Taking Equity out of Home to Go on Guided Hunts

[SDHNTR]

To be fair, I also see a bunch of folks in the financial advisement field spinning yarns that one must have $3-5 million cash to retire at age 65.

A lot of my friends and family listened to that and died with tons of money in the bank after working like dogs their entire life. It didn’t do squat for them.

The thing those planners forget to tell you is that most old folks don’t need a ton of money because they don’t have the ability or interest in the things money buys as they age. What they need money can’t buy: time.

Financial security is one thing. Hoarding $$$ for some far-off idea of finally living your dreams when you are really too old to enjoy them is quite another.

There is a happy medium.

That’s poor planning.

Good planning tells you exactly how much you need to live precisely the way you specifically want to live. Not anyone else. And it will also tell you how much you need to save each year to get there. Good planning doesn’t rely on arbitrary figures like $3-5mil, or any other sort of rules of thumb. It’s unique to the individual, or family. A good financial planner isn’t forgetting to tell you anything.

 

[9.1]

Sell house.
Put 1.5miilion in fixed account returning 5%/yr. Use 75k income to book two big horned hunts in 2024/25.

2024 Move to Alaska and establish residency. Spend everyday scouting sheep.
2024 book desert sheep hunt and kill ram in Mexico.
August 10th 2025 Kill Dall ram.
Aug 11th 2025 Move to BC and establish residency.
2025 book and kill BH ram in Alberta.
August 12th 2026 Kill stone ram.

Move back to wherever in fall of 2026 and restart your “life” with your completed slam.
Buy a house for 1.5million.

Log into Rokslide and post up the story of how you killed a slam in 2.5yrs without spending 300k

Fin.

The only issue with this plan is that 1.5 million isn't going to buy much of a house by 2026. It would probably make more sense to just pick another weapon and start over on another slam.

 

[CorbLand]

If you have the cash flow to take out a 300K loan and pay it back plus interest and fees in 10 years…I feel like you would have the cash flow to save and knock off a Dall. In the mean time apply for every state that has Deserts and Big Horn tags. Enter every raffle you can for Stone Sheep and any other sheep you don’t have. You would be amazed at what can happen when you have 15 or so chances a year at drawing something.

Take it a step at a time and then when you get to the last one, you may have the funds to do it or you can make up your mind on what to do to make it happen.

It’s funny to me how many people I hear now with ideas like this yet not a single one did when you could have done this 1.5 years ago for 2.5 percent interest rates. It’s almost like people think they have a lot more money than they really do because of the housing price increases we have seen…

 

[cbeard64]

That’s poor planning.

Good planning tells you exactly how much you need to live precisely the way you specifically want to live. Not anyone else. And it will also tell you how much you need to save each year to get there. Good planning doesn’t rely on arbitrary figures like $3-5mil, or any other sort of rules of thumb. It’s unique to the individual, or family. A good financial planner isn’t forgetting to tell you anything.

I agree, but I haven’t met one yet that didn’t espouse some version of “you need a big pot of $$$ to retire” approach.

I retired at 58. We are financially secure but we have also enjoyed our lives while providing for our kids along the way. I bought 375 acres of land 20 years ago when it was a pretty tough financial sacrifice and also went on several guided mountain hunts. Plus we both are collectors of things we enjoy and have traveled a lot. I’m certain 99% of financial planners would have told me those would not have been prudent moves. I don’t care. We have and are living the lives that we enjoy making grand memories along the way.

I also am certain they would have told me I retired too early. We realize that we won’t be financially able to live the same lifestyle in our mid-70s and beyond. And we are fine with that. In essence, we traded the money I would have made from 60-70 for having all that time to enjoy our grandchildren and ourselves to the fullest while we still can.

What’s that worth in $$$? I guess everyone has to answer that question for themselves. To me, it’s pretty much priceless.

 

[schmalzy]

You are probably right, but I’ve also seen folks start as multimillionaires (I only deal with the high net worth), usually inherited, and live by these mantras only to end up with nothing left but Social Security.

I don’t doubt it, and for what it’s worth, I think overall you’re spot on.
I’d just change having everything fully funded to having a reasonably likely to occur plan to cover the costs you’re planning to incur.

OP, I hope you find a plan that makes you feel reasonably comfortable and more than that gives you the fire in life that I think for some of us only sheep hunting provides. Whatever you do, document the hell out of it and take as many pictures and write as much as you can.


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[bradb]

I see most all the points being made and it will come down to its up to you and do make a solid choice for your future. I didn't by any means break myself. And am totally happy that I did what I did. Yes you could do cheaper dall first but I do think stone will climb in price faster then the others.
I did dall first I had a lot saved for it and like $7,oooin cabelas points I used towards the hunt. I think it was $25k for dall, moose, and grizz(Iscrewwed up on grizz). The loan i did was very short just waiting for a short term very good investment settled.
For stone I decided to just call around when covid started for fun to see if any deals, Well I found one for $12k off. So I got stuff done quick to do the hunt......of course covid closed the border. I was so set on it that I agreed to do it at regular rate in 2 years. Glad I did, killed a great stone, and prices are about $25k more now then I paid.
Desert I was just asking a buddy when his hunt was and he said he might not be able to do it. In talking he offered me his spot at $22k off of what he paid. i had some more liquid money coming in in a few months and took a loan for a few months tell it cleared. Again glad I jumped at the hunt.

........now to figure out a way to do a rocky hunt!

 

[gbflyer]

Only if I were terminal and very pissed at my wife.

 

[bascott1]

There are places offering 3 year CD's at 5%+.....

S&P is at 24% this year. And it’s Biden in office. B-I-D-E-N. Imagine with trump.

 

[bascott1]

To the OP. Age and dependents make a HUGE difference.

 

[adventure907]

On a somewhat related note, I was at the show in Dallas this weekend and there is an outfit selling stone sheep hunts for $125k. Mind blown! Good luck to whatever you decide OP, and I hope you get to go sheep hunting!

 

[Molon Labe]

The only issue with this plan is that 1.5 million isn't going to buy much of a house by 2026. It would probably make more sense to just pick another weapon and start over on another slam.

Now we are talking…OR…and this is a big or…since we have the sheep slam done. Do we just work our way through the 29? We don’t have a job…we don’t have a home…and roughly 1.5million to cover.

Could probably breeze through the rest of the 29 and still have enough left to build a tiny home and a giant shed to hold the mounts?

 

[Jon Boy]

It sounds like you had the means to pay for it once before so it probably won’t be too difficult to pay for once again. However, if I had that much equity in a place and could borrow on it and have access to that kind of money I could turn it into a shit pile more money relatively quickly. I made the mistake of paying a house off and not being able to access all of that equity instantly because I’ve showed very little taxable income the last few years (self employed)

I’d take that money out and start buying real estate and flipping it or renting it and continue that cycle for a couple quick turns and you’d be able to afford a sheep hunt every year just doing that. I think you are foolish in having all of that equity doing nothing for you, if you aren’t going to do anything with it you might as well take yourself sheep hunting and carry the same amount of debt as majority of people walking around. As long as you can pay for it of course.


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[SDHNTR]

I agree, but I haven’t met one yet that didn’t espouse some version of “you need a big pot of $$$ to retire” approach.

I retired at 58. We are financially secure but we have also enjoyed our lives while providing for our kids along the way. I bought 375 acres of land 20 years ago when it was a pretty tough financial sacrifice and also went on several guided mountain hunts. Plus we both are collectors of things we enjoy and have traveled a lot. I’m certain 99% of financial planners would have told me those would not have been prudent moves. I don’t care. We have and are living the lives that we enjoy making grand memories along the way.

I also am certain they would have told me I retired too early. We realize that we won’t be financially able to live the same lifestyle in our mid-70s and beyond. And we are fine with that. In essence, we traded the money I would have made from 60-70 for having all that time to enjoy our grandchildren and ourselves to the fullest while we still can.

What’s that worth in $$$? I guess everyone has to answer that question for themselves. To me, it’s pretty much priceless.

Methinks you’ve never had the benefit of a good financial planning experience. Or perhaps have some misconceptions of what a good financial planner does. I’ve been doing this 25 years and I’ve never once said you need some arbitrary sum or big pot of money. You need what you need. A good planner does not just offer opinions, he/she offers mathematics.

 

[atmat]

While I wouldn’t do it, there are likely plenty of people sheep hunting who still have a mortgage.

It sounds worse because your house is already paid off to start. But I’m still paying to hunt while maintaining a mortgage.

 

[atmat]

S&P is at 24% this year

And yet still down from its 25 month high.

Point is, while markets generally increase, no one can predict the near-term trend.

 

[cbeard64]

Methinks you’ve never had the benefit of a good financial planning experience. Or perhaps have some misconceptions of what a good financial planner does. I’ve been doing this 25 years and I’ve never once said you need some arbitrary sum or big pot of money. You need what you need. A good planner does not just offer opinions, he/she offers mathematics.

I probably haven’t. The ones I’ve consulted with seemed to be way more interested in pointing me towards investing in market vehicles that earned them $$. Same with stockbrokers. They always preached self-denial (calling it “discipline”) and emphasized having a big amount socked away for retirement. Their plans pretty much always assumed me living to well into my 90s and treating those later years as if I would have the same needs as I do in my 60s. They never mentioned facts like S&P 500 index funds are practically cost-free and beat the performance of about 75% of mutual funds. They also seemed leery of investments like business and real estate investment opportunities. I always assumed this was probably because handling my own finances and/or putting my $$ in investment vehicles that didn’t involve them didn’t fit their agendas.

I’m not really knocking financial advisors but (like everyone else) they can’t work for free. I always figured if I had sense enough to get my education, build a professional career, and make the $$ - I probably had sense enough to do my own financial planning. Financial planners aren’t the only ones who can understand math, cost, risk, etc. No doubt some of my colleagues who use financial planners have done better $$ wise but many have done worse also.

I’m sure I just never met the right guy/gal, but I never met one I felt was really listening to me and taking a holistic approach. So in my mind that left only me.

 

[SDHNTR]

I never met one I felt was really listening to me and taking a holistic approach.

And that right there is the root of the problem! Sorry your experience wasn’t more positive but it sounds like you’ve arrived at a place you’re happy with. Bravo.

 

[pacoalcracker]

cbeard64 - This is why "fee only" vs a "% of investible assets" exists. Use that type of CFP if you worry about your planner having your best interests in mind. Certainly, nobody works for free. Do you? Most people would be far better off using a financial planner and that is a statistical fact.

Now, for this OP plan on his Grand Slam......ain't no way he will get all 4 sheep on the first round. He would be lucky to accomplish getting all 4 by the end of round 2. He is going to need far more money than he thinks. Beside the actual hunt costs, there are other costs that need to be factored in....like travel costs for just one example. I'm betting all-in costs even if he was somewhat lucky, could exceed 400K. Honestly, this guy is having the dream......but i'm betting that's as far as it gets.

 

[TheGrayRider]

You can always make more money but you cannot make more time.

Best of luck with your decisions and happy hunting, TheGrayRider!

 

[Jon Boy]

While I wouldn’t do it, there are likely plenty of people sheep hunting who still have a mortgage.

It sounds worse because your house is already paid off to start. But I’m still paying to hunt while maintaining a mortgage.

Kind of how I was looking at it.


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