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One Man Show Retirement Plan

 
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Old 04-29-2015, 11:21 PM   #1
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One Man Show Retirement Plan


For you guys who are a one man show, what is your retirement plan? Before that what is your plan for when you're not old enough to retire, but will have trouble working those 60 hour work weeks? Desk job? Inspector? Consulting?
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Old 04-29-2015, 11:51 PM   #2
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Re: One Man Show Retirement Plan


Look into rentals and max out your IRA every year.

When you dont want to work 60, charge more and work 40.

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Old 04-30-2015, 08:32 AM   #3
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Re: One Man Show Retirement Plan


Stocks in IRA, unless you run across a better investment opportunity. I also have rentals and land I'm getting ready to develop.
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Old 04-30-2015, 09:36 AM   #4
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Re: One Man Show Retirement Plan


I've already moved on to rentals.
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Old 04-30-2015, 11:11 AM   #5
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Re: One Man Show Retirement Plan


Ira gets maxed in January.
Need six figures to get a rental around here but that is a long term goal.
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Old 04-30-2015, 12:04 PM   #6
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Re: One Man Show Retirement Plan


Just to get a little thinking outside the box stuff in the mix, I knew an accountant that would buy rough precious ad semi precious stones and cut and polish them every month. Then he put them in a safety deposit box. That was his retirement program, beyond his IRA.

It helped that lapidary work was a hobby he was good at.

Last edited by hdavis; 04-30-2015 at 12:08 PM.
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Old 04-30-2015, 02:42 PM   #7
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Re: One Man Show Retirement Plan


So it's definitely rentals, right?

That seems to be consensus so far in this 5 post thread, which is great, because it's literally the only idea I've been able to come up with.

I'm hoping to move further and further into custom weirdness(and out of framing, drywall, young man's game stuff) in the next 10 years, and hopefully by the time I'm 50 only be driving around taking care of problems. I can tell this self abuse can't last too much longer.
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Old 04-30-2015, 02:46 PM   #8
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Re: One Man Show Retirement Plan


I keep 20 dollars hidden in my sock drawer so at retirement time I can buy a 10 foot piece of rope and hang myself.
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Old 04-30-2015, 02:55 PM   #9
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Re: One Man Show Retirement Plan


Quote:
Originally Posted by Inner10 View Post
I keep 20 dollars hidden in my sock drawer so at retirement time I can buy a 10 foot piece of rope and hang myself.
Your a mind reader!!
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Old 04-30-2015, 02:58 PM   #10
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Re: One Man Show Retirement Plan


Quote:
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I keep 20 dollars hidden in my sock drawer so at retirement time I can buy a 10 foot piece of rope and hang myself.

I would think you would just use wire you have laying around. Then you could have a steak first.
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Old 04-30-2015, 03:03 PM   #11
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Re: One Man Show Retirement Plan


Well now! I guess mesh tape is good for something!
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Old 04-30-2015, 03:07 PM   #12
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Re: One Man Show Retirement Plan


Quote:
Originally Posted by Inner10 View Post
I keep 20 dollars hidden in my sock drawer so at retirement time I can buy a 10 foot piece of rope and hang myself.
That's my plan.
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Old 04-30-2015, 03:09 PM   #13
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Re: One Man Show Retirement Plan


Quote:
Originally Posted by Inner10 View Post
I keep 20 dollars hidden in my sock drawer so at retirement time I can buy a 10 foot piece of rope and hang myself.
That's my plan.Unless I can steal the rope off of a job and buy some beer with the $20.
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Old 04-30-2015, 03:42 PM   #14
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Re: One Man Show Retirement Plan


Quote:
Originally Posted by hdavis View Post
Just to get a little thinking outside the box stuff in the mix, I knew an accountant that would buy rough precious ad semi precious stones and cut and polish them every month. Then he put them in a safety deposit box. That was his retirement program, beyond his IRA.

It helped that lapidary work was a hobby he was good at.

I've slowly been acquiring silver coins and bars. I just store them away safely and when I'm 60 hopefully spot price is 1000x more!!
Eventually I'll be buying gold, but $1400 an oz. is a bit much right now.
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Old 04-30-2015, 05:37 PM   #15
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Re: One Man Show Retirement Plan


I think rentals are the way to go. Get them fully depreciated and needing worked on, then move into them and get them in pristine condition in 2 years and sell, then move to the next one.
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Old 04-30-2015, 05:55 PM   #16
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Re: One Man Show Retirement Plan


Hey, just by the by....

Great piece of advice I received from a customer of mine that confirmed some suspicions I'd long held: Retirement is overrated. If you're working just to be able to stop working, you're probably doing it wrong and you're probably not going to be satisfied when you get there.

If any part of this song describes your life, run!

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Old 04-30-2015, 06:16 PM   #17
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Re: One Man Show Retirement Plan


SEP ira's allow you to sock away much more every year than traditional and is a great way to accumulate wealth over the long term.

Vanguard index funds make for some great SEP stocking stuffers.
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Old 05-01-2015, 05:41 AM   #18
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Re: One Man Show Retirement Plan


Quote:
Originally Posted by Easy Gibson View Post
Hey, just by the by....

Great piece of advice I received from a customer of mine that confirmed some suspicions I'd long held: Retirement is overrated. If you're working just to be able to stop working, you're probably doing it wrong and you're probably not going to be satisfied when you get there.

If any part of this song describes your life, run!

+ YouTube Video
ERROR: If you can see this, then YouTube is down or you don't have Flash installed.
Retirement maybe overrated. Knowing you CAN retire is not.
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Old 05-01-2015, 08:27 AM   #19
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Re: One Man Show Retirement Plan


Quote:
Originally Posted by cleveman View Post
I think rentals are the way to go. Get them fully depreciated and needing worked on, then move into them and get them in pristine condition in 2 years and sell, then move to the next one.
This^
Worked in an office with a guy who did this. His advice was to not be a landlord, pay a management company to run the property, treat it like a business and not your personal property. He was cheap and always bitching about tenant calls like toilet clogs, lol.
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Old 05-01-2015, 08:52 AM   #20
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Re: One Man Show Retirement Plan


Company retirement and pension plans are really just a way to force you to not spend all your pay. When you work for yourself, you have to take on this responsibility yourself.

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