Velvet
by Mbrock. 04/28/24 09:16 PM
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103 registered members (joe sixpack, Chancetribe, sj22, TDog93, cartervj, BBD23, m97, BearBranch, Paxamus, trlrdrdave, IDOT, jchurch, Cynical, low wall, Floorman1, M48scout, filespinner, Bustinbeards, bamacamp, Turkey, deadeye, Andalusia, zwick, capehorn24, lefthorn, icducks, Dixiepatriot, fish_blackbass, Jmfire722, blade, Rolloverdave, AUjerbear, Bulls eye, goodman_hunter, Rem870s2, Beer Belly, kaintuck, jmj120, deerman24, NotsoBright, graydw1, GomerPyle, Prohunter3509, hamma, Hammertime7v2, Stacey, courseup, GHTiger10, limabean, wk2hnt, ImThere, Mbrock, Paint Rock 00, jaredhunts, Reaper, Roondog, mdf, AU coonhunter, 10 POINT, hoggin, square, BatesConst, BD, bug54, COOTER, BrentsFX4, curt99rsv, brokefixer, FreeStateHunter, Jay512, Hoytdad10, JohnG, eclipse829, Brian_C, cdaddy14, Luxfisher, Possum Hunter, 4Tigers, Ray_Coon, Gunner211, Shotts, Bowfish, fur_n_feathers, Kelly_123, Chaser357, Solothurn, tmhrmh1, YellaLineHunter, Bread, Peach, 13 invisible),
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Re: 401K & general money/investing?
[Re: Goatkiller]
#2096744
04/24/17 11:33 AM
04/24/17 11:33 AM
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Joined: Jun 2015
Posts: 14,022
Some Marriott/Auburn
AU7MM08
OP
Booner
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OP
Booner
Joined: Jun 2015
Posts: 14,022
Some Marriott/Auburn
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I put myself through college working on cars and graduated standing on a street corner in Downtown B'ham with $1k to my name but no debt.
If you want to know what happens next PM me and I'll give you some real advice if you want to hear it. I'm interested. Post it up here for all to see and possibly learn from.
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Re: 401K & general money/investing?
[Re: wjohnson1983]
#2096784
04/24/17 12:28 PM
04/24/17 12:28 PM
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Joined: Jul 2011
Posts: 34,460
Boxes Cove
2Dogs
Freak of Nature
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Freak of Nature
Joined: Jul 2011
Posts: 34,460
Boxes Cove
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It may be worth your time to talk to a professional.
I started putting money into the work 401k when I was 21. Converted to roth 401k when that came available. My company does a 2/1 match up to 4%, so I have to put in the 8 to get the 4. I've invested as much as 18% before, but I've never maxed it out to the yearly limit.
Anyways my wife and I met with a financial advisor this year after having our first child. He used his projection tool and said I was on a current track to be overinvested for retirement. It would be in my best interest to back off the retirement account to build up the emergency fund even more and pay down our house faster since I was sitting good on my retirement account. I'm sitting at 10% right now. Wouldn't think it possible for a working man/family to be "over invested for retirement" especially when most you ever put in 401k was 18%.
"Why do you ask"?
Always vote the slowest path to socialism.
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Re: 401K & general money/investing?
[Re: AU7MM08]
#2096791
04/24/17 12:36 PM
04/24/17 12:36 PM
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Joined: Jan 2016
Posts: 4,753
Moody, AL
willdo22
10 point
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10 point
Joined: Jan 2016
Posts: 4,753
Moody, AL
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Compounded interest is a friend to me...
A mans got to know his limitations.
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Re: 401K & general money/investing?
[Re: Peach]
#2097161
04/25/17 02:39 AM
04/25/17 02:39 AM
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Joined: Sep 2006
Posts: 2,685
West Florida
westflgator
10 point
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10 point
Joined: Sep 2006
Posts: 2,685
West Florida
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Doing good with the 401k. If I were young again, I would definitely invest in silver. It is around 17 dollars an ounce right now and has been higher than 50 dollars an ounce. Some time in your life, it will definitely go back and perhaps much higher than 50. If you buy in at 17 and it drops to 13-14, then buy some more. If it drops again to 8-10 purchase some more. You have time on your side. I don't! As far as rental property - there are some good write-offs but it can be a nightmare. I was in the rental business for awhile and am very happy that I am out. I also flipped some houses which did very well. If Trump reduces the capital gains tax, then flipping could be a very lucrative opportunity.
You can flip houses within an IRA with $0 dollars paid in taxes. I would also add that you don't need to buy gold and silver hoping that it will double sometime in your lifetime, in my opinion, that is bad investment strategy. However, I do agree with buying some gold and silver to hedge your bets against the collapse of the dollar which will most likely happen in our lifetime, so for those reasons I agree with diversifying in some precious metals.
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Re: 401K & general money/investing?
[Re: AU7MM08]
#2097163
04/25/17 02:44 AM
04/25/17 02:44 AM
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Joined: Nov 2004
Posts: 9,565
Cape San Blas, Florida
Deadwood
Footbsll Bat PSYOPS
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Footbsll Bat PSYOPS
Joined: Nov 2004
Posts: 9,565
Cape San Blas, Florida
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ROI is not why I believe in precious metals, but I agree with a lot of your strategy.
A pretty piece of official looking paper printed by ONE private corporation and accepted at face value by the masses and backed by NOTHING just scares the heck outta me. I don't like holding dollars.
Woody, out.
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Re: 401K & general money/investing?
[Re: Deadwood]
#2097170
04/25/17 02:48 AM
04/25/17 02:48 AM
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Joined: Sep 2006
Posts: 2,685
West Florida
westflgator
10 point
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10 point
Joined: Sep 2006
Posts: 2,685
West Florida
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ROI is not why I believe in precious metals, but I agree with a lot of your strategy.
A pretty piece of official looking paper printed by ONE private corporation and accepted at face value by the masses and backed by NOTHING just scares the heck outta me. I don't like holding dollars.
Woody, out. That's is exactly what I was saying in the previous post...The ROI of precious metals, in general, is not the reason to invest in them, but security against the over inflated dollar (and stock market) is. However, having precious metals as your MAIN investment strategy is not wise in my opinion either.
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Re: 401K & general money/investing?
[Re: AU7MM08]
#2097179
04/25/17 02:58 AM
04/25/17 02:58 AM
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Joined: Nov 2004
Posts: 9,565
Cape San Blas, Florida
Deadwood
Footbsll Bat PSYOPS
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Footbsll Bat PSYOPS
Joined: Nov 2004
Posts: 9,565
Cape San Blas, Florida
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Well, I can't and won't touch my 401K or my corporate pension until I turn 59 1/2, which is 3 1/2 more years. I do own a few long term rental properties, though and I have other savings in a conventional vehicle. So we survive for now. I have never SOLD any gold or silver yet.
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