retirement: what would you have done different

ksenter · Oct 31, 2014

I have been investing into 401K (maximum amount matched by company), metals, and small stocks portfolio both domestic and foreign. I've got approx a 50/50 high growth v. low risk portfolio. Things that are not where they should be that I wish they were are bonds, CDs, ssavings accounts, etc. That being said I have enjoyed the low interest rates on mortgages and automobiles. I have an excellent credit score and take advantage of many of the LOW interest rates available, 800+, and keep a strict monitoring process with the credit agencies.

For the elder, wiser, gentlemens around....what would you have done differently 30-40 years ago. I wish I could opt out of government programs, ie: Social Security, and invest in my own futures. I would have so much more to work with and be able to play with funds how I wish, accepting responsibilities and risks involved.

Snow Bird · Oct 31, 2014

Sounds like you are in good shape untill stuff goes to shit again.Stock market is going to tank because you can't hit a new high every day and keep it up forever. My 401 lost 30% from the time I said give me my money untill Merl Linch moved it to my 0% Bank .account.. That being said I would have started saveing sooner and stayed the course in just a saveings account . They used to pay alot more intrest than they are now. At least you won't loose much money in them even if they hardley keep up with inflation.

Houses can be worth 50% less than you pay for them even with the low intrest rates if the wrong person moves in to the house next to you if you can even get it sold.

Put your money in a jar and stach it somewhere or buy Beenie Babys.LOL. This could be a long thread because everyone has there own idea about it and have all went alittle diffrent way. Oh I wish I hadn't drank it all up and almost drank myself to death

moron1 · Oct 31, 2014

In 1974 I would have purchased things like $184.00 ounces of gold, Pre-1965 Fender Stratocasters for around $300-$500 that now sell for $15,000-$150,000, Gulf front and other waterfront property for under $20 grand, other unknown at the time "good investments" such as some now high dollar firearms. But.....in 1974 I didn't care about investing in anything. I also was only making about $100 a week working for Uncle Sam. I guess I could have bought a couple of Stratocasters though. W.C Fields said it best "I spent half my money on gambling,wine and women. The other half I wasted"

Signal25 · Nov 1, 2014

I just started young. Started putting money away in 2000 when I got hired.
I now have just about enough cash than what most people I work with, retire with.
Thats not counting what I'm already into the city for, and FRS that Im still contributing into.

Im not expert, but all I can say is start saving young, dont touch it, and live within your means.

donr101395 · Nov 1, 2014

Signal25 said:
start saving young, dont touch it, and live within your means.

Best advice IMO.^^^

I retired three years ago at 44 from the military and haven't needed to get a real job. It's not because I'm smarter than anyone, but mainly because we lived within our means and while other folks were buying McMansions and new cars every year. We bought a house based on my retirement income, paid off all revolving credit before I retired, bought new cars in preparation to retire that would be paid off when I retired but still had plenty of life in them.

MarkS · Nov 1, 2014

Back then I should of been buying up all the land that was selling for $300/acre. I didn't start buying land soon enough, should of had my head examined when I said no to 40 acres with a pond for $400/acre but I was young and to be busy with girls and booze. When I finally wised up and started buying, land in north Okaloosa was $1500/acre but I've been able to sell 1/2 acre lots for 3 times that and the last acre I sold cost me $8000 for 2 acre's and I sold 1 acre of that for $22,500, Still need to sell 6 acres but I'm in no hurry as the wife will want to put the 5 acres we live on up for sale and move to Alabama when it sells. ------------ EDIT to add the one big thing I should of done--- One thing I should of done was to have sought out counseling for my grief and anger after pulling my 19 year old big brother I grew up with out of the one car wreck that we were in that crushed the back of his head in. Took a long time to come to grips with being 17 and crawling back into that pitch-black wreck to get him out all the time thinking he was alive until my fingers sank into the back of his head. I had nightmares for years and couldn't stand to handle a loaf of soggy bread.

Seanpcola · Nov 1, 2014

I got really lucky in that I have a dad that is much wiser than his son. He forced me to buy some prime property in Navarre when I was 19 and make payments. Also I gave him a percentage of my paycheck for about 20 years that he invested and handled for me. Third charm was going to work for a dear friend that is a very adept money man that set me up with a perfect retirement deal.

Overall no big complaints. I've always lived a little below my means, never bought vehicles new, never made car payments. Kept credit cards only for emergencies and payed them off monthly, no loans (other than house). I just always resisted urges to buy high ticket toys.

Overall, not much I would have done differently except for smoking. Wish I had never started or at least quit at 21 and used that money for further investment or buried it weekly in a jar. I could have bought a mid-life crisis Ferrari with that cash.

That's probably the best advice I can give young people. Look right now at where your money goes and avoid stupid frivolous spending. I don't mean suffer and not enjoy life but the cigs, for instance, is just dumb as hell and a huge waste of money. I see young people buying the craziest crap like $50 a bottle wine, eating all meals in ff restaurants, chasing trends in cell phones, on and on. Nothing wrong with going out to eat occasionally (enjoy life) but damn that's expensive. I used to eat lunch out every day. About 10 years ago I quit doing that. I'm fortunate that I live 3 minutes from work so I go home for lunch but even when I couldn't go home mid day I packed lunch. That's an easy $40 a week savings right there plus I eat healthier and much better quality food that way.

Medic · Nov 1, 2014

Start saving earlier, start investing in solid companies earlier. Would have gone to school much earlier.

Sean...You said it right about eating out. Packing a lunch saves you $10 a day and tons of calories... Also, if you're eating leftovers you're saving your food $$$ (which a lot of times can go to waste).
Also, invest in a nice coffee pot or espresso machine. Make your own coffee and avoid the Mocha Crappuchino's at $4.00 a pop.

Seanpcola · Nov 1, 2014

Yep, at the risk of sounding like an old fart I cringe when I see young people swarming into Starbucks. I've got a $8 French press and buy cheap coffee and folks rave at the java I make.

Buying soft drinks in convenience stores. I've spent a ton! Screw that. I switched to water and occasionally use those flavorings if I want a change. Again, healthier.

My step-son is a good example of how young folks should operate financially. 35 and already has one $200K home almost paid off, wife drives a Caddy CTS, they're buying land in the country for their dream home and he has all the toys. He paid cash for the toys. We used to laugh at "Mr. Moneybags" squealing over prices and his negotiating tactics when shopping but 15 years later he's laughing at the other brothers and sisters. I took him bar hopping for the first time when he was 21 and he just about hemoraged when the waitress charged $4.00 for a Corona. He begged me to buy a six pack so we could drink it in the parking lot and order water in the bar. LOL

Like I said, all his friends and siblings laughed at his ways a decade ago. He's now sitting in a fantastic house with a smoking hot wife and laughing last.

Medic, leftovers are the best! I see guys paying $9 for a shitty hamburger while I head home for steak or mullet or whatever.

Stanley13 · Nov 1, 2014

Buy stock in coke a cola,pepsi,walmart you know things that will always b around.

Snow Bird · Nov 1, 2014

I have a close friend that drove a truck for Frito Lay( Pepcico) on the stock market. He retired with 1 Million in the bank. Truck driving isn't for every one tho.
The first thing to haveing alot of money to retire with is to have a good enough job and or pay that you can save or play with it. Alot of people just don't have it and that is why the rich get richer and the poor get poorer. But like every one says .Start young and don't gamble or invest more than you can afford to loose

Seanpcola · Nov 1, 2014

True Bird. It's not always a high paying job that gets someone ahead but steady employment. I know guys that made good money but would get laid off and live off of savings a while before looking for a new job. One of the secrets to success is to keep on trucking.

SAWMAN · Nov 1, 2014

SAVE ..... nothing fancy. Just a simple saving account that you will not touch. As it accumulates more money switch it to a higher yield account,but a savings account.

I bought "EE" US saving bonds thru automatic payroll deduction(two $50. bonds per month) the entire time that I was in the military. When I retired I had almost 23 years worth. I waited another 7 years to cash them in(maturity).

I bought a house and some property. Some years later I used that as collateral to purchase a big chunk(100+acres)of property in rural Maine. I divided the property up into camp lots(1 acre each) and installed utilities. I sold all the lots in a matter of 3 years. The property was within 8 miles of a major ski area. It was a no-brainer.

Soooooo....... IMO,you gotta be a real nitwit to loose money in land. However you might not make as much as you wanted to. Sometimes it is a long term commitment. You gotta be patient. You absolutely gotta buy low. You gotta be able to "see" the real potential. I thank my wife for this.

Stocks and bonds are not for me. Neither are the "to good to be true" 401(K)'s. I have known a bunch of the 401K whiners. Frankly I am shocked. What did they expect when they were promised a huge return on their meager investment. And .... I am too tight with my money to allow others to play with it at MY expense. --- SAWMAN

Welldoya · Nov 1, 2014

I think the most important things are to save steadily and don't play big shot. Don't buy the $10 drinks, the $60 shirts, the $30 dinners, the $4 coffee or the $40,000 cars. That's the surest way to end up poor.

shootnstarz · Nov 2, 2014

There is not enough room on this forum to say what I would do different.

Rick

JGH · Nov 2, 2014

I would have gone into the Air Force Reserve. I had 6 years active duty. I had the chance to go with my same rank and AFSC. Hind sight!

Welldoya · Nov 2, 2014

And it goes without saying to forget the cigarettes and tattoes.
AND if you are dating a woman who likes to spend money, ditch her.

gendoc · Nov 2, 2014

since 2003 nothing,....my plan worked perfectly.
since my 2nd childhood, past 7-8years has been an obamanation that's just plain disgusting!!!
the beginning 2-3 was getting used to navfac/civilian type mentality.
but its all went to hell ina handbasket thanks to the commander in charge/chief of our country...........

uke:

JGH · Nov 2, 2014

Welldoya said:
And it goes without saying to forget the cigarettes and tattoes.
AND if you are dating a woman who likes to spend money, ditch her.

How true, how true.

Fanner50 · Nov 2, 2014

I remember thinking that gold at $300 per oz was waaaay overpriced. I was a dumb fool. I wonder if we will ever think that $1200 per oz was cheap. Hindsight is certainly 20/20.

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retirement: what would you have done different

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