doublegunshop.com - home Forums General Discussion DoubleGun BBS @ doublegunshop.com Retirement Strategy

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

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.

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

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.

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.

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.

worked for me just now. Maybe Billie hacked it...

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

Random Walk is a classic. So is �The Only Investment Guide You�ll Ever Need� by Andrew Tobias.