Long Time FI'er who still has so much to learn

[Nick Striker]

In 1989 I was 32 and working crushing hours owning three restaurants. I ran across a book called Retire at 35, Cashing in on the American Dream by Paul Therhorst. I devoured that book and started my path to get out of debt. Then in '92 I memorized Your Money or Your Life and even became part of their group that taught the 9 steps. I achieved FI in 1999. Then started playing. I was a seasonal park ranger for 10 years, got to solo ocean sail, wrote some books about brewing, and opened a few more breweries but I did it mostly for fun, not the money. Now I am totally out of that and I've never been busier. My main thing now is restoring typewriters and typing letters, etc.
I've always been weak on investing, so I am really diving into ways to protect and grow my nest egg. I should mention that I am not alone, my beautiful wife has been there the whole time, and I think it would have been harder alone. Anyway, glad to be here.

 

[Out-to-Lunch]

Welcome to E-R! Sounds like you will have some interesting tales and takes.

 

[Lucie]

Welcome!

 

[Montecfo]

Sounds like an intriguing story Nick Striker. Welcome!

 

[Yoheadden]

Welcome Nick. Sounds like you have had some adventures.

The friendly folks here will gladly help you with any financial questions you may have.

As one member once said, “This is the best corner of the internet”.

 

[OldShooter]

Welcome, Nick. The first step toward knowledge and expertise is humility. Here are my standard reading recommendations:

"If You Can" by William Bernstein https://www.etf.com/docs/IfYouCan.pdf (free 16 page download)

"The Coffee House Investor" by Bill Schultheis https://www.coffeehouseinvestor.com/ (This is Bills first book; read it before reading his second one.)

"The Bogleheads Guide to Investing" by Taylor Larimore et al https://www.amazon.com/Bogleheads-Guide-Investing-Taylor-Larimore/dp/0470067365

There are many more, but these will tell you pretty much all you need to know to be a successful investor.

 

[Nick Striker]

Thanks Old Shooter. I have read Boggle heads, and of course the Millionaire next door. This is all great stuff. Stock market has always been something I've shied away from so I've missed out over the last 20 years of a lot of appreciation. I am biting the bullet now however but I'm very nervous about how hot the economy is. I'll keep plugging away. Thanks for the info.

 

[kcowan]

Nick
If you learned how to value restaurants and breweries, you already have a leg up on the average market investor. Most people will advise index funds because it takes the decision factor out of individual stock purchases.

If I were starting right now, I would buy a total market index fund, and then, as you gain investing knowledge, you might allocate up to 5% in individual stocks and use that to learn how your style will pay off.

After 30 years, my buy and hold stock portfolio just matches the S&P500. I consider myself lucky. Yes there were some big wins along the way, along with some surprise losses. I get to decide when to take capital gains. That has paid off well.

 

[OldShooter]

... I am biting the bullet now however but I'm very nervous about how hot the economy is. I'll keep plugging away. ...

Yes. Lots of us biting down hard right now. The alternative, trying to time the market, is almost always worse. Here's my favorite reference on that subject: Chief Boglehead Taylor Larimore's market timing quotes: https://www.bogleheads.org/wiki/Taylor_Larimore's_market_timing_quotes