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Replies: 46
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Trainer [45]
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Retired folks, whats the best financial advice for a mid 40s business
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Feb 2, 2025, 10:07 PM
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Owner, only some house debt at 2.7%, with a family….. I want to retire very comfortably and early !! TIA
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Gridiron Giant [15398]
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Re: Retired folks, whats the best financial advice for a mid 40s business
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Feb 2, 2025, 10:10 PM
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Try and avoid divorce.
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Dynasty Maker [3569]
TigerPulse: 100%
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Re: Retired folks, whats the best financial advice for a mid 40s business
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Feb 2, 2025, 10:35 PM
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^^^^^^ ding ding ding we have a winner
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Game Changer [1731]
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Re: Retired folks, whats the best financial advice for a mid 40s business
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Feb 3, 2025, 9:12 AM
[ in reply to Re: Retired folks, whats the best financial advice for a mid 40s business ] |
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Bingo....you best investment from here is a strong marriage. Spnd what you gotta spend to keep the relationship strong and happy and remember a moment of weakness will destroy your retirement forever.
Then just invest a minimum of 10% of your gross pay every time you take a payout. Max out the ROTH IRA contribution. roth is the best because when you take out the fund there is no taxes on it.
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Orange Beast [6428]
TigerPulse: 100%
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^^^THIS^^^
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Feb 3, 2025, 2:30 PM
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Definitely agree on maximum annual contribution to Roth.
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Orange Elite [5212]
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All-In [11021]
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Re: Retired folks, whats the best financial advice for a mid 40s business
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Feb 2, 2025, 10:15 PM
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Don’t hesitate spending money on a good business attorney who also is a tax specialist. Depending upon the type of business structure you have now and your long term estate plans, NOW is the time to address all of those issues. Not only can they help you position your company for the best valuation, they can help you keep Uncle Sam out of your (and your loved ones) pockets. Good luck!
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Orange Beast [6417]
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Re: Retired folks, whats the best financial advice for a mid 40s business
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Feb 2, 2025, 10:19 PM
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I would also consult with a cfp…certified financial planner. Ours is great and has given us returns we could not have gotten on our own. Our financial lives are planned into our 90’s.
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Trainer [45]
TigerPulse: 100%
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I do have a CFP but Im not impressed any direction on who to use would be
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Feb 2, 2025, 10:29 PM
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Appreciated
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110%er [3996]
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Valley Legend [12212]
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Re: Retired folks, whats the best financial advice for a mid 40s business
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Feb 2, 2025, 11:47 PM
[ in reply to Re: Retired folks, whats the best financial advice for a mid 40s business ] |
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Sorry but screw attorney's. They have never lead me in a direction other than paying them more money. Biggest crooks in the world. Im in a financial situation with a highly recommended attny and he just sucks money. Told me $5k and we are $20k deep with no end in sight. Its BS and they know when you get too deep you can't leave. Same thing happened in my divorce, and they sucked triple their fees and we didn't have contested stuff. Well because I had paid all her bills.
Dont hire a crook but get a great company that has good accountant, good billing service and are big enough to cover their services with legal advice. Don't need to pay multiple services. I have been self employed almost all my life except when I deployed software, but crooks low-ball and steal the rest.
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All-TigerNet [5738]
TigerPulse: 100%
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Re: Retired folks, whats the best financial advice for a mid 40s business
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Feb 3, 2025, 9:09 AM
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Edward Jones does a good job for me
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All-In [11021]
TigerPulse: 100%
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Re: Retired folks, whats the best financial advice for a mid 40s business
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Feb 3, 2025, 11:46 AM
[ in reply to Re: Retired folks, whats the best financial advice for a mid 40s business ] |
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Sorry to hear your experience with an attorney. Just like everything else, there are good ones and bad ones. Sounds like you got the latter. If you own a business, you better have a good one.
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National Champion [7674]
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Re: Retired folks, whats the best financial advice for a mid 40s business
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Feb 2, 2025, 10:24 PM
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1. Eliminate all debt.
2. Live within your means- get a budget and stick to it.
3. As a rough guide, assets will earn 4% yearly- figure about 40k for every $1 million you have.
4. You’ll need an emergency fund for unexpected expenses.
5. Do NOT trust others to make you wealth or manage your money- most are charlatans.
6. You’ll need to plan for health insurance, of course.
7. Keeping wealth is just about as hard as earning it.
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Trainer [45]
TigerPulse: 100%
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Yea I dont have a long term care plan for health care***
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Feb 2, 2025, 10:30 PM
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National Champion [7674]
TigerPulse: 100%
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Re: Yea I dont have a long term care plan for health care***
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Feb 2, 2025, 10:34 PM
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It’s not easy to retire in your 40s. The math isn’t what most expect. The 4% is what you can expect to spend, as anything above that would need to re-invested to offset inflation. And retiring at that age will hurt Social Security, if it survives until you are mid 60s (I believe it will). Best of luck!
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Tiger Titan [48541]
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Debt isnt necessarily a bad thing.
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Feb 2, 2025, 11:25 PM
[ in reply to Re: Retired folks, whats the best financial advice for a mid 40s business ] |
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You just have to know how to manage it and make it work for you.
A mortgage rate of 2.7% should be left alone. The money you spend paying off your house early could be put in an index fund which should generate way more than a 2.7% return.
I know there are people out there like Dave Ramsey who say that all debt is bad, buy everything with cash, don’t get a credit card, etc. His target market is people with credit card debt and no plan to save, not people like the OP.
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Rival Killer [2648]
TigerPulse: 100%
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Re: Debt isnt necessarily a bad thing.
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Feb 3, 2025, 7:34 AM
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Smdh. 2.7% on, say $200k, is a lot more spent than 8% on $50k. Once your debt is paid, everything you make becomes yours. Compound interest takes time to be beneficial. The sooner you start, the sooner it becomes relevant. At 8%, your money should double every 7-8 years. I love hearing how people should leverage their debt. I have flipped houses for years and heard so many stories about leveraging. It's a joke. It's the best way for you to get extended into a situation you can't handle. The first time something bad happens and the whole situation becomes a mess. Pay off the debt. All you are doing is giving someone else your money
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All-TigerNet [5738]
TigerPulse: 100%
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Re: Debt isnt necessarily a bad thing.
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Feb 3, 2025, 9:22 AM
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i dont like debt. But i have two years of house payment left at 2.5% on a home worth 3.2. My mutual funds earned 15 -27% last years. Doenst make sense for me to pay that off early. I bought a Honda ridgeline at 0.9 percent last year. Icoudlhave paid it in cash but that doesnt make sense either in that specifice situation. SO i just took the money from my old car, used it for the down payment and fincanced the rest. OP asks a very big broad question which we could write a book on. Debt is not always bad, but i dont believe in the practice of constant leveraging and certainly not credit card debt. No Way !
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TigerNet Elite [71408]
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First , you will have to explain
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Feb 2, 2025, 10:31 PM
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to hartins and me what retirement is?
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Trainer [45]
TigerPulse: 100%
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Any amount of less stress maybe ????***
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Feb 2, 2025, 10:35 PM
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National Champion [7674]
TigerPulse: 100%
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Re: Any amount of less stress maybe ????***
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Feb 2, 2025, 10:37 PM
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Ah!, that’s easy. Move to the Philippines. 3k a month makes you #### near rich- house maids and all that.
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TigerNet Elite [71408]
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Re: Any amount of less stress maybe ????***
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Feb 2, 2025, 10:43 PM
[ in reply to Any amount of less stress maybe ????*** ] |
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A drill sergeant once rated my performance by saying in an official report that I would “never make a good noncommissioned officer because nothing ever seems to bother him “ . So stress has not been a factor.
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Ultimate Tiger [33599]
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Re: Retired folks, whats the best financial advice for a mid 40s business
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Feb 2, 2025, 11:00 PM
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My retirement plan so far has not been accessed. I buy a lottery ticket 3 times a week. My financial advisor, a drinking buddy, is upping my investment chances of returns by 50%. He has advised me to start buying 2 tickets 3 times a week.
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Fan [37]
TigerPulse: 97%
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Re: Retired folks, whats the best financial advice for a mid 40s business
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Feb 2, 2025, 11:58 PM
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Retirement is not all that it is purported to be if you enjoy your job. Personally, I failed miserably at retirement and went back to work. If you like your work, cut back a little and keep right on "truckin". You will stay more connected with the people you work with...some of whom you probably like and maybe they like you.. You will be physically better off. Really, are you gonna be happy getting up every day with your wife making your plans for you, and the biggest decision of the day will be discussing what to have for supper...and if you think your grown kids are gonna come by and say Here dad, let me reimburse you for some of the $$ you spent on me as I was growing up...keep dreaming. Oh, and one thing that has not been mentioned in this thread...gambling...quit working and that is one of the things its easy to occupy your time. Believe what you will, but nobody beats the bookies in the long run. That becomes just another monthly payment that you could hide from your wife while working...not so much during retirement! If I had not quit working, I would not have found out that my 13 year old dog was gay...and yes, I'm sure of it. Thanks for the opportunity to get this out. It is just another form of therapy to add to the sessions that cost $$. But hey, life is good, right?!
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Valley Legend [12212]
TigerPulse: 100%
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Re: Retired folks, whats the best financial advice for a mid 40s business
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Feb 2, 2025, 11:53 PM
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Buy land especially in SC. Stupid Ohio ppl will buy it for 3x the money in 6yrs. Never go wrong with property, sold most of mine when I got cancer as I tried to clean up my probate and I would be a millionaire if I knew I was gonna survive. Stupid Doctors!
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Ultimate Tiger [33599]
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Re: Retired folks, whats the best financial advice for a mid 40s business
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Feb 3, 2025, 12:05 AM
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Been there, done.
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Asst Coach [868]
TigerPulse: 100%
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Re: Retired folks, whats the best financial advice for a mid 40s business
Feb 3, 2025, 12:11 AM
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Couple recos that have helped me accumulate a substantial net worth by mid-40s.
1) Don’t fall into the trap of keeping up with the Joneses. Don’t buy new cars every couple years or worse lease. Don’t buy progressively larger and more expensive homes. Don’t try and spend your way to “happier” for the sake of pride.
2) Self-manage your assets with ETFs and mutual funds. You won’t beat the market and Ed Jones and similar operations make money on trades and not your gains. Open a Vanguard account and put it in VOO some mix of it and VOOG.
3) Do not carry credit card debt. Pay off any you have. This is a big one.
4) Plan for health care and expect minimal Social Security when you reach retirement age.
5) Try, as best you can, not to argue about money with your spouse/significant other.
6) Have an emergency fund (reco 3 months worth of expenses)
7) Given all the above, enjoy what you’ve got. Eat out on occasion, take that trip you’ve wanted to take, give to charities that matter to you.
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Orange Immortal [61286]
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Re: Retired folks, whats the best financial advice for a mid 40s business
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Feb 3, 2025, 12:33 AM
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Take out loans for buying Gas, Food, and your favorite alcohol beverages, thank you so much Mr Trump for stabbing the wrong countries with your sword!!!
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Valley Legend [12212]
TigerPulse: 100%
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Re: Retired folks, whats the best financial advice for a mid 40s business
Feb 3, 2025, 2:38 AM
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I take out loans to buy meat and eggs now (didnt get a deer this season and foxes are starving as they killed all my chickens). Not sure tariffs will hurt those prices? Pretty sure lower gas prices, lower inflation, lower interest rates, etc, will help all our pockets!
I know a farmer in Iowa that was trying to give away up to 60k piglets a month for almost 12mos under last regime. It was cheaper to give away or use for feed because fuel prices to process corn but here is the kicker. Farmer tried to give all schools in Iowa and surrounding area free piglets to feed kids but they wouldn't take them because they had no budget to process free pigs. So they would rather buy processed meat than use free meat because they couldn't figure out how to process, and he was gonna deliver.
Think Im crazy, this farmer is top 2 pig farmer in Iowa. They had to kill almost 1mil pigs because Cali changed laws that require pigs to have 4sqft more than he had per pig so they quit buying his pigs in a 5mo period of time.
So go look at bacon prices and just know libs caused millions of pigs not to hit the market therefore prices are super high@
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All-TigerNet [5738]
TigerPulse: 100%
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Re: Retired folks, whats the best financial advice for a mid 40s business
Feb 3, 2025, 9:12 AM
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good to know, lol...thans sean calamity !
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110%er [3996]
TigerPulse: 100%
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Apply to work part time at Home Depot now
Feb 3, 2025, 2:48 AM
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Or Walgreens your choice.
Enjoy retirement ☺️
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Oculus Spirit [39488]
TigerPulse: 100%
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Joined: 2003
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Tips For Successful Retirement
Feb 3, 2025, 9:20 AM
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1) Avoid Divorce
2) Don't Pay Attention to Stupid TV Commercials w/People Cruising and Dancing and Sheet
3) Stay Healthy and Have Good Insurance
4) Be Prepared to UnEff Your Parents and Inlaws Mistakes, Just as Soon as Your Kids Fly The Nest Those Elders Start Doing Stupid Stuff
5) Keep Working The Bare Minimum to Get Healthcare Coverage and 401k Match. Put as Much of This Late Life Job $$ Into 401k and Minimize Tax Burden
6) Get to a Low Cost of Living and no State Tax Location
7) I Don't Think Many Folks Who Led a Full Work Life Can Ever Truly Retire...Work is a Part of You For Most of Us
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Top TigerNet [29471]
TigerPulse: 100%
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Re: Tips For Successful Retirement
Feb 3, 2025, 9:27 AM
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CD's and Money Market. We have stocks and bonds but money in CD and MM markets are guaranteed and we know what we are gaining whereas stocks and bonds are not. Just my opinion.
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Clemson Conqueror [12086]
TigerPulse: 100%
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Joined: 2006
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Re: Retired folks, whats the best financial advice for a mid 40s business
Feb 3, 2025, 9:28 AM
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Save as much as you can and max out your contribution to your SEP, IRA or 401K. Save as much as possible beyond your contributions. You won't get rich saving money, but you also will not have financial problems after you retire. I still work, at age 78, because I love what I do and quite honestly am in a position that I can work as little as I want and people still pay me way too much money to turn down I also have a great financial planner who is fee based and I let him know early on that I had no interest in buying "products", like annuities, life insurance, long term care, etc. I probably would have done about as well with something like an index fund, but I don't worry that my planner makes some money as long as he is making me some.
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Solid Orange [1390]
TigerPulse: 100%
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Re: Retired folks, whats the best financial advice for a mid 40s business
Feb 3, 2025, 9:30 AM
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Save every dime you can. Sink the limit into 401K. Use catchup contributions as soon as eligible. Pay off your debts and live debt free. Don’t get divorced.
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Solid Orange [1390]
TigerPulse: 100%
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Re: Retired folks, whats the best financial advice for a mid 40s business
Feb 3, 2025, 12:04 PM
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Just to add…
I’m 66. Retired in 12/2020. Now have a farm I work part time. I also consult in the nuclear industry part time. I have never dipped into 401K. I have two beautiful homes and a separate large farm. Owe nothing. Love working. Good luck. It is possible.
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Paw Master [17068]
TigerPulse: 100%
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Joined: 2004
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Re: Retired folks, whats the best financial advice for a mid 40s business
Feb 3, 2025, 9:52 AM
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Add moneys to an investment account every month. Even if it’s only a few hundred dollars each month it will compound quickly.
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All-In [10257]
TigerPulse: 58%
45
Posts: 13424
Joined: 2006
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Re: Retired folks, whats the best financial advice for a mid 40s business
Feb 3, 2025, 10:47 AM
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Pay yourself first. Put as much into savings and investments as you can.
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National Champion [7255]
TigerPulse: 100%
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Game Day Hero [4275]
TigerPulse: 64%
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Lots of pearls of wisdom here
Feb 3, 2025, 11:16 AM
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I am still working even though way pass 65
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Legend [6946]
TigerPulse: 100%
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Re: Retired folks, whats the best financial advice for a mid 40s business
Feb 3, 2025, 11:28 AM
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Buy stainless steel chastity belts for you and your wife. Pay off your home as early as you can. Avoid courts, lawyers and politicians who beg for money. Take "at least" 10% of the money you make every month and buy Bitcoin and put it in a Self Storage Wallet and never touch it. You should have more money than you will ever need when you are ready to retire as a top 1%-er. Good luck!
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Valley Protector [1498]
TigerPulse: 93%
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Re: Retired folks, whats the best financial advice for a mid 40s business
Feb 3, 2025, 11:31 AM
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Buy self storage place to create the cashflow you want in retirement.
A roth or 401k is never going to be enough.
You can run a SS from anywhere and the CF is usually very good. All the laws are in favor of the owner not the tenant as in renting apts or houses… if they don’t pay gtfo… rent it again at the latest mkt rate… rinse and repeat.
Oh, and either don’t get married or definitely don’t get divorced. Or buy the storage business after you get divorced…
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National Champion [7248]
TigerPulse: 100%
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Why retire?
Feb 3, 2025, 11:41 AM
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What I did was find a business I could do from anywhere, that I really enjoy. In my case, I am an Investment Adviser Representative. I chose this because I like helping people. I will be 70 this year, and work from home/camper. Often get calls while fishing on the lake, go back to camper, and move money for clients. I have been doing this since 1992, when I was working for a nuclear facility teaching nuclear science, thermodynamics, physics, chemistry, nuclear production operations, water treatment and other subjects to nuclear workers. The income is not needed now, but I still enjoy it, so keep going.
If you can run your business from home, get a home office with all the deductions (increases your audit chances, but worth it).
By all means, put as much money into investments as early as you can. You can either save for retirement, or make it such that your income is high enough you don't need any money after retirement (one of the things this means is no debt after retirement).
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Orange Elite [5565]
TigerPulse: 100%
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This post really went downhill...
Feb 3, 2025, 11:58 AM
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...just as expected..
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Orange Blooded [2137]
TigerPulse: 99%
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Re: Retired folks, whats the best financial advice for a mid 40s business
Feb 3, 2025, 1:56 PM
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Have no debt going into retirement.
Earn and put back as much money as you can.
If investing make decision whether to be aggressive or safe.
If have land make an investment to have camper parking ground. ( At a cut rate of $35.00 per day x 10 consistent rentals per day for 1 year will generate $125,000.00 per year). Remember, once you retire you will into the “forgotten generation” category. You’re all on your own then. Good Luck and Good Health
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Orange Immortal [62729]
TigerPulse: 100%
60
Posts: 12284
Joined: 2019
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Re: Retired folks, whats the best financial advice for a mid 40s business
Feb 3, 2025, 9:45 PM
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Save your money. Get debt free in both your business and household. Don’t make risky investments. Keep running your business as long as it’s profitable, and make it attractive to future buyers by separating yourself from its daily operations as much as possible.
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