Working my exit plan

[Cameron1]

As I work on my exit plan it got me to thinking. If you have a business generating around 300 gross per year..... that equates to 6 million gross in twenty years.

Now, If you saved just ten percent of that over the years that would put about 600,000.00in your various retirement accounts. Add back for some good investment strategies and your sitting there with over a million bucks in your nest egg accounts.

At this point, you could simply get a hobby job like Otis , or cut back to working maybe two days a week like Mikey, or keep living the dream while making and saving even more.

But keep in mind boys....a million bucks ain't what it use to be.....just ask Steve T.

Paying yourself first is a away of life that becomes a lot of fun. If you haven't started yet it's never too late.......but get started soon!

 

[Burtz]

new health care thanks obama
and social security
food stamps
free senior bus pass
free lunch at the senior centre

 

[Brian R]

I figured my companies were "big enough" so I decided to start putting money in the bank.

That whole "pay yourself first" thing is pretty neato when you're watching the numbers.


Steve,
Is part of your exit plan to sell, lease, hand down or what?

 

[Cameron1]

Well, the plan was to position the company as a take over candidate for a large restoration company that needs cash flow. Then, my lovely daughter at 23 decides the 140,000.00 dollars I spent on her college education was money that I should have kept.

She has been working with us part time for a couple of months now....so we'll have to wait and see how it goes. If she wants to give it a try I'm sure I'll let her.

Probably will check with Harper first.lol


How bout you Brian....ya ready for another move? You would do well here in Atlanta!

 

[Burtz]

sounds like you would make a great guru and hit the road like the other retired cleaning millionaires

I hear being a life coach is where it's at

you would be perfect

 

[Bjorn]

I can see steve working for don jon and SFS for till your 82 or something

 

[Cameron1]

Ah guys.....I long for the days when I can be like OGgie and grace the pages of MIkeysboard board with my brilliance ,wisdom, and vast knowledge of the universe.

But until then I'm keeping all the secrets to myself.....and to those who buy my limited time sensitive information packet. Ninety nine dollars and soon you can be teeing off with Otis on the summit or riding with Harpo and his harem . First 1000 callers only .

 

[Bjorn]

 

[Brian R]

Well, the plan was to position the company as a take over candidate for a large restoration company that needs cash flow. Then, my lovely daughter at 23 decides the 140,000.00 dollars I spent on her college education was money that I should have kept.

She has been working with us part time for a couple of months now....so we'll have to wait and see how it goes. If she wants to give it a try I'm sure I'll let her.

Probably will check with Harper first.lol


How bout you Brian....ya ready for another move? You would do well here in Atlanta!

Is that a job offer? lol

I'm definitely ready for another move....the physical type. TX, is not the place for me. Business is really booming and that's good....but TX and I don't get along. lol

Business can boom here without me.

If houses didn't cost so much in CA I would be heading back west in a hurry.

If I can find one good tech here that is willing to work with me, I'm pulling the cord.

They're either really good and doing their own thing or they're really bad ....and bad isn't my thing.

 

[Dmreed4311]

If you saved 600k over 20 years that would be over 4 million in retirement with most modest investment plans

 

[rwcarpet]

Hey, Terge.....is that hail next to you, or do you just need big, odd shaped golf balls????

 

[Cameron1]

If you saved 600k over 20 years that would be over 4 million in retirement with most modest investment plans

Not anymore. The last twenty years may be the next twenty as well.

 

[joe harper]

Well, the plan was to position the company as a take over candidate for a large restoration company that needs cash flow. Then, my lovely daughter at 23 decides the 140,000.00 dollars I spent on her college education was money that I should have kept.

She has been working with us part time for a couple of months now....so we'll have to wait and see how it goes. If she wants to give it a try I'm sure I'll let her.

Probably will check with Harper first.lol


How bout you Brian....ya ready for another move? You would do well here in Atlanta!

Is that a job offer? lol

I'm definitely ready for another move....the physical type. TX, is not the place for me. Business is really booming and that's good....but TX and I don't get along. lol

Business can boom here without me.

If houses didn't cost so much in CA I would be heading back west in a hurry.

If I can find one good tech here that is willing to work with me, I'm pulling the cord.

They're either really good and doing their own thing or they're really bad ....and bad isn't my thing.

pACK YOUR stuff....MaRy... !gotcha!

My daughter has a 4 br house for rent & I have 2 X-tra TMs...Just waiting for you to
sub-out...We will have some FUN with Mr. Cole... :mrgreen:

 

[Brian R]

Oh, man....another adventure.

 

[Greg Cole]

If you saved 600k over 20 years that would be over 4 million in retirement with most modest investment plans

Not anymore. The last twenty years may be the next twenty as well.

It's NOT enough. Put away 600k for 20 years - then you might have enough!
Keep your personal NUT low and INVEST constantly. If you have an extra $50 in your pocket, put it in savings, If you get a $5k flood job- don't go buy toys or take your wife out to celbrate- put the $ in the bank.
Life is not about how much you earn but rather how much you save.
I live way below my means today so I can live way above in retirement

 

[Warren Wallace]

If you saved 600k over 20 years that would be over 4 million in retirement with most modest investment plans

Not anymore. The last twenty years may be the next twenty as well.

It's NOT enough. Put away 600k for 20 years - then you might have enough!
Keep your personal NUT low and INVEST constantly. If you have an extra $50 in your pocket, put it in savings, If you get a $5k flood job- don't go buy toys or take your wife out to celbrate- put the $ in the bank.
Life is not about how much you earn but rather how much you save.
I live way below my means today so I can live way above in retirement

Smart man.....

 

[Brian R]

Yeah, I can't wait until the "How was your June" thread.

 

[joe harper]

If you saved 600k over 20 years that would be over 4 million in retirement with most modest investment plans

Not anymore. The last twenty years may be the next twenty as well.

It's NOT enough. Put away 600k for 20 years - then you might have enough!
Keep your personal NUT low and INVEST constantly. If you have an extra $50 in your pocket, put it in savings, If you get a $5k flood job- don't go buy toys or take your wife out to celbrate- put the $ in the bank.
Life is not about how much you earn but rather how much you save.
I live way below my means today so I can live way above in retirement

You should go ahead & spend it NOW.... !gotcha!

BERNIE.....will SavE you a ROOM...."FREE Room& BoarD"... :mrgreen:

"You can fool some of the people.....Some of the time."
"But ...You can't fool all of the people.....All of the time"......... :shock:

 

[Jamesh921]

"" Life is not about how much you earn but rather how much you save.
I live way below my means today so I can live way above in retirement ""

My Dad worked with a guy that died of a heart attack 3 months BEFORE he was suppose to retire.

Better enjoy "some of it" along the way, I say.

Good monetary stewerdship is a lesson best learned young.

 

[Greg Cole]

"" Life is not about how much you earn but rather how much you save.
I live way below my means today so I can live way above in retirement ""

My Dad worked with a guy that died of a heart attack 3 months BEFORE he was suppose to retire.

Better enjoy "some of it" along the way, I say.

Good monetary stewerdship is a lesson best learned young.

LOL, believe me, I enjoy all the toys, just instead of buying a Ferari, I bought a Corvette. Instead of buying the SL550, I bought an E-350. Instead of a 60' Hateris boat, I bought a 42'Carver. I lived in our first house for 12 years. Only moved because I STOLE the new one. I live WAY below my means so i can live way above after I retire.

UNDERSTAND: Living below your means doesn't mean living like a pauper. If you want something- either use OPM at no interest or pay cash. if you can't afford it without drawing out of long term savings- don't buy it.
If you don't have your savings money broken into 3 parts- you are NUTS
1. Short Term Emergency {Liquid} minimum 6 month covering your personal NUT in case the unforseen happens. (injury,fire, equipment repair, etc.) better to have the money available than have to pay interest or sell long-term assetts at a loss.
2. Long Term purchases {semi -easily Liquidable} for buying cars, tvs, appliances, roofs, insurance deductibles, etc.
3. Long Term Investments - NEVER TOUCH unless it is to move into a different fund or stock. I suggest NEVER managing these yourself. Some people get lucky, but more often than not- the average Joe loses money.

Hope this helps. Just remember- it doesn't matter if you make $30k a year or $3 mil a year - it's the discipline to save that ultimately determines your quality of life in your later years.

 

[bob vawter]

"" Life is not about how much you earn but rather how much you save.
I live way below my means today so I can live way above in retirement ""

My Dad worked with a guy that died of a heart attack 3 months BEFORE he was suppose to retire.

Better enjoy "some of it" along the way, I say.

Good monetary stewerdship is a lesson best learned young.

LOL, believe me, I enjoy all the toys, just instead of buying a Ferari, I bought a Corvette. Instead of buying the SL550, I bought an E-350. Instead of a 60' Hateris boat, I bought a 42'Carver. I lived in our first house for 12 years. Only moved because I STOLE the new one. I live WAY below my means so i can live way above after I retire.

UNDERSTAND: Living below your means doesn't mean living like a pauper. If you want something- either use OPM at no interest or pay cash. if you can't afford it without drawing out of long term savings- don't buy it.
If you don't have your savings money broken into 3 parts- you are NUTS
1. Short Term Emergency {Liquid} minimum 6 month covering your personal NUT in case the unforseen happens. (injury,fire, equipment repair, etc.) better to have the money available than have to pay interest or sell long-term assetts at a loss.
2. Long Term purchases {semi -easily Liquidable} for buying cars, tvs, appliances, roofs, insurance deductibles, etc.
3. Long Term Investments - NEVER TOUCH unless it is to move into a different fund or stock. I suggest NEVER managing these yourself. Some people get lucky, but more often than not- the average Joe loses money.

Hope this helps. Just remember- it doesn't matter if you make $30k a year or $3 mil a year - it's the discipline to save that ultimately determines your quality of life in your later years.

you poor dope!
that currency stuffed in the mattress
or those numbers on a monthly statement
ain't gonna mean SQUAT........
when our economic system FAILS.....
and it WILL!

most of the people in the know...
are buying stuff...right now!
the smart person knows WHAT stuff to buy!

 

[Greg Cole]

"" Life is not about how much you earn but rather how much you save.
I live way below my means today so I can live way above in retirement ""

My Dad worked with a guy that died of a heart attack 3 months BEFORE he was suppose to retire.

Better enjoy "some of it" along the way, I say.

Good monetary stewerdship is a lesson best learned young.

LOL, believe me, I enjoy all the toys, just instead of buying a Ferari, I bought a Corvette. Instead of buying the SL550, I bought an E-350. Instead of a 60' Hateris boat, I bought a 42'Carver. I lived in our first house for 12 years. Only moved because I STOLE the new one. I live WAY below my means so i can live way above after I retire.

UNDERSTAND: Living below your means doesn't mean living like a pauper. If you want something- either use OPM at no interest or pay cash. if you can't afford it without drawing out of long term savings- don't buy it.
If you don't have your savings money broken into 3 parts- you are NUTS
1. Short Term Emergency {Liquid} minimum 6 month covering your personal NUT in case the unforseen happens. (injury,fire, equipment repair, etc.) better to have the money available than have to pay interest or sell long-term assetts at a loss.
2. Long Term purchases {semi -easily Liquidable} for buying cars, tvs, appliances, roofs, insurance deductibles, etc.
3. Long Term Investments - NEVER TOUCH unless it is to move into a different fund or stock. I suggest NEVER managing these yourself. Some people get lucky, but more often than not- the average Joe loses money.

Hope this helps. Just remember- it doesn't matter if you make $30k a year or $3 mil a year - it's the discipline to save that ultimately determines your quality of life in your later years.

you poor dope!
that currency stuffed in the mattress
or those numbers on a monthly statement
ain't gonna mean SQUAT........
when our economic system FAILS.....
and it WILL!

most of the people in the know...
are buying stuff...right now!
the smart person knows WHAT stuff to buy!

LOL - you must be part of the Tea-bagger Party

 

[Walt]

"" Life is not about how much you earn but rather how much you save.
I live way below my means today so I can live way above in retirement ""

My Dad worked with a guy that died of a heart attack 3 months BEFORE he was suppose to retire.

Better enjoy "some of it" along the way, I say.

Good monetary stewerdship is a lesson best learned young.

LOL, believe me, I enjoy all the toys, just instead of buying a Ferari, I bought a Corvette. Instead of buying the SL550, I bought an E-350. Instead of a 60' Hateris boat, I bought a 42'Carver. I lived in our first house for 12 years. Only moved because I STOLE the new one. I live WAY below my means so i can live way above after I retire.

UNDERSTAND: Living below your means doesn't mean living like a pauper. If you want something- either use OPM at no interest or pay cash. if you can't afford it without drawing out of long term savings- don't buy it.
If you don't have your savings money broken into 3 parts- you are NUTS
1. Short Term Emergency {Liquid} minimum 6 month covering your personal NUT in case the unforseen happens. (injury,fire, equipment repair, etc.) better to have the money available than have to pay interest or sell long-term assetts at a loss.
2. Long Term purchases {semi -easily Liquidable} for buying cars, tvs, appliances, roofs, insurance deductibles, etc.
3. Long Term Investments - NEVER TOUCH unless it is to move into a different fund or stock. I suggest NEVER managing these yourself. Some people get lucky, but more often than not- the average Joe loses money.

Hope this helps. Just remember- it doesn't matter if you make $30k a year or $3 mil a year - it's the discipline to save that ultimately determines your quality of life in your later years.

What is OPM?

 

[joe harper]

OPM= "Other Peoples Money"

This is the 2nd time I have heard this PHRASE USED...

The GUY that used it BEFORE...was of the SAME personality as Mr. Cole... :roll:

It is used as a "SlanG ExpreSSioN" ....usually used to INFER....they have NO respect for
"OTHER PEOPLE'S MONEY"... They assume .."It is THEIR money to take..by ANY
MEANS...with-out REGARD of the method... :shock:


ps...Greg could be using the acronym in a different way... :|

 

[Hoody]

I think Greg means buy with credit.

 

[joe harper]

I think Greg means buy with credit.

"Of course he does...".... :roll:

But .....it was a great oppertunity to sLaNdEr his MOTIVES...

ps HonEyBadGer...DGAS...!!!!

e]http://www.youtube.com/watch?v=4r7wHMg5Yjge]

 

[sam miller]

I'm screwed! hey Harp I do know a guy who make his own bullets will those help in the end???

 

[ruff]

"" .

LOL, believe me, I enjoy all the toys, just instead of buying a Ferari, I bought a Corvette. Instead of buying the SL550, I bought an E-350. Instead of a 60' Hateris boat, I bought a 42'Carver.

Boy,oh boy
The compromises that some are willing to make!
I nominate Greg for the "Mother Theressa live low sweet chariot" award.

 

[Greg Cole]

OPM= "Other Peoples Money"

This is the 2nd time I have heard this PHRASE USED...

The GUY that used it BEFORE...was of the SAME personality as Mr. Cole... :roll:

It is used as a "SlanG ExpreSSioN" ....usually used to INFER....they have NO respect for
"OTHER PEOPLE'S MONEY"... They assume .."It is THEIR money to take..by ANY
MEANS...with-out REGARD of the method... :shock:


ps...Greg could be using the acronym in a different way... :|

LOL- I learned it my first day in Finance class. "OPM is Opium". Glad to know you apparently know my personality though we have never met. lol

 

[Greg Cole]

I think Greg means buy with credit.

Correct. 0% credit. Paying interest is NUTS. Avoid it all cost.