Self employed.. Retirement options - Page 2
Welcome guest, is this your first visit?
Member
Discoveries
 
Page 2 of 3 FirstFirst 123 LastLast
Results 16 to 30 of 36
Like Tree79Likes

Thread: Self employed.. Retirement options

« Prev Thread | Next Thread »
  1. #16

    Feb 2008
    2,873
    636 times
    I' not talking about interest from banks. I remember CDs that paid above inflation rates.
    That game is over and bank accounts are only good to store assets until you invest in
    bonds and stocks. You can take the headache out when you build a diversified portfolio
    of no-load mutual funds and let it multiply itself over time.

    The argument that SS is going broke and will vaporize is not valid because the govt cannot
    renege on supporting seniors who have paid into the system. Mass panic would ensue and
    congress knows it. They will come up with funds while paring the fat they have stupidly
    allowed to clog the system. Any congressman touching the Third Rail will be crucified.

  2. #17

    Oct 2013
    fort myers fl
    4,810
    4581 times
    All Types Of Treasure Hunting
    Quote Originally Posted by jeff-gordon View Post
    well hows that working out for ya? Gold is down 1/3 from it's high and silver 1/2.
    not good returns
    invest in good companies via mutual funds
    I have to read the rest of the posts but I'm going to answer yours first.

    I'm probably not the average gold buyer. Granite I do like my gold eagles or my 1/10 gold Eagles. But I live in a place that has yard sales every single weekend, hundreds of them every weekend of the year. To give you an idea of my finds over the last couple of weeks. A 12 g 14 K bracelet for $.50 at a yard sale. A 11 gr 14 K ring for $.25. 14 gram pair of 18 K cufflinks for $.10 at the thrift store. And a 10 gram scrap pocket watch for $5. Best was a 44 gram 18k watch for $5.

    Gold to be ddown 100% off of the highs and I'm still at a huge profit on everyone of those. So that factor really doesn't matter. I go to probably minimum 60 yard sales a weekend.

    All of the 1/10 gold Eagles I have bought was because I bought something for a couple dollars and sold it for a couple hundred and put some of that money towards buying a coin.

  3. #18

    Oct 2013
    fort myers fl
    4,810
    4581 times
    All Types Of Treasure Hunting
    Quote Originally Posted by AARC View Post
    Hmmm....
    Asking for financial advice online...
    Is similar to asking for legal advice online.

    But... I guess it cant hurt to ask at least...
    And...
    Never know who... what... or how something can spark a fire in the mind.
    It can't hurt I believe there's people out there that know more than I do and are either more experienced or have asked the same question. So I figure why not ask! I find it easier to learn from people who have lived it or experienced in instead of trying to guess on my own! I feel very safe for asking on here versus asking on Facebook or on Twitter! Lol.

  4. #19
    us
    Feb 2014
    Low Country South Carolina
    Tesoro Vaquero Garrett Sea Hunter 11
    48
    24 times
    Salt Water Beach, Coin and Relic
    Your investments depends on how much risk you are willing to accept, your age and obviously the amount of $$ you can save. Don't give up on energy stocks--that's only a sector.

    I manage my own $$ in 3 portfolios. My investments are focused on generating income which I reinvest in other income producing securities. The amazing thing is--compounding!

    I would recommend a very easy read which should be a bible for generating real wealth. Google--"the little book of big dividends" and use that as a bedrock for investments. Another cheap advisory is https://www.isinewsletter.com/member_login.cfm --this is a Forbes newsletter and well worth the 150-195/yr. sub. You can actually view a 43 page workbook that is linked to the site.

    Income securities---come in many forms--preferred stocks, notes, bonds, closed funds, stocks, reits, limited partnerships etc. I put our $$$ in all these types and they all generate income. I don't try to beat the market and I sleep well at night.

    Good luck
    Last edited by sckimbershot; Oct 28, 2015 at 04:49 PM.
    lastleg and Rebel - KGC like this.

  5. #20

    Oct 2013
    fort myers fl
    4,810
    4581 times
    All Types Of Treasure Hunting
    I think I'm going to finally sell my coin collection. Along with all my other high end stuff. Besides what gold coins I have. Going to put it all towards my business and Focus on getting more moved. And after I'm done with taxes this coming year head down to our credit union and get a retirement account set up through them.
    Rebel - KGC likes this.

  6. #21

    Mar 2016
    253
    181 times
    All Types Of Treasure Hunting
    Quote Originally Posted by smokeythecat View Post
    You've asked the question of the century. I've seen my retirement account tank. The "goodies" I bought to back up the stocks and bonds (like Civil war buttons) are dropping in price. I collect real early pieces and right now I could buy 100 great items, at prices that not been this low for years, plus it appears most people are putting their rainy day collectibles on the market. I think a lot of people are just plain out of money. Real estate is marginal, not that I have any for sale. If China stops investing or someone realizes the country is way too far in debt, and the truth is not being told about the unemployment rate, we're really up the creek. I've heard federal government bonds are safe, but don't pay anything that resembles a return. A few of the bank stocks are up. Oil, gas and gold are down, and European investments don't look good right now. Fixed income investments are good so long as the company standing behind them is rock solid. Re your necklace, gold will never go to zero. But you better have it in a really safe place. And if the investment bankers had it "right" they'd all have retired by now and live in Aruba.
    ya hit the nail on the head right there
    Rebel - KGC and AlienLifeForm like this.

  7. #22

    Mar 2016
    253
    181 times
    All Types Of Treasure Hunting
    Quote Originally Posted by OWK View Post
    My advice is simple.

    If you are 35 years old, you will likely outlive the US Dollar as a currency.

    Your choice to tuck away a fraction of your precious metal acquisitions is the right one.

    In 1925, 10 ounces of gold bought a serviceable automobile. Today, it buys a serviceable automobile.
    In 1925, 200 ounces of gold bought a reasonable home. Today, it buys a reasonable home.
    In 1925, a piece of silver the size of a US dime would buy a loaf of bread. Today, it buys a loaf of bread.

    In 1925 a car (Model T Runabout) cost $260. Today it costs $26,000
    In 1925 a house cost $2000. Today it costs $200,000 (in a cheap market)
    In 1925, a loaf of bread in NY cost 10 cents. Today it costs $2.50

    The purchasing power of gold and silver are fairly constant relative to the commodities you would purchase with them. The purchasing power of the dollar, continuously and predictably erodes due to irresponsible fiscal policy, and the lack of any sound backing for the fiat currency that is the US Dollar.

    Even sound savings or market investments which gain dollars, are continuously losing buying power because they are denominated in dollars.

    Stick with your plan. You're on the right track.
    Do you know why it was in the Constitution we are supposed to use gold & silver bullion and nothing else? Someone had to work for that gold or silver, they had to give time of their life for it so it has REAL value that cannot be inflated. That paper money is a piece of paper stating debt to a central banking company, you are working for debt whos value is as whimsical as a keystroke on a keyboard. It's the scam of the millennium, just wondering when the rest of society is gonna catch up to what most folks here already know hehe.
    Rebel - KGC likes this.

  8. #23

    Apr 2012
    Tupelo, Ms
    Fisher F2 w3coils - Teknetics T 2 Classic w NEL Sharpshooter coil - Whites TRX pinpointer
    111
    143 times
    All Types Of Treasure Hunting
    Quote Originally Posted by toolmanbutch View Post
    [SIZE=7]WORK!!
    [SIZE=4]Get another job besides eBay. Money is easy to make. Most of us older folks worked Two to Three jobs. Work will not hurt you. If your doing eBay then you are sitting on your butt too much. Take a Lawn Mower form one of your Estate buys and mow lawns, trim bushes, clean parking lots of private businesses. Your in Florida, many of us who go their need a handyman. Learn the Art of sales.
    Sorry to ne so Blunt. You want money then you need to Work!
    Toolman Butch
    That is some GOOD advice! I agree with you 100%. I have always worked more than one job. If you are self employed and successful you have worked more than one job. I am almost 65 and have 80 years work experience.
    Rebel - KGC likes this.

  9. #24
    us
    Sep 2016
    Ohio
    90
    95 times
    All Types Of Treasure Hunting
    I disagree with all the those who feel social security will be gone. Social Security could be fixed by simply not putting an income cap on it and make those who earn millions continue to pay for it even after they have earned the maximum allowed. If Social Security failed, this country would probably not be worth living in due to the problems we would have. Beachkid, if you have ever worked a normal job then you may already qualify for Social Security. It is not that hard to qualify. If you don't qualify, then maybe you should get a real job part time but make sure you make enough to qualify for Social Security benefits in the future. All you have to do is look at the Social Security requirements and benefits on the government home page.
    Rebel - KGC likes this.

  10. #25
    us
    Just another Guy In Back

    Feb 2007
    The Mangrove Coast
    CTX 3030 / GTI 2500 / Infinium LS / Tesoro Sand Shark / 1 Garrett Pro-pointer / 1 Carrot / Vibra Probe 580 (out on loan) / Lesche M85 / Mark1 MOD1 EyeBall
    7,126
    8363 times
    Fire Nugget Club Member, Deliverer of World Peace
    Honorable Mentions (1)
    Seeking financial advice from a bunch of strangers on the internet who's qualifications are....

    But since you asked, please post your financial portfolio with income tax returns so we can give you a better answer.
    Get up late... Start slow... Taper off...

    I am a second level vegetarian. Cow's eat grass. I eat cows.

  11. #26
    us
    Aug 2012
    MA
    3,351
    689 times
    Metal Detecting
    Honorable Mentions (1)
    Consistent long term investing is the way to go. Since your young and have a long time until retirement I'd focus on stock index funds / ETFs. If you are an indisciplined investor have an auto program set up that takes money from your account and invests it automatically every week. I'd go to a low cost large firm like vanguard. And as another poster stated first save 6mnths worth of expenses in a very very safe bank or money market account.

  12. #27

    Oct 2013
    fort myers fl
    4,810
    4581 times
    All Types Of Treasure Hunting
    Hi. I started this thread and I have some catching up to do. Sorry I kind of forgot it was out there.
    Rebel - KGC likes this.

  13. #28

    Oct 2013
    fort myers fl
    4,810
    4581 times
    All Types Of Treasure Hunting
    If anyone cares LOL I haven't really come up an awesome solution except for I've been putting money away every month, paid off both of my cars to the tune of $12,000. Should be completely be debt-free by the end of September meaning no credit cards,no school loans,no car payments or another funny loans for anything. Saving up a 8 month emergency fund. Once that's done will move on to step four of Dave Ramsey's baby steps. Pretty much basic stuff. Wish I would've read about this 5-10 years ago but glad I did it now!

  14. #29

    Mar 2016
    Garrett GTA 1000 PowerMaster
    702
    689 times
    All Types Of Treasure Hunting
    I'm in the same boat. I was just talking to a friend about my non-existent retirement fund. It is hard to come up with money to put away! It seems like every time we turn around something needs fixed or replaced or someone needs our help. We're paying down a mortgage and car payment. Who wants to retire when you still have a mortgage? We've just got to get that paid off, as I am eligible to retire in 12 years. We're just middle class folks and feeling the squeeze in this economy.

  15. #30
    us
    Aug 2012
    New Mexico USA
    My Head
    2,291
    1783 times
    For 'all that don't feel SS is a good idea I will tell you that SS is the most secure investment out there. If SS fails, we are in way deeper crap than we know along with the rest of the world. And if your employed your employer matches your 6.2%. That's 12.4% of your income.
    I know some people try to play the system. I know 2 guys that did. They believed they were getting away with something. I'm fairly sure they stopped income taxes and SS, Med Care for probably a long time.. I don't know this for a fact, just the way they have to scrounge to get by.
    SS is a very good deal as is Medicare. Medicare costs like $120/month and if an enhanced version offered by insurance co, is signed up for, it covers even more.
    It's also a good idea to pay all your income taxes as SS check amount uses the highest earning years.

    So Beachkid, It's not too late to consider SS as a first investment. The talk about SS being in trouble started when Regan balanced his budget with SS money that was not to be touched. He wrote an IOU and other Presidents have followed. It was wrong to touch our money but this can be fixed but not with the deficit we have now.
    A2coins likes this.
    Chop wood..Carry water

 

 
Page 2 of 3 FirstFirst 123 LastLast

Sponsored Links

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  

Similar Threads

  1. Retirement Options
    By DeepseekerADS in forum Comedy Central
    Replies: 5
    Last Post: Oct 03, 2014, 10:16 PM
  2. Employed!
    By The Beep Goes On in forum Everything Else
    Replies: 15
    Last Post: Feb 24, 2011, 10:12 AM
  3. Replies: 13
    Last Post: Oct 20, 2009, 02:56 AM
  4. Bad Bad Bad News: I will be employed starting Monday
    By Atticus Finch in forum Everything Else
    Replies: 6
    Last Post: Apr 04, 2009, 04:15 PM
  5. Redneck Riviera yields a bit - unusal detector employed
    By dahut in forum Beach and Shallow Water
    Replies: 9
    Last Post: Jun 29, 2007, 09:24 PM
Powered by vBadvanced CMPS v4.3.0