Big Game James
Dryer sheet wannabe
- Joined
- Mar 21, 2012
- Messages
- 19
Hello,
I'm 33 a small business owner who found this forum a while back and finally jumped on in.. I honestly found this site after watching a family friend retire and having it blow up in his face, retirement is typically something we plan and strive for and after seeing him take a kick to the shins it made me want to go out and learn more so I can make sure that my family doesn't endure the same thing along with trying to find as many ways possible to bail this guy out of the position they're in.. He basically retired, the 1st 5-7 years was pretty cool then he had to deal with things like a car crash, market crash, ER visits, and handful of other things he's found himself in a pretty jacked position. another guy who's like a dad to me just took such a hard hit that he had to push his retirement back, but it only reminds me that who's to say that future ripples in the market aren't going to kick him when he finally leaves the shore?
For me personally I believe that the financial independence route is the the way to go, I'm not saying that because I'm a business owner either... I say that for 2 reasons
1. setting yourself up for fractional living for an unknown future is some pretty crazy stuff. sure iced teas, pond fishing, and book reading are things I can do all day everyday also but unless you know exactly what's coming which none of us do I just don't see it making sense unless you're super high 6 figure guy that made all the right moves with the things they limited themselves to.. I guess the eye opening part for me is that when looking to invest look for things much more open ended. When I look at the people that took the biggest hits on long term moves they were all intangible investments (paper investments) and all investments involve risk and it's an up and down game but if they lost that much money what would have happened if they truly diversified (went tangible and intangible) then they wouldn't have pigeon holed themselves so bad which leads me to point 2...
2. The only thing that kept this guy alive and what's fueling the crazy upside growth he's having right now are two things and here's what I've learned from him.. decades back he bought RE (Real Estate) back in the 80's when everybody else was at the tail end and took a crazy hit when the market crashed - much like buying a home in 2006 and being stuck in today's market. needless to say he got caught upside down and did everything he could to not lose the house. This was part of an investment cycle he started back years prior where he'd nickel and dime'd it nice and frugal until he could buy another house. so he basically started with one and ended up with 7 he was working at the time and thought he was too cool for school and stopped hunting for homes... and after enduring the growth and decline cycles of any investment found himself with money that came in no matter what.. his equity positions are so strong on some of these homes if he wanted to he could under cut the rents for miles around and still make it quite fine.. His only problem that he admits is that he stopped investing in homes he even says he would've held onto homes picked up in the 2000's because he's already lived that out and knows the other side of the rainbow and because it's just like Dollar Cost Averaging on a stock.. In short this one strategy alone has not only kept him from filing BK but would have put him in a position where he controls so much more of what he brings in because his long term growth put him in a position where he can beat the rents for miles around and still live okay. So if he never stopped his little cycle of buying homes his retirement and pension money would be his play and charity money while the other money would just keep coming. And he only looked at getting 1 tangible asset- homes, nothing else.
And the crazy thing about that is if you become a good sourcing person you don't even have to walk into a deal with any money. You can leverage homes with other peoples money which is free you just have to do the leg work.
Personally I'd consider some gold being we don't have a standardized monetary system which also makes part of option 1 look so scary - paper value when the paper is always losing it's value and isn't backed up by anything. we're literally playing with monopoly money.. ouch ya know..
The second thing that's bailing them out and paying off huge for them is that his wife started a new business in the house and after only spending 3K (2K went to a brand new mac btw) they're doing great, having fun with what they're doing because they chose it and actually saved them from death on the couch and meaningless days as he likes to look at it..
so back to me... being a small business owner the guys that I've mentored from in learning business and that are on the "glory train" didn't set themselves up for retirement but a means so that money just kept coming no matter what.. I'm not saying I'm some Trump or anything no way, just a guy looking to learn and do as much as I can with what I've learned ya know..
And that's why I like this forum so much people are open to putting themselves out there for good information so thanks for having me and all the best!!!
I'm 33 a small business owner who found this forum a while back and finally jumped on in.. I honestly found this site after watching a family friend retire and having it blow up in his face, retirement is typically something we plan and strive for and after seeing him take a kick to the shins it made me want to go out and learn more so I can make sure that my family doesn't endure the same thing along with trying to find as many ways possible to bail this guy out of the position they're in.. He basically retired, the 1st 5-7 years was pretty cool then he had to deal with things like a car crash, market crash, ER visits, and handful of other things he's found himself in a pretty jacked position. another guy who's like a dad to me just took such a hard hit that he had to push his retirement back, but it only reminds me that who's to say that future ripples in the market aren't going to kick him when he finally leaves the shore?
For me personally I believe that the financial independence route is the the way to go, I'm not saying that because I'm a business owner either... I say that for 2 reasons
1. setting yourself up for fractional living for an unknown future is some pretty crazy stuff. sure iced teas, pond fishing, and book reading are things I can do all day everyday also but unless you know exactly what's coming which none of us do I just don't see it making sense unless you're super high 6 figure guy that made all the right moves with the things they limited themselves to.. I guess the eye opening part for me is that when looking to invest look for things much more open ended. When I look at the people that took the biggest hits on long term moves they were all intangible investments (paper investments) and all investments involve risk and it's an up and down game but if they lost that much money what would have happened if they truly diversified (went tangible and intangible) then they wouldn't have pigeon holed themselves so bad which leads me to point 2...
2. The only thing that kept this guy alive and what's fueling the crazy upside growth he's having right now are two things and here's what I've learned from him.. decades back he bought RE (Real Estate) back in the 80's when everybody else was at the tail end and took a crazy hit when the market crashed - much like buying a home in 2006 and being stuck in today's market. needless to say he got caught upside down and did everything he could to not lose the house. This was part of an investment cycle he started back years prior where he'd nickel and dime'd it nice and frugal until he could buy another house. so he basically started with one and ended up with 7 he was working at the time and thought he was too cool for school and stopped hunting for homes... and after enduring the growth and decline cycles of any investment found himself with money that came in no matter what.. his equity positions are so strong on some of these homes if he wanted to he could under cut the rents for miles around and still make it quite fine.. His only problem that he admits is that he stopped investing in homes he even says he would've held onto homes picked up in the 2000's because he's already lived that out and knows the other side of the rainbow and because it's just like Dollar Cost Averaging on a stock.. In short this one strategy alone has not only kept him from filing BK but would have put him in a position where he controls so much more of what he brings in because his long term growth put him in a position where he can beat the rents for miles around and still live okay. So if he never stopped his little cycle of buying homes his retirement and pension money would be his play and charity money while the other money would just keep coming. And he only looked at getting 1 tangible asset- homes, nothing else.
And the crazy thing about that is if you become a good sourcing person you don't even have to walk into a deal with any money. You can leverage homes with other peoples money which is free you just have to do the leg work.
Personally I'd consider some gold being we don't have a standardized monetary system which also makes part of option 1 look so scary - paper value when the paper is always losing it's value and isn't backed up by anything. we're literally playing with monopoly money.. ouch ya know..
The second thing that's bailing them out and paying off huge for them is that his wife started a new business in the house and after only spending 3K (2K went to a brand new mac btw) they're doing great, having fun with what they're doing because they chose it and actually saved them from death on the couch and meaningless days as he likes to look at it..
so back to me... being a small business owner the guys that I've mentored from in learning business and that are on the "glory train" didn't set themselves up for retirement but a means so that money just kept coming no matter what.. I'm not saying I'm some Trump or anything no way, just a guy looking to learn and do as much as I can with what I've learned ya know..
And that's why I like this forum so much people are open to putting themselves out there for good information so thanks for having me and all the best!!!