Money...retirement
- Thread starter 1st choice restoration
- Start date
dealtimeman
Everyday is Saturday.
I don’t see myself ever retiring fully, but backing off more will be a must.
Today was an exciting day as I bought a piece of equipment that I have really been wanting and I paid off my house. Soon I will be debt free only car notes left to pay off.
Just bought my first piece of equipment that will get me on my way. 6000 cfm trailer mounted desiccant with an air conditioner and heater built in.
3 more units then I will start buying houses and or multi family units. To live off of.
Today was an exciting day as I bought a piece of equipment that I have really been wanting and I paid off my house. Soon I will be debt free only car notes left to pay off.
Just bought my first piece of equipment that will get me on my way. 6000 cfm trailer mounted desiccant with an air conditioner and heater built in.
3 more units then I will start buying houses and or multi family units. To live off of.
Desk Jockey
Member
Congrats! See now you can pay Justin off for the gear you lost in the desert and you'll have take one STEP closer to clearing your conscience. Pay me the $250.00 for making me sick and you'll be at peace.I don’t see myself ever retiring fully, but backing off more will be a must.
Today was an exciting day as I bought a piece of equipment that I have really been wanting and I paid off my house. Soon I will be debt free only car notes left to pay off.
Just bought my first piece of equipment that will get me on my way. 6000 cfm trailer mounted desiccant with an air conditioner and heater built in.
3 more units then I will start buying houses and or multi family units. To live off of.
1st choice restoration
Member
Dealtimeman
So ur wanting to purchase 3 more trailer mounted dessicants as part of retirement strategy?? Wanting to rent out equipment as retirement income??
So ur wanting to purchase 3 more trailer mounted dessicants as part of retirement strategy?? Wanting to rent out equipment as retirement income??
dealtimeman
Everyday is Saturday.
Yes and no.
I have been wanting to transition into a large loss logistics and support company for sometime now.
This past year we bought 2 trailer mounted generators and 2 smaller desiccants and Now, this 1st larger 6000 cfm Desiccant is a major step in continuing that part if my vision for where I want LCS to go.
Nothing against smaller 5-6000 dollar jobs but I want to keep getting 40-250k size jobs and that is what my efforts/job has been over the last year or so.
We went from having regular spider boxes running of the drier Çircuit to having 5 -4/0 cables running off the bus bar on the generator, powering a 400 amp power distribution panel feeding ten 6/3 8/1 50 amp cables to power 10 208v spider boxes throughout many floors of a building.
These new challenges have started/reinvigorated a passion like back in the days when we acquired our first Vortex.
Just the next chapter, while planning for the long term.
1st choice restoration
Member
A lot of companies and competition now days for those 5k or 6k jobs. Not many equipped to handle large losses. I like ur thinking and approach.
I chose to purchase a 16 unit apartment complex along with 3 rent houses as part of our grand plan... we’ll see
I chose to purchase a 16 unit apartment complex along with 3 rent houses as part of our grand plan... we’ll see
dealtimeman
Everyday is Saturday.
That’s a good plan. I have a buddy that did the same thing a few years back. Good investment.
PrimaDonna
Megatron
Relinquished my "share" in the rental properties as part of divorce settlement. Having rental income from 3 units that was heavy cash positive was a great thing. I want to get back to that as soon as I can.
I really wanted to purchase a place when we finally sold the house, but ended up having to rent. The properties were coming up and getting offers with in hours. I didn't want to jump on something just because it was available and not what I wanted to met my needs. In the long run, it was the best decision as I need a breather after the pace I've had the past 10 years and to really launch my consulting and FPA businesses. Even tho I hate renting, I can write my check and not have to worry about anything. Short term pain, for the bigger long term picture.
I did meet with my financial adviser and had him open a new account for me with the proceeds of the house and buy out from the business. But, I want to do more than have the money sitting in various brokerage accounts. That's not the way to build the empire! I'm thinking I could use the advice and knowledge of someone like Boyle!
I really wanted to purchase a place when we finally sold the house, but ended up having to rent. The properties were coming up and getting offers with in hours. I didn't want to jump on something just because it was available and not what I wanted to met my needs. In the long run, it was the best decision as I need a breather after the pace I've had the past 10 years and to really launch my consulting and FPA businesses. Even tho I hate renting, I can write my check and not have to worry about anything. Short term pain, for the bigger long term picture.
I did meet with my financial adviser and had him open a new account for me with the proceeds of the house and buy out from the business. But, I want to do more than have the money sitting in various brokerage accounts. That's not the way to build the empire! I'm thinking I could use the advice and knowledge of someone like Boyle!
F
FB7777
Guest
Tell ya what Meg, some mikefest we can exchange the “secrets “ to what we both do
But here’s the short version
Save early and often, preferably at least 20% of your income (SEP plans allow 25% tab deferred) in an automatic monthly account
Index funds are best for people that want to set it and forget
Besides , most of us active traders are just idiots chasing S&P returns pretending we are Warren Buffett
I did that for 20 years before I started actively managing my portfolio and selecting stocks and trading options
ruff
Member
And diversify, diversify, diversify as index funds can still be sector specific.
And yes, real estate is great. Though timing of when you buy real estate (unlike stocks- can't time the market) is super important. I would not buy an investment property in a bubble level market.
And yes, real estate is great. Though timing of when you buy real estate (unlike stocks- can't time the market) is super important. I would not buy an investment property in a bubble level market.
hogjowl
Idiot™
And if you have any medical issues, we’re doctors too.
Cleanworks
Moderator
Come see me when you want that stick surgically removed from your ass.
F
FB7777
Guest
Thanks Ofer,
I should have said Broad Index fund, like Vanguards Total Market Index or the S&P Index
F
FB7777
Guest
It isn't brain surgery Porky
But if you're content with 2 and 20 commissions ( the fine print ) from a financial adviser knock yourself out
In fact I'll give you the name of a friend of mine that does it
He's always looking for more sheep to pay for his marina slip and Florida home mortgage
