anybody tries to tell me that they can maintain neutrality or look out for my interests first when they sell me something that pays them an up-front amount and then an annual premium, Murph - I am in my 70s - and have heard this for over a half-century.

Anybody who has been around the block knows about conflict of interest.

Period.

It is total BS to argue that a FA who sells a retail mark some instrument that pays the FA a continuing stream is going to look out for the mark's interest. This is tooth-fairy stuff.

As someone who invests on behalf of his family and himself, I urge everyone to indeed "look at the benefit" and not only the cost. Indeed a $200 and a $10000 gun are not the same.

And a front-end fund that pays commission to the FA who flogs it to you and a Vanguard fund are not the same either. One is demonstrably better.

I stand by my statement that most FAs (excepting present company) are dishonest. Conflict of interest is dishonest and crooked. People who have conflicts of interest are crooks and eventually they get caught and they go to jail.

Just check the history of the BS annuities that these guys sell you compared to the ones that don't have these charges.

Most of these guys will refuse to tell you (and guarantee the truthfulness of their statements) what their track record is. You will be given all sorts of BS mumbo-jumbo about how it isn't possible to compare different investment strategies..blah blah.

The only honest FA is one who will work on a fee-for-services and not a commission basis. If you have been hooked by a commission FA, please just log into the Vanguard website and look over their literature. IT'S YOUR MONEY, NOT THEIRS

By the way, Michael Petrov, one of the honest FAs I know personally is also with Morgan Stanley. Maybe they put something into the water!!
Posted By: eightbore Re: Retirement Strategy - 05/26/11 01:17 AM
I think Morgan Stanley has been caught more than once with their hands in the cookie jar.
Posted By: ClapperZapper Re: Retirement Strategy - 05/26/11 02:15 AM
I don't condemn financial advisors. They are a necessity for most people. I don't like the idea that they insinuate themselves between your employer and yourself, often without your even having any say in what you'll be charged. And they obfuscate what their piece is when you press.
However, With taxes and inflation going ever higher, having no plan ensures poverty for most Americans. Or worse, you live to a great age, maintain great health and vitality, and can't do squat because you are poor.
An annual financial checkup is a great tool for securing and maintaining, an active sporting life post retirement.
The wife in the original article was absolutely sound in her questioning of her husbands judgment. Depending on the state, it was half her money.
The advisor was saying that maintaining more than 5% of their retirement portfolio in illiquid assets was not a sound position. Not bad advice really.
Posted By: James M Re: Retirement Strategy - 05/26/11 02:33 AM
Quote:
"The advisor was saying that maintaining more than 5% of their retirement portfolio in illiquid assets was not a sound position. Not bad advice really."

The BIG problem with this is so called liquid assets are based on the dollar. The dollar is IMO going down the tube and when that happens it will be worth a fraction of it's value today. So what effect does that have on your liquid assets? The only reason the dollar has maintained it current value is oil is priced and the current cost valued in dollars.
If oil is taken off the "dollar standard",and some of the oil cartel countries are argueing to do so as I type this, it's value will drop like a rock. If you don't like the current $4.00 a gallon price for gas just wait until this happens.
Jim
Posted By: murphy Re: Retirement Strategy - 05/26/11 02:43 AM
Gnomon, I am confused have you ever compared Vanguards best long term fund to other long term funds both load and no load with the same investment objective. There are many both load and no load which have in fact out performed Vanguard and have done so with less volatility both long term or short. My son and I handle in excess of $275 million for clients, we use commission or fee, whichever makes more sense for the client. Our velocity is .52 which means we earn $1,430,000 gross commission or fee whichever you want to call it. If I worked for fee only at 1% as you suggest, I would earn $2,750,000. If a client buys a bond, say a tax fee municipal which he intends to hold for many years is he better off paying an upfront sales chg. built into the price such as paying par (100) for a bond the firm bought at (99) 1% markup or (98) 2% markup and hold it without further cost for 5,10,20 years or would you rather buy it for (98) and then get charged 1% for every year that you own it. I always believe that most FA's who are successful do care about their clients and as a result build their business through referrals from happy clients. In my case I have many clients with 4 generations in the same family, all of which started 30 yrs. ago. As to conflict of interest don't all business have this conflict. I don't remember the plumber, car dealer, Lowes, HD, Apple, or Ford or your utility company telling you the markup they are charging. Believe me ALL the brokerage firms would love it if all brokers worked for a fee rather than a transaction or commission. I am approaching 65 this year and hope we can continue to earn ou fee or commission by guiding our clients who become friends in the years ahead to help them reach their life goals. Have a good day and I wish all success in their investment choices.
Posted By: ClapperZapper Re: Retirement Strategy - 05/26/11 02:49 AM
Is it Jim?
Let me postulate something for you in an approximate way.
You get a bad blood test, then you get bad scans, and find yourself with an aggressive form of cancer.
To live, it's going to take $100,000.00 cash. Not an unreasonable request for a "Proton radiation" treatment.
Do you really want to have to load your trunk with firearms, desperately seeking someone to give you fair investment return?
Hard assets are illiquid at anything close to their fair market value.
Gold has been an anomaly I will admit.
But buildings, guns, cars, paintings, furniture, are an absolute [censored] to get rid of when you need a big pile of money in a hurry.
Posted By: rabbit Re: Retirement Strategy - 05/26/11 03:01 AM
Actually it's generalities that are depressing. Residential real estate is depressed; maybe office space? Agricultural land (what we used to call farmland) is doing quite well in the 3-state Marcellus shale gas frac[tur]ing boom. By next yr. a few more poisoned wells and bad waste water disposal practices and a jumpon by the EPA and it may not be. I sold my piece of southeastern Ohio to the speculators with "mineral rights" on the brain. Hope they get their 6k an acre out of it before it becomes a sidehill farm again (that is, if there's any water that's fit for human or livestock consumption).

jack
Posted By: Gnomon Re: Retirement Strategy - 05/26/11 10:34 AM
Yes, I have made these comparisons and was using Vanguard as an example for the purposes of this discussion. There are many many funds out there.

The best strategy of course is for the retail customer to take charge of his own financial world. Pay a fee for advice when/if needed/wanted.

Many people, even some with substantial means, have no sophistication when it comes to financial transactions and I have sat in on discussions between such individuals and the thieves managing their trusts. Sorrowful.

I stand by my statement that any time a FA convinces a client to buy a product that gives him a commission there is a conflict of interest. Unfortunately it is "standard operating procedure" for the FA industry, as are all the other BS items that are in place only to generate income for the trade.

The trust/wealth management departments of large banks are among the worst offenders and they manage to spread legal crumbs among the local attorneys so that none of them will litigate.

What a sorry lot.
Posted By: Roy Australia Re: Retirement Strategy - 05/26/11 10:58 AM
I have diversified. I have lots of guns, lots of big bore 2 stroke motorcycles, realestate and superannuation (thats like your 401k) I know I will get my money back on old guns and bikes, dont know about making money? (except for some rare ones)
Posted By: King Brown Re: Retirement Strategy - 05/26/11 12:59 PM
"To live, it's going to take $100,000.00 cash."

That's not approximating, that's reality. It's beastly and mediaeval.

Any retirement strategy in this age should consider changing the system.

To think otherwise, regardless of political stripe, isn't thinking
Posted By: James M Re: Retirement Strategy - 05/26/11 01:12 PM
Originally Posted By: ClapperZapper
Is it Jim?
Let me postulate something for you in an approximate way.
You get a bad blood test, then you get bad scans, and find yourself with an aggressive form of cancer.
To live, it's going to take $100,000.00 cash. Not an unreasonable request for a "Proton radiation" treatment.
Do you really want to have to load your trunk with firearms, desperately seeking someone to give you fair investment return?
Hard assets are illiquid at anything close to their fair market value.
Gold has been an anomaly I will admit.
But buildings, guns, cars, paintings, furniture, are an absolute [censored] to get rid of when you need a big pile of money in a hurry.


I never said above one should all their portfolio into illiquid assets. I keep myself liquid in case an opportunity arises to buy a firearm at a good price. But only putting 5% into other than liquid assets* IMO isn't reasonable either. As a matter of fact I'd like to hear from someone on this board who has followed the "5% or less advice idea".

*I also fully understand that the Government won't even let anyone put assets such as collectibles into an IRA to begin with so they don't consider these retirement assets anyway.

Oh and BTW: I have to the best of my knowledge never lost money on the firearms I bought and sold as collectibles and that has been over a 40 year span. I wish I could say the same about my 401 account.
Jim
Posted By: ClapperZapper Re: Retirement Strategy - 05/26/11 01:56 PM
King- as the kids say, "Been there, done that, and got the silk robe."....For now anyway.

A good retirement plan to me has a number of pieces. Not all of which are about money. The plan I and my wife have followed accommodated our different views on money, leisure, activity level, risk, and a bunch of other stuff. The central theme was that we wanted adequate cash flow to live as we wished until 80 years old. Not 100. The reality is that most people are done spending by about 75. There is no great reason to hoard money in the belief you'll be shooting sheep at 80. It ain't gonna happen.
It's all about being relatively easy to work with, and it must generate adequate cash flow to make the life you want possible. For me, I broke out accumulations into generically "Toys", and investments.
Investments I have no attachment to other than seeking profit and cash flow. Toys I want to keep, and play with as long as I'm able. Play might include shooting, oiling,fondling, looking at, dusting, and bequeathing. Any pleasurable use. Including recreational land.
The sole intention of investments is to add to the useable cash flow. When tired of toys they can become a part of the cash flow. But they are better considered stores of value, not investments.
By clearly identifying toys as separate from investments, the decisions on acquisition and disposition were only mine. Investments, the wife and I talk about.
Posted By: Gnomon Re: Retirement Strategy - 05/26/11 02:55 PM
Clapper's comments are very rational - one should distinguish between "toys" and "investments" and investments should have the sole or principal function of providing income or generating wealth. Toys should be principally for fun. If they spin off money that's very nice but income from your toys is a bonus not the real reason to own the toys.

In addition to guns a lot of my toys are art and antiques; they total more than 5% of my net worth but I don't worry about them nor do I care what they might sell for. I don't buy and sell guns or antiques as a business or a hobby and I really do not care what any of this stuff fetches after I'm dead. I suppose they could be considered stores of value but that is a very secondary function.

Now if only I could hit something with my DR!
Posted By: James M Re: Retirement Strategy - 05/26/11 05:27 PM
I can agree that assets broken into toys(collectibles) vs investments makes sense.
I have never collected firearms with the goal of treating them as investments. However; I have made money doing this over the years and,as far as I'm concerned, if you can make money and have fun doing something you're in the best of both worlds.
Interesting point made above about being done spending by the time you're 75. I had never thought about aging in this manner.
Jim
Posted By: Gnomon Re: Retirement Strategy - 05/26/11 05:46 PM
Jim- the 75 bit is probably approximately true overall. I am allmost 71 and really quit spending (defined as buying "stuff") a long time ago. I have collected art and antiques most of my life and enjoy what I have and don't go all over the world chasing stuff anymore. Never wanted a truck and still don't; I may get one m ore shotgun, maybe not - I really like the ones I have already; my wife and I may build a new house but that's sort of different - relatively few serious collectors keep going in old age; there just isn't enough time left to worry about acquisitions.
Posted By: Geo. Newbern Re: Retirement Strategy - 05/26/11 06:24 PM
How about this?:

Your "toys" represent wealth. Your investments are just money...Geo
Posted By: James M Re: Retirement Strategy - 05/26/11 06:38 PM
Originally Posted By: Gnomon
Jim- the 75 bit is probably approximately true overall. I am allmost 71 and really quit spending (defined as buying "stuff") a long time ago. I have collected art and antiques most of my life and enjoy what I have and don't go all over the world chasing stuff anymore. Never wanted a truck and still don't; I may get one m ore shotgun, maybe not - I really like the ones I have already; my wife and I may build a new house but that's sort of different - relatively few serious collectors keep going in old age; there just isn't enough time left to worry about acquisitions.



Gnomon:

I not there yet and the thrill of the chase is still very much with me. I just got back from a couple of sales about an hour ago. My collectibles firearms,militaria etc. are slated to go to the grandchildren.
Jim
Posted By: ClapperZapper Re: Retirement Strategy - 05/26/11 06:44 PM
Guys, it is a statistical fact. The spending patterns of the elderly were compared with their cash accumulations during the last 10 years of life.
They stop spending, and cash accumulates.
Where this caused quite a stir, was that almost all retail retirement planning was based on compounding returns until the end of life. (Excellent sales pitch, Stick with us and you'll be a multi-millionair!) Leaving healthy, middle aged people slavishly working, but cash poor, during their final years of vitality, and awash in cash (to fight over,or remit to the state for reimbursement)at end of life. Look at the mail of the elderly. 5-1 come-ons for charity.
It was assbackwards.

Newer strategies were devised to wring more cash out of life from 55-75, and accomplish greater enjoyment while you are able.

So, the focus evolves to cash flow from asset accumulation.

Within all this is what I have always called, "The leopard cannot change his spots." or, "You are who you are". Whatever means you have lived with through your adult life leaves a mark. A conditioned pattern of spending. One that you statistically will not change in retirement. You won't become the life of the party. (Sigh)
The example above is, "I don't want a new truck." The desire is truly not there. The leopard cannot change his spots.
Has little to do with money. Everything to do with conditioning.

The question we all struggle with is, When to dispossess ourselves? And by extension, how to do it.

I can assure everyone reading this, that your mental abilities degrade considerably after you have received notice of your impending demise. It is better to have a plan (relatively easily managed) in place before you get such lousy news.

In the interest of levity, my oncologist presented to me perhaps the most comical diagnoses I have ever been a party to hear.
I sat in the chair, (I wish I could say ram-rod straight, but alas, I am a sloucher,) and as he entered the room, I used my normal greeting. "Hey Doc, How's it going?" It's a common greeting in the mid-west.
Without slowing down a bit, he looks me straight in the eye, and he says, "Me?, I'm doing fine. You?, well, not so hot."

I actually appreciated the candor.
These unending rainy days make me quite maudlin.
If anyone takes any advice from me, it should only be that 1. We don't have forever, and 2. Life can turn on a dime.
Use your resources to live with that belief. Everyday, until you can't. Do good, don't hoard.
Posted By: Michael Petrov Re: Retirement Strategy - 05/26/11 07:25 PM
Removed....
Posted By: King Brown Re: Retirement Strategy - 05/26/11 09:05 PM
Well, clapper, you seem to have it right. The best advice I know is from Pasternak and if you don't have it, my gift to you:


IT IS NOT SEEMLY

It is not seemly to be famous,
Celebrity does not exalt;
There is no need to hoard your writings
And to preserve them in a vault.

To give your all---this is creation,
And not---to deafen and eclipse.
How shameful when you have no meaning,
And be on everybody’s lips.

Try not to live as a pretender,
But so to manage your affairs
That you are loved by wide expanses
And hear the call of future years.

Leave blanks in your life---not in your papers,
And do not ever hesitate
To pencil out whole chunks, whole chapters
Of your existence, of your fate.

Into obscurity retiring.
Try your development to hide,
As autumn mist on early mornings
Conceals the dreaming countryside.

Another, step by step, will follow
The living imprint of your feet;
But you yourself must not distinguish
Your victory from defeat.

And never for a single moment
Betray your credo or pretend.
But be alive---this only matters---
Alive and burning to the end.
Posted By: Bouvier Re: Retirement Strategy - 05/26/11 09:41 PM
I recently hit the 70 mark. I thought it would be a water shed event but it was just another Tuesday. My wife "retired" from her law career ten years ago due to her ever invasive Parkinson's disease so I decided to join her. We've had 6 or 7 good years since then but the last few have been harder. When I stopped making the big bucks I moved all my retirement $$ into things that were very low risk and insured when possible. After all, if things took a nose dive I had no way to make it up. I decided then that I would also start to "use up" all my toys .... so they came out of the safe and into everyday use. The more I use them the less I have the need to acquire more. I have also been giving some away .... to my children and extended family. I am hoping that when I go toes up everything will be gone. (It's hard to decide what I'll keep for last ..... nothing grand ..... my old NID and the Omega I wore in S.E. Asia I think).

Last year two of my Army buddies died ..... After what they went through it's ironic that both had heart attacks while doing nothing more strenuous than pressing the remote. I think that event, more than anything renewed my promise to myself to try to fill up every day. These days I still do some consulting and have been lucky enough to have some six figure paydays. So far I've been able to pay Uncle Sam and give the rest to the kids ..... After all, why should they have to wait ..... and why should I?

Al
Posted By: King Brown Re: Retirement Strategy - 05/26/11 10:45 PM
Bouvier, our parents gave us what they had when they felt they could be of assistance without disadvantaging themselves, when we starting raising families early in our career. When they died they owned a little yellow Corolla and some clothes, having given us everything else, properties, money, everything, when we were young. They wanted for nothing, had enough for trips, a tight roof and all they desired in food. I remarked once when visiting them that they always laid a good spread for a prodigal son. "You don't think at our age," my father said, "that we worry about the price of food." Same for my kids, too.
Posted By: George L. Re: Retirement Strategy - 05/27/11 03:31 AM
Originally Posted By: King Brown
Well, clapper, you seem to have it right. The best advice I know is from Pasternak and if you don't have it, my gift to you:


IT IS NOT SEEMLY

It is not seemly to be famous,
Celebrity does not exalt;
There is no need to hoard your writings
And to preserve them in a vault.

To give your all---this is creation,
And not---to deafen and eclipse.
How shameful when you have no meaning,
And be on everybody’s lips.

Try not to live as a pretender,
But so to manage your affairs
That you are loved by wide expanses
And hear the call of future years.

Leave blanks in your life---not in your papers,
And do not ever hesitate
To pencil out whole chunks, whole chapters
Of your existence, of your fate.

Into obscurity retiring.
Try your development to hide,
As autumn mist on early mornings
Conceals the dreaming countryside.

Another, step by step, will follow
The living imprint of your feet;
But you yourself must not distinguish
Your victory from defeat.

And never for a single moment
Betray your credo or pretend.
But be alive---this only matters---
Alive and burning to the end.




If I may further embelish on King's quotation of the bard, I believe that this from Dylan Thomas has much meaning for those of us who relish what we do, collect what we really like, and hopefully pass on some useful knowledge to those who come after:

Do not go gentle into that good night,
Old age should burn and rage at close of day;
Rage, rage against the dying of the light.

Though wise men at their end know dark is right,
Because their words had forked no lightning they
Do not go gentle into that good night.

Good men, the last wave by, crying how bright
Their frail deeds might have danced in a green bay,
Rage, rage against the dying of the light.

Wild men who caught and sung the sun in flight,
And learn, too late, they grieved it on it's way,
Do not go gentle into that good night.

Grave men near death, who see with blinding sight,
Blind eyes could blaze like meteors and be gay,
Rage, rage against the dying of the light.

And you, my father, there on that sad height,
Curse, bless me now with your fierce tears, I pray.
Do not go gentle into that good night,
Rage, rage against the dying of the light.

I know men half my age who live in such a narrow world and have little of interest beyond their job. They plod along day after day doing the same thing as the day before. Work, eat, watch TV, & sleep and when they reach the end they ask themselves: "Is That All There Was To Life?" No for me, I will not go gentle into that good night! I want to spend my last moments here on this earth discovering new things and doing the things that I enjoy with the folks that I enjoy doing them with.

I apologize if this was a bit O/T, but it made me feel good......Best Regards To All......George
Posted By: murphy Re: Retirement Strategy - 01/31/20 02:02 AM
Well its been a while since I commented or read this post, retired this year at 73, 40 years in the business and all but first 3 with same firm. Received many cards and calls from clients thanking me for my help over the years, was told by many that I made a positive difference in their lives.Didn't receive any negative comments or law suits so I think I did right by my 4 generations of clients. I have always used commissions OR fee's whichever was best for the client. EVERYONE WORKS FOR A FEE OR A COMMISSION, clerks, lawyers, bankers, clerks, teachers, mechanics, gun shop owners, the person behind the desk at the gun show. Based on the assets we manage and the advice we give with NO COMMISSION, our FEE on total assets under management is considerably less than 1%.
I have been very fortunate to have been in this profession and apparently my clients who have become friends apparently feel the same. If not I don't think they would have referred family and friends to me. now for my political statement, if you elect any of the Democrats running you should sell your investments and particularly your guns, because the Democrats will pass laws making it illegal for you to own them. Best wishes for a long life, I intend to shoot more clays, maintain my health and do more with my grandchildren, started the 8 year old in a fly tying class last week, he loved it and so did I. Unfortunately
shooting and especially hunting is dying, (don't see many young people shooting these days).
Posted By: Ted Schefelbein Re: Retirement Strategy - 01/31/20 02:16 AM
Best of luck to you. I’ll have a minor child in the house when I hit age 62, I can collect an additional 50% of my maximum Social Security per month until he is done with secondary education. Problem is, I love the damn job. 7 hour shift, decent money and benefits, close to home. If my health holds out, staying on past retirement age wouldn’t break my heart.
Lots to consider. I think my best investments were the guns people left me in their estate, except, I haven’t sold a one of them.

Best,
Ted
Posted By: murphy Re: Retirement Strategy - 01/31/20 02:51 AM
Ted, I didn't plan to retire but after this mild heart attack, had a serious one 20 areas ago, (5 way by-pass), don't mean to make light of the recent one. I always told my clients that wanted to retire early to have hobbies or interest's or keep working. My experience has been retiree's that don't something to do, die after 5 or 6 years regardless of age at retirement. so the moral of this story is, stay busy or don't retire. Also plan on retirement assets to last as long as you last. possibly 30 years.
Posted By: BrentD, Prof Re: Retirement Strategy - 01/31/20 02:54 AM
congratulations, Murphy and happy shooting in your retirement!

I hope you enjoy it.
Posted By: Lloyd3 Re: Retirement Strategy - 01/31/20 03:34 PM
An interesting thread to read, and I must say...sobering. Having spent a little time in a semi-retired state, Mr. Murphy's words ring very true for me. A chemist I'm working with at a field lab in nowhere Nebraska these days is 72 (& here I thought I'd be the old guy on site!). His theory is very simple, people are like sharks....you're either moving forward or you die. Everyone needs a mission, a purpose, a goal (this may be even-more important for men as we are what we do). If you have children, they provide lots of missions, grandchildren....even better. There is always going to be a need with family, a purpose.

As far as hobbies go, guns and hunting (& fishing) can be multifaceted and invigorating. I see it as more of a lifestyle than a hobby, requiring more than just a little maintenance of the physical plant. Stay healthy enough to hunt & fish effectively and you'll stay healthy enough for just about everything else.
Posted By: Geo. Newbern Re: Retirement Strategy - 01/31/20 05:39 PM
Heart surgery (7 way bypass) retired me three years ago at age 68. Outdoor hobbies are getting difficult. I'm enjoying it so far. I'll let you know how much I still like it when the money runs out...Geo
Posted By: murphy Re: Retirement Strategy - 02/01/20 03:28 AM
I don,t know if the next 30 years in the market will exceed or match the last 30 years but I do know that current CD rates won't keep up with inflation so most of my investment are in the market, invested in stocks, mutual funds, fixed income (preferred stocks and bonds),and variable annuities with guaranteed death benefits and guaranteed living benefits. The annuities do cost more but I feel they are worth it because they DO more. Remember (cost vs benefit). More on the annuities,
cost more / do more, A variable annuities invest with mutual fund companies and tack on the extra cost so that they can provide death benefits and living benefits that last for life. mutual funds can't do this. I don't know about you but I believe this great market we have experienced will correct sometime but who knows when. For me, not everyone, the extra cost of a variable annuity vs mutual fund or stock is worth it, especially with the high market we now have and low interest rates on many fixed income products. why not invest some of your funds into a product that has historically beaten inflation and has the death benefit and living benefits that aren't available in mutual funds. And please don't think that when you die the annuity company keeps your money, the living benefit is just that you do not annuitize it. I am planning on our investments to last for 30 years and protect purchasing power since we might last 30 years. I don't believe older people have lower cost of living, only 2 things i know of that are cheaper today than in the past is electronics and life insurance (due to mortality tables, people are living longer). As we age, health care, nursing homes cost more and in my opinion, need for long term care (nursing home) is much more devastating to portfolio than temporary market correction or increasing interest rates.

Posted By: Ted Schefelbein Re: Retirement Strategy - 02/01/20 03:57 AM
Not quite a decade ago, I rolled a company pension over into an annuity. But, it isn’t the only investment, just a part of the picture.I hesitate to believe that my situation is ideal for stocks, but, I own a few. The money market funds seem to be a better option for a guy like me in these times, I believe the market is changing too quickly for little guys to have a bunch of money in individual stocks. My bunch of money is not a bunch of money to some people. That said, I am stunned at the people in my age bracket who have nothing saved. Nothing. I also have friends who left the job market, due to injury or illness, who have almost nothing.
As Lloyd put it, sobering.
You guys who are already retired, I wish you the best. I look forward to it, someday, but, I’m holding it off for as long as I (physically) can.

Best,
Ted
Posted By: ClapperZapper Re: Retirement Strategy - 02/01/20 01:37 PM
While fools and hoarders are scheming their lives away,
I am living large.

Just bought a set of pipes for my 700 that should let me touch 150hp.
With some clutch work, I'll be hitting 140mph without over revving.

Good times.
Posted By: Run With The Fox Re: Retirement Strategy - 02/01/20 01:46 PM
"And you, my father, on that sad height".. I've studied Dylan (Both Robert Allen Zimmerman from MN) and the sodden Welshman from Dublin, who created this poem. Wondering if Dylan saw his deceased father on the gallows, waiting for the trap to spring open and begin the final drop into Hell. My personal favorite is Kipling's poem "If"-- "walk with kings and consorts, and not lose the common touch'-- says it all for moi!! RWTF
Posted By: Run With The Fox Re: Retirement Strategy - 02/01/20 01:52 PM
What da hey, Lloyd- I'm 78, still have great health, 20/15 distance vision- and weld for farmers (great way to get access to private lands for hunting) and a few others darn near year round.

Stop buying used doubles about 4 years ago- sold one 12 ga Graded Smith last year--not going to buy any more to burden the grandsons with.

But SC events, here in Mi- several colleges (Hillsdale) and many area HS have skeet, SC events as much as varsity baseball, basketball. Doesn't mean those lads and lassies will be crowding the duck blinds in Autumns to come, but at least they hopefully won't fall into the Demmy-Krats crapping all over the Second. Amendment- RWTF
Posted By: lonesome roads Re: Retirement Strategy - 02/01/20 01:56 PM
Originally Posted By: ClapperZapper
While fools and hoarders are scheming their lives away,
I am living large.

Just bought a set of pipes for my 700 that should let me touch 150hp.
With some clutch work, I'll be hitting 140mph without over revving.

Good times.


Zapper at 1:13. LOL!


__________________________
https://youtu.be/8j59wiCIaEA
Posted By: ClapperZapper Re: Retirement Strategy - 02/01/20 02:09 PM
Can't wait to see what the dyno says.
Posted By: dal Re: Retirement Strategy - 02/01/20 03:04 PM
Retired at age 54. Left my ironworker career with a hefty pension, as I never turned down overtime, and there was lots of it. That pension payed for a two acre plot and a new bungalow. Sold our house in Toronto, for a stupid amount of money, which quadrupled my initial purchase price after 17 years.

Half my cash is in mutal funds, all dividend funds, which basically gives me a fund that does dollar cost averaging as my dividends continue to be reinvested. Annual average rates of return are around 5% net since inception. My FA only charges .73%.
That industry is quite regulated here up North. The other half of my funds are in insured GIC's making 3% over the next three years. Some are cashable. I also have a chunk of cash in general bank accounts, insured, making 2.5%.

We do alot of traveling and skiing, we are fortunate that money is not an issue. Just hired a personal trainer and a nutritionist, just to make sure I'm around to spend it, and have a good quality of life down the road.

My mum at 85 just sold her cottage for a good chunk of cash. We moving her into a retirement living apppartment the end of the month. It's a very nice place, full service. That's $4,600 a month. She does get a government pension of around $1,200 a month I think, which helps.
I'm hoping I can afford such a nice place when I'm 85!

Just to add, my strategy started when I was twenty five, and took advantage of every deferred tax saving incentive the government had to offer. The government also allows for TFSA's....tax free savings accounts, which allows one to grow your money...well...tax free.






Posted By: Ted Schefelbein Re: Retirement Strategy - 02/01/20 03:21 PM
Originally Posted By: ClapperZapper
While fools and hoarders are scheming their lives away,
I am living large.

Just bought a set of pipes for my 700 that should let me touch 150hp.
With some clutch work, I'll be hitting 140mph without over revving.

Good times.


700 what? The 750GSXR I rode to both coasts would exceed 140mph without breaking a sweat. I sold it, when my kid was 1, and the printshop I was working at eliminated 3rd shift and moved me to dayshift.
Riding a bike became a lot more dangerous when the sheep were awake, trying to drive, and talk on their phones at daybreak.

I’ve had the itch for another. Not sure I ever need another gun, however.

Best,
Ted
Posted By: Geo. Newbern Re: Retirement Strategy - 02/01/20 03:34 PM
CZ, I admire your attitude. If that 700 you mention is a motorcycle, your retirement strategy is perfectly clear...Geo
Posted By: Geo. Newbern Re: Retirement Strategy - 02/01/20 03:51 PM
Murphy, your information about variable annuities is well taken. I never much liked annuities and considered them a poor investment, although useful for a steady income stream.

When I told my broker I wanted to commence monthly withdrawals on the IRA account which I had rolled my 401-K over in to, he bought a variable annuity to enable it.

I thought he was nuts, but the annuity plus a few dividends from stocks has paid out about 4% of my total IRA every month for three years and is still worth the original face amount plus some. Of course that is due to the Trump economy, and I realise it could just as well go the other way...Geo
Posted By: ClapperZapper Re: Retirement Strategy - 02/01/20 04:27 PM
No, it’s a Polaris 700 triple snowmobile.With three expansion chamber pipes, and some re-jetting, maybe some timing work, I might be able to hit 150 on it.

They were a sleeper back in the day, and now they have a bit of a cult following.

I have properties in the snow belt, in fact I’ve spent the last week shoveling snow off the roof at the cabin near Munising, and I had the thing sitting in the barn.

Since they are easy to hot rod I decided to have a little fun.

In my case, I am absolutely confident that my resources will last far longer than my health will. But that will not prevent me from using up every last ounce of my body before they pat me in the face with a shovel.

I probably ruined my grandchildrens futures working harder than Dal, but it is what it is.
I wanted it, and I went out and got it.
Posted By: Ted Schefelbein Re: Retirement Strategy - 02/01/20 05:06 PM
The trick at the end is making sure your resources aren’t acquired by the medical, long term care and state taxation systems, that seem to be programmed to confiscate them.
The cheap .38, alluded to, above, might have more than one type of use.
Again, sobering.

Best,
Ted
Posted By: lonesome roads Re: Retirement Strategy - 02/01/20 06:15 PM
Originally Posted By: Ted Schefelbein
The trick at the end is making sure your resources aren’t acquired by the medical and long term care systems...that seem to be programmed to confiscate them.


You worry too much, Ted. What could possibly go wrong on a 150 mph snow machine?

https://youtu.be/NkdUyLG8QOo

Glad to hear it still snows up in Munising. To hear that weird Swedish kid talk you’d think there’s dolphins up in Lake Superior.


___________________________
Zapper sticks the landing!
https://youtu.be/FgF9102pcOM
Posted By: ClapperZapper Re: Retirement Strategy - 02/01/20 09:12 PM
And don’t forget the sauna’s, and middle aged finnish women.
Posted By: murphy Re: Retirement Strategy - 02/03/20 12:31 AM

For anyone looking or interested in variable annuities, the ones i own are with the following companies, Prudential, Jackson National Life, Lincoln National Life, Nationwide. While all have wonderful 'living benefits' they work differently son make sure your adviser explains how each works for your individual situation and age. My suggestion is to stay away from equity index annuities. As for someones earlier statement about many people not saving or investing enough earlier its truely amazing how so many do not prepare for their future. I recently had a women meet with me at age 65 how had only 35000 to her name and the bank sent her to me for help, I told her we don't work miracles. Compound interest is an amazing thing run some numbers with your calculator. example, invest 10 years @ 8% $10000. year = $144865. OR wait 5 years and invest @ 8% $24693 year to reach $144865. Moral of story, invest now don't wait for "better time".
Posted By: Ted Schefelbein Re: Retirement Strategy - 02/03/20 12:38 AM
My annuity came from Kansas City Life. I figured it was OK when the supervisor at Edward Jones asked me “Where did you get this? I’ve never seen anything like it”.
Again, can’t stress this enough, it is just a part of the picture. You need to be out there.

Best,
Ted
Posted By: lonesome roads Re: Retirement Strategy - 02/03/20 01:35 AM
Annual income twenty pounds, annual expenditure nineteen, nineteen and six, result happiness. Annual income twenty pounds, annual expenditure twenty pounds ought and six, result misery.


__________________________
Something will turn up. Micawber
https://youtu.be/DK2QVLSlFfk
Posted By: Run With The Fox Re: Retirement Strategy - 02/03/20 01:45 PM
I'm with you on the land deals, George. As Mark Twain so wisely advised- "Invest in real estate- The Lord always seems to be begatting more people, but there is only so much usable real estate on His earth to go around!"

Another way to see this bit of wisdom: "5 Texas cattle barons are having a drink in a private upscale bar in Dallas. They get chatting about their ranches, how many acres, etc. Their waiter mentions that a stranger at the bar wondered if he could join them, and they said "sure enough".. Discussions went to the sixe of their acreage, and when they asked the new-comer if he held property in TX- he replied-- "Yes, I do gents- not much compared to what you gents own, 35 acres- but its right here in downtown Dallas, in face, we are sitting down right in the center of it, enjoying our single malt and the conversation!"

Location, location, location!!! RWTF
Posted By: Run With The Fox Re: Retirement Strategy - 02/03/20 01:47 PM
Sounds like a line used in "No Country For Old Men" pissin' away the rest on whiskey and whores-- RWT
Posted By: Run With The Fox Re: Retirement Strategy - 02/03/20 01:48 PM
"Service"?? Isn't that what cattle men kept a bull for- to "service" their cows?? RWTF
Posted By: Run With The Fox Re: Retirement Strategy - 02/03/20 01:52 PM
Yes-- and like a few crooks in Wall Street- also caught in the "nookie jar-- ]like Harvey Weinstein-- RWTF
Posted By: Run With The Fox Re: Retirement Strategy - 02/03/20 04:44 PM
Huum- real gut, dere-- But isn't it usually the menfolk dat finnish firstly? RWTF
Posted By: Run With The Fox Re: Retirement Strategy - 02/03/20 04:59 PM
The best book on $ and your life-style I have ever read is: "The millionaire next door"-- parallels the advice my late maternal grandfather gave me from my age or 14 until he passed when I was 30- (1) Never let the car you drive become a "vehicle for your vanity". (2) Your actual "cash in hand" net worth should be like an iceberg- only a small percentage shows above the surface. (3) If and when the "wolf comes to the door" be prepared to take a beating in the market when you try to sell your Renoir and Picassos to get your money back out of them. Addendum-- Parkers, Purdeys, Bentleys, etc. (4) The stock market is like a crap shoot- rigged by the lads of the "Hebrew orientation"-- Ponzi schemes abound-- Caveat Emptor--

When someone asks you for a loan, it might be well to remember some words of wisdom on that matter, from a now long-gone comedian, pool hustler, master juggler and "raccoon-tuner par excellence- W. C. Fields--

His pithy reply to that was-- "I'd like to oblige, but- "Un-four-tune-at-latey, all my funds are tied up in cash at present- Aaaahh Yaass-- RWTF
Posted By: Brian Re: Retirement Strategy - 02/03/20 07:40 PM
I have been fortunate in my career choices and financial planning for retirement. I enrolled in my employers deferred compensation plan early on in my career. I also spent 30 years in the reserves and active duty with the Army. And I invested extra money from a second or third job I always had into a diverse portfolio managed by a professional. Money well spent. I have multiple income streams; guaranteed annuities and defined pension plans.

On top if that I have a nice collection of collectable firearms. But let me state that I didn’t buy solely for investment and growth on the firearms side. I bought to use and to hold some value. With a souse that has no money sense, if she has 50 dollars in the account, she spends it, if she has 500 in the account she spends it. At the end of the week the checking account is at 0. No matter what the week started out. So, if I had money around , the logic is to spend it according to her. SO I sheltered money in guns. Now, I can strategically liquidate certain firearms and now invest that money and watch it grow. Not the best strategy but at least I have more than I would have if I didn’t do this to augment my “portfolio for retirement” LOL.

I have 5 kids. 4 graduated college so far (all in 4 years, no 5-year plan allowed) last one is in 1st year of engineering school. When each one graduated and got their first job, I sat them down and talked retirement planning. That’s right, as soon as they had their first job, we started talking long term.
My basic advice was as follows:
1. Live within your means.
2. Work hard and give your employer the value they are paying you for.
3. Have a plan. Have short term, mid term and long-term goals.
4. Don’t make emotional decisions.
5. Stick to your plan. You may have to modify due to circumstances beyond your control. But don’t make situations that cause financial problems for the sake of luxury, leisure or laziness.
6. Take advantage of any matching offers from your employer; (I don’t care what “burden or cramp in your lifestyle it creates) suffer for a year or two until you learn to live with the lesser amount of income. Don’t leave anything on the table if your employer is giving you “free money”. Especially the employers that offer dollar for dollar matching.
7. When you get a raise, always take part of that and increase the contribution to your retirement account.
8. Be an informed investor. Investing is a marathon, not a sprint. Stay away from get rich or abnormally high rate of return investments. If its too good to be true, its too good to be true. (Bernie Madoff ring a bell)
9. Based on current trends in longevity, plan on working till you are 65 and living to 100. (we have no chronic or hereditary Family health issues so their antecedents for the last couple of generations live beyond normal life expectancy.
This is pretty simple and has served me well. Hopefully it will serve them well.
Posted By: BrentD, Prof Re: Retirement Strategy - 02/03/20 08:00 PM
To add to what Brian said, if you feel like you just don't know a lot about what you need to do, one of the easier and more enjoyable reads is a book, "A Random Walk Down Wall Street". It has been updated many times, but the core story is just a very understandable discussion of how to think about long-term investment and matching it to your needs was well as how the market works and some of the vocabulary that is sometimes a barrier.

https://www.amazon.com/Random-Walk-Down-Wall-Street/dp/1324002182/ref=sr_1_2?crid=YUPHVIX41EDD&keywords=a+random+walk+down+wall+street&qid=1580759976&sprefix=a+random%2Caps%2C163&sr=8-2
Posted By: murphy Re: Retirement Strategy - 02/04/20 01:05 AM
Great book. this was referred to bankers and anyone wanting to contact people with money. My clients seem to jump off the pages. Good read.
Posted By: lonesome roads Re: Retirement Strategy - 02/04/20 01:27 AM
Originally Posted By: BrentD

https://www.amazon.com/Random-Walk-Down-Wall-Street/dp/1324002182/ref=sr_1_2?crid=YUPHVIX41EDD&keywords=a+random+walk+down+wall+street&qid=1580759976&sprefix=a+random%2Caps%2C163&sr=8-2


Fack that. Go to the library and get it for free.

Must own AMZN.


_________________________
Or just marry a rich, middle aged Finnish chick with a sauna and move to Munising.
Posted By: BrentD, Prof Re: Retirement Strategy - 02/04/20 01:30 AM
Buy it anywhere you want lonesome or steal it for that matter. I don't care. I was just making a handy link to information about the book itself. What you do with it, is entirely up to you.
Posted By: lonesome roads Re: Retirement Strategy - 02/04/20 01:40 AM
Originally Posted By: BrentD
Buy it anywhere you want lonesome or steal it for that matter. I don't care. I was just making a handy link to information about the book itself. What you do with it, is entirely up to you.


Fix your link. Maybe keith can help you. He has mad computer skills.


_________________________
I’m usually happy just to remember my password.
Posted By: BrentD, Prof Re: Retirement Strategy - 02/04/20 01:50 AM
worked for me just now. Maybe Billie hacked it...
Posted By: Run With The Fox Re: Retirement Strategy - 02/04/20 01:22 PM
Not even close, Lloyd- I turned 78 Nov. last- still up and a chugging every G-D'd day (quote from George Patton there)--20/15 distance vision both eyes, hearing a tad "off"- weigh the same as when I played ball in HS-60 years ago. My sawbones says my innards (liver, prostrate, etc. ) are akin to a 30 year old guy.

I agree with Brian (later post) that you live below your means/income/net worth and have NEVER bought a new: car, pickup, Jeep, John Deere tractor, or gun in all my adult life-and never will (I won't count the NIB box shotguns won at DU and PF banquets)-- live simply, dress in the best Carhartt and Levis you can find at the local Goodwill Shoppe-- keep a low profile, and as the Old Teddy R, said-- "speak softly, carry a big stick- I'll substitute my Armand Swenson Combat Commander or the .38Sp. Colt snubbie for the big stick, how-some-ever.. RWTF
Posted By: Gr8day Re: Retirement Strategy - 02/04/20 05:11 PM
Random Walk is a classic. So is “The Only Investment Guide You’ll Ever Need” by Andrew Tobias.
Posted By: dal Re: Retirement Strategy - 02/04/20 09:48 PM
Never pay interest on anything but a mortgage for a house...and pay as much of that down, as soon as you can.
Never buy a new car.
Never lease a car.

We subscribed to the book "The wealthy barber" and have done very well.
Posted By: Stanton Hillis Re: Retirement Strategy - 02/05/20 12:19 AM
Originally Posted By: dal
Never pay interest on anything but a mortgage for a house...


Never say never. There are always exceptions. In 1989 I signed a note to buy 526 acres of land for $316/acre at 3% for 30 years. It is now worth $2500/acre for the non-irrigated acres, and $4000/acre for the irrigated. According to you I was wrong ............ Nah, I don't think so.

SRH
Posted By: Buzz Re: Retirement Strategy - 02/05/20 12:49 AM
Farmland was my best investment too Stan. One perk is the money is tied up in land where I can’t get my hands on it. RE retirement, I’m 61 years old and don’t see retirement in my future anytime soon. I like my job and have no desire to quit. I’m hoping to work well into my 70’s if I live that long. wink
Posted By: Replacement Re: Retirement Strategy - 02/05/20 03:02 AM
Stan, I was at a party last summer with a bunch of old farmboys (mostly in their 60's now) from the Imperial Valley in So Cal. A couple of people in the room were real estate brokers and the conversation turned to land values. Turns out land with water rights in the valley is worth $15-$25,000 per acre now. And a lot of them don't farm any more because they can make more selling their water, with zero risk.
Posted By: dal Re: Retirement Strategy - 02/05/20 04:47 AM
Originally Posted By: Stan
Originally Posted By: dal
Never pay interest on anything but a mortgage for a house...


Never say never. There are always exceptions. In 1989 I signed a note to buy 526 acres of land for $316/acre at 3% for 30 years. It is now worth $2500/acre for the non-irrigated acres, and $4000/acre for the irrigated. According to you I was wrong ............ Nah, I don't think so.

SRH


To clarify, or some land...lol
3% was a pretty good rate in 89...I was paying 11% for our first house back then.
Posted By: Stanton Hillis Re: Retirement Strategy - 02/05/20 12:05 PM
I do agree with those basic principles, dal, though I haven't always followed them.

Best, SRH
Posted By: dal Re: Retirement Strategy - 02/05/20 10:40 PM
"though I haven't always followed them."

Best, SRH [/quote]

I would agree. If I have the cash to pay for a new car, and the loan rate is 1% for 60 months, and I'm making 3% in the bank, I'm netting 2% by keeping the cash in my bank and not theirs. Eating my cake and having it too, though many don't have that option.
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