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ed teach 02-23-2005 03:42 AM

help in planing
 
I would like some opinions to use as a sounding board. I have been a lurker here for a while.
Myself and my wife are 42, we have been married for 24 years, and both worked from the day we got married.
I have worked in construction and she in different jobs up to 9 years ago, she had an opertunity to be trained on the job in title closing,escrow,ect.
My back and knees are starting to show my work choice. I have been a floorcovering installer, and we owned our own store for 7 of the 22 years that I have been doing this type of work. she was given a management posistion of an office, but a rival company asked her to work for them, we talked about it, and decided that she would ask for 3 months off in the winter.
We live in the north and want to move south, but we are not quite ready financialy.
they gave her a raise so she will make aprox. what she made in 12 months,agreed to let her take out insurance pre tax to pay for the 3 months she is gone.
I had a partner till 4 years ago, that I worked with in instalations.
We borke up, and I have taken on smaller jobs to keep some money coming in.
togeather we have saved 835k cash, mostly kept in cd's of that appx. 45k is in stocks and mut. funds, 15k is cash another 5 in ee savings. I deposit 6k a year to ira's to get the tax write off. this year will be 8k.
As my income is speratic. I started to draw 1k a month from the cd intrest, my wife pays most of the bills from her income, and I save what I make in cd's, [some goes to my gun colection, as it stands now I have 99 firearms]
We have one rental that brings in 500 a month, we own it free and clear same with our house.
the rental is not pure profit, taxes,insurance, ect.
My idea was to keep doing what we are for 4 to 5 years. we are dinks, we were not able to have kids. this has been very good for saving money and doing what we want, we have been all over europe 2 times, and traveled all over the us. but we have not had the joy of watching children grow up. If it has not happened by now it will not, most likely.
My question is what do I need to do to get to a point of retireing early.
I got my realestate lice. and worked for an agency for appx 3 months, just before it went belly up. did not loose any money, but did not make any, not to bad as it is a great write off. millage on the car.
the company was purchased and is supposed to reopen this march, and my old broker wants me to join the team.
The problem is that realestate is not doing so good, at least in my area.
some parts of the country it may be but not here.
any way opinions are welcome. thanks

Spanky 02-25-2005 02:13 PM

Re: help in planing
 
1. Determine how much income that you need per year.
2. Use FIREcalc or some other retirement saving calculators to determine if you have enough savings or your portfolio mix is correct.

Hyperborea 02-25-2005 04:04 PM

Re: help in planing
 
First and very important you want the blade of the plane to be razor sharp. When you are planing make smooth even strokes across the wood. *Don't take too much off with each pass or you will end up gouging the wood.

Or perhaps you were asking for help with the English language?

ed teach 02-26-2005 05:18 PM

Re: help in planing
 
No you got it right, Now that I have block planing down, maybe you can help in making dove tail joints.
btw, love the sarcasm, it was not lost on me.
I always wonder what kind of person picks at small type o's, I will try to include more in my posts to give you something to feel good about yourself.

unclemick 02-26-2005 05:33 PM

Re: help in planing
 
ED

Welcome to club. I used to have a webtv original with a sticky keyboard. Now that I gots a 'real' computer for Christmas - I spoke more better.

Well - sort of. Heh, heh.


Hyperborea 02-26-2005 05:46 PM

Re: help in planing
 
Quote:

I always wonder what kind of person picks at small type o's, I will try to include more in my posts to give you something to feel good about yourself.
Not sure what kind of person does either. *I only posted my "planing" reply after multiple partially indecipherable posts butchering the English language where the only repeated motif was a desire to own tools for killing human beings.

unclemick 02-26-2005 05:47 PM

Re: help in planing
 
Seriously - I'd take a look at the Vanguard Target Retirement Series, the current yield of the various funds against your budget needs. I also like Wellesley even though I don't own it.

Use them as benchmarks to see if you can craft an income line more than your expense line - idea from the paperback - Your Money or Your Life. Their investment ideas suck, and you can skim the artsy fartsy stuff - but nailing down a budget and crafting an income stream to cover it is worth the book IMHO.

ed teach 02-27-2005 06:38 AM

Re: help in planing
 
I have a meeting with my financial advisor, and will bring up the vanguard fund.
as far as "desire to own tools for killing human beings. '
How's this, it "aint" no desire, its a reality.
I have more guns than most liberals can count. as far as ammo? well its over your head.
You also forgot about killing animals, my favorite past time. shooting squirrels off my bird feeder, and deer in the winter. I also get a charge executing coons that I trap, yous know theys eats the cat food. Just like the rabbits eats the eggplants.

JOhn Galt 02-27-2005 07:28 AM

Re: help in planing
 
I know your fellow Michigander (soon to be Texan),
Mr. Theodore Nugent would agree.

Kill it and grill it! :)

JG

gayl 02-27-2005 07:10 PM

Re: help in planing
 
Quote:

we are not quite ready financially.... together we have saved 835k cash, mostly kept in cd's of that appx. 45k is in stocks and mutual funds, 15k in cash, another 5 in ee savings {bonds?}.... draw 1k a month from the cd interest, my wife pays most of the bills from her income, and I save what I make in cd's... rental that brings in 500 a month, we own it free and clear same with our house....My question is what do I need to do to get to a point of retiring early.
So you're living quite well on wife's income plus 1k per month, suffering at work with bad knees? You certainly have enough to crawl out now, :-* so what's holding you back?

As to allocation <time and money>,
  • Boost allocation to index mutual funds or EFT's
  • Work only as desired, you're able to walk out now
  • Part time job if you're bored
I retired with much less than that and live extremely well on 30k per yr! 8)


JOhn Galt 02-28-2005 03:46 AM

Re: help in planing
 
Hello Gayl and ed..................I never came close to ed's
net worth in my life, even before my divorce. Plus,
no pension, no inheritance, no health insurance
provided and we live quite well on DW's paycheck
and my invested money. Total spent is well under 30K per year. I posted my pre ER "condition (houses, cars,
boats, etc) a couple of times. The difference is startling
and as I've said many times, if necessary we could crank it back further, even closing in on "Possum
ER" for those of you who read the post by
BackHills Bob.

JG

ed teach 02-28-2005 04:05 AM

Re: help in planing
 
I think my best course is to start slow.
take the 3months in the winter[Jan,Feb.,mar,] the three that total suck in the north, and go south, look for a town that I like. and go back and forth for 4 to 5 years.
this way we can grow our nest egg a little more. and still get out of the snow. I do love it here in the summer and fall. and even the first part of the winter in November when deer season starts. I have 2 blinds on my property and nothing is more exhilarating than taking a nice buck with just a skift of snow on the ground.
but when that crap starts down in buckets and you are plowing out every day. and the temp hist -35 to-40 well any one that says they love it, is a liar. lol

JOhn Galt 02-28-2005 04:20 AM

Re: help in planing
 
Hello ed! I think starting slow is good advice generally.
I didn't do it, but that's just me. I was afraid of losing
any more ER time and so just quit precipitously.

I know what you mean about the Michigan UP. I loved it before I moved there in 1982. Lived and worked there for 11
years. I sold a beautiful cottage north of Escanaba in
1993. If I had kept it we might be living there now.
But, those pesky winters. I agree that anyone who says they like it in Jan/Feb/Mar. is lying, a wacko, or a
masochist (or all 3?) :)

JG

Hyperborea 02-28-2005 06:56 AM

Re: help in planing
 
Quote:

How's this, it "aint" no desire, its a reality.
"Ain't" ain't a problem. *Neither are typos - we all make them. *However, posts where the "author" makes no attempt to make them readable by others shows a lack of consideration for others. *Posts are written once but read again multiple times by many others. *It's an attitude of "my time is so important that I won't bother to spend any time writing clearly for my audience despite my asking them for help".

Quote:

I have more guns than most liberals can count. as far as ammo? well its over your head.
You also forgot about killing animals, my favorite past time. shooting squirrels off my bird feeder, and deer in the winter. I also get a charge executing coons that I trap, yous know theys eats the cat food. Just like the rabbits eats the eggplants.
Seems to be similar to bragging about having a combover or a wad of socks in your trousers. *Somebody's compensating for something.

gayl 02-28-2005 05:22 PM

Re: help in planing
 
John, you're right. Old friends from work often wonder / ask how I can live so well on so little <net 1825 per month + annual draw from 457 of 5k to cover prop taxes>. The answer is simple ... I just do. I travel a lot and so that makes it hard to post here that often. Retired Feb 19, 2004 and have had long trips thru Panama Canal, Eastern sea coast, Montreal - NYC cruise, Tahoe, January in England - Israel, won't go again until Disneyland in May, then Mediterranean cruise July 21-Aug 7, Turkey planned for the fall trip. Then there is always next year. *I have revamped my house -- new carpets, tile, refurnished 3 of the 4 bedrooms inc window coverings -- still have laundry room / 1.2 bath / FR / kitchen to go. Removed all popcorn ceilings. And I'm still doing just fine

Humph.... guess I retired from work to work on house and travel. But like I always say ... you don't retire from work you retire to a new lifestyle. No more 60 hr work weeks for any one but me *::)

I am working the election polls next Tuesday but we have a great crew so it is not like the old grind.

Ed, what would happen if you took off? Seems like you are in a 'demand' field so you would be able to return to work if the new lifestyle d/n fit

ed teach 03-01-2005 03:24 AM

Re: help in planing
 
No I am also a builder, and when I built my last home, the one I am presently in, I built a special room to hold the ammo, and gun safes, I keep my guns locked in two browning safes with black powder inside so if any smart ass thinks off burning through, well you are a smart uhhh guh, you get the picture. If you have never held a gun, then it is like someone telling a persong that is a playboy that holding a woman is sick, when they never tried it.. or they are gay, your are not gay are th? maybe that is the reason, just thinking out loud. lol

ed teach 03-01-2005 04:06 AM

Re: help in planing
 
Just to let you know th, [really to put a little burr in you undies] I have to meet my real-estate broker this morning,for coffee, and I am strapping on my .380 semi auto, in my unclemikes shoulder holster rig. and caring concealed, do I think I will need it? "no" but I can, reason enough. It feels good to have a 12 oz pc of iron hanging from your arm pit. but you will never know the feeling. You should try it some time. You know when some one does rob you will you do the liberal thing and tell them that you sympathize with them and hand them your wallet? all I can say is keep sailing bob.

RockMiner 03-01-2005 04:54 AM

Re: help in planing
 
Ed,

Politics aside, you sound like one angry guy. Ease up a bit, you might live longer.

And no, I'm not a "liberal" ;)

unclemick 03-01-2005 05:17 AM

Re: help in planing
 
Ed

Speaking as a flaming liberal - you are all wet. Nail down your ER first and then you can tilt against windmills.

Among my doughnut shop buddies(names changed to protect the guilty) - Chuck who thinks GWB is too liberal says they can have my wallet, my 357 stays in my car.
Harry says shoulder holsters suck - you want to carry mounted in the small of the back. Stan carries his down his cowboy boot. Jack has a 22 mounted in his belt buckle. Welcome to Louisiana!

We go back and forth every week (liberal/conservative and other stuff) to see who chokes on his doughnut first.

Great fun - even though I'm outnumbered - wouldn't miss it for the world.

I have this self targeting automatic weapon - it's called a dog - his name is Dawg.


John Galt 03-01-2005 05:24 AM

Re: help in planing
 
Hey Ed and unclemick. Unclemick's story reminded me
of an experience I had in Texas back when I lived there. I attended a Mensa
brunch at a local diner. There were about 4 men and one woman. During the conversation I found out that
ALL of the men were Life Members of the NRA. Gosh I love
Texas :)

JG


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