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Stock Market is the bottom in?
- Thread starter Peplin Creek
- Start date
Telemark
5 year old buck +
I'm never buying a yacht. I'm buying a fishing boat.
A Roth IRA with 2 million at a 5% dividend rate is 100k in cash per year, tax free. I can easily live on that with some left over to reinvest.
Bill
Administrator
I have a decent boat and I’m going to be OK. But my son and I drive by some really big sport fishing boats. Like $5 million dollar boats and dream.
Not happening for me but I tell him good for them! That’s capitalism. If we lived under socialism we’d all be on the bank of the ocean wishing we could cast further.
Not happening for me but I tell him good for them! That’s capitalism. If we lived under socialism we’d all be on the bank of the ocean wishing we could cast further.
Foggy47
5 year old buck +
At nearly 80 now...and with the ability to own a yacht (maybe a small one?)....I can truthfully say "I do not want one". Just another money pit and high maintenance item that one can do without. Still, I can appreciate someone that wants to achieve such status.....more power to you. For me, Life's simple pleasures are still foremost....and sometimes hardest to find.
Maybe that yacht would be a dream if I lived at the ocean? But, at this point in time, I don't think so.
Foggy47
5 year old buck +
Some folks down the lake from me are pretty rich. He owned Deluxe Check.....when checks were hot and he had that market pretty much to himself....and then sold at the right time. Made many millions. They had built the largest aluminum hulled yacht in the world (?) at that time, I think. ....and travel the globe with it....often flying to meet the yacht in distant lands for a sail. Seems to me he paid over 20 million for it...after a two year build. This was about ten plus years ago. Had a crew of about 7 or 8 and a chef that traveled with them, etc. They also owned BIR for their son (whom later died diving off that yacht). Nice people.
He would rather spend his days at the race track....and loved all things mechanical. Not sure where they are these days....but really nice people with waaaay too much money. I think they were living in Naples, FL and "gave" the track to his son's wife. Strange knowing someone like that. You would not know they were loaded like that. Not sure they were any happier than the next guy.....but they were nice folks.
He would rather spend his days at the race track....and loved all things mechanical. Not sure where they are these days....but really nice people with waaaay too much money. I think they were living in Naples, FL and "gave" the track to his son's wife. Strange knowing someone like that. You would not know they were loaded like that. Not sure they were any happier than the next guy.....but they were nice folks.
Telemark
5 year old buck +
That's how I was raised. That's why I'd be happy with my 2 mil and go live my life comfortably and enjoy my hobbies and spend time with my family. I really have no use for fancy things, and I'd probably just stress out worrying about expensive toys rather than enjoying them.
bigboreblr
5 year old buck +
MY old plan A retirement gig was to buy a dinner cruise boat or fishing charter. My captain's license is good for 50 tons, also got engineer's license unlimited hp. We're all one bad day away from running the valdez in Alaska. Another fine SUNY Maritime graduate.....
I like the you need X to retire gigs. 1 2 3 million......... 6 years I get a pension, 10 years get a full one (30 yrs).
What would you guys do to get a solid 15% return? Sweetening the pot for a vacation property. Could take what I need from my IRA both principal? Also thought of not messing with the horse races as much and just hit retirement fund hard and finding a good ETF. Got a few shares in a couple just to keep watch on them.
I do like a bit of the NYSE roulette wheel. Seems If I am into watching that, I am more mindful of what I spend on the outside.
bwoods11
5 year old buck +
The withdrawal portion at retirement is always interesting! My plan is to use dividends, cash rent and the sale of a business to fund it. Not sell the land or stock , just use the income… cross fingers!!
Thats the goal anyway. My problem is I’m kind of addicted to picking up a parcel of land here and there. So can I really retire? The goal is to work another 8 years. I live in MN now but might be a resident elsewhere in retirement.
Thats the goal anyway. My problem is I’m kind of addicted to picking up a parcel of land here and there. So can I really retire? The goal is to work another 8 years. I live in MN now but might be a resident elsewhere in retirement.
Foggy47
5 year old buck +
We have had some thought provoking discussions on this site about planning and retirement. Strange to hear of all the dreams and reality checks facing us all. One thing I have learned is that retirement in the right state can play a huge role in finances. The community property law states (I think there are nine of them) can provide some significant advantages for taxes. I suggest you read more about that or ask some planners.
SD51555
5 year old buck +
That’s gonna be the trick to staying ahead. If inflation runs hotter and hotter, and it will, all projections will get smashed. Assets as a measure of wealth in retirement is being replaced by the ability to generate enough growth to outrun inflation.
If you’re retired today, can you raise your withdrawal amount 1% a month? Because that’s going to be what’s necessary to maintain your standard of living. Thats at today’s rates of inflation. What if that goes to 1.5% or 2%?
That’s the stress test for plans.
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I have some cash that I was planning to put toward my land loan, but I’ve recently gotten a rate adjustment that makes the effective rate a touch over 6%. How would you deploy that, between stock market (think VTI), land note pay-down, needed improvements that likely improve land equity dollar for dollar?
FWIW, 80% of my net worth (not including home equity) is deployed to the market. Land equity is about 15% and land debt is about half as much as my equity. Monthly cash flow is very favorable for now, but I’m still not used to having this note. I’m leaning heavily to doing the improvements but that’ll chew up less than a third of the cash.
FWIW, 80% of my net worth (not including home equity) is deployed to the market. Land equity is about 15% and land debt is about half as much as my equity. Monthly cash flow is very favorable for now, but I’m still not used to having this note. I’m leaning heavily to doing the improvements but that’ll chew up less than a third of the cash.
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