Retirement? 401, ira, roth Blah Blah Blah

[zmotorsports]

Real estate is our game. I got in before the '08 mess, and have still been ok. I started my realestate learning from guys that taught how to leverage everything on everything to make huge potential gains. Big risk means big money. They are now bankrupt and in jail for fraud.. I have developed a much more passive approach of knowing a good deal and seizing it when timing is right, then letting it grow at a more stable, comfortable, low risk rate.

If nothing changes for us, I am set to bring in about $75k passive income per year in about 20 years. Hopefully rents increase, and hopefully purchase more in the future... Creating more income.
However, 20-30 years from now, I have no desire to put up with tenant B.S. So I'll have to find a way to transfer to another income source.

I have a deep respect for people who are able to make money in the real estate business. My dad dabbled in it just before he passed away with a couple of rental properties. He then had me do the maintenance like water heaters, stoves and all of the crap. I got my fill of dealing with rental properties and tenants early on enough to where I don't want to get anywhere near that game.

A few years ago a house in our neighborhood went vacant after the owners walked away. I talked to my wife about picking it up and trying to either rent it or flip it but she was right there to remind me how bad I hated dealing with that when my dad was alive. I guess that is what wives are for, keeping us in line or in check when our heads run amuck.

I figured we are all given certain talents/abilities and I am pretty good at spinning wrenches and fabricating so I will just stick to what I am good at and try to make my living and fund my retirement doing what I know.

Mike.

 

[UNSTUCK]

I have a deep respect for people who are able to make money in the real estate business. My dad dabbled in it just before he passed away with a couple of rental properties. He then had me do the maintenance like water heaters, stoves and all of the crap. I got my fill of dealing with rental properties and tenants early on enough to where I don't want to get anywhere near that game.

A few years ago a house in our neighborhood went vacant after the owners walked away. I talked to my wife about picking it up and trying to either rent it or flip it but she was right there to remind me how bad I hated dealing with that when my dad was alive. I guess that is what wives are for, keeping us in line or in check when our heads run amuck.

I figured we are all given certain talents/abilities and I am pretty good at spinning wrenches and fabricating so I will just stick to what I am good at and try to make my living and fund my retirement doing what I know.

Mike.

Too funny. I started life as a mechanic, in AZ. Then after a few years of my brother begging me to move here to help him and his wife with their real estate business, we took the leap. That was July of 2007. I went from mechanic to Realtor. Biggest mistake of my life. That lasted a few months and then I became a mechanic again. Even if the market hadn't crashed, I was fooling myself to think I could be a salesman. I'm way too honest for that line of work. My wife knew it too. I should listen to her more often.

 

[zmotorsports]

Too funny. I started life as a mechanic, in AZ. Then after a few years of my brother begging me to move here to help him and his wife with their real estate business, we took the leap. That was July of 2007. I went from mechanic to Realtor. Biggest mistake of my life. That lasted a few months and then I became a mechanic again. Even if the market hadn't crashed, I was fooling myself to think I could be a salesman. I'm way too honest for that line of work. My wife knew it too. I should listen to her more often.

Funny how they have us figured out isn't it?

When I think of doing something else to make a "quick buck" my wife always tells me to stick at what I am good at and the money will come. She has always been right about that as well. It seems whenevery I take on something purely thinking of the monetary gain it kicks me in the balls. When I take something on because it either interests me or it is something that I "want" to do, it goes so much more smoothly and with less roadblocks.

Mike.

 

[JL Rockies]

The scary thing about a 401k besides being vested in Wall Street which hasn't been connected to reality in many years, is the prevailing winds in DC as to control over the 401K.
Progressives in DC feel that since 401K was created by the Fed, the Fed should also be able to determine how the money gets invested. Like green jobs for example. If not for the impact the TEA Party had on the 2010 elections, taking control of 401K plans was going to be the next power grab.

The winds cans shift again. Progressives are insidious.


Utah Bureau of Awesomeness Department.

 

[JL Rockies]

An article from 2/28. The progressives want to make Wall Street a safer place.

http://nypost.com/2015/02/28/white-house-looking-to-creep-into-401ks/


Utah Bureau of Awesomeness Department.

 

[JL Rockies]

JL, I don't claim to know much about much but I cannot imagine that the structure of a 401k investment could be altered too much from the way it is. MyRA and E.O. 13603 could be the straw that breaks the proverbial camel's back for the American people should legislators work toward this. At least, that's my hope.

Here's the thing. Folks whom are nuts about precious metals use this stuff as a scare tactic to get people to invest into more precious metals. Some fringe news sites use it for fear mongering. I don't know what the hell politicians are using it for... the government is 16 trillion in debt (and rising) there's no way they could cover potential loss of the investments, which they claim they would. Your 401k can win or lose over time, so I don't see anything a politician says (especially a figurehead) about it being protected as a loan as being anything but euphemistic and truth-stretching.

My buddy is an unconventional investor. Over the last 12-15 years he's purchased tens of thousands of dollars of ammo. I've seen him spend 10k in a day buying from multiple sellers. Some of it is his own personal stash and some of it he claims is part of his retirement and daughter's college fund. This is the same guy that used to be heavy into buying Rolex and other high-end timepieces from estate sales and turning them over for healthy profits. He's scared of conventional investments and hates the folks that run them. He does something that good investors do, though. He plans, researches, and follows through - with vigor. He keeps track of prices, moves quantities and has (what I would consider) a state-of-the-art storage space. Plus, he thinks when the war pops off his stash will be worth more than the folks hoarding gold and silver coins. He could be right...

There were many pension plans invested in GM. These plans were secured bond holders in the company. That means no matter what, they get paid first. When the progressives took over GM, they bypassed the secured bond holders and gave the shares to the unions, ignoring roughly 183 years of US trading policy.

401k is a statute, those can change. You used to be able to select your own doctor too.

Progressives are insidious.


Utah Bureau of Awesomeness Department.

 

[rockdog]

Ut I've gotta ask. What type ammo is he buying, that he thinks he can turn over quickly when he is ready to cash in? Like 223 or 308 caliber? It kinda drives me a little crazy that people have hoarded metric tons of ammo and driven the price to crazy levels by doing just that.
Not saying he is a nut case. He will make money on his investment I'm betting. But I know one guy that literally has a basement full with ammo. Honestly? What the hell does he think he is gonna need it for? If he is needing to shoot at people to defend his food storage. Then he maybe better think that the guys trying to take his food might just get tired of lobbing bullets his way and just blow his azz up!

 

[nnnnnate]

A guy I work with (whom put on his resume taxes and investing as his hobby, hahaha) combats some taxes with dumping more money into an IRA. His wife's part time job didn't withhold taxes, so when he calculated the total owed, he put $ into the IRA and now he's ending up getting money back.

I was going to type it all out but here's a link to explain it, which does a much better job than I could.

Thanks for sharing that link. We owe about $700 in fed taxes and also have a little bit of money in the bank that we were trying to figure out what to do with. I've sent the link to my accountant (my dad is a CPA) for further consideration but I think thats a solid way to invest some money we were probably going to anyway while lowering what we were planning to pay in taxes.

 

[JL Rockies]

There are other investments besides the stock market. I reinvested 80% of my income during the good days. Starting in 2009 it dropped to 30%, currently, it's 50%. Not a dime in the stock market though... it not being connected to reality and all.


Utah Bureau of Awesomeness Department.

 

[JL Rockies]

I so much know what I'm talking about.

http://www.foxnews.com/opinion/2015...bama-has-put-politics-into-your-pensions.html


Utah Bureau of Awesomeness Department.