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Post by Bwoods11 on Feb 14, 2019 12:10:32 GMT -6
Since this topic seems to be of interest, I would like to see some examples of what you fellas are doing for retirement?
Not asking for major specifics, but just a general plan....always interesting to see different ideas.
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Post by Bwoods11 on Feb 14, 2019 12:16:23 GMT -6
I have about 15 years of left at work. At age 65 possibly sell the business (if needed).
My plan is to use cash rent off the tillable I own to generate income. The IRA/stock accounts I would use the dividends to provide income in retirement. If the market does well in the next 10 years, maybe retire early. Spend some time in Florida, Arizona or on a safe island in Mexico.
That is the plan.
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Post by leexrayshady on Feb 14, 2019 13:38:52 GMT -6
Plan is to drop to half time (20 hrs a week for each of us) for both me and my wife in 10 years age 47. Will still need to be half time to get insurance from work. Then fully retire at 55. Income we will need from she 47 to 55 we are going to be saving in either Roth IRA or taxable account. At age 55 Will start 401k payments
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Post by batman on Feb 14, 2019 13:40:24 GMT -6
Never retire. Just ditch the schedule. Work when I want, play when I don't. Making money is fun.
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Post by batman on Feb 14, 2019 16:40:22 GMT -6
If a man wanted to bet on the pendulum swinging past center and assumed there would be a steady exodus of wealthy sensible people leaving social leaning states, how do you cash in?
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Post by kl9 on Feb 14, 2019 17:22:48 GMT -6
Moving service, website dedicated to finding the best retirement communities, a credit union specializing in loans to retirees, RE development in retirement states, gyms for 55+ only. Idk...
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Post by Foggy on Feb 14, 2019 17:27:23 GMT -6
When I had my biz.....I thought I would run it until I tipped over one day. I did like what I was doing and the biz was growing very nicely. In some ways it was my identity. What I failed to do was to find capable people to grow with me at the right time. The guys I tried to recruit did not want to move to Podunk MN ankld I needed someone with skills. I was struggling to do all the important stuff that needed doing and was getting desperate for a top-shelf sales manager. Then I found my hearing was going.....and it was hard to make deals on the show-floor, etc. Knock-off competition was rampant.....but all of a sudden, buyers came looking to get my biz. When a decent sale came along......I stepped off the merry-go-round and took a pretty good deal. Glad I didn't wait any longer.....as it became impossible to sell a biz a few years later. I don't miss work anymore.....but still have some screwy dreams about working days. A care-free lifestyle is a good thing for me. FORE!
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Post by MoBuckChaser on Feb 14, 2019 17:35:22 GMT -6
When I had my biz.....I thought I would run it until I tipped over one day. I did like what I was doing and the biz was growing very nicely. In some ways it was my identity. What I failed to do was to find capable people to grow with me at the right time. The guys I tried to recruit did not want to move to Podunk MN ankld I needed someone with skills. I was struggling to do all the important stuff that needed doing and was getting desperate for a top-shelf sales manager. Then I found my hearing was going.....and it was hard to make deals on the show-floor, etc. Knock-off competition was rampant.....but all of a sudden, buyers came looking to get my biz. When a decent sale came along......I stepped off the merry-go-round and took a pretty good deal. Glad I didn't wait any longer.....as it became impossible to sell a biz a few years later. I don't miss work anymore.....but still have some screwy dreams about working days. A care-free lifestyle is a good thing for me. FORE! Even at your age, if someone came along that was starting up a business in your field and said would you help me develop a couple projects..........You would. You don't keep product procures around that long to show my wife and I if you have totally given up!
$100 bill on it!
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Post by batman on Feb 14, 2019 17:36:53 GMT -6
We sold Double Bull in October of 2007, 7 months after I told my partner the economy was gonna tank and we had to bail.
2 years ago put alot of my portfolio into apartment REITs and it was my only positive sector last year. Banking millenials wont buy houses.
My gut says buying rental units/equity in a high cap area experiencing socialist related migration could be a good short and even better long term play?
(last line was fun to type because I had never read the term 'high cap' until this afternoon and I have zero clue if rental equity is even a real thing)
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Post by MoBuckChaser on Feb 14, 2019 17:45:54 GMT -6
We sold Double Bull in October of 2007, 7 months after I told my partner the economy was gonna tank it we had to bail. 2 years ago put alot of my portfolio into apartment REITs and it was my only positive sector last year. Banking millenials wont buy houses. My gut says buying rental units/equity in a high cap area experiencing socialist related migration could be a good short and even better long term play? My wife and I were talking about home rentals in the arizona 55 and up communities. These baby boomers are renting these houses for 6 months a year for $3000-4000 per month. $1500-2000 for off peak months. Piles of homes in these older communities being discounted to try and get them sold since the first people bought in the 90's and are now kicking the bucket. If we buy down there, I am thinking it could be a great sideline as these boomers are full of cash to get.
The other biz a guy should look into is these golf carts these guys buy down here. $20,000 for a golf cart? Are you fucking kidding me? These guys have them pimped out like 70's muscle cars trying to one up their buddy. Ripe fr the picking my friend! LOL!
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Post by Foggy on Feb 14, 2019 17:47:26 GMT -6
When I had my biz.....I thought I would run it until I tipped over one day. I did like what I was doing and the biz was growing very nicely. In some ways it was my identity. What I failed to do was to find capable people to grow with me at the right time. The guys I tried to recruit did not want to move to Podunk MN ankld I needed someone with skills. I was struggling to do all the important stuff that needed doing and was getting desperate for a top-shelf sales manager. Then I found my hearing was going.....and it was hard to make deals on the show-floor, etc. Knock-off competition was rampant.....but all of a sudden, buyers came looking to get my biz. When a decent sale came along......I stepped off the merry-go-round and took a pretty good deal. Glad I didn't wait any longer.....as it became impossible to sell a biz a few years later. I don't miss work anymore.....but still have some screwy dreams about working days. A care-free lifestyle is a good thing for me. FORE! Even at your age, if someone came along that was starting up a business in your field and said would you help me develop a couple projects..........You would. You don't keep product procures around that long to show my wife and I if you have totally given up!
$100 bill on it! Actually I have helped several people get their business underway with molds and advice. But I am becoming a dinosaur in the business world.....and my old contacts and manufaction methods, ways to make prototypes, etc....are pretty old-school now. Times change.
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Post by MoBuckChaser on Feb 14, 2019 17:50:02 GMT -6
Even at your age, if someone came along that was starting up a business in your field and said would you help me develop a couple projects..........You would. You don't keep product procures around that long to show my wife and I if you have totally given up!
$100 bill on it! Actually I have helped several people get their business underway with molds and advice. But I am becoming a dinosaur in the business world.....and my old contacts and manufaction methods, ways to make prototypes, etc....are pretty old-school now. Times change. Dinosaur my ass. I don't doubt for a minute that people have asked you to help them with their business.
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Post by Foggy on Feb 14, 2019 17:52:30 GMT -6
We sold Double Bull in October of 2007, 7 months after I told my partner the economy was gonna tank it we had to bail. 2 years ago put alot of my portfolio into apartment REITs and it was my only positive sector last year. Banking millenials wont buy houses. My gut says buying rental units/equity in a high cap area experiencing socialist related migration could be a good short and even better long term play? My wife and I were talking about home rentals in the arizona 55 and up communities. These baby boomers are renting these houses for 6 months a year for $3000-4000 per month. $1500-2000 for off peak months. Piles of homes in these older communities being discounted to try and get them sold since the first people bought in the 90's and are now kicking the bucket. If we buy down there, I am thinking it could be a great sideline as these boomers are full of cash to get.
The other biz a guy should look into is these golf carts these guys buy down here. $20,000 for a golf cart? Are you fucking kidding me? These guys have them pimped out like 70's muscle cars trying to one up their buddy. Ripe fr the picking my friend! LOL!
MO.....just a mile up the road from me is a large golf cart re-building facility. They get carts coming off lease from the golf courses.....and rebuild them to the standards wanted by seniors. Big business here and these guys know their stuff. If you can think it......they are doing it. I do think your right about buying and selling homes. Buy 'em in the summer heat when the market is flat.... and sell em in the winter when the snow birds are hot to buy stuff for next year. Some guys do pretty we'll at this.
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Post by MoBuckChaser on Feb 14, 2019 18:23:14 GMT -6
My wife and I were talking about home rentals in the arizona 55 and up communities. These baby boomers are renting these houses for 6 months a year for $3000-4000 per month. $1500-2000 for off peak months. Piles of homes in these older communities being discounted to try and get them sold since the first people bought in the 90's and are now kicking the bucket. If we buy down there, I am thinking it could be a great sideline as these boomers are full of cash to get.
The other biz a guy should look into is these golf carts these guys buy down here. $20,000 for a golf cart? Are you fucking kidding me? These guys have them pimped out like 70's muscle cars trying to one up their buddy. Ripe fr the picking my friend! LOL!
MO.....just a mile up the road from me is a large golf cart re-building facility. They get carts coming off lease from the golf courses.....and rebuild them to the standards wanted by seniors. Big business here and these guys know their stuff. If you can think it......they are doing it. I do think your right about buying and selling homes. Buy 'em in the summer heat when the market is flat.... and sell em in the winter when the snow birds are hot to buy stuff for next year. Some guys do pretty we'll at this. On sunday afternoon we took a box of beer on the golf cart and drove around picking up flyers that were in the boxes on all the for sale signs to check out the houses and prices. While driving around one agent having a open house came walking out at the endof the open house so me being me, I started asking here a pile of questions. She said there are a lot of homes on the market that are now 15-20 years old, but she said a lot more coming on. Hers had been on the market over a year, they had discounted the price $100K over the year and still no offers. She said they would look at anything. That tells me used homes or becoming more affordable, more affordable to buy, fix up and sell to boomers coming in over the winter horny to spend money. I think a couple of those flipped a year would be a great way to stay busy for me and still be retired. Maybe I am wrong, but I don't think I am....
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Post by Foggy on Feb 14, 2019 18:35:01 GMT -6
^. Gets confusing at times....the more you look and gather flyers and such.
Stuff sells pretty quick around here.....when it's a nice home in demand and priced fairly with the market. Some homes are so over-priced they run off all the potential buyers.....and then even the price cuts dont seem to sell them.....as folks often think it has warts or something. We went to look at a really nice home a week or so ago......and it was overpriced by 150 k or so.......and it's not going to bring that price. WHen it comes to the high-end homes.....lots of people want them built the way they want them.....so those on the secondary market are sometimes slow to sell.
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