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Retirement thread
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<blockquote data-quote="John Galbreath Jr." data-source="post: 404836" data-attributes="member: 31"><p>Okay. A little seriousness.</p><p></p><p>To get to retirement, you cannot have debt! </p><p></p><p>If you have debt, get on Dave Damsey's program. Reduce, then get rid of debt, and the same time creating savings.</p><p></p><p>Pay your bills on time, or early. You must have as close to a perfect credit score as possible.</p><p></p><p>Take advantage of any employers programs, like 401k, where they match your money. Their money is free.</p><p></p><p>If your current job does not have the ability to get you to the financial level you desire, look elsewhere. But, IMO, never leave a job without a new one.</p><p></p><p>Think outside the employment box as to what will give you income, without working.</p><p></p><p>Using good credit and low/no debt to purchase real estate to rent is one way. That is what has worked for me. Make sure the investment will break even or better for the duration of the mortgage. Once it is paid off, all moneys is income, except upkeep.</p><p></p><p>Invent / create something, that someone will want to buy. Hopefully paying a residual or royalty. I do not have the expertise for that one, but there are fortunes made every day.</p><p></p><p>Don't count on the government for anything. Figure everything you ever have put in or will put in will not be available for you when you need it. Plan for the government only taking more from you, never giving any back. IMO, if you plan on the government supporting you in retirement, you may just not ever be able to stop working.</p><p></p><p>To quote my friend Fred Williams: "Don't just be the tool; hire the tools and own the company." If you are the tool, you will always be replaceable. If you are replaceable, there is little incentive for a company to pay you to your potential. If you are the one bringing in the company money, why can't you do it on your own. What would it take? Is it possible to make the jump next year, in five years, ten years, fifteen years. Or in fifteen years, will you be looking back thinking you missed your chance.</p><p></p><p>Okay, make a plan. ON PAPER. You are at the timeline beginning. Look at the date you wish to retire. Now, divide the timeline up into years and put in key steps you must achieve to make each yearly goal. You need a goal every year. You need to know if you are getting ahead (retire early) or getting behind, havde to continue working.</p><p></p><p>If you are getting ahead, leverage this increase. If you are failing. Give a hard look at why. Was the goal not attainable? Was there an error in your process? What will it take to get back on track.</p><p></p><p>My first retirement date was September 29, 2009. I was pretty much on track for that goal. I had worked both my home mortgage and my commercial real estate mortgage to mature on that date. Even though both those paid off on time, the economic crash set me back hard. I had to re-forcast what it was going to take, and set a new date and goals. I made my second retirement date of March 31, 2013.</p><p></p><p>So, folks especially those that are young, you are in complete control.</p><p></p><p>In the words of Winston Churchill: "He who fails to plan is planning to fail".</p></blockquote><p></p>
[QUOTE="John Galbreath Jr., post: 404836, member: 31"] Okay. A little seriousness. To get to retirement, you cannot have debt! If you have debt, get on Dave Damsey's program. Reduce, then get rid of debt, and the same time creating savings. Pay your bills on time, or early. You must have as close to a perfect credit score as possible. Take advantage of any employers programs, like 401k, where they match your money. Their money is free. If your current job does not have the ability to get you to the financial level you desire, look elsewhere. But, IMO, never leave a job without a new one. Think outside the employment box as to what will give you income, without working. Using good credit and low/no debt to purchase real estate to rent is one way. That is what has worked for me. Make sure the investment will break even or better for the duration of the mortgage. Once it is paid off, all moneys is income, except upkeep. Invent / create something, that someone will want to buy. Hopefully paying a residual or royalty. I do not have the expertise for that one, but there are fortunes made every day. Don't count on the government for anything. Figure everything you ever have put in or will put in will not be available for you when you need it. Plan for the government only taking more from you, never giving any back. IMO, if you plan on the government supporting you in retirement, you may just not ever be able to stop working. To quote my friend Fred Williams: "Don't just be the tool; hire the tools and own the company." If you are the tool, you will always be replaceable. If you are replaceable, there is little incentive for a company to pay you to your potential. If you are the one bringing in the company money, why can't you do it on your own. What would it take? Is it possible to make the jump next year, in five years, ten years, fifteen years. Or in fifteen years, will you be looking back thinking you missed your chance. Okay, make a plan. ON PAPER. You are at the timeline beginning. Look at the date you wish to retire. Now, divide the timeline up into years and put in key steps you must achieve to make each yearly goal. You need a goal every year. You need to know if you are getting ahead (retire early) or getting behind, havde to continue working. If you are getting ahead, leverage this increase. If you are failing. Give a hard look at why. Was the goal not attainable? Was there an error in your process? What will it take to get back on track. My first retirement date was September 29, 2009. I was pretty much on track for that goal. I had worked both my home mortgage and my commercial real estate mortgage to mature on that date. Even though both those paid off on time, the economic crash set me back hard. I had to re-forcast what it was going to take, and set a new date and goals. I made my second retirement date of March 31, 2013. So, folks especially those that are young, you are in complete control. In the words of Winston Churchill: "He who fails to plan is planning to fail”. [/QUOTE]
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