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FIREd and loving every minute
01-31-2008, 02:40 PM
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#1
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Administrator
Join Date: Jan 2008
Location: Chicagoland
Posts: 40,708
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FIREd and loving every minute
Hello community!
I was referred here from RADDR's board - I think it was either Gnobility or Nords. Both forums are quite informative and add some balance and reason to the morning news.
I'm in my mid 50's, stopped earning a salary 1/1/2000, and then – confident of my prospects and investing abilities - proceeded to mess things up nicely. Not enough to break the bank or go under, but enough to learn that I am not the investing champ I thought I was. So I rolled up my sleeves, cracked open the books, learned some basics, made a whole bunch of portfolio changes, enjoyed good fortune and luck and am still on track – to not have to return to paid work again. It's tough. My biggest challenge is still to not do something really stupid.
You know, one great difference between bungee jumping and investing in markets like this is with each you hope for a positive outcome, but only with bungee will you know immediately, and then you’re safe.
We live in interesting times.
Regards, Michael
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01-31-2008, 02:49 PM
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#2
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Gone but not forgotten
Join Date: Jan 2007
Location: Sarasota,fl.
Posts: 11,447
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Welcome To the board !
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01-31-2008, 02:53 PM
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#3
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Full time employment: Posting here.
Join Date: Jan 2008
Posts: 847
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Hi Michael,
I'm relatively new here and may be going into Early Retirement pretty soon. I have serious doubts about my own investment abilities - any words of wisdom you care to share with us? I'm currently reading as much as I can about investing and personal finance, but it's always nice to hear some real life stories - things to do, things to avoid doing, etc...
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01-31-2008, 02:59 PM
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#4
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Oct 2003
Posts: 5,105
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Quote:
Originally Posted by MichaelB
Hello community!
My biggest challenge is still to not do something really stupid.
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I'm sure many others would agree.
Welcome
__________________
Sometimes death is not as tragic as not knowing how to live. This man knew how to live--and how to make others glad they were living. - Jack Benny at Nat King Cole's funeral
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02-01-2008, 07:26 AM
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#5
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Administrator
Join Date: Jan 2008
Location: Chicagoland
Posts: 40,708
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Hi all. Thanks for the welcoming words.
JoeDreaming, I don’t think I’m qualified to hand out much advice. Still, I’m trying to keep a few things in mind now.
1 Understanding and managing risk is the most important thing I can do.
2. Financial catastrophe comes from big losses, not low returns
3. A fall-back plan helps.
4. My own active management generates more cost than benefit.
5. I am a lousy market timer.
6. Free advice (especially mine) is worth what you pay for it.
This board and RADRs are excellent resources for those that are or plan to become financially independent before senility takes over.
Cheers, Michael
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02-01-2008, 07:32 AM
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#6
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Moderator Emeritus
Join Date: Feb 2006
Location: San Francisco
Posts: 8,827
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Welcome, Michael. I really like your attitude toward the school of hard knocks - suck it up, learn from it, and move on with the benefit of your experience.
Despite being a pretty rambunctious crowd, this forum generally skews toward the conservative, long-term, don't-time-the-market approach. I am sure that had I not stumbled on , I would not be nearly as focused and at ease with my retirement plans.
__________________
Rich
San Francisco Area
ESR'd March 2010. FIRE'd January 2011.
As if you didn't know..If the above message contains medical content, it's NOT intended as advice, and may not be accurate, applicable or sufficient. Don't rely on it for any purpose. Consult your own doctor for all medical advice.
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02-01-2008, 07:49 AM
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#7
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Feb 2005
Location: Central MS/Orange Beach, AL
Posts: 9,071
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Quote:
Originally Posted by MichaelB
Hello community!
My biggest challenge is still to not do something really stupid.
Regards, Michael
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Yup, and welcome to the board. Lot's of good info here.
I try to keep a balanced portfolio made up of mutual funds and some individual stocks. I try not to have more than 10% of individual stocks for the reason you stated above. What is you investment style?
__________________
Retired 3/31/2007@52
Investing style: Full time wuss.
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02-01-2008, 03:34 PM
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#8
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Administrator
Join Date: Jan 2008
Location: Chicagoland
Posts: 40,708
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Hi Dawg52. Is that your real picture?
Quote:
Originally Posted by Dawg52
I try to keep a balanced portfolio made up of mutual funds and some individual stocks. I try not to have more than 10% of individual stocks for the reason you stated above. What is you investment style?
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Mine is not much of a style. When I began I invested in stock only - but found that I don't have the right disposition or attitude. Now it's mostly funds (vanguard, dodge, t rowe price, third ave) and some ETFs. Mixed equity, munis, commodity and real estate. The only stock I own is Berkshire. I'm tempted to start buying stocks again but that is motivated by greed - and I know it's only a thought.
Michael
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02-01-2008, 04:41 PM
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#9
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Administrator
Join Date: Jan 2008
Location: Chicagoland
Posts: 40,708
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Quote:
Originally Posted by Rich_in_Tampa
Welcome, Michael. I really like your attitude toward the school of hard knocks - suck it up, learn from it, and move on with the benefit of your experience.
Despite being a pretty rambunctious crowd, this forum generally skews toward the conservative, long-term, don't-time-the-market approach. I am sure that had I not stumbled on , I would not be nearly as focused and at ease with my retirement plans.
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Hi Rich. Looks like we share more common thought - about getting to the forum and learning to focus.
Regarding "rambunctious", you're being kind. From the posts I've read, words aren't minced around here and folks don't delay in letting you know when you've got your head up your butt. Still, there aren't so many places in the world where people share their knowledge so freely or with such positive intention. I think it is a bargain.
Regards, Michael
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