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18 members (Johnal3, Sself161, Okalona, Shane99, rhino21, handihunter, Thread Killer, farmerjay, woodduck, sevenup, Jdkprp70, Strictlybow, desertdog, dave260rem!, BRP549, kodiak06, 2 invisible),
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Key:
Admin,
Global Mod,
Mod
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Joined: Sep 2015
Posts: 9,541
14 point
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14 point
Joined: Sep 2015
Posts: 9,541 |
Retiring is like dieting. Everyone knows how to do it, we dont need consultants or gimmicks. Only will power. Except some people don't understand calories. Like some people don't understand dollars
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Joined: Nov 2016
Posts: 601
4 point
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4 point
Joined: Nov 2016
Posts: 601 |
Never know when your day will arrive, might as well enjoy it while you can and have your health. If you make it to get old you won't enjoy the same things you did when you were younger. You and I think alike. Your exactly right. When I was young I thought dang I need a farm...so that day finally arrived and I bought a small farm. As years passed I thought hey I would rather be fishing than bush-hogging and pulling wire on all my days off...made some changes. When you get older the same things you thought you must have or need at least for me is not what I want in my 50's. I have several friends that retired with true pensions and none of them lived 10 years past retirement age of 65 and they were my friends. I say put what you can back, and live a little cause tomorrow may not come.
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Joined: Dec 2009
Posts: 9,375
14 point
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14 point
Joined: Dec 2009
Posts: 9,375 |
Being 31 years old...... retirement seems about impossible. I'd really like to not work past 58-60 years. I figure you'd need 5-6 million saved. My financial adviser did the math. I gotta put some $$$$ back fast Interest of $6 million, at 5%, would be roughly $300k/year. I believe I could live off a little less per year than that.
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Joined: Apr 2016
Posts: 3,546
10 point
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10 point
Joined: Apr 2016
Posts: 3,546 |
Consider this: Harlan Sanders (The Colonel) didn't START KFC until he was 65. He had tried everything in the world, and had even considered suicide. He tried at a huge number of careers, but nothing worked...He was a crusty, vulgar, driven SOB, unlike the image of the kindly guy in a white suit and white beard, but he made "it" in the end...I'm looking for that eleven herbs and spices, but haven't found it just yet...Sanders famously said "It's better to wear out, than to rust out".
"For the Truth the Turkey is in Comparison a much more respectable Bird, and withal a true original Native of America" ~Benjamin Franklin
Isaiah 40:13-14
RAP is CRAP
NRA Life Member, GOA, BamaCarry Member
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Joined: Apr 2015
Posts: 995
6 point
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6 point
Joined: Apr 2015
Posts: 995 |
Yea I know it...... those guys talk about money like it grows on trees
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Joined: Jan 2001
Posts: 14,931 Likes: 93
Booner
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Booner
Joined: Jan 2001
Posts: 14,931 Likes: 93 |
Being 31 years old...... retirement seems about impossible. I'd really like to not work past 58-60 years. I figure you'd need 5-6 million saved. My financial adviser did the math. I gotta put some $$$$ back fast Interest of $6 million, at 5%, would be roughly $300k/year. I believe I could live off a little less per year than that. And; where are you getting 5% interest; I need to know.
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Joined: Dec 2014
Posts: 5,034
12 point
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12 point
Joined: Dec 2014
Posts: 5,034 |
Buy enough rental properties and you'll have a cash-flowing business that practically runs itself. Pay a property manager to manage it for you and just collect a check. As inflation goes up, so does your rental income. It's a pretty safe investment and the smartest retirement plan I've seen. I don't really ever see myself retiring but I will be able to before age 50 if I want to...
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Joined: Nov 2008
Posts: 10,750 Likes: 4
Booner
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Booner
Joined: Nov 2008
Posts: 10,750 Likes: 4 |
Financial advisors are a dime a dozen now. It's rediculous. They make money off of YOUR money. Skimming it.
Best investment advice I got was "Buy into something that isn't going out of business"
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Joined: Oct 2012
Posts: 12,143 Likes: 42
Booner
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Booner
Joined: Oct 2012
Posts: 12,143 Likes: 42 |
Retirement..... pppppsssshhhhhhh I'm sure employed or not I'll be working on something...
Well, the way I see it is there's just too many assholes
On a good day there's a bunch of assholes in here.
On a bad day there's too many assholes in here.
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Joined: Nov 2011
Posts: 22,608 Likes: 22
Freak of Nature
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Freak of Nature
Joined: Nov 2011
Posts: 22,608 Likes: 22 |
Being 31 years old...... retirement seems about impossible. I'd really like to not work past 58-60 years. I figure you'd need 5-6 million saved. My financial adviser did the math. I gotta put some $$$$ back fast Interest of $6 million, at 5%, would be roughly $300k/year. I believe I could live off a little less per year than that. And; where are you getting 5% interest; I need to know. Yep. Show me 5% interest without risk. I can show you 1.5% but that's it.
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Joined: Jun 2014
Posts: 7,396 Likes: 13
14 point
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14 point
Joined: Jun 2014
Posts: 7,396 Likes: 13 |
I am looking at another 10 or 12 yrs of working to get 30yrs with a pension and some 401k. That and SSI will keep us off Alpo most likely. But house payment may cause heartburn and we have a 10 yr old that will never be able to live on his own.
“It’s enough to make a man feel sour. Burning minutes every day by the hour. Just to end up gone like everything else.”
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Joined: Dec 2014
Posts: 1,598
8 point
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8 point
Joined: Dec 2014
Posts: 1,598 |
The point of the 5% made on $6 million was to show the $300k per year income without touching the principal. If you've made it to $6 million then you know how to maintain an average gain of 5%. But seriously, who the heck needs 300k a year in retirement? If you are that successful then more power to you, but that is not close to normal; We comfortably live on $4k take home now. My retirement income will be more than that.
We do plenty of fun stuff but most is not very expensive, we have the most fun serving with our church family.
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Joined: Dec 2002
Posts: 52,261 Likes: 18
Mildly Quirky
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Mildly Quirky
Joined: Dec 2002
Posts: 52,261 Likes: 18 |
I'd love to have $300K a year in retirement. I'd have fun with that traveling all over, maintaining some land, and giving anonymous donations.
"Hunting Politics are stupid!" - Farm Hunter
"Bible says you shouldn't put sugar in your cornbread." Dustin, 2013
"Best I can figure 97.365% of the general public is a paint chip eating, mouth breathing, certified dumbass." BCLC, 2020
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Joined: Dec 2009
Posts: 9,375
14 point
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14 point
Joined: Dec 2009
Posts: 9,375 |
Being 31 years old...... retirement seems about impossible. I'd really like to not work past 58-60 years. I figure you'd need 5-6 million saved. My financial adviser did the math. I gotta put some $$$$ back fast Interest of $6 million, at 5%, would be roughly $300k/year. I believe I could live off a little less per year than that. And; where are you getting 5% interest; I need to know. Actually about 12% return YTD and I'm heavily diversified. Average for past 15 years is something like 10.2%.
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Joined: Dec 2009
Posts: 9,375
14 point
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14 point
Joined: Dec 2009
Posts: 9,375 |
Being 31 years old...... retirement seems about impossible. I'd really like to not work past 58-60 years. I figure you'd need 5-6 million saved. My financial adviser did the math. I gotta put some $$$$ back fast Interest of $6 million, at 5%, would be roughly $300k/year. I believe I could live off a little less per year than that. And; where are you getting 5% interest; I need to know. Yep. Show me 5% interest without risk. I can show you 1.5% but that's it. As somebody already mentioned you can get more than that in rental property on appreciation alone. There will always be risks in investing money no matter if it's stocks, bonds, funds, property, etc. However you can minimize some of the risk through diversification, researching what companies you invest in, etc. If you had enough seed money you could make decent money buy just trading currencies. Your return is lower but it's free money if you know how and have the capabilities. I graduated in 01 with a BS in Finance and a BS in Business/Sales. My last 400 level Finance class was pretty awesome. For the final we had a list of 40 currencies and had two hours to "trade" those and show a profit. I'll never forget it.
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Joined: Nov 2011
Posts: 22,608 Likes: 22
Freak of Nature
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Freak of Nature
Joined: Nov 2011
Posts: 22,608 Likes: 22 |
Rentals are a great investment. But they take time out of your day.
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Joined: Jan 2011
Posts: 38,489
Boo Boo Head
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Boo Boo Head
Joined: Jan 2011
Posts: 38,489 |
Rentals are a great investment. But they take time out of your day. Nothing comes easy.
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Joined: Aug 2014
Posts: 14,395 Likes: 4
Gary's Fluffer
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Gary's Fluffer
Joined: Aug 2014
Posts: 14,395 Likes: 4 |
Rentals are a great investment. But they take time out of your day. With a property manager they don't require too much effort. Yeah you lose a little profit, but if you're worried about taking time out of your day they're invaluable.
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Joined: Nov 2008
Posts: 10,750 Likes: 4
Booner
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Booner
Joined: Nov 2008
Posts: 10,750 Likes: 4 |
Rentals are a great investment. But they take time out of your day. lol I bet them phone calls are tough aren't they?
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Joined: Jun 2016
Posts: 2,644
10 point
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10 point
Joined: Jun 2016
Posts: 2,644 |
I sure hope some of y'all don't die with a pocket full of cash wishing you had lived life and enjoyed it more My wife and I don't live like we're poor. We just save up and pay cash. We go an all inclusive resort somewhere around the world every year. It's not because we don't spend money or how much we make. It's all about how we spend what we make.
I hope we have once again reminded people that man is not free unless government is limited. There�s a clear cause and effect here that is as neat and predictable as a law of physics: as government expands, liberty contracts. � Ronald Reagan
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