My current retirement plan is to stay on the good side of my perpetual fiance’ . We have done the marriage and divorce thing. No travel but it is warm and plenty of food and wifi. And a quiet neighborhood.
NFR Buy on the Crypto Dip?
- Thread starter krusty
- Start date
Non-fishing related
TSP = Trout Searching Paycheck . Very nice.
If that chart is to be believed, I should have been able to retire before I graduated from high school if I had just held off on buying a bit of fishing gear and few tanks of gas.
It seems to be making an assumption that your living expenses are (and always will be) equal to the remainder of your income minus savings. So if you save 100% of your income for <1 year, you're financially set for life?
RCF
Life of the Party
Forecasting what one will need when they retire is a crap shoot at best. For example, I worked at the Lazy B for 35 years. I was making way more up until I retired than when I got married in 1982. BUT I was actually making less. TYVM for inflation! Taking my salary in 1982 and adjusting for Cost Of Living my 'purchasing power' was 10% less in current dollars. Social Security is not the answer - for sure. Saving more than Cost Of Living adjustments may be a better way to go. Not sure who can do that but if one does not set a target, one will never know...
I certainly don't want to suggest anyone jump in to this crypto world, especially since I have yet to meet hardly anyone with the risk tolerance and non-emotional approach to things... Plus a certain degree of tech savvy and bullshit detector to venture off beyond the big names like Bitcoin and Ethereum... and I most definitely don't post details about my financial situation here.
What I will say is that I have put no more than a few thousand in to this since around 2016. A four digit number. From the profits I pulled this year, I gave myself a "bonus" and pulled out a small percentage to treat myself to my new boat, build our new 10x20 storage shed, bought an F250 from a forum member and got custom cabinets made for one of the rooms in our house. The rest is waiting for markets to settle and will go back in to more crypto and other assets.
Even with the huge market downturn this year, the main crypto I still hold has massively outperformed the market and is actually about 5x higher than it was this time last year. So there are still positives happening, you just really have to do your homework to know what to do, and that's the part I'm not going to help people with because I have learned everyone holds it against you when they eff it up.
I've also been hearing since my first week doing crypto, from people who barely know the word Bitcoin, that "it was over and it's time to give up on crypto because BTC is a failure!" I wait til those really start to pile up, then I start looking for buying opportunities. When people REALLY think things are over, the markets are tanked, and everyone's sending you the doom and gloom articles from "financial experts," is typically a good time to consider going back in to the market.
What I will say is that I have put no more than a few thousand in to this since around 2016. A four digit number. From the profits I pulled this year, I gave myself a "bonus" and pulled out a small percentage to treat myself to my new boat, build our new 10x20 storage shed, bought an F250 from a forum member and got custom cabinets made for one of the rooms in our house. The rest is waiting for markets to settle and will go back in to more crypto and other assets.
Even with the huge market downturn this year, the main crypto I still hold has massively outperformed the market and is actually about 5x higher than it was this time last year. So there are still positives happening, you just really have to do your homework to know what to do, and that's the part I'm not going to help people with because I have learned everyone holds it against you when they eff it up.
I've also been hearing since my first week doing crypto, from people who barely know the word Bitcoin, that "it was over and it's time to give up on crypto because BTC is a failure!" I wait til those really start to pile up, then I start looking for buying opportunities. When people REALLY think things are over, the markets are tanked, and everyone's sending you the doom and gloom articles from "financial experts," is typically a good time to consider going back in to the market.
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I really enjoy this thread.
Different approach myself, but one that many have shaken their head at just the same.
As far as I've seen it... each generation has its challenges and it's never been easy to live the 'easy life.'
Nor is there a guarantee you'll even make it that far... or be in good health if you get there.
Different approach myself, but one that many have shaken their head at just the same.
As far as I've seen it... each generation has its challenges and it's never been easy to live the 'easy life.'
Nor is there a guarantee you'll even make it that far... or be in good health if you get there.
Our retirement strategy consisted of maxing our 401K's,once we could afford to do so, and leveraging real estate, starting with a trashed rental the frustrated owned was willing to self-finance for 5% down, interest only payments for five years..spent a month of weekends and after work evenings making it right, rented it for five years, obtaining a conventional loan at year two to pay off the owner, sold it during a peak, invested the profit in a 6% money market fund, when the market sagged a few years later found another dog in a more upscale neighborhood...rinse and repeat multiple times over the next 25 years. Add in the profits made when we sold personal homes, often just to take our tax free profits, and we were able to retire earlier than most into a modest, debt free life.
Real estate will always hit a sag, then rebound to a new high....the numbers change, the game doesn't.
Real estate will always hit a sag, then rebound to a new high....the numbers change, the game doesn't.
That's what I'm talking about.
I bit outside the box. Builds on itself. Leverage sweat and know-how.
The waiting til the right time really pushes the patience though.
Good model, and not for all.
HauntedByWaters
Life of the Party
This post reads smugly AF. You must be a lot of fun on a fishing boat…
Defined benefit pensions are not a thing of the past; skilled trade unions, state, local, federal government, UPS, railroads, others I can’t think of at the moment. I was a Union Ironworker and a construction superintendent/manager/director for twenty years in each world. The skilled trades are welcoming apprentices and the future looks pretty bright given the infrastructure bill signed last year. There are drawbacks, like in any other job. One has to be willing to travel or commute long distances in some cases. I had to leave my just built dream home on a lake with a view of snow capped mountains 6 miles from the Kenai and other great fishing. It paid off over time and that decision led to me being able to retire before 60 with an income equal to my pay and lifetime health insurance for the wife and me.
when I moved to California at 33 years of age the Union had a mandatory annuity deduction from your pay of $0.25/hour. Over 10 years that increased to $2.50 hr. When I moved into civil service I took that $80K and put it into a 401K and every raise I got a portion went into the 401. In 2006 I was making enough to contribute the maximum allowable and rolled the mutual fund heavy 401 into Index funds and watched it grow while a lot of people were panicking and selling. Buying opportunities exist today, diversify and hold.
I am blessed, but also sacrificed in order to be where I am.
when I moved to California at 33 years of age the Union had a mandatory annuity deduction from your pay of $0.25/hour. Over 10 years that increased to $2.50 hr. When I moved into civil service I took that $80K and put it into a 401K and every raise I got a portion went into the 401. In 2006 I was making enough to contribute the maximum allowable and rolled the mutual fund heavy 401 into Index funds and watched it grow while a lot of people were panicking and selling. Buying opportunities exist today, diversify and hold.
I am blessed, but also sacrificed in order to be where I am.
TicTokCroc
Sunkist and Sudafed
Don't worry these guys are getting together to figure it all out, we're gonna be fine...
TicTokCroc
Sunkist and Sudafed
Coach Potter
Life of the Party
I have known quite a few people who retired early (or with insufficient funds) that did not adequately consider the impact of inflation upon their retirement nest-egg. The 'Rule of 72' is useful to fully understand the insidious effect of inflation. For example; a nominal inflation rate of 3.0% will result in halving the purchasing power of a static nest-egg in 24 years. Throw in a few years of hyper-inflation (and some of us old farts lived through that extremely dismal episode) and you have a retirement age train wreck. Even those lucky enough to retire with a defined benefit pension with a COLA will likely find the COLA doesn't keep up with inflation.
It's also important to look at mortality tables. People often assume that the average lifespan is an indicator of how many years they'll likely live, when in fact mortality, on average, is substantially affected by current age in an unexpected manner. For example, a 65 year old American male has a relatively high probability of living another 18 years (for a 65 year old female it's almost an additional 3 years beyond that of a male). YMMV.
The trick is, of course, to not retire too early, have sufficient accumulated financial resources to weather the ravages of inflation until the big dirt nap beckons, a portfolio generating an adequate rate of return to offset inflation and avoiding discretionary debt....all of which are quite boring, endlessly challenging, and mundane compared to anticipation of a big crypto score or great night at a casino.
It's also important to look at mortality tables. People often assume that the average lifespan is an indicator of how many years they'll likely live, when in fact mortality, on average, is substantially affected by current age in an unexpected manner. For example, a 65 year old American male has a relatively high probability of living another 18 years (for a 65 year old female it's almost an additional 3 years beyond that of a male). YMMV.
The trick is, of course, to not retire too early, have sufficient accumulated financial resources to weather the ravages of inflation until the big dirt nap beckons, a portfolio generating an adequate rate of return to offset inflation and avoiding discretionary debt....all of which are quite boring, endlessly challenging, and mundane compared to anticipation of a big crypto score or great night at a casino.
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Little has been said about how you spend those working years, by far the biggest chunk of life.
Having the best retirement plan on earth doesn't mean squat if you're unhappy while working towards it, much less if misfortune tags you with an early passing.
Once accepting the inevitability and utter randomness of death, it pretty much put's everything into perspective...plan for tommorrow, live for today.
Having the best retirement plan on earth doesn't mean squat if you're unhappy while working towards it, much less if misfortune tags you with an early passing.
Once accepting the inevitability and utter randomness of death, it pretty much put's everything into perspective...plan for tommorrow, live for today.
I agree for the most part. There’s a happy medium though IMO. Always good to be prepared for the future. I did not pursue something I really enjoyed so I would have significantly more financial security. That said, no regrets. Not the field I intended to get in my a big enough company and a complex enough industry that there are always problems to solve and that’s really what keeps me engaged in my work. Point being, if you are in a work situation that is not a true love, look for segments or types of work within that industry keep you engaged. Good for your mental health and your career.
Also, have some fun while your young and able!!
It's tough working a job you absolutely love but end up shopping for Alpo sandwich spread in your retirement years....but of course one might elect to remain in that job 'til death do you part.
One of the silliest boomer mantras was "Do what you love and the money will follow".
One of the silliest boomer mantras was "Do what you love and the money will follow".
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