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08-07-2014, 01:38 PM
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#21
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Full time employment: Posting here.
Join Date: Apr 2013
Posts: 834
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We will be building our second upon retirement (next year). Already own property, have architects drawings and talking to builders this fall. We will be between 120 and 135/sq ft.
Learned our lessons the first go around. Can' wait.
__________________
The Constitution. It's not just a good idea...it's the law.
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08-07-2014, 01:49 PM
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#22
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Thinks s/he gets paid by the post
Join Date: Jan 2008
Posts: 1,495
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One of the biggest mistakes I repeatedly hear is that people think they can pick their retirement age. Life often intervenes otherwise. It was Scott Burns column where I first read one's 50's referred to as the "50's minefield. He was referring to the propensity of most people to either suffer a job loss or serious health condition in their 50's from which they never financially recover. That scared the hell out of me and reinforced my commitment to retire early, frugally, wisely, and conservatively.
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08-07-2014, 01:59 PM
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#23
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Thinks s/he gets paid by the post
Join Date: Aug 2013
Posts: 1,660
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Wow, a $110,000 closet (500x220 sq ft).
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08-07-2014, 02:01 PM
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#24
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Sep 2012
Posts: 11,702
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The coin collection story reminded me that some people retire thinking they'll get an inheritance. My advice: NEVER rely on an inheritance. Don't do it! Not only may it not work out, it may cause you to do dumb things if you find yourself responsible for the inheritance. (Example: you are POA for a parent, you abuse your parent by withholding treatment in order to obtain your inheritance. Don't go to the grave like that.)
The other thing about the coin collector story is people who retire who do not understand the value of money. Ever watch "Forensic Files?" Full of people who kill others for insurance policies worth $50k to $200k, thinking they can live a life of work-free luxury on that.
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08-07-2014, 02:08 PM
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#25
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Moderator
Join Date: Dec 2007
Location: Eastern WV Panhandle
Posts: 25,340
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I've seen a bunch too, and some in progress during the working years with relatives now.
We have a pretty good pension, the kind they don't make anymore but if you work at it, you can screw that up. A lot of guys did. DB, 100% COLA, medical/prescription coverage. Got it made, right?
The actuaries took a look at that back in the early '80's and told the County "Do you have any idea what this is going to cost?" So the County made an offer: You could have half of your previous retirement contributions paid back (IIRC tax free, since you've already paid the taxes on it) and for some that was well into five figures. The downside was that you get in the new retirement plan that has a capped COLA and I think a percentage of the COLA instead of 100%. A lot of guys took the bait and bought cars, motorcycles, boats, larger homes and the like.
They sure are regretting it now. Almost all are still working and will have to until SS kicks in. Throw in a divorce, maybe some health issues, and that makes it even worse.
And I see one in the making with DW's brother. Nice guy, good work ethic, but he's married to "Spendarina" who believes that the solution to every impulsive "I wanna..." is charge it or take out a loan. Sadly, he goes along with it. Between the two of them they have a mid six-figure income and over $300k in debt. They are in their mid 50's. Twelve years ago he was single and had a total debt of ~$90k for a home mortgage. His job is pretty physical (works in a power plant) and he's in good shape but I sure hope he makes it to 66 and the coal-fired plant doesn't close before then.
She talks of moving to Sarasota, FL and driving around in her convertible going to lunch and the like. Somehow I don't think it's going to happen.
__________________
When I was a kid I wanted to be older. This is not what I expected.
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08-07-2014, 02:18 PM
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#26
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Moderator
Join Date: Jul 2010
Posts: 7,940
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Wow. Reading all of these makes me very grateful for the good sense I got from some combination of the good Lord and my parents.
__________________
"One of the funny things about the stock market is that every time one person buys, another sells, and both think they are astute." William Feather
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ER'd Oct. 2010 at 53. Life is good.
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08-07-2014, 02:24 PM
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#27
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Thinks s/he gets paid by the post
Join Date: Jun 2013
Location: Bonita (San Diego)
Posts: 1,795
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Former work colleague made $100 million in 1999 day trading. Stopped working, bought a boat, sailed around Mexico, met his wife. Continued day trading. Lost $100 million in 01-02. Joined the Navy.
When I asked him if he regretted continuing day trading, he asked me: "How many people do you know that made $100 million in one year?"
I said, "The same number of people I know who lost $100 million in one year."
I guess he had a couple of good years and met his wife. I wonder if he's still at it...
__________________
"So we beat to our own drummer in the sun;
We ask for nobody's permission to run.
I just wanna live in a world like that;
Now I'm gonna live in a world like that!" - World Like That, O.A.R.
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08-07-2014, 02:28 PM
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#28
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: May 2014
Posts: 7,371
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Quote:
Originally Posted by MBAustin
Wow. Reading all of these makes me very grateful for the good sense I got from some combination of the good Lord and my parents.
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Amen to that. I actually saw my Dad demoted from a good job (the steel business, so industry on its last legs) at age 55. They'd worked and saved their entire adult lives and were fine. They moved to Myrtle Beach (LCOL), paid cash for a house and Dad tried his hand at a second career as a financial planner. Didn't work out, but he made some money and didn't lose any. They're in their early 80s and still doing well other than the expected old-age health issues and even there they've done better than most.
Seeing Dad edged out of a good job (and able to walk away from it) was a great lesson for me. I knew it could happen to me and it did, although I was 61. I'm grateful I didn't have to try and find another job.
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08-07-2014, 02:40 PM
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#29
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Recycles dryer sheets
Join Date: Aug 2013
Posts: 349
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Thanks for sharing. Knowing what NOT to do is just as important as know what to do!
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08-07-2014, 02:48 PM
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#30
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jul 2006
Posts: 11,401
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This happened years ago. A distant relative, a widow, moved into a high-end home with DS and DIL, investing her savings in the downpayment. Home was in DS's name. Grandma babysat two grandchildren. Initially things went well, until DS drowned at sea. DIL was the sole beneficiary of his estate and life insurance. She now had all the power. As the grandchildren grew, they no longer needed much babysitting. DIL began a new relationship. Grandma no longer felt welcome. She eventually moved out and went to live with her sister in straitened circumstances. DIL provided no financial support or compensation.
Morals of the story:
1. Never invest in a property without getting title.
2. Do not depend on the goodwill of one individual, because sh*t happens.
3. Don't give away your retirement savings. You might need them.
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08-07-2014, 02:50 PM
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#31
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Thinks s/he gets paid by the post
Join Date: Nov 2013
Location: Bay Area
Posts: 2,745
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Quote:
Originally Posted by nash031
Former work colleague made $100 million in 1999 day trading. Stopped working, bought a boat, sailed around Mexico, met his wife. Continued day trading. Lost $100 million in 01-02. Joined the Navy.
When I asked him if he regretted continuing day trading, he asked me: "How many people do you know that made $100 million in one year?"
I said, "The same number of people I know who lost $100 million in one year."
I guess he had a couple of good years and met his wife. I wonder if he's still at it...
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Wow, what a story. Reminds me of Kenny Roger's song, The Gambler. One needs to know when to walk away.
Day trading is like gambling. You start small and win a little. Every time you win, you get bolder & greedier (your bet gets bigger). One or two bad streaks later, you got no more money left to bet. Only dealer makes money over long run.
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08-07-2014, 03:02 PM
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#32
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Gone but not forgotten
Join Date: Jan 2007
Location: Sarasota,fl.
Posts: 11,447
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Quote:
Originally Posted by aja8888
Yes, for many professions, that is probably a reality. BUT.....if you can spell "Oil" (O..I..L) and show up sober, you can find decent work at any age in Texas, Oklahoma, North Dakota, Wyoming, Montana, New Mexico, Colorado, Canada, and Louisiana.
(If you have a commercial drivers license, you can sign on with a crude oil or water hauler and make near, at or over $100K per year.)
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A nurse with a license & a few good references can always find work & pretty much name her or his hours.
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08-07-2014, 03:18 PM
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#33
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Apr 2003
Location: Hooverville
Posts: 22,983
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Quote:
Originally Posted by Amethyst
Subtract "We sold a good portion of our taxable investment account at the depths of the market low and" - and you have our situation. We bought the vacation rental in 2003 just as prices were heating up and mortage rates were going down. We've never gotten even vaguely enough in rent to pay for what the place costs to own, and we've never gotten to stay there ourselves. Plus, like all rentals, it is a perpetual worry. One of those "it seemed like such a good idea at the time" things. Also one of those "no risk, no gain" things, which are supposed to show you have confidence in yourself and all that!
Amethyst
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I can't remember which billionaire investor made this observation, but he said that empathic people make poor investors. What is empathy? It means that you tend to feel others emotions. But an investor hopes to observe others' emotions, and take advantage of them. One who is habitually contrary and skeptical might think, if not say, "maybe" to many things that others might believe or identify with. When you said "Also one of those 'no risk, no gain' things, which are supposed to show you have confidence in yourself and all that!" it made me think how manipulative many of these sayings that get taken for granted actually are. Society has a stake in being sure that individuals do not figure out the sources of all the lines and levers and social moods affecting them. Remember Dylan and blowing in the wind? This is probably the single most important thing that anyone might learn. Most of what we are sold as progress is actually very likely to only be flux. What was taken for granted 10 years ago is cast out today, and much of what is taken for granted today will be cast out or even made illegal tomorrow .
Ha
__________________
"As a general rule, the more dangerous or inappropriate a conversation, the more interesting it is."-Scott Adams
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08-07-2014, 04:06 PM
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#34
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Recycles dryer sheets
Join Date: Sep 2012
Posts: 459
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Quote:
Originally Posted by Andre1969
…...but were looking forward to a life of leisure and travel, once she retired.
Well, about a year and a half ago, her husband up and died! So, there went their dreams of spending their golden years together.
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Exactly the same story with my mom. My dad died in 1974 at the age of 55 and mom told me her story many times how they wanted to spend their lives in retirement. My dad died on his way back from work and did not even get a single moment of what they had planned. We took a good care of her and never let her felt alone til she died in 2012.
__________________
Retired at age 52 on 12/1/2016
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08-07-2014, 04:09 PM
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#35
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Thinks s/he gets paid by the post
Join Date: Nov 2013
Location: Bay Area
Posts: 2,745
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Quote:
Originally Posted by retire2020
Exactly the same story with my mom. My dad died in 1974 at the age of 55 and mom told me her story many times how they wanted to spend their lives in retirement. My dad died on his way back from work and did not even get a single moment of what they had planned. We took a good care of her and never let her felt alone til she died in 2012.
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Yup. Dying early during RE is the biggest mistake of them all. I will post on this thread if it happens to me.
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08-07-2014, 04:16 PM
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#36
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Gone but not forgotten
Join Date: Jul 2012
Location: Peru
Posts: 6,335
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Sheesh.. What haha said... yeah...
Quote:
I can't remember which billionaire investor made this observation, but he said that empathic people make poor investors. What is empathy? It means that you tend to feel others emotions. But an investor hopes to observe others' emotions, and take advantage of them. One who is habitually contrary and skeptical might think, if not say, "maybe" to many things that others might believe or identify with. When you said "Also one of those 'no risk, no gain' things, which are supposed to show you have confidence in yourself and all that!" it made me think how manipulative many of these sayings that get taken for granted actually are. Society has a stake in being sure that individuals do not figure out the sources of all the lines and levers and social moods affecting them. Remember Dylan and blowing in the wind? This is probably the single most important thing that anyone might learn. Most of what we are sold as progress is actually very likely to only be flux. What was taken for granted 10 years ago is cast out today, and much of what is taken for granted today will be cast out or even made illegal tomorrow .
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"someguy" asked me a similar question about 4 months ago here... http://www.early-retirement.org/foru...ml#post1444996... and I never got around to answering it.
I think haha hit it on the head... I'm not sure it was a mistake, but, likely one of the reasons DW and I are not "rich"...
Am thinking that I was plenty smart enough to earn/make/get more money for my retirement, but lacking the self preservation instinct.... and the words are definitely compassion/empathy... just too much of it. I would have survived quite well in my business start up... (cut short by cancer) but didn't have the chutzpah to double my prices like my competitors, trusting that value would build the business base.
We used to call it " the killer instinct". On that, I failed...
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08-07-2014, 04:18 PM
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#37
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jul 2008
Posts: 35,712
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Dying while at work is a lot worse, but then it does not fall under the premise of this thread: "Big mistakes in retirement".
So, that will have to be classified under "Big mistakes in OMY".
__________________
"Old age is the most unexpected of all things that happen to a man" -- Leon Trotsky (1879-1940)
"Those Who Can Make You Believe Absurdities Can Make You Commit Atrocities" - Voltaire (1694-1778)
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08-07-2014, 04:22 PM
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#38
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Moderator Emeritus
Join Date: Apr 2011
Location: Conroe, Texas
Posts: 18,727
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I suppose if you were thinking about being retired while at w*rk and died, it should count a little.
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08-07-2014, 04:25 PM
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#39
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jul 2008
Posts: 35,712
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Quote:
No. It's better if you do not even think about it, then you would not know what you missed.
But if you talk about Wally, Dilbert's coworker, he's the BIG winnah! Wally retired while at work.
__________________
"Old age is the most unexpected of all things that happen to a man" -- Leon Trotsky (1879-1940)
"Those Who Can Make You Believe Absurdities Can Make You Commit Atrocities" - Voltaire (1694-1778)
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08-07-2014, 05:31 PM
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#40
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: May 2014
Posts: 7,371
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Quote:
Originally Posted by Moemg
A nurse with a license & a few good references can always find work & pretty much name her or his hours.
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One of my former HS classmates is a retired nurse (aged 60 or 61). She posts on FB and asks questions about how to use her iPhone and iPad, joking about her lack of technological smarts, and then once mentioned their "meager savings" in a discussion on out-of-pocket health costs. Umm, you're in a field where you could go back to work, you have meager savings and you're buying iToys? To be fair, she could be one of those nurses who had to quit after wrecking her back by moving too many heavy patients (happened to my SIL), but she hasn't mentioned that.
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