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.