What did you do on the first day of retirement?

[buckeyefarmer]

Age has nothing to do with it, it is all about choices. In some ways I have dealt with this sort of thing all my life.

When I entered High School as a Freshmen, I looked ahead to everything I would need to graduate for classes and credits, then instead of having study halls, I took extra classes. That meant for my senior year I only needed Senior English to graduate. I had taken Diesel Technology at the vocational center the year before, so in my senior year I took Diesel Technology II AND Welding Technology. People in those classes thought I was cheating because I could go to vocational school all day instead of half a day like them. That was NOT the case, they could have done what I did, but they did not plan ahead, or put the hard work in by doing homework at home instead of in study halls.

Then when I built a house they laughed. I was 18 years old and built a tiny home long before it was vogue. It was a 24 x 24 two car garage. people laughed, as they were getting married, building houses and garages with their secured mortgages. Now after 25 years of building, my house is substantial...and paid for, while their mortgaged houses that long have lost their shiny luster, have 2nd mortgages on them to pay for credit card debt, as they struggle to pay for cars that depreciate the second they drive them off the lot. I stayed away from all that.

Instead I buy equipment, accidentally getting into the land clearing business just because I have done so much on my own farm. My equipment: it pays for itself in the first year, but of course I use cash...And then there has been my career, more lucrative ones like the railroad and maritime industries, in some ways allowed because as a welder/machinist those jobs are always in high demand. And not getting into drugs and alcohol, and having a clean background check with good credit; allowed that.

The point is not that I am better than anyone else: I am not, I just planned a LONGGGGGGGG ways out and lived a clean life.

The one thing I did not plan on was 2 divorces and my health giving out at age 43. But my days are numbered by God either way; the same one who graciously allowed me to grow up with a home that cherished His word (the bible). People get so hung up on what the bible says NOT to do, that I tell them to just concentrate on what the bible says TO DO. When a person does that, the parts about what not to do just comes naturally. It has kept me out of a lot of trouble, but I put the work in up front for sure.

There's some good words of advice.

 

[ultrarunner]

Planning with a little luck along the way is a sure bet... the wild card is health and family...

I remember as a teen thinking 30+ years into the future and if I bought a home now... it would be paid for at age 50.

 

[Doofy]

Age has nothing to do with it, it is all about choices. In some ways I have dealt with this sort of thing all my life.

When I entered High School as a Freshmen, I looked ahead to everything I would need to graduate for classes and credits, then instead of having study halls, I took extra classes. That meant for my senior year I only needed Senior English to graduate. I had taken Diesel Technology at the vocational center the year before, so in my senior year I took Diesel Technology II AND Welding Technology. People in those classes thought I was cheating because I could go to vocational school all day instead of half a day like them. That was NOT the case, they could have done what I did, but they did not plan ahead, or put the hard work in by doing homework at home instead of in study halls.

Then when I built a house they laughed. I was 18 years old and built a tiny home long before it was vogue. It was a 24 x 24 two car garage. people laughed, as they were getting married, building houses and garages with their secured mortgages. Now after 25 years of building, my house is substantial...and paid for, while their mortgaged houses that long have lost their shiny luster, have 2nd mortgages on them to pay for credit card debt, as they struggle to pay for cars that depreciate the second they drive them off the lot. I stayed away from all that.

Instead I buy equipment, accidentally getting into the land clearing business just because I have done so much on my own farm. My equipment: it pays for itself in the first year, but of course I use cash...And then there has been my career, more lucrative ones like the railroad and maritime industries, in some ways allowed because as a welder/machinist those jobs are always in high demand. And not getting into drugs and alcohol, and having a clean background check with good credit; allowed that.

The point is not that I am better than anyone else: I am not, I just planned a LONGGGGGGGG ways out and lived a clean life.

The one thing I did not plan on was 2 divorces and my health giving out at age 43. But my days are numbered by God either way; the same one who graciously allowed me to grow up with a home that cherished His word (the bible). People get so hung up on what the bible says NOT to do, that I tell them to just concentrate on what the bible says TO DO. When a person does that, the parts about what not to do just comes naturally. It has kept me out of a lot of trouble, but I put the work in up front for sure.

Well said!

 

[check]

Age has nothing to do with it, it is all about choices. In some ways I have dealt with this sort of thing all my life. When I entered High School as a Freshmen, I looked ahead to everything I would need to graduate for classes and credits, then instead of having study halls, I took extra classes. That meant for my senior year I only needed Senior English to graduate. I had taken Diesel Technology at the vocational center the year before, so in my senior year I took Diesel Technology II AND Welding Technology. People in those classes thought I was cheating because I could go to vocational school all day instead of half a day like them. That was NOT the case, they could have done what I did, but they did not plan ahead, or put the hard work in by doing homework at home instead of in study halls. Then when I built a house they laughed. I was 18 years old and built a tiny home long before it was vogue. It was a 24 x 24 two car garage. people laughed, as they were getting married, building houses and garages with their secured mortgages. Now after 25 years of building, my house is substantial...and paid for, while their mortgaged houses that long have lost their shiny luster, have 2nd mortgages on them to pay for credit card debt, as they struggle to pay for cars that depreciate the second they drive them off the lot. I stayed away from all that. Instead I buy equipment, accidentally getting into the land clearing business just because I have done so much on my own farm. My equipment: it pays for itself in the first year, but of course I use cash...And then there has been my career, more lucrative ones like the railroad and maritime industries, in some ways allowed because as a welder/machinist those jobs are always in high demand. And not getting into drugs and alcohol, and having a clean background check with good credit; allowed that. The point is not that I am better than anyone else: I am not, I just planned a LONGGGGGGGG ways out and lived a clean life. The one thing I did not plan on was 2 divorces and my health giving out at age 43. But my days are numbered by God either way; the same one who graciously allowed me to grow up with a home that cherished His word (the bible). People get so hung up on what the bible says NOT to do, that I tell them to just concentrate on what the bible says TO DO. When a person does that, the parts about what not to do just comes naturally. It has kept me out of a lot of trouble, but I put the work in up front for sure.

Broken track, I am so sorry to hear about your health issues. A real bummer, when you spent all that time and effort planning things. I am lucky to be in pretty good shape at my age, and I, too, started planning when I was younger. Bought my first house when I was just a kid, and now I am proud to say that my own kid had her own property at the ripe old age of 19! A chip off the old block, I guess.

Funny how things turn out.

 

[check]

I'm debt adverse... my other Grandmother pitched a fit when I showed me my Sears Credit Card... she said that is how people and especially young people get into trouble... had to promise to never carry a balance and never have. She said if she didn't have the cash in hand she couldn't afford to buy... each market day would start at the bank. They had a very old wall plaque said something like a man that earns a dollar needing only 99 cents is prosperous... or something like that...

Me, I'm the exact opposite. Been in debt up to my ears since I was a teenager, but for a good cause. Real estate! I learned quite early but you can't make money investing your own money. You have to use someone else's – in my case, the bank's. And yet many people I know are not able to sleep at night if the even have a mortgage. To each his own.

Still, it has worked out pretty good for me so far.

 

[ultrarunner]

Me, I'm the exact opposite. Been in debt up to my ears since I was a teenager, but for a good cause. Real estate! I learned quite early but you can't make money investing your own money. You have to use someone else's – in my case, the bank's. And yet many people I know are not able to sleep at night if the even have a mortgage. To each his own.

Still, it has worked out pretty good for me so far.

The only debt I have ever carried is a First Mortgage... no serial cash out refi for me... the property has to be able to carry PITI or it is a non starter.

Cars, tools, equipment, vacations... all paid cash.

 

[Cat_Driver]

Had an aviation business, and quite successful one at that.
Would wake middle of the night dreaming of arguments with gov't officials and also clients.(then came tax auditors* one after the other)
That was when I realized I had had enough.
Sold the whole shebang (at a loss) and actually got screwed by the lawyers.
I then did what I liked, renovations and construction. (I did like the aviation challenges but not the autocracy attached to it. And, hey I was successful at what we did.)
I built houses, renovated many and selected only clients that were amiable to deal with.
Life was/is good.
Now I simply consult, help and enjoy whatever I do.
Play with my tractor and log onto TBN daily to see what the rest of the world is doing.

* LOL, he said he was going to really earn his salary with us.
Well he spent 3 weeks perusing our books and ended up fining us about $45.oo for oil that we used in our oil cans to lubricate hinges etc.
He claimed we should have charged taxes on that oil!
I reminded him that all petroleum products were taxed at source and that we would be double taxing the clients.
I was so glad to be rid of him that I simply cut a check for his $45,00!

What hit me the hardest is I didn't realize why I was never sleeping for the past 30 plus years. I was like you ALWAYS WORRIED. Worried my guys would drive the company truck into someone and kill them and lawyers would take everythink worked hard for for 30 years. As I drew near the end I parked my trucks and rented trucks for my guys ( because if anything happened th rental company would be responsible for the maintnace of the vehicle.) My trucks were always new and wellmaintained, but a sharp lawyer find that I missed an oil change by a week, so it's my fault. The days grew closer tick tock tock. I didn't tell my crew I was closing because of two reasons, 1, they would steal everything not tied down 2. they would claim an injury and sue me for everything. I gave them all paid time off, a large bonus, and the byproduct is I'm sleeping like a baby the second my head hits the pillow. Don't get me started on regulations and insurance people up my you know what all the time. Change this, build this, paint this, secure this, or we will not insure you. I had one employee insurance claim in 30 years and my rate went to $3,500.00 a month. I looked at all the people that hand their hands in my pocket, insurance, tax accountant, dumpster fees, license fees, this fee that fee, I said ENOUGH. My health is worth more than the monet I'm turning away. I'm not one for dying with my boots on at my job, no thank you. If I drop dead I want to be on the beach in Hawaii not at my desk.

 

[MossRoad]

Me, I'm the exact opposite. Been in debt up to my ears since I was a teenager, but for a good cause. Real estate! I learned quite early but you can't make money investing your own money. You have to use someone else's – in my case, the bank's. And yet many people I know are not able to sleep at night if the even have a mortgage. To each his own.

Still, it has worked out pretty good for me so far.

Are you really up to your ears in debt your whole life or have you had a growing positive net worth all of your life?

There's a huge difference in having debts and being in debt up to your ears.

 

[check]

Are you really up to your ears in debt your whole life or have you had a growing positive net worth all of your life? There's a huge difference in having debts and being in debt up to your ears.

Yup. The latter. Finance things that go up in value, and pay cash for things that go down in value. BUT, I never financed anything that I couldn't deduct on my income tax. So, you borrow something, rented, and that your carrying costs from the rental income.

 

[Doofy]

There does come a Time when the Time has come. Glad you made it out in one piece. Kudos!