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

[MCgrease08]

2000 killed my 401k, 2008 killed it again.

Did you sell at the bottom and never put money back in?

The Dow hit a low of just under 6,500 points in 2009 but Friday closed at an all time high of 41,563.

 

[Creedmoor]

I just recently came into Creedmoor money these days and now I too have no limits on available cash.

Post pictures of what you bought...

 

[Creedmoor]

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

Ahhhh, I recall 1979 well, I turned 21.

 

[mikewd1983]

Overtime. Lots and lots of overtime. Lol

 

[OutdoorDad]

Onlyfans,
Gotta shake that moneymaker.

I have made over $17 this year alone...

 

[Creedmoor]

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

I'm pretty sure if I lost a bunch of my pension, I would recall what Local I was paying dues to.

 

[KJQ6945]

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

In 2012, I came very close to buying a couple. I opted for a bunch of guns as opposed to a couple.
We all make mistakes.

 

[Nugget]

Did you sell at the bottom and never put money back in?

Unfortunately, this is exactly how most amateurs handle investing.

Step 1, Buy the Top: "I heard today from my neighbor's brother's barber that the market is up huge lately. I better get in on that action before it's too late!"

Step 2, Sell the Bottom: "Oh no, I bought the top and now it's crashing. My portfolio is already down 12%. I'd better sell or I'll lose everything!"

Step 3, Never Again!: "The market is rigged. It's a fool's game! I'm never falling for that again! Good old 0% savings accounts and gold bars for me, thank you! Although, my neighbor's brother's barber's CPA mentioned today that the market is up huge lately..."

 

[Wstar425]

I'm probably gonna catch some flack for this, but... Don't have kids. Get a decent job. Marry a smart gal with a decent job. Don't buy boats, RVs, expensive cars, motorcycles, ATVs, golf carts, and all the other stuff people spend money on. Next thing you know, all your income is discretionary.

I won’t give you flak, but I did most of that. Married a smart, ambitious, faithful woman whose first job as a teacher in 1981 paid like $9000.00 Worked her way up to School District Administrator in the low 6 figures. We’ve had 2 lake homes, a bass boat, always a motorcycle, and horses. No RV or golfing. Always lived below our means. Bought 8 houses and moved for her promotions, bought a few fixer uppers. Sold 3 houses right through the housing crunch and even made some money. She’s a gun gal, it helps to marry an enabler in that department.

I will admit that we’ve been blessed and the Good Lord took care of us a few times I was uncertain how things would work out. I’m not sure that moving to New Mexico was one of our better ideas, but we are both retired, living close to our 3 year old grandson, and live in one of the few more conservative parts of the state. So, other than a few trips to Albuquerque a month, life’s pretty good. Have slowed down on the gun purchases as it’s difficult to find a good place to shoot out here, and not really shooting what we have.

 

[WebSnyper]

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

Not sure what 401k options you have going on, but mine offers many different options. Generally my point was don't sell during downturn unless you absolutely have to, let the 401 ride and keep investing.

 

[Wstar425]

Ahhhh, I recall 1979 well, I turned 21.

I too turned 21 in 1979 and bought my first semi at the tender age of 21 years and 8 months. No turning back now!!

 

[MCgrease08]

I too turned 21 in 1979 and bought my first semi at the tender age of 21 years and 8 months. No turning back now!!

Love those old cab over KWs.

 

[mom45]

I'm pretty sure if I lost a bunch of my pension, I would recall what Local I was paying dues to.

There were a lot of people at one of the steel mills (U.S. Steel or Bethlehem??) that lost their pension and benefits. My husband had two cousins that had worked their whole life there and retired. Both had health issues and were depending on the insurance. Both had their pension cut in half and all insurance benefits just gone. They both had to go back to work at other jobs just to survive.

 

[bwframe]

 

[Creedmoor]

There were a lot of people at one of the steel mills (U.S. Steel or Bethlehem??) that lost their pension and benefits. My husband had two cousins that had worked their whole life there and retired. Both had health issues and were depending on the insurance. Both had their pension cut in half and all insurance benefits just gone. They both had to go back to work at other jobs just to survive.

Thanks,
Thats disappointing and interesting.
We had Sparrows Point Bethlehem in Baltimore, working for Otis out of the Baltimore office we would have repair calls at the different buildings all the time. Ive never heard of any of that happening. And Ive never heard of a local having access to ones insurance and pension.
I wonder if those that lost pensions, the company had control of them to do as they wish?
Most trade unions you work for the Trade Union and not the company under a Union Contract like The Auto Workers.
We had a family member that worked for Victor Comptometer for 20+ years and he lost his pension when it folded. But that was a private company also.

 

[Creedmoor]

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!

Like you, I worked and paid tax for 52 yrs. I listened to a few of my elders along ago. And like you I pay a guy that has done very well for my family, my children and myself. Investments aren't my world, they are Carls world.

 

[Creedmoor]

I have made over $17 this year alone...

Be careful, thats almost 1099 worthy.

 

[Dholcomb]

Many gun enthusiasts here have been working on their collection for decades. Slow and steady additions add up over time. We could read/quote/write books on finance, but my recommendation is go slow, buy quality, and do not over extend yourself financially on the hobby causing forced sales. With time you’ll have more than you want to take care of.

 

[target64]

Side gigs are nice. Sadly for me any side work isnwhen work wants me and I dont want to mess with it.

Side gigs in a gun store are great,

 

[Michigan Slim]

Side work bought most of mine. My wife and I have always lived very conservative. Always money for needs first, then savings, then projects. Once in a bit I will put a side check into savings for a vacation that we don't take but mostly I put my side gig cash into my safe.