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Plumber Manhattan Beach
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Discussion Starter #1
So, as alot of you all know, I am 30 years old. For the last year I have been really serious about retiremement and preparing for the future, The wife and I met with a financial advisor today.

This is a 2 part meeting. He asked alot of questions about the past and about the present and about the future. .

After answering his questions, I am really scared. I am worried about the type of investing and savings we need to start right away to have a chance at a decent retirement.

I guess my question to all of you is:

Have you met with a financial advisor before? Do you find it possible to meet the requirements of retirement based on your postion in the plumbing trade? Your income level etc?

As a business owner, I feel that this should be part of a cost of doing business and should be passed down to my customers? Do you feel this is fair?


For those of you that have been left large inheritance, or property, trust funds, have been left established companies etc, this probably does not pertain to you. ;)
 

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waterheaterzone.com
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Its no wonder you're scared. In my experience, most financial advisors are greedy shysters and will do whatever it takes to get you to invest your money with them...they are NOT really interested in your retirement, they are more interested in THEIR OWN retirement, and want to make money off of your money. :no:
I have my own financial plans, and retirement is only one of them.
 

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residential service
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We met with someone about a year ago. Same thing, lots of questions and forms. He put all together in a report binder which said, when you boil it all down, that I needed to be saving about $4000 per month starting immediately.

The bad news is I've saved exactly $0.00 since that time.


The good news is if I had saved/invested $4000 a month over the last year it would be worth about $30,000.00 right now. So I guess in reality I did save $18,000 dollars :blink:.
 

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Plumber Manhattan Beach
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828 Posts
Discussion Starter #4
Its no wonder you're scared. In my experience, most financial advisors are greedy shysters and will do whatever it takes to get you to invest your money with them...they are NOT really interested in your retirement, they are more interested in THEIR OWN retirement, and want to make money off of your money. :no:
I have my own financial plans, and retirement is only one of them.

Your take on this is important to me because you and I are alot alike. We have alot in common. Alot of my retirement plans are contingent on me getting income property. This is only one of my plans but requires investment, not just income from my company by itself.

As for the financial advisor part, this person is actually my wife's business partners husband, so he is pretty much a friend. If I cannot trust him, I cannot trust anyone :)
 

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Plumber Manhattan Beach
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Discussion Starter #6
We met with someone about a year ago. Same thing, lots of questions and forms. He put all together in a report binder which said, when you boil it all down, that I needed to be saving about $4000 per month starting immediately.

The bad news is I've saved exactly $0.00 since that time.


The good news is if I had saved/invested $4000 a month over the last year it would be worth about $30,000.00 right now. So I guess in reality I did save $18,000 dollars :blink:.

This is also on my mind, I am very concerned about how much of my future is invested in the stock market, because if I am 55 and there happens to be another recession, I will be screwed, so I would rather not rely on the stock market. It all has to do with age and risk, the older you get,t he less risk you want, so you do Bonds, but Bonds do not net that much on return. So it is like a rock and a hard place. Maybe I should just build a very good, strong company.....
 

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Your take on this is important to me because you and I are alot alike. We have alot in common. Alot of my retirement plans are contingent on me getting income property. This is only one of my plans but requires investment, not just income from my company by itself.

As for the financial advisor part, this person is actually my wife's business partners husband, so he is pretty much a friend. If I cannot trust him, I cannot trust anyone :)
Good point Robert, just tread lightly and trust your gut. You know if something stinks! It isn't hard to cross reference something with peers in his field. Good luck!
 

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www.DunbarPlumbing.com
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Food For Thought

All these people that risked their savings, their retirement plans, their 401K's ?


Lost nearly half or all of it, will take them years to get it all back.


How would you like to be so sure of yourself, then lose it all (or most of it) by no choice of your own?


Is it realistic to say that the DOW will ever reach 12,000 ever again? I seriously doubt it. (farts)


I don't like taking raw money and moving it into banks, especially when a savings account doesn't even make as much as sales tax. !!!


I thought about getting back into real estate investment but everyone and their brother is in that from years ago, and everyone and their sister isn't paying their rent.


So, once again, I can't preach it enough: Own more than one business. There's tons of advantages to doing so.

Last year when I paid off the plumbing business, I felt that I didn't want to become a bigger business and I surely don't want to do this as my only income...it's slowly killing me and I'd like to venture into other capital ventures.

If I bring in more plumbers under my belt, I'm literally "stuck" and even though I love and live my profession, there's a lot more for me out there.

Owning two other businesses other than this plumbing biz is indirectly tieing me to all kinds of potential customers. It would be an understatement to not say I feel vulnerable at this point, but when I crest the high point of all 3 making me money, I'm going to be comfortable on many levels, bartering my value to gain opportunities in many ways.

I'm after a nod and handshake relationship with bank(s) that I can borrow money on a request.

Lots of opportunities out there when you get above 1/2 million and up, timing is crucial and getting where you want to go is the way to build personal wealth.


Sounds pretty awesome, coming from a poor guy. :laughing:
 

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waterheaterzone.com
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Dunbar's advice is spot on! Why invest your hard-earned money in other people's businesses (the stock market), when you can invest in YOUR OWN business and have far more control of the outcome?:thumbup:
Entrepreneurs are some of the richest people on the planet, for a good reason. Its a risky, hard road, but its paved with gold. Like Roasty Duckbutt, I plan on using my plumbing business capital to eventually launch a secondary business, and so on. SELF-MADE. Its not for everyone, but that is the way to go for me.
If I fail?... who cares, life is short....go for the glory!!!
 

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www.DunbarPlumbing.com
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It's a tough row to hoe, but I'm already seeing the light at the end of the tunnel on the 2nd biz. There'll be a point in time this year where I won't be found on any site, I'll be hand-on to being a welder/fabricator for sure this year. Finally get the chance to learn how to tig weld as well.


If I had 3 paid off houses, or 3 paid off businesses, I'd rather have the 3 businesses because I can do more with it, has a different value.

3 years ago, I couldn't say this given the climb of real estate.


Now in regards to where you live; it's on Drudge Report right now that 1 out of every 10 californians are out of work, nearing 10 percent. Link

Consider yourself lucky and don't worry; every other state is going to see double digits after august.
 

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Always Something
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I have been thinking about this for a while now. I have alot of talents and have been sort of an over achiever since I left home. Having kids early makes one live the expression sh*t or get off the pot. I am not at a place where I am ready to pull the trigger. I guess I am having issues finding other things I really love to do. I'm not very clear on what will keep me interested. I am a person that gets bored very easily. Robert, I am not much older than you but I agree that this topic is one of the most important things to address. It's a bit scary to tell you the truth.....
 

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Robert I REALLY regret listening to my financial adviser as I have watched my 401k dwindle to a 201k and now a 101k. My dad told me to invest in real estate and just hold on. In our area's people will always want to live. Buy now and in another 40 years you will see a definite return. Just look at the old rich people who have ridden this rail before.
 

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Water Whisperer
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Work until you _ing die.

Having a mildly successful business allows many people to semi-retire while collecting a full paycheck. Show up a few _ing times a week to yell at everyone, collect the paycheck, and go take a nap.

But most of my old bosses died while still working either at the desk or in the field. Ain't no bigee.
 

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IMO none of us will ever be able to retire. I have several rental properties that will be my retirement income, but i will have to perform maintenance as long as i own them=no full time retirement. I am OK with that because i enjoy the work. There are no jobs left that allow full time retirement such as UAW, Teamsters, etc. Us self employed won't/can't put money away now because of uncertainy on wall street, CD's don't pay crap. We will work till we die.
 

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www.DunbarPlumbing.com
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True about working till we die. Gotta keep the pencil sharp in the mind, stay physically active.


Some of the wealthiest people work till they cannot work anymore, nothing wrong with that.


I've seen people in their 50's, men that in 5 years they disentegrate, or take to the bottle, or lose their physical ability to work. I can't go that route even though there's much to deal with pain, there's the fact it's keeping my arthritis, reasonable.


My primary goal which is not the 3 companies I own, is to have some online. I know some of you don't appreciate *******'s knowledge base, but if I can get something going like he does to make a living online without a full time commitment and get paid...I'm all for it.

I need money to come from all directions, and I need this to happen even if I went MIA and took off for months at a time.


Remember these no truer words...and I'm a far way from it right now;


You start making money when you stop moving your hands​


We're used to doing a task and getting paid for it, we need earnings that exist by paper (service agreements/maintenance contracts) that create monthly cash-flows that protect the consumer from the what-ifs, and that comes with a price.​
 

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As for the financial advisor part, this person is actually my wife's business partners husband, so he is pretty much a friend. If I cannot trust him, I cannot trust anyone :)
:thumbup: You said it, now live by it! NEVER, EVER trust anyone with your money for two reasons:

1. Money and greed corrupt many.
2. No one is as interested in your future welfare as you are because they do not have to live with the consequences.

My M-I-L grew up very wealthy - I'm talking about having maids spending all day polishing silver wealthy. They lost most of their wealth in the stock market crash. When a rich relative died, she inherited a small fortune. Dealing with money was foreign to her, so she trusted her younger brother who was an investment banker to invest it. He did and took some risks he shouldn't have. He lost most all of it. He wasn't a con, he loved his sister and tried to do right by her. Eventually, he made a small fortune in the market and sent her rent money until the day she died.

We invested in the stock market via mutual funds and have lost 40%. We both have money we are still investing since all prices are so low; however, as soon as it reaches a level we can stomach our losses, we are pulling it out.

We are investing in ourselves and our business. Eventually, we hope to buy income properties. Real estate can and does go down, but you can usually see it coming unlike the stock market that keeps plunging.

I have no faith in financial investors, they too fall into two categories:

1. Smart as hell and interested in using you to build their own wealth
2. Best of intentions, but too naive to protect your wealth. The "don't sell in a falling market comes to mind." I sure as hell wish I had sold when the market was at 10,000 now. :cry: Then there is the "it's not a loss until you sell."

NOPE - I've learned a valuable lesson - rely on yourself! Our only saving grace, we have a business where the sky is the limit. There is hope that we can recover what we have lost and come out on top. Hope is what keeps us putting one foot in front of the other.

Five years ago we learned the valuable lesson of not trusting your future or livelihood on an employer. Precisely why we are self employed.

Listen to Service Guy and go for the glory! Life is short and the ride can be fun.

Here's one of my all time favorite quotes:

The credit belongs to the man who is actually in the arena, whose face is marred by dust and sweat and blood, who knows the great enthusiasms, the great devotions, and spends himself in a worthy cause; who at best, if he wins, knows the thrills of high achievement, and, if he fails, at least fails daring greatly, so that his place shall never be with those cold and timid souls who know neither victory nor defeat.

John Kennedy on Theodore Roosevelt
 

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Water Whisperer
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My primary goal which is not the 3 companies I own, is to have some online. I know some of you don't appreciate *******'s knowledge base, but if I can get something going like he does to make a living online without a full time commitment and get paid...I'm all for it....
If I were to branch out, I'd be a _ing pimp or a _ing hit man.
 

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residential service
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With respect to relying on rental property, I'm not sure that is going to work either. The Federal government is currently sending a massive signal "not to worry if you bought a home you can't afford, we're going to pay your mortgage if need be, with tax payer money, you won't lose that house you should never have bought in the first place". How long do you think it will be until this gets extended to renters because after all, how can people be put out on the street simply because they can't pay their rent. Many people as soon as they figure this out will simply stop paying whether they can afford it or not and you will not be able to evict them for lack of payment. You will probably be forced to meet minimum maintenance standards on their behalf as well. So no unpleasant sewer back up will drive them out since you own the home and will be required to make sure this problem is taken care of.

I NEVER had ANY desire to own rental property before all the economic "news" (having been in enough rent houses in my life and seeing first hand how they are taken care of) but I especially have no desire now. If you can get commercial property that you can keep rented, that might be different but residential = no thanks for me.
 

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Rental property - My investment would be for a small segment of the population, not the lower end of the spectrum. I'm thinking along the lines of a rental property that is ADA compliant and would suit retirees who do not want the maintenance or problems of their current home, but they can't make the adjustment to an apartment or condo either. As the baby boomers age, this may be a good alternative for some.
 
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