Investor insight please.

[z987k]

What industry do you work in where you are able to take 3 months off? I have unlimited PTO, but it would be impossible for me to take 3 consecutive weeks off without taking my laptop and working a few scattered hours.

Then you don't actually have unlimited PTO.

Unlimited PTO is usually a scam to limit your PTO. And make sure you don't get paid for any PTO you don't take.

 

[Hnthrdr]

Just wanted to update this. I did in fact drop my 401k investment down to 6%, the company match.

Then I upped my personal investments from $1000 to $2000 a month.

THEN, I started thinking “I really mostly just want big game hunting season off.”

Which is mainly September, October, November for me. So I figured I’d give up about $21k to take 3 months off unpaid. I can do that every year, indefinitely, with my current personal account. So I’ll be working on that with my employer in the near future as well if they’re open to it. Just to test it out.

Heck yeah man! Awesome plan! That is living the dream!

 

[MountainTracker]

For a few years when I was newer at welding, there was all the talk about robots replacing blue collar work. Now years later, it couldn’t be more opposite actually. Also very apparent that that will never really happen and there is actually MORE demand and LESS people willing to do it. You can damn near name your price and it’ll only get more desirable. My close hunting partner is a self employed pipe welder. Excellent welder. He’s been pulling $150/hr for most of the year and they cry when he leaves to go hunting lol. He’s the one that got me into guns and reloading. Terrible influence honestly hahaha.

Good hunting partners usually are bad influence in a good way haha

I need to learn to weld and get good at it.


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[huntnful]

You're smarter than any pipe welder (and most CPA's) I know. Good for you on the foresight...yes, you were on track to overfund your traditional retirement dollars. Also, I would not necessarily go Roth 401k. Sounds like you will have a number of years with plenty of cash (your non retirement savings) without much income. Convert to Roth during those years. Under today's tax rules, you could likely get over $100k converted annually and stay in the 12% bracket. That's about as cheap as you'll ever get.

Plus, if you kick, your heirs will get up a step up in basis on the non-retirement funds whereas there is no step up on the retirement dollars. So, another reason to not overfund traditional retirement $'s.

Appreciate the info and insights!!

I actually see the newer generation of blue collar guys coming up are very interested in this stuff. They seem way more eager to save more and work less, and spend time with family and doing things they enjoy. There’s way less drugs and alcohol abuse it seems too.

You definitely still have to be pretty ****** up to do the line of work hahaha. But they seem a little less interested in living the blue collar baller lifestyle lol.

 

[huntnful]

Good hunting partners usually are bad influence in a good way haha

I need to learn to weld and get good at it.


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I was just listening to a book about creating passive income with online education courses with whatever you’re knowledgeable about. I thought “well I’m only really good at welding, I don’t think the market is big enough for that type of content”. But maybe I’m wrong lol

 

[IdahoBeav]

Then you don't actually have unlimited PTO.

Unlimited PTO is usually a scam to limit your PTO. And make sure you don't get paid for any PTO you don't take.

I took 30 days last year, and I’ll do more than that this year. I can usually do a week block without checking in, but more than that, and my projects get into trouble. If you’re a workaholic, then yes, unlimited PTO is going to be a bad deal for you, but if you take the time off every year, unlimited works out pretty well.

 

[B_Reynolds_AK]

I was just listening to a book about creating passive income with online education courses with whatever you’re knowledgeable about. I thought “well I’m only really good at welding, I don’t think the market is big enough for that type of content”. But maybe I’m wrong lol

What book?

Also, you should create an online course about hand loading for long range precision, along with all of the very detailed steps used to get there.. just to say at the end of the course that 90% of the steps don’t actually matter

 

[huntnful]

What book?

Also, you should create an online course about hand loading for long range precision, along with all of the very detailed steps used to get there.. just to say at the end of the course that 90% of the steps don’t actually matter

It was called F.U. Money. Most of it was just stupid shit to get to all excited to make money lol. But the concept was hand off online sales and digital education courses.

Lmao!!! At the end “ As long as your gun/barrel isn’t a piece of shit, it should just shoot pretty well no matter what you do”

 

[B_Reynolds_AK]

It was called F.U. Money. Most of it was just stupid shit to get to all excited to make money lol. But the concept was hand off online sales and digital education courses.

Lmao!!! At the end “ As long as your gun/barrel isn’t a piece of shit, it should just shoot pretty well no matter what you do”

With the amount of time I spent on texts, DM’s, emails and calls with people, giving advice on gear, sheep, mountain goats, guns, training etc.. I figure that developing an online course may be worth my time.. atleast for gaining my own time back and providing value to those that reach out.

 

[SDHNTR]

With the amount of time I spent on texts, DM’s, emails and calls with people, giving advice on gear, sheep, mountain goats, guns, training etc.. I figure that developing an online course may be worth my time.. atleast for gaining my own time back and providing value to those that reach out.

Isn’t that what every swinging dick influencer is already doing?

 

[huntnful]

Isn’t that what every swinging dick influencer is already doing?

Yeah it seems a bit saturated for sure. But it is tough to find a good amount of connected info in one source.

Honestly rokslide has been the best source for that all together. Just takes quite a bit of searching. From mounting a scope, to scouting, to killing a target animal. You can find all that info here.

 

[ProfitProphet123]

I was going over my investment accounts today and started thinking a little bit. I have a 401k through my work that I've been maxing out for 15 years.

They match a certain percentage, and i think it ends up to about $3-4k a year they put in, on top of my $23,000.

The account currently has $712K in it.

I am 34 years old.

I have a personal investment account that I've been contributing to with post tax money for about 6 years now. I plan to use the money in that account to retire as early as possible. Use the personal investment money to bridge to the gap until I can draw my pension at 55, and then eventually my 401k at 59.5.

Is it really doing me any good to keep maxing out my 401k? Or should I just put in the amount that reaches my company's match minimum (free money), and then put the remainder into my personal investment account, post taxed?

I definitely realize the tax advantages of taking $23k off the top end of my income to not pay taxes on it in the highest bracket. But is it worth it when I'm 59.5 if my 401k would be projected near 3 million anyways?

I'm a pretty frugal personal. I only spend money on hunting/shooting and my wife and kids. Don't have, or want a bunch of lavish shit.


Appreciate any insights and perspectives as always!!!

Retirement is expensive, maximum everything.

 

[2-Stix]

I don't trust the market as much as I trust being 100% out of debt and having a few pieces of real estate paid off in different states. I will have SS, it its around (I don't have an opinion if it will or not) and I have a few hundred in the market...but I lived through the '08 crash, and my dad had to work 5-6 more years to retire becuse the market droped so hard. Peak to peak is about 12-16 years. Personally, I just don't like the market...no accountability and it could go to zero vs me managing my own future with real estate and if I lost the house to fire, I still have land at the least. Mind you I run a design build firm and play to my strengths.

Pay off your house, if it is pull back on investing in the market and buy a rental or 2 and you will have the greatest retirement ever...far better than mine will be. Your kicking ass!

 

[Coopsdaddy]

Maxing the IRA donation every year for you and your wife?
Market crash will happen again so not sure what your risk level is but losses are never good and tough to recover from. If that market crash happens when you want to retire then your plans are toast.
Low fee 401K?

You probably know all this though.

But has always rebounded.Just be smart 5-7 years from retirement .

 

[Coopsdaddy]

Is retirement account investing the optimum approach for fellas like OP trying to retire as quickly as possible? Or for average Joe who wants to work until 59.5?

I've yet to meet anyone independently wealthy in their 40s who did it with a 401k or Roth, just saying. I've met a bunch of folks who did it with RE.

Maybe if you start at 25.
If you’re in late 40s or older than no way am I playing a 30 real estate game.
Making a few hundred a month for decades is not something I want to do.
Buy something all cash and get 1500 a month is a different story.Give me 5-6 of those in a new construction home than maybe.But who’s got the cash for that.
No way I sleep well with multiple mortgages.
Debt free is how I sleep.
Paid off is definitely the way for me.

 

[huntnful]

Had a good conversation with my boss this morning. I was actually VERY anxious, which kind of caught me off guard lol. But I started the conversation with my current financial situation I’ve been able to put myself in over the last 10 years (I’ve never told anyone at work before) . I just needed him to know I was serious and not bluffing. I showed him the days that I intended to use vacation, and that I would like to use unpaid time to bridge the rest of the gaps, to equate to about 2 consecutive months.

I told him I wouldn’t have any problem being contacted, coming in if he gets in a bind finding help, or doing any trainings and stuff during that time of need be. I just wanted the option to have it off without any issues.

He had ZERO problems with it, and said he’d never had a conversation like that before lol. A quick phone call to make sure there was no weird stipulations against it in our contract, and there wasn’t. It was “up to management discretion”.

So all in all it went great! I may not even need/want to do it, depending on how fast I tag out on some hunts and if I really want to sit on my ass not making money if I’m not actually hunting lol. But it feels great to know the option is there now!!

 

[Rich M]

Had a good conversation with my boss this morning. I was actually VERY anxious, which kind of caught me off guard lol. But I started the conversation with my current financial situation I’ve been able to put myself in over the last 10 years (I’ve never told anyone at work before) . I just needed him to know I was serious and not bluffing. I showed him the days that I intended to use vacation, and that I would like to use unpaid time to bridge the rest of the gaps, to equate to about 2 consecutive months.

I told him I wouldn’t have any problem being contacted, coming in if he gets in a bind finding help, or doing any trainings and stuff during that time of need be. I just wanted the option to have it off without any issues.

He had ZERO problems with it, and said he’d never had a conversation like that before lol. A quick phone call to make sure there was no weird stipulations against it in our contract, and there wasn’t. It was “up to management discretion”.

So all in all it went great! I may not even need/want to do it, depending on how fast I tag out on some hunts and if I really want to sit on my ass not making money if I’m not actually hunting lol. But it feels great to know the option is there now!!

Thats awesome!

I couldnt lose anyone for 2 months without me working late nights and every weekend to fill in the gaps. We just dont have any redundancy built into the business.

Best i can give is 2 weeks at a pop, and it makes me have to work extra. Noone really appreciates that - employees or employer.

 

[huntnful]

Thats awesome!

I couldnt lose anyone for 2 months without me working late nights and every weekend to fill in the gaps. We just dont have any redundancy built into the business.

Best i can give is 2 weeks at a pop, and it makes me have to work extra. Noone really appreciates that - employees or employer.

Completely understandable! Every business and circumstance can vary for sure. I do feel like my work situation is more unique than normal.

 

[Banjo91]

Do you find planners that will just take a check and make a plan? Everyone I talk to wants to 'manage' my stuff and take 1% or whatever, something I'm not willing to do.

There are planners that will give you a plan for a check. Unfortunately, the business is rife with "planners". I fully understand the costs of working with a planner, and at 34yo, frugality was tantamount for me at that phase of life. At 53, because I have saved a critical mass in my earlier years, I am finding myself enjoying things I once thought were luxuries (heated car seats, cable TV, going out to dinner, etc). Developing a relationship with a financial advisor is also one. Could I do it on my own? Certainly. But I like having the other thoughts from the person with knowledge and experience with others. Does it cost me more? Yes ... I don't look at it as a fee, but more of an expense that allows me to do other things with my time and energies.

You are asking questions that can have complex and very individualized answers. There are many ways to unwind a taxable retirement account with minimal tax consequence. It takes time and a strategy. You may not want an advisor now, but I'd encourage you to be open minded enough to have one in the future.

I used to change my own oil ... I don't do that anymore either.


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