Self employed.. Retirement options

Beachkid23

Silver Member
Oct 26, 2013
4,908
4,860
fort myers fl
Primary Interest:
All Treasure Hunting
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?
 

smokeythecat

Gold Member
Nov 22, 2012
19,685
37,565
Maryland
🥇 Banner finds
9
🏆 Honorable Mentions:
1
Detector(s) used
XP Deus, Tesoro Cibola, Full sized shovel
Primary Interest:
All Treasure Hunting
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.
 

firemac

Bronze Member
Apr 14, 2012
1,756
414
Irving Texas and the beach
Detector(s) used
Garrett AT Pro Garrett pro pointer Minelab Etrac & excal ll
Primary Interest:
All Treasure Hunting
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.
 

lastleg

Silver Member
Feb 3, 2008
2,876
653
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.
 

Peyton Manning

Gold Member
Dec 19, 2012
13,523
15,071
Detector(s) used
MXT-PRO
Sandshark
Primary Interest:
Metal Detecting
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
 

kingskid1611

Gold Member
Feb 23, 2015
8,109
6,621
Oklahoma
Primary Interest:
All Treasure Hunting
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.
 

Peyton Manning

Gold Member
Dec 19, 2012
13,523
15,071
Detector(s) used
MXT-PRO
Sandshark
Primary Interest:
Metal Detecting
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

Silver Member
Feb 3, 2008
2,876
653
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.
 

Happy Harry

Sr. Member
Feb 15, 2008
320
23
San Mateo County California
Detector(s) used
ACE250,Infinium LS
Primary Interest:
All Treasure Hunting
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.
 

ARC

Gold Member
Aug 19, 2014
29,754
90,254
Tampa Bay
Detector(s) used
JW 8X/ML X2/VP 580
Primary Interest:
All Treasure Hunting
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.
 

toolmanbutch

Sr. Member
Aug 23, 2015
288
345
Upstate NY and Floridas East Coast
Detector(s) used
Minelab CTX 3030
Bounty Hunter
Garrett Carrot
Primary Interest:
All Treasure Hunting
WORK!!
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
 

OWK

Hero Member
Apr 26, 2014
998
1,288
North Central Md
Detector(s) used
Fisher F70, F75
Garrett Pinpointer
Primary Interest:
All Treasure Hunting
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.
 

lastleg

Silver Member
Feb 3, 2008
2,876
653
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

:laughing7:
 

releventchair

Gold Member
May 9, 2012
16,246
34,082
Primary Interest:
Other
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.
 

lastleg

Silver Member
Feb 3, 2008
2,876
653
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.
 
OP
B

Beachkid23

Silver Member
Oct 26, 2013
4,908
4,860
fort myers fl
Primary Interest:
All Treasure Hunting
  • Thread Starter
  • Thread starter
  • #17
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.
 
OP
B

Beachkid23

Silver Member
Oct 26, 2013
4,908
4,860
fort myers fl
Primary Interest:
All Treasure Hunting
  • Thread Starter
  • Thread starter
  • #18
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.
 

sckimbershot

Jr. Member
Feb 1, 2014
50
32
Low Country South Carolina
Detector(s) used
Tesoro Vaquero

Garrett Sea Hunter 11
Primary Interest:
Other
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:
OP
B

Beachkid23

Silver Member
Oct 26, 2013
4,908
4,860
fort myers fl
Primary Interest:
All Treasure Hunting
  • Thread Starter
  • Thread starter
  • #20
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.
 

Top Member Reactions

Users who are viewing this thread

Top