Finances for addicts

[FairWeatherFisher]

You do you. If I’m investing money, it’s staying put until retirement. I’m happy to hunt OTC tags and in my local area. Thats about $100 in tags, and maybe $100-200 in gas, per year. I can’t imagine dropping $30k on something that only lasts a week or two.

 

[Elkangle]

You do you. If I’m investing money, it’s staying put until retirement. I’m happy to hunt OTC tags and in my local area. Thats about $100 in tags, and maybe $100-200 in gas, per year. I can’t imagine dropping $30k on something that only lasts a week or two.

Good for you

 

[spectrum]

Go to vanguard.com or fidelity.com. You can set them up easily. Do it yourself and just buy the total stock market index fund.

No penalties if you withdraw. You can withdraw anytime you like and have your money within a day or two. You will pay capital gains taxes or accumulate losses depending on how you did.

You can fund non-retirement funds(which these would be non-retirement) with as much money as you want. No limit.

Simply google savings calculator and plug your inputs into 1 of thousands.

For retirement planning, honestmath.com has the best calculator I have seen. Its free.

I just opened a Fidelity account, think ill follow your suggestions.

 

[dreamingWest]

Another good book recommendation is Millionaire Teacher. It's become one my staples for a graduation present. I wish I had read it when I was 18. I'm grateful I read it in my early 30s. I too use Vanguard for Roth IRA and post tax brokerage account.

The guy's taking out home equity to fund hunts is pretty shocking to me. But everyone's financial situation and life situation is unique. I will say the inflation of Alaskan and Canadian hunts has become outrageous in just the last 3-4 years. So extreme, that I think for the crazy home equity strategy may work out for the individual who knows he's going on a sheep hunt in then next 5 years finances be damned!

My 2022 Yukon moose hunt doubled in price in two years. My 2021 NWT sheep hunt has nearly tripled in three.


But I agree with the theme of the OP. With proper discipline and planning, you can save for these hunts (or other emergencies) without needing to repay a mortgage.

 

[fwafwow]

2.) There’s a tax burden on the cash you pull out.

It depends. If the 4% (or whatever) return is interest or dividends, you will be taxed whether you withdraw the cash or not. If the returns are from capital appreciation, then you will be taxed if/when you sell (not when you withdraw). But if you are in equities, there will also be the risk of loss.

 

[william schmaltz]

FYI, hot of the press! The new capital gains rate proposed today would significantly hinder this method of saving.

Biden Capital Gains Rate Proposal: 44.6%?

The number being bandied about is 44.6%, which would be the highest formal federal capital gains rate since its inception.

www.forbes.com

 

[Cyril]

Not 100% sure but that rate would only apply to those with a taxable income over $1,000,000.

 

[30338]

We do something similar, we invest a percentage of our income so when we get raises, investments increase as well but we get a little extra to spend as well. Has worked for us. Work gives me a percentage of my salary into a 401K every month so any raise automatically increases that. Then everything on the side that I do also increases.

We also agreed that any tax refunds we get will either be used as an extra payment on the mortgage or used for needed repairs/upgrades on the house. Which has worked well because we always owe taxes.

I did the same on any bonuses or tax refunds. Put them on the house. Had it paid off in a single income family at age 40. Then things started getting a lot more fun.

 

[BravoNovember]

You do you. If I’m investing money, it’s staying put until retirement. I’m happy to hunt OTC tags and in my local area. Thats about $100 in tags, and maybe $100-200 in gas, per year. I can’t imagine dropping $30k on something that only lasts a week or two.

At the risk of sounding cliche, memories last a life time. People have different motivations. Some of the things I want to do now (and a lot of others) such as sheep hunting, I may not be physically able to do when I retire. Also, I may never get to retire, I could get hit by a truck on my way to work tomorrow.

 

[spectrum]

At the risk of sounding cliche, memories last a life time. People have different motivations. Some of the things I want to do now (and a lot of others) such as sheep hunting, I may not be physically able to do when I retire. Also, I may never get to retire, I could get hit by a truck on my way to work tomorrow.

Exactly! I'm not rich but I've done a lot of things in life that I wanted to do and even thrown it all away a few times chasing dreams and still landed on my feet. I'm 57, still haven't done my sheep hunt but ill get there. Maybe with my 32 points in AZ that dream will come true this year.

 

[RS3579]

I really need to look into this more instead of just putting 200 into a separate savings account


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I’ll recommend the book The Simple Path to Wealth by JL Collins

 

[Miflatlander91]

I’ll recommend the book The Simple Path to Wealth by JL Collins

Thank you I’ll check it out I appreciate it


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[cbarg14]

Totally thought this said "Fiances for Addicts". Lol. Those are important too!

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[30338]

At 58 and looking back, my cheap memories mean as much to me as my expensive memories lol. Lot of cheap adventure in the west with some gas money and a bit of desire.

 

[Elkangle]

Just for clarification nobody is saying stop doing the inexpensive trips or day hunts or diy public land Hunts "out west"

find a compromise that works for you and live a good life !

 

[mtnbiker208]

a couple of things to think about.
this may not help you in 5 years, but will definatly help in retirement. If you place of work has a 401 or any type of matching retirement account do it. It is not often people will help you invest.


also, the rule of 72. interest rate x years =72. that is how long it will take for your money to double. Ie if you can get 7.2 percent interest for 10 years in a row, your money will double.

 

[bojangles808]

1.) $200 x 52 = $10,400, not $5k

2.) There’s a tax burden on the cash you pull out.


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how does one calculate the taxburden ?say I put in 200 a month 5 years then want to go an an outfitted hunt in 5 years?

 

[Hunt30]

how does one calculate the taxburden ?say I put in 200 a month 5 years then want to go an an outfitted hunt in 5 years?

Tax burden would be based off of many factors. Simple explanation is realized capital gains will be taxed at your capital gain tax rate.

 

[Mojave]

A moron who doesn't understand these things completely. A couple of Q's

1. Can I myself start these funds, or do I have to find a investor and they do it?

2. Are there penalties for pulling out in a certain time frame, and is there a cap on how much you can invest each month or yearly?

Lastly, is there a calculator that one can see the growth of the investment over time if you give it a generic percentage for return?

You do not need an investor. You can call your bank or credit union or someone like Berkshire Hathaway and tell them you want to be in an index fund.

Yes there are penalties until you are 62 I beleive.

Google investment calculators. There are thousands of options.

DO NOT PAY SOME ASSHOLE TO MANAGE YOUR MONEY.

Index funds are stupid easy, if you pay someone you will be losing money every time you invest.

 

[Jmort1754]

So on this topic- I use SOFI to do a tiny bit of investing. I know the total stock market takes 3K to get into and then I can invest as little as I want.

Where do you guys recommend starting for something like this?

I make plenty of money just want to keep making that money.