AzScorpion
Moderator
- Thread starter
- #1
Disclaimer: This is just a fun thread to discuss investing and your own personal experiences and by no means financial advise anyone should take. Investing is very risky and you should seek out a professional advisor for guidance.
So after being on here for 3 years I’ve noticed there are many here who have done a great job at building their wealth. Some have very nice homes, nice vehicles besides their Rangers, nice RV’s and nice motorcycles. So how did you do it? Was it making good investments, owning a business, working hard and saving, selling or flipping real estate, marrying a sugar momma or even a trust fund baby. Lol There’s a lot of younger members here too who might benefit from some good advise from us older ones and even some of us older ones can always learn something new.
For me I've always been “thrifty” and have always lived within my means. That’s not to say I didn’t buy stuff or have any fun but I always put a huge % of my pay away either in savings, investments and buying real estate. I started my business in ’86 (painting contractor) and things went well for years but didn’t get my first really big contract until the late 90’s. It was a 160 unit condo complex which opened the door to so many other contractors and before I knew it I went for 2-3 guys to 7-8, I could’ve used more but hard finding good workers. Before I knew it I was in with 6 different builders from Western MA to Northern CT and a handful of remodelers and one of the largest fire and water restoration companies in all MA. We were going 6-7 days a week for several years and I have to admit I had some really great guys! When I burned out and decided to move out here to AZ I sold the business to one of my employees who was with me for 14 years. I helped him run it from here at first and financed it for him with a 0% loan. He always gave me 110% and I wanted to see him succeed which he has.
Along the way I had built 2 houses back in MA, bought 5 lots down in FL and set up several different investments. They (financial advisors) recommend you have have several “bucket” you can pick from, so make sure you’re diversified! Being self employed for all these years I wanted a consistent check when I retired so I set up 2 different annuities. One which I can start taking at 61 and the other at 65 if I want. The longer I delay taking them the more they’ll pay out. When your young these are great for dumping money into and letting them grow for a guaranteed lifetime payment. Mine also has inflation protection (I pay extra for this) and a death benefit. I also have a REIT (real estate investment trust) which pays out a nice 6% dividend each month along with my Roth IRA and a few other smaller investments plus savings. DO NOT rely on social security, I figure if it’s there it’s a bonus.
Some advise when you’re younger is start saving even if it’s only $25.00/week. Even though it doesn’t seem like much with compounding interest it will grow as you have time on your side. Find yourself a really good financial advisor a fiduciary is better as they’ll have your best interest at heart. Also live within your means!! I can’t stress this enough because life passes by so fast and one day you wake up and you’re 50! Skip the Starbucks and Subways and make your own coffee and bring your lunch to work. Heck I’d see some of my guys spending so much every day on these things for years. One said “it’s only $10” and I said sure but multiply that x's 5 then that x's 52 weeks. Now figure on another 35 years and you’re talking about a good chunk of money that could’ve been invested. That guy was the one who bought my business and is now still working his tail off at 53 playing catch up when I semi retired at 51. It’s not easy doing construction for 40 years as it takes its toll on your body. We did a lot of production back then and just thinking about it makes me tired. Lol I know it’s not easy and life throws you curve balls (kids, medical a wife!) but if you can start while your young you’ll have a much better chance at having a good retirement than starting late.
So after being on here for 3 years I’ve noticed there are many here who have done a great job at building their wealth. Some have very nice homes, nice vehicles besides their Rangers, nice RV’s and nice motorcycles. So how did you do it? Was it making good investments, owning a business, working hard and saving, selling or flipping real estate, marrying a sugar momma or even a trust fund baby. Lol There’s a lot of younger members here too who might benefit from some good advise from us older ones and even some of us older ones can always learn something new.
For me I've always been “thrifty” and have always lived within my means. That’s not to say I didn’t buy stuff or have any fun but I always put a huge % of my pay away either in savings, investments and buying real estate. I started my business in ’86 (painting contractor) and things went well for years but didn’t get my first really big contract until the late 90’s. It was a 160 unit condo complex which opened the door to so many other contractors and before I knew it I went for 2-3 guys to 7-8, I could’ve used more but hard finding good workers. Before I knew it I was in with 6 different builders from Western MA to Northern CT and a handful of remodelers and one of the largest fire and water restoration companies in all MA. We were going 6-7 days a week for several years and I have to admit I had some really great guys! When I burned out and decided to move out here to AZ I sold the business to one of my employees who was with me for 14 years. I helped him run it from here at first and financed it for him with a 0% loan. He always gave me 110% and I wanted to see him succeed which he has.
Along the way I had built 2 houses back in MA, bought 5 lots down in FL and set up several different investments. They (financial advisors) recommend you have have several “bucket” you can pick from, so make sure you’re diversified! Being self employed for all these years I wanted a consistent check when I retired so I set up 2 different annuities. One which I can start taking at 61 and the other at 65 if I want. The longer I delay taking them the more they’ll pay out. When your young these are great for dumping money into and letting them grow for a guaranteed lifetime payment. Mine also has inflation protection (I pay extra for this) and a death benefit. I also have a REIT (real estate investment trust) which pays out a nice 6% dividend each month along with my Roth IRA and a few other smaller investments plus savings. DO NOT rely on social security, I figure if it’s there it’s a bonus.
Some advise when you’re younger is start saving even if it’s only $25.00/week. Even though it doesn’t seem like much with compounding interest it will grow as you have time on your side. Find yourself a really good financial advisor a fiduciary is better as they’ll have your best interest at heart. Also live within your means!! I can’t stress this enough because life passes by so fast and one day you wake up and you’re 50! Skip the Starbucks and Subways and make your own coffee and bring your lunch to work. Heck I’d see some of my guys spending so much every day on these things for years. One said “it’s only $10” and I said sure but multiply that x's 5 then that x's 52 weeks. Now figure on another 35 years and you’re talking about a good chunk of money that could’ve been invested. That guy was the one who bought my business and is now still working his tail off at 53 playing catch up when I semi retired at 51. It’s not easy doing construction for 40 years as it takes its toll on your body. We did a lot of production back then and just thinking about it makes me tired. Lol I know it’s not easy and life throws you curve balls (kids, medical a wife!) but if you can start while your young you’ll have a much better chance at having a good retirement than starting late.
Sponsored