Retirement
 

Do you have a 401k? IRA?

Or are you going to trust the Lord and social security?

My grandmother turned 90 this year. I will turn 41 shortly. Knowing her circumstances , I’m looking at my own. I have nothing. :smack

I looked at my ss profile and if I continue at this rate my ss payout will be really low. I wouldn’t be able to live on that NOW. The cost of living is projected to double in 24 years.

Re: Retirement
 

You are extremely bright!

What skill set can you learn to increase your income so that you can make some investments for the future?

Re: Retirement
 

[QUOTE=diakonos;1613272]Do you have a 401k? IRA?

Or are you going to trust the Lord and social security?

My grandmother turned 90 this year. I will turn 41 shortly. Knowing her circumstances , I’m looking at my own. I have nothing. :smack

I looked at my ss profile and if I continue at this rate my ss payout will be really low. I wouldn’t be able to live on that NOW. The cost of living is projected to double in 24 years.[/QUOTE]

I too started out with nothing. And I still have most of it left.

Seriously though. It’s good to think about the future and plan for it.

[6] Go to the ant, thou sluggard; consider her ways, and be wise:
[7] Which having no guide, overseer, or ruler,
[8] Provideth her meat in the summer, and gathereth her food in the harvest.
[9] How long wilt thou sleep, O sluggard? when wilt thou arise out of thy sleep?
[10] Yet a little sleep, a little slumber, a little folding of the hands to sleep:
[11] So shall thy poverty come as one that travelleth, and thy want as an armed man.

And it’s worth noting that SS will adjust according to the cost of living. So it should be built in to your equation that it will increase to cover inflation. Also it is based (I believe) on your 35 best years. At this point you don’t even have thirty five years of earnings history. So maybe it’s not as bad as you think.

Re: Retirement
 

I was very lucky to have gone to work for a large company during the sweet spot where they still had an old fashioned defined pension plan and a 401k. I took advantage of both. If I had not had access to a 401k I would have started an IRA. Way too many people ignore the future but believe me life goes by very fast and before you know it you are older and things happen. In my case illness forced me to retire three years earlier than I planned.

Re: Retirement
 

Real estate. Get you some creative financing multifamily going and you'll be good.

Re: Retirement
 

Unless you are flush with cash not a great time to buy real estate right now. While the market has cooled somewhat prices are still high and interest rates are the highest in a very long time.

Re: Retirement
 

Right, I just mean in general. Do your due diligence on timing :)

Re: Retirement
 

And you are a real estate investor, right? Right?

OR are you just regurgitating tv news/internet drama?

Interest rates highest in a very long time? When I started out in real estate 10% was considered a good deal.

"It doesn't matter what the market is doing. It only matters where you are in the market."

Re: Retirement
 

Actually I would advise him to look into buying a business. Real estate (even multifamily) generally doesn't produce near enough cash flow to BUILD wealth or a retirement nest egg. Real estate is more for a place to park your money once it's been made (generally inflation proof as rents adjust for inflation over time, as opposed to say a bank account which just loses money every year due to inflation). At least that has been my experience.

But as far as multifamily goes, the BEST two investments are RV parks and mobile home parks. I have watched people build an RV park in the middle of literally nowhere and as soon as it's open for business it fills up. OF course, the RV park business will collapse in about 30-40 years as all the older boomer generation (main RV owners) die off, but it could then be converted to a small mobile home park.

Mobile home parks are great because 1) it's affordable housing which is always in demand, and 2) they aren't making any more because practically every city has regulations preventing construction of new parks.

But really, a recession proof business seems the best way to go (ie a boring, stable business providing a product or service that lots of people need regardless of the economy): HVAC, laundromat, etc.

OR a business that caters to the wealthy, like private jet rentals, pool cleaning services, luxury car rentals, etc. Because the super-haves are ALWAYS around regardless of what the economy is doing.

Re: Retirement
 

Of course you are going to criticize anything I post. That is just you. The funny thing is you criticize me for pointing out that it is not an ideal time to invest in real estate with some idiotic accusation that I am just buying into media news. Uh....interest rates are what they are and the real estate market is what it is and analyzing that situation has nothing to do with any mass media. But then of course apparently only you have wise advice to post and advice that comes from your vastly superior knowledge. At least in your own mind. You remind me of why I rarely post here anymore.

Re: Retirement
 

I own a small campground and some multifamily. Just got my real estate license so I can be in the first position to get more :) Gotta fund my wife's retirement!

Keeping my eyes open for laundromats and car washes. Some in my area are for sale but I'm waiting for the price to go down - they want big money!

Re: Retirement
 

I remember when you bought the campground. That was a good move. How’s the business? Steady?

I was let go from my job in March. I have considered getting my real estate license. Not sure how lucrative it is in my area. And, I mean, would you buy a house from a guy in an old beat up Honda? :lol

More than likely, I’m going to land with the U. Ess. Dee. A.

Re: Retirement
 

I built it from the ground up, but yes, steady according to my predictions :) It's hot in Texas so it's slowing down for the summer as with all campgrounds and they'll show back up as it cools down.

Gotta start somewhere with real estate but fortunately I have an easy online job that pays the bills and doesn't take much time while I work into the real estate market in my area. I am transitioning out of that field so whenever they've had enough of me, I'll wash my hands of the whole mess :)

Good luck! It's no fun being jobless!

Re: Retirement
 

Diakanos, where will you be in 5 years?

Re: Retirement
 

Jerk :lol

Re: Retirement
 

Hey, no thanks needed, just glad I could help!

https://i.kym-cdn.com/photos/images/...70/829/991.gif

Re: Retirement
 

Bwahahahahahaha

Re: Retirement
 

I thought that was my job? :heeheehee

But seriously, when you say things that can be agreed upon you have been given a thumbs up. It maybe that you rarely post things which are agreeable to the opposition?

No

Well, you could of turned it into a good discussion by bypassing your offense. Then proving why your assessment isn't based on media talking points.

Like I said, you could of prove your thoughts instead of getting offended.


Actually this makes you look like Esaias was correct with his assessment of you. Instead of coming back at him with a well thought out argument, you toss an insult.

CC1, how long have we been posting together? Since FCF?

Are you looking for an echo chamber? Years ago this place was a shark tank filled with every flavor of liberal and Apostolic Holiness hater. Yet, I remember back then you were cool with posting disparaging comments on "old time Pentecost." Or should I say, being disagreeable? Why? Because you had enough posters who were like minded as you were. Who were more than ready to dog pile on any "ultra con" or Holiness Pentecostal. No cries of you not wanting to come back and post. Bro, this place only has less than a handful of posters, and you shockingly can't hold your own? Since FCF, arguments abounded. When the Brother Jim Yohe passed away, then his sister tried her hand at it. I didn't hear any moaning from you.

Bro, you aren't hurting anyone's feelings when you repeat how we are the reason you rarely post here anymore. We aren't the sensitive ones. Don't get offended, post what you believe to be true. If you want to insult fire away, it's cool, but be ready to take every bit you dish out. If you are looking for100% agreement, then don't post. Nothing has changed only the amount of people in either amen corner. But, may I ask you a question? What are you looking for in a forum?

Re: Retirement
 

Welding school? Carpentry? Mechanic? Arborist? Sell gym equipment?

Seriously, what do you love to do?

Re: Retirement
 

Monterrey called me yesterday. We’re discussing a salary for me to be his assistant pastor.

Re: Retirement
 

Seriously, what do you like to do?

Re: Retirement
 

I returned to work today after being off for 2 1/2 months. I like what I do, quality assurance in a meat processing facility.

For good benefits, retirement, etc I’m probably going to cross over into the USDA as a FSI.

They start at about what I’m making now. I was just told that after the first year there is a huge bump in pay.

I won’t be able to make the jump soon, as my car decided to catch Covid.

Re: Retirement
 

It’s pretty good job security. You can transfer to any part of the country as an FSI.

Re: Retirement
 

Sounds great. Stick with it and climb the ladder to the top. :thumbsup