What have you done this week to prep?

[teddy12b]

Do not trust people that make a living on commissions to have your best interests at heart.

I don't think it's that the people work off commissions or wear a suit and tie. The hard truth is that most people don't really spend enough time taking a look at their own investments. I'm very very far from any kind of an investment guru and year after year, my 401K goes up. Now granted I'm in the generation that is eventually going to have my 401K stolen from me by my own government, but that's beside the point.

The problem is anyone putting their entire retirement plan in someone elses hands. Whether it's social security or a 401K advisor we just can't "fire and forget" so to speak. It's something that should be looked at a minimum of two or three times a year, just to see how it's doing.

If you guys want, you can make investing fun. You know a lot about guns and what's happening in the gun community, so look at those investments. Look at Smith and Wesson (SWHC), Ruger (RGR), etc. The best thing I ever did for my brother was to tell him to buy stock in Ruger back when it was in the $5-6 a share range, now it's over $60.

 

[churchmouse]

I don't think it's that the people work off commissions or wear a suit and tie. The hard truth is that most people don't really spend enough time taking a look at their own investments. I'm very very far from any kind of an investment guru and year after year, my 401K goes up. Now granted I'm in the generation that is eventually going to have my 401K stolen from me by my own government, but that's beside the point.

The problem is anyone putting their entire retirement plan in someone elses hands. Whether it's social security or a 401K advisor we just can't "fire and forget" so to speak. It's something that should be looked at a minimum of two or three times a year, just to see how it's doing.

If you guys want, you can make investing fun. You know a lot about guns and what's happening in the gun community, so look at those investments. Look at Smith and Wesson (SWHC), Ruger (RGR), etc. The best thing I ever did for my brother was to tell him to buy stock in Ruger back when it was in the $5-6 a share range, now it's over $60.

Of course we all "Should" look at them. I failed in this part as my life was full speed ahead and this was in the very very far back corner of my mind. We did not really take a look until the company my wife had worked for was sold and her job went to New Jersey. We decided to have a look and what a surprise we received.
I can make all the excuses I want but the sole responsibility is on me.

As to commisioned people. Of course not all are selfish/self centered money grabbers but I know enough of them who are. This should have raised a flag with me.

 

[rhino]

Your company matches 1/1? You gotta max that out. Period.

I make fun of my own financial, ehhh...
...eccentricities, but I did study back when I was in the business of making other people money.
Virtually every financial adviser says it's money thrown away if you don't max out the limit of what the company matches with their contribution.

Correct. I am contributing the maximum amount they will match dollar for dollar.

 

[lovemachine]

I'm 31 years old, and have never invested for retirement. I always thought I would pay off all my debt, and then start making a "house" payment into my savings account.

Is this poor thinking, and should I look into a 401K? Or should I just continue with my original plan?

 

[rhino]

I'm 31 years old, and have never invested for retirement. I always thought I would pay off all my debt, and then start making a "house" payment into my savings account.

Is this poor thinking, and should I look into a 401K? Or should I just continue with my original plan?

All of those are good things. The advantages of some of the investment vehicles rest in controlling when you pay the income taxes. In addition, with some 401(k)s, the employer will match employee contributions up to a specific percentage of their gross salary.

 

[lovemachine]

My employer doesn't offer any 401k...

 

[rhino]

My employer doesn't offer any 401k...

Many don't! No worries ... you still have IRA, Roth IRA, and a variety of other options if you choose to avail yourself. I'm a beginner here and investing/saving is clearly one of the areas in life where there is no viable "one size fits all" approach available.

 

[teddy12b]

I'm 31 years old, and have never invested for retirement. I always thought I would pay off all my debt, and then start making a "house" payment into my savings account.

Is this poor thinking, and should I look into a 401K? Or should I just continue with my original plan?

Only time will tell if you made a wise decision or not. If you're 31 and living debt free in your own house then you're ahead of the game. You could make the argument that you shouldn't be paying off your house so early and that you're missing out on investing because you're paying off a low interest rate mortgage over buying lower valued shares of stocks and mutual funds. On the flipside, you could have a great 401K and be up to your eyeballs in debt and if your 401K gets wiped out where are you at? It's a balancing game we all must play between how much financial risk we are willing to take on versus how much financial security we want.

Personally, I'm 34 and I've been at my job since '98. In that time I've been putting in the max 401K my company will match. For my age, I've got an outstanding 401K in my opinion, but if our government wants to pull a variation of a Cyprus government theft (which Hilary our next president has talked about in the past) I'm going to be hosed and up the creek. I'm heavily in debt but my 401K could knock out a quarter of it if it were all cashed out at face value. There's no right or wrong answer in all of this, but the best thing to keep is to keep your mind on your plan whatever it is. If you want to retire, focus on that.

 

[spencer rifle]

What difference does it make? All that money will be worthless and/or unobtainable soon enough.

That being said, we are entirely debt-free and have a number of years of current expenses in IRAs (no 401K available). Our out-of-state house is rented. If I had my druthers I'd sell the house and cash in all the retirement money and stock up on BBB.

 

[churchmouse]

Just put another M-4 in the safe. Will run it in this weekend.

 

[Meister]

Awesome! how long did the paperwork take?

 

[WETSU]

Worked out, ran, swam.

2 dryfire sessions; AK, 870 and G19

1 Fight Nite: focus mitts, "fight gone bad", worked a couple clinches and moved into sparring.

Taught a 24 hour Bug Out class in TN, so I got to hike 6 miles on rugged terrain, make a fire, set up a shelter, etc.

 

[LoriW]

We went to the range to shoot our new handguns (all 5)--some pleasant surprises, no bad surprises

I've also completed the first 3 weeks of a 52 week food stockpiling plan. This is above and beyond whatever I normally buy and any special bargains I find

 

[woowoo2]

I made a grand selling pot..... Bought the stock symbol 'phot" at .38 30 days later sold at .77

 

[churchmouse]

Went to Sams and went ape crazy buying bulk. We are officially out of room. I am eyeballing another area to build into storage.

 

[LoriW]

Went to Sams and went ape crazy buying bulk. We are officially out of room. I am eyeballing another area to build into storage.

That's how we are with guns right now

 

[littletommy]

Went to Sams and went ape crazy buying bulk. We are officially out of room. I am eyeballing another area to build into storage.

Write up a thread on where and how you added storage space! I have converted just about every possible space in the house into storage for canned goods/non-perishables. I'm working in the cellar now, adding a secure entrance (the only way in is outside of the house). It's dry down there, plenty of room, just need to add the shelves. I'm gonna do a pictorial of the shelf builds and organization of all the stuff that will reside on them, maybe even a video.

 

[churchmouse]

Write up a thread on where and how you added storage space! I have converted just about every possible space in the house into storage for canned goods/non-perishables. I'm working in the cellar now, adding a secure entrance (the only way in is outside of the house). It's dry down there, plenty of room, just need to add the shelves. I'm gonna do a pictorial of the shelf builds and organization of all the stuff that will reside on them, maybe even a video.

As I am replacing the furnace this spring I have realized it will have to be moved to achieve the space I need. Water softener and heater as well. The space is there I just have to utilize it.

 

[jbrooks19]

Bought 10 cans of corn and a box of .40S&W FMJ ammo.... Next week hope to add: 10 cans of corn, 10 cans of soup, 10 cans of green beans, 10 cans of fruit, 3 cases of water and a couple boxes of 40S&W

 

[churchmouse]

Wife found some dryed soup offerings from bear creek. These are pretty tasty and easy to make. Added a butt load to the shelves.