Retirement

[bogey]

Do you old folks have a retirement plan in place? How much money will you have saved for your retirement? I'm 60 and it's weighing on my mind. I'm wondering if I'm going to have enough retirement $ saved up.

[Bearcat]

Originally Posted by tooge

Kids or no kids. Either is fine, depending on what you want. I have two kids, and I can tell it this way. Life before kids was awesome. I did pretty much whatever I wanted, whenever I wanted. Now, with two teenagers, I can't imagine my life ever without kids. I like my life better, can still pretty much do whatever I want, just not whenever I want to. And honestly, if it isn't with my kids, I generally don't want to do it too much. Life with kids, for me anyway, is much better than it was without kids. Something about having more of a purpose maybe. I don't know.

Yeah, I think having kids would be pretty amazing, but I won't ever lose sleep over it... especially now that I'd be looking at raising one in my 40s and 50s if one showed up tomorrow.

[DanT]

Originally Posted by BIG_DADDY

You have to do it for all the right reasons for sure. If you don't have the means to do it right I wouldn't suggest it. That said it's the best decision I ever made. My son is thriving and I couldn't be more proud. Like Dane I waited until later in life to get all the wild side out. We also sacrificed an income so my wife can be a stay at home wife until he can get around himself.

It's so great to see your posts and to hear that your son is thriving! Hope you visit more often. I've also not posted as much as I used to back when the Chiefs were only at 30 or so years since their last Super Bowl.

[BigRedChief]

Originally Posted by Ebolapox

I, for one, welcome our new AI robot overlords.

might have its benefits

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[cooper barrett]

Originally Posted by BiStateNo

My first home was 4.5% back in 75. When I paid this home off - it was 3.4% in 2013. Fortunately, I have usually lucked out when buying homes (over the years 5 of them).

Banks have it both ways I guess - first, they pay crap for interest in savings and second they screw you to death on home loans. It's always a win-win for them.

NO they screw you on car and consumer paper, homes they are reasonable.

[Simply Red]

hi

[cooper barrett]

Originally Posted by BigRedChief

might have its benefits

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I am surprised Clay hasn't written a review on his, It's a base model. I read it doesn't give head and has a huge ass gape.

[IA_Chiefs_fan]

I just turned 40 and, until the last five years or so, I thought I'd have to work my whole life. My wife and I just started a Simple IRA the first of the year and we're putting 30k a year into it. I've also built my business to the point where it is worth several million. I have a decent amount of personal debt but should have that wiped out between the age of 45 & 50. I also have a little equity in those debts. From age 50-60 we should be able to contribute 50k plus per year to retirement. For the first time in my life I feel like we might be able to have a decent retirement. Who knows though. Life is unpredictable.

[BlackOp]

Originally Posted by Rain Man

We shouldn't think about AI eliminating jobs, we should think about it eliminating work. The end game is that we're a society of poets and inventors and creators and people who get great daily exercise, because all of the menial work is done for us. There'll be a transition period that's rough while society makes the transition, but eventually it'll be great for everyone.

They are already trying to balance AI and it's impact on the workforce. You cant just rid the world of menial jobs..so a few can have more money than they can ever spend.

The term "eat the rich" exists...and the elite class know that power is a tenuous illusion. When the populous doesn't fear you anymore...your power is over.

This is a historic time in humanity...unfortunately, I think they are working on a way to cull the herd without losing their power in the process. Slippery slope. The masses turn on you...you're ****ed.

[cooper barrett]

Originally Posted by IA_Chiefs_fan

I just turned 40 and, until the last five years or so, I thought I'd have to work my whole life. My wife and I just started a Simple IRA the first of the year and we're putting 30k a year into it. I've also built my business to the point where it is worth several million. I have a decent amount of personal debt but should have that wiped out between the age of 45 & 50. I also have a little equity in those debts. From age 50-60 we should be able to contribute 50k plus per year to retirement. For the first time in my life I feel like we might be able to have a decent retirement. Who knows though. Life is unpredictable.

Thats an SEP-IRA I assume?

Do you personally own the building your business is in?

If not, have you looked into it? Google "lease back commercial real estate"

Having investments such as a commercial buildings is like owning a blue chip stock, It may drop in value but it will always hold a value because it will still pay dividends in the form of rent. Even in 2009 when real estate of almost all kinds dropped dramatically rent did not change, it kept plugging along and actually increased. It's your business paying the rent... it might as well be to you.

[Buehler445]

Originally Posted by cooper barrett

Thats an SEP-IRA I assume?

Do you personally own the building your business is in?

If not, have you looked into it? Google "lease back commercial real estate"

Having investments such as a commercial buildings is like owning a blue chip stock, It may drop in value but it will always hold a value because it will still pay dividends in the form of rent. Even in 2009 when real estate of almost all kinds dropped dramatically rent did not change, it kept plugging along and actually increased. It's your business paying the rent... it might as well be to you.

SEP is not the same as Simple. If he said Simple it’s probably simple.

[IA_Chiefs_fan]

Originally Posted by cooper barrett

Thats an SEP-IRA I assume?

Do you personally own the building your business is in?

If not, have you looked into it? Google "lease back commercial real estate"

Having investments such as a commercial buildings is like owning a blue chip stock, It may drop in value but it will always hold a value because it will still pay dividends in the form of rent. Even in 2009 when real estate of almost all kinds dropped dramatically rent did not change, it kept plugging along and actually increased. It's your business paying the rent... it might as well be to you.

No, it's a Simple IRA. We have a capital lease on our building.

[cooper barrett]

Originally Posted by Buehler445

SEP is not the same as Simple. If he said Simple it’s probably simple.

I just ****ing asked.... go sow some oats

[cooper barrett]

Originally Posted by IA_Chiefs_fan

No, it's a Simple IRA. We have a capital lease on our building.

So if you take your option (and of course you would), the company will own the property. That works. Is it working for you?

[IA_Chiefs_fan]

Originally Posted by cooper barrett

So if you take your option (and of course you would), the company will own the property. That works. Is it working for you?

Yeah, it's working great. We're actually in the planning stages of adding another 4000 sq ft and they'll roll it into our current capital lease. The company technically remains debt-free, other than the signed lease. City and county officials have been very helpful because we've brought 22 (so far) good jobs to a poor county.

I grew up poor. I thought I was rich when I started making 40k a year for the first time when I was in my late twenties. Like I said before, I may just get to have a nice retirement someday. Hopefully I don't work myself to death before that can happen, LOL. I've made more money in the last five years than I did the first 35 though, so I think it's worth it.

[cooper barrett]

Capitol leases are great, I have never done one in those terms but I have had options to buy every 5 years and took advantage when I could. I have an 8 bay tire store leasing from me now that is wanting to do a capital lease, I'm shopping for buyers.

Success in business, grabbing for the brass ring is a good thing, I have had a couple of times in my life that the numbers made me sit back and ask if this was a dream.

Sometimes it's best to just keep reinvesting and then there is a time for risk taking, risk taking is when I feel most alive...

I just bought a house/ estate that is keeping me awake at night, but the juices are flowing, I feel like I may make a boat load, or lose 20%... I am $700K in.

I have looked at your business since your truck issue, I think you do great. I was an investor in a construction tool and equipment supply co. in KC. When Hertz bought them I walked around for months with a hard on from hell...It was like selling $7 Firestone stock from the seventies and getting Bridgestone stock in return. $7 to $86 almost overnight.... And yes, I was in on that deal...bought my first house a week after the deal closed.

Capitalism is good don't let anyone tell you otherwise.