Contractor Talk - Professional Construction and Remodeling Forum banner
1 - 8 of 8 Posts

·
Knight of Ni!
Joined
·
93 Posts
Discussion Starter · #1 ·
We're all working hard for that day when we can relax... I've got four questions.

1/ What (how much) are you salting away for your future monthly?
2/ What vehicle are you using to do this IE: bank savings, mutual funds, CD, annuity, self directed plan (stocks-bonds) or other, rich father-in-law, rich wife, rob bank, lottery?
3/ Where are you getting your information... who do you trust?
4/ How much do you think you'll need when you retire?

I don't expect much of a response to this if we (those on this forum) are a general cross section of the people you meet on a construction site.
 

·
DGR,IABD
Joined
·
9,683 Posts
My business model includes working until I'm dead or coming up with a million dollar idea. I'm not trying to be a wise guy, but I've never really gotten on board with saving for retirement. If I had to guess, I'd say that many others are in the same boat, but it is a shame to admit. It will be neat to see how this thread ends up.
 

·
Registered
Joined
·
10,471 Posts
1) I'm putting away as much as I can.
2) Property here went up 39% last year and shows no sign of letting up, I'm going where the money is. I still keep some of my Blue Chips but have liquidated much of the junk stuff that I had and rolled it over into properties. I have 2 401's and a Roth.
3) To me, it's just common sense. Read the papers.
4) I figure that a few $M ought to do it.
 

·
Registered
Joined
·
199 Posts
Four questions?

metalroofer said:
We're all working hard for that day when we can relax... I've got four questions.

1/ What (how much) are you salting away for your future monthly?
2/ What vehicle are you using to do this IE: bank savings, mutual funds, CD, annuity, self directed plan (stocks-bonds) or other, rich father-in-law, rich wife, rob bank, lottery?
3/ Where are you getting your information... who do you trust?
4/ How much do you think you'll need when you retire?

I don't expect much of a response to this if we (those on this forum) are a general cross section of the people you meet on a construction site.
Having retired once, I can assure you that one needs (actually wants) at least 80% of their pre-retirement income.

The vehicle to get me to that goal was spec houses, but I would suggest long term rental property I.e. duplexs. Those of us in the trades can swap work to bring in a project at least 50% under the banks apprasial. While I can never see my fat tail on a roof hammering shingles, the info on these boards gives me a clue as how to know good work and bring me up todate. :Thumbs:
 

·
Knight of Ni!
Joined
·
93 Posts
Discussion Starter · #5 ·
Wow I never expected that big of a response! Was kinda hoping there were a few stock market players like me to kick ideas around.

Look I know this isn't very interesting right now but we must plan ahead for when you can't swing a hammer any more. If you don't have any money to retire with, picture yourself at 75 with your little blue vest. How many ways can you say "wecome to walmart"?

So I don't bore anyone too much, this is my boiled down, super short list to get you started to at least thinking about it.

If you don't have any idea how much you are going to need to retire, (hint) TB is right , a million is a good start. Find out at one of thousands of sites on the web, try www.fool.com to start.

For those with familys, if you have whole life insurance, this is not an investment (well it is sort of ...for the insurance company!) you are getting screwed. Get TERM life insurance instead, you'll get way more insurance and pay like 10 percent of what whole life would charge. OK I've found you a potential sum of money, take the money you save from the insurance and invest it in a mutual fund. Single guys don't need any life insurance.

Don't rent, plan on buying a home. Particularly if you live in a hot spot.

No sense investing in a mutual fund or anything unless you get out of credit card debt. If you keep a balance on your card instead of paying it off every month you are doing exactly what the CC companies want. After all they need to keep those fat cat shareholders like me happy by charging incredible rates to the uninformed. which is most everybody.

Anyone still awake? I promise to never bring this up again. Met.
 

·
Registered
Joined
·
318 Posts
I only have 1 rental property now but am on track to have another by the end of the year and at least 2 more by the time I hit 30. From then on, I'd like to get at least 1 per year. My plan is investing in little bread and butter houses and maybe a couple apartment buildings with the equity in these little houses. Property values will go up and sometimes down but hardworking folks who can't afford to buy a home will always need a place to live.

Tim
 

·
Registered
Joined
·
8,573 Posts
Three answers.

a) Real Estate (currently own some vacant land, and a condo I am going to rent out once I buy a house in the next few months hopefully)
b) 40X savings (My wife has a 403B which is similiar to a 401k.)
c) Building a business that is worth more than it's assets and can be sold one day for big bucks.

I also hope to get into financing new construction... ya know when ya buy a condo or town house that isn't even built yet and turn around and sell it on the market once all the units have been sold by the builder. My buddy makes 50% on his investments that way, but typically he buys the units outright with no bank financing. Time from purchase to sale: 1-2 years depending.
 
1 - 8 of 8 Posts
Top