Self employed.. Retirement options
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  1. #1

    Oct 2013
    fort myers fl
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    Self employed.. Retirement options

    I have been self-employed for the last two years. I work from home basically, I buy out estates and collections and resell them either to people on eBay, Amazon and then other areas around town. Most of my money goes back into the business. Our bills are paid every month, our debt is paid off. But I don't really have a consistent flow of money to put towards retirement. I'm 35, my Roth IRA is basically worthless since I invested a lot of money in oil.

    I'm not sure what to do from here. I feel like I make decent money but I always feel like I need to keep cash on hand for any given day of the week. So this leads me to not putting any away more than $200 a month if that. However whenever I come across coins or nice or jewelry I tend to keep some of the more valuable stuff for myself. So in turn, this has become more of my retirement besides stocks.

    Do I need to change my thinking and budget better so I can put more money away in stocks? Or should I just continue saving some of the higher end items for future use or sale? Basically I'm more likely to keep a 10 gram gold necklace then put $210.00 into a stock. Will I be homeless one day if I continue to think this way?
    Rebel - KGC and A2coins like this.

  2. #2
    Charter Member
    us
    Nov 2012
    Maryland
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    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.
    AARC, Golden_Crab, A2coins and 1 others like this.

  3. #3
    us
    Apr 2012
    Irving Texas and the beach
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    My dad always told me, " to pay myself first,". It was not always easy. I retired last spring after 30 years on the fire dept, and I did A/C and heating on my days off, I always had a second job! Beach kid, good luck, you'll figure it out, it just takes some guys longer. Google Dave Ramsey, check out his system, it worked for me.
    austin, Rebel - KGC and A2coins like this.

  4. #4

    Feb 2008
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    634 times
    Some people just can't understand the compounding effect of long term investing. Just Vanguard
    it and forget it. Collectibles have run their course. PMs have no real value until sold and who sells
    at exactly the right time? Nobody but the insiders.

    I like to get my grins from the PM forum. These guys run around like chickens without heads
    getting a "deal" on some archaic metal that pays no dividends and keeps you up all night in fear
    of theft. A very real fear as the crooks will find you when you least expect it.

  5. #5

    Dec 2012
    MXT-PRO Sandshark
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    you need first of all a three to six month emergency fund. Leave it in a basic savings account and use it for emergencies only.

    Then put 15% of all household income into mutual fund ( not nearly as volatile as individual stocks).

    research ones with a good long term track record of returns

  6. #6
    us
    Feb 2015
    Oklahoma
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    I too am self employed and feel that upon retirement social security will not be an option. I don't invest in the stock market but have been socking money back in silver and gold. Not sure what the future holds but figure that I can always buy and sell until my death.....other than that I keep approximately one year of cash in a small saving account that is for bills in an emergency. It will work out as long as you think about it and don't just hope for the best.
    Rebel - KGC and A2coins like this.
    Tell me and I'll forget. Show me, and I may not remember. Involve me, and I'll understand. - Tribe Unknown. Those that lie down with dogs, get up with fleas. - Blackfoot

  7. #7

    Dec 2012
    MXT-PRO Sandshark
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    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
    lastleg, Rebel - KGC and A2coins like this.

  8. #8

    Feb 2008
    2,873
    634 times
    I will not mention net worth but will never run out because the dividends with SS supply
    all needs. Now who to leave it to which is a real chore.
    Rebel - KGC and A2coins like this.

  9. #9
    us
    Happy Harry

    Feb 2008
    San Mateo County California
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    Jeff-Gordon is definitely on the right track. I just retired after 40 years self employed and on straight commissions. Wife and I put as much as possible into mutual funds.( IRA, would recommending using a Roth IRA, your financial adviser, mutual fund representative, will explain the differences) We always paid ourselves first starting with 15% of gross. There were times when it was really really hard. However now that we have retired we are reaping the benefits of having saved and not having to have worried about the short term ups and downs of the stock market.
    lastleg, Rebel - KGC and A2coins like this.
    HHHH

  10. #10
    us
    ARC

    Aug 2014
    Bahia Espiritu Santo de Tampa - La Florida
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    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.
    Rebel - KGC and A2coins like this.
    Have permission... Fill holes... Dispose of trash. - The Random Chat Thread - http://www.treasurenet.com/forums/ev...en-24-7-a.html

  11. #11
    us
    Butch

    Aug 2015
    Upstate NY and Floridas East Coast
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    [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
    I searched for a long time, now I have found!

  12. #12
    OWK
    OWK is offline
    us
    Defender of Human Liberty

    Apr 2014
    North Central Md
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    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.
    AARC, Rebel - KGC, A2coins and 1 others like this.

  13. #13

    Feb 2008
    2,873
    634 times
    Objections to preparing for the future:

    Social Security won't be there for me

    The dollar is just fiat and worthless

    Holding gold beats investing

    A few hundred ounces of silver will save me from poverty

    Everyone knows that paper money will be replaced by gold/silver. I read it on the internet

    Rebel - KGC and A2coins like this.

  14. #14
    us
    Butch

    Aug 2015
    Upstate NY and Floridas East Coast
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    and the Internet don't lie. I know that for sure because I read that on the Internet.
    lastleg, AARC, Rebel - KGC and 1 others like this.
    I searched for a long time, now I have found!

  15. #15
    Charter Member
    us
    "WP"

    May 2012
    12,426
    19416 times
    No load mutual funds might be a consideration.

    So many of the pasts methods came up short, the glorious compounding I.R.A. is an example.

    A percentage in tangible precious metals as a diversification suits me fine.
    Looking back decades it has not hurt and is tangible and secured.

    Guns hold values for decent ones. Some other tools too. They do require being secured and depending on variables, insured as well.

    Once upon a time getting your interest to earn interest was a good spot to be in.
    That dried up too far as volume.

    Liquid assets are fine for a portion for flexibility but earn no interest.

    Stocks...are a case of the more you expect to gain the more you might lose but there are some plugging along without a lot of fanfare at better rates than interest at the banks. A cautious long term approach worth researching rather than frenzied buying or selling due to market hysteria's.

    What you save tax free or pretaxed is what you have to be able to wiggle in a crisis later if you can access it.

    How much wiggle you need can change in an instant though...

    Could you live off your earned interest you would be doing alright, if nothing goes haywire.
    Rebel - KGC and A2coins like this.

 

 
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