How do y'all pay for all the cool toys?

[sapper83]

I don't think that's what he said. He said 2000 and 2008 killed his 401K (twice). I think the union thing was a separate issue.

Yeah thats why I asked, I wonder if they took over the 401k investment options. My 401k crash in 2008 also but when that happens just hold on and double down!!! 2008 killed me!! Invested in real estate in 2007!!! lost it all.

 

[DoggyDaddy]

I have a good job that’s in high demand

 

[WebSnyper]

I don't think that's what he said. He said 2000 and 2008 killed his 401K (twice). I think the union thing was a separate issue.

I let it ride during 2000 (wasn't much in there honestly then for me but still let it ride for a long time), same in 2008 and again during Covid (was a good time to buy in the market early on) Don't sell when down (if you don't have to withdraw it due to hardship) and you don't take the L.

Not everyone can do that, but when the market is down keep on buying and the dollar cost averaging along with time in market makes the difference vs getting spooked and realizing the losses.

 

[WebSnyper]

Started with a beat-up Remington 870 trap. Shot it a season and refinished it sold it for $300 more than I paid for it.55 year later and 39 trap guns bought and sold for,$143,000, all my remaining guns are profit. Just keep saving and up grading.

I admire your trade up capabilities but may not want to publicize that much in "sales" with recent ATF "rules"

 

[DoggyDaddy]

I let it ride during 2000 (wasn't much in there honestly but still let it ride for a long time), same in 2008 and again during Covid (was a good time to buy in the market early on) Don't sell when down (if you don't have to withdraw it due to hardship) and you don't take the L.

Not everyone can do that, but when the market is down keep on buying and the dollar cost averaging along with time in market makes the difference vs getting spooked and realizing the losses.

I only have what is automatically deposited in my 401K. I haven't touched it really, but I concur. It lost some, it gained some. Tortoise and the hare kind of thing.

 

[Aszerigan]

I appreciate all the different perspectives on this thread. Lots of commonalities and lots of differences.

 

[KJQ6945]

Whenever the democrats got elected, I borrowed from my 401K as much as I could afford. We know they will crash certain segments of the economy. They tell us so, if we just listen.

When Obama got elected the first time, I pulled as much out as I could afford, and waited. When the market crashed, I’m sitting on cash, instead of loosing it. It allowed me to buy boats and campers cheap, because so many lost money, and they’re selling **** to make the mortgage. I’m paying myself back (401K) at 3.5%.

In 2012 when he got reelected, I did the same thing, basically. Bought a brand new boat, joined INGO and bought a bunch of guns.

Retired in 2020, in the middle of Covid. Sold the 2012 boat for what I payed for it, (after using it every weekend for eight years) and sold the camper at the lake for 5 times what I paid for it, (after using it every weekend for 12 years)

Every penny I paid in interest, was to myself.

I worked for a utility, so I was never worried about my loosing my job. I was very fortunate.

 

[Creedmoor]

Only person on OnlyFans that gets tipped to put clothes back on?

Ive been told that OnlyFans has a Day Shift.

 

[Creedmoor]

I preach this to everyone! The utility/skilled trades industry is the bluecollar lottery, so if you don't want to go to college but want to make well over 100k look into it.

It treated me well, The pension checks are like clockwork.

 

[armalitesheepdog]

I wish it was that cool…LOL

 

[Creedmoor]

I like Ramsey, but the catch is the “ invested well” 2000 killed my 401k, 2008 killed it again. The place I worked voted in a union, they took over our retirement plans….. the return is dismal. I got lucky or smart and pulled out just before the covid crash and got back in and made up some losses but it ain’t even close to 4 million.

What Union and Local was that?

 

[bgcatty]

To answer the OP’s question: I personally broke my butt and worked hard; even started my own firm at one point!
Through all those years I retained a very good Certified Financial Planner to help manage and grow my investments. I believe this is a key factor working towards retirement; retain a CFP early on and work with him/her.
After 38 years doing what I did and being careful about money, investments and debt, I retired in September, 2022.
I prepared as much as possible for retirement and being able to have some toys after retirement.
I’m very, very grateful to the man in charge of heaven for everything!

 

[Brian Ski]

I am weak, I can't seem to sell any I buy. Seems like they'd miss me.

I can relate. They would be lonely without me.

 

[Aszerigan]

Ive been told that OnlyFans has a Day Shift.

 

[racegunz]

What Union and Local was that?

Steel workers, can't remember the local off hand.

 

[Brian Ski]

I only have what is automatically deposited in my 401K. I haven't touched it really, but I concur. It lost some, it gained some. Tortoise and the hare kind of thing.

Dave interviewed a bunch of millionaires. Almost all are 1st generation. Pretty much that is what they said. Spend less than you make and consistently invest. Our investments have taken hits over the years and then come back. Always have so far. Nervous on the get rich quick investments. I could have made a good deal of money. And also could have lost a lot.

 

[Creedmoor]

The only thing I have to say is,,,, Lunchtime on, The Block.

 

[racegunz]

I only have what is automatically deposited in my 401K. I haven't touched it really, but I concur. It lost some, it gained some. Tortoise and the hare kind of thing.

Sadly , this is what the market does, it flushes away your investment earnings every so often so that only the big boys make the real gains. I didn't have much control over my 401k investment options I certainly didn't have the stop limit sell options. You def don't sell when the market crashes, that is when you buy. again can't do that with a 401k, at least not most. YMMV

 

[Aszerigan]

You know what investment has never depreciated? Transferables. Not one day in 38 years.

 

[Creedmoor]

Kind of close... You can buy them, but not the newest or top of the line. (you don't need all of them) If you take your time and wait out the deals you can do well. Same with firearms. Do you need the fancy $2500 1911? Or the one on sale for $400? If you want the better one trade up or catch it when it is in the teens.

We are not the traveler people. Don't do a lot of vacations or hotels. I work on my own vehicles.

People look at our vehicles. Wife has a nice car, I have a couple trucks. We got them from down south rust free. Why drive a 2020 or newer just to impress the guy at the light??

I have not done the Dave Ramsey plan. But after listening to him, it has pretty much been my way anyway. No credit cards, all you are doing is paying the banks. No car loans, House paid off. When your paycheck comes in, have it auto deposit into a Roth and some into savings. (or special savings, for Christmas, toys, another vehicle, etc)

I do some side deals to help people out. I buy parts and they pay me for parts and labor and the money goes into the fund.

Most people cannot come up with $500 for a "emergency" without borrowing. But yet, see them everyday at 5 bucks coffee, high dollar energy drinks, Fast food all the time. It is like they have the urge to make their bank account drop to under $20 on the day before payday.

I kind of left my job when the doctor said I had to. Over a year ago. Income got cut to less than half. Investments are stalled. But doing pretty good. Savings down a bit. (ask our local suppressor dealer, lol)

Guys, What does Dave Ramsey say?? $20 a week from 20 to age 70, invested well will give you about 4 million. And people spend $20 a week on pizza and $20 a week on lottery tickets, hoping for the dream. (and that pizza does not have pineapple!!!)

If you are struggling check out Dave Ramsey. Not just his plan, but also has team spirit to get you motivated. He has several things he teaches. Paying off debt, Savings, retirement. Sorry to push him, but not many places teach you to handle money. Everyone thinks they are better than they are in 2 things. Driving and money. LOL Probably more.

You have an amortization for that?