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MulegeAL
Nomad
Posts: 298
Registered: 8-25-2009
Location: PDX/Mulege
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Ump,
Find a book called "Your Money or Your Life" by Joe Dominguez.
What you're trying to balance out is choosing between "to be" and "to have." The info in that book lead me to change how I value my time/life energy
in exchange for $$ for the better.
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Bob53
Senior Nomad
Posts: 661
Registered: 2-24-2014
Location: Fallbrook, CA & Bahia de los Angeles
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A boat was docked in a tiny Mexican fishing village.
A tourist complimented the local fishermen on the quality of their fish and... asked how long it took to catch them.
"Not very long" they answered in unison.
"Why didn't you stay out longer and catch more?"
The fishermen explained that their small catches were sufficient to meet their needs and those of their families.
"But what do you do with the rest of your time?"
"We sleep late, fish a little, play with our children, and take siestas with our wives. In the evenings, we go into the village to see our friends,
have a few drinks, play the guitar, and sing a few songs.
We have a full life."
The tourist interrupted, "I have an MBA from Harvard and I can help you! You should start by fishing longer every day. You can then sell the extra
fish you catch. With the extra revenue, you can buy a bigger boat."
"And after that?"
"With the extra money the larger boat will bring, you can buy a second one and a third one and so on until you have an entire fleet of trawlers.
Instead of selling your fish to a middle man, you can then negotiate directly with the processing plants and maybe even open your own plant. You can
then leave this little village and move to Mexico City, Los Angeles, or even New York City!!! From there you can direct your huge new enterprise."
"How long would that take?"
"Twenty, perhaps twenty-five years." replied the tourist.
"And after that?"
"Afterwards? Well my friend, that's when it gets really interesting," answered the tourist, laughing. "When your business gets really big, you can
start buying and selling stocks and make millions!"
"Millions? Really? And after that?" asked the fishermen.
"After that you'll be able to retire, live in a tiny village near the coast, sleep late, play with your children, catch a few fish, take a siesta with
your wife and spend your evenings drinking and enjoying your friends."
"With all due respect sir, but that's exactly what we are doing now. So what's the point wasting twenty-five years?" asked the Mexicans.
And the moral of this story is:
Know where you're going in life, you may already be there! Many times in life, money is not everything.
“Live your life before life becomes lifeless”
The bitterness of poor quality remains long after the sweetness of low price is forgotten.
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pauldavidmena
Super Nomad
Posts: 1712
Registered: 5-23-2013
Location: Centerville, MA, USA
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My wife and I have sat down with 2 financial planners whom we trust and have decided that I will target a retirement age of 60 (I'll be 56 in a few
days). Whether to take SS at 62 or later is still undecided, as my wife plans to continue working. I'm in IT, which is truly a young man's profession,
so to me it doesn't make sense to remain a dinosaur among young pups for any longer than necessary.
I'm debt-free, am currently max-ing out my 401K and socking away additional cash in my "Sunny Day fund", and as long as that remains the same for the
next 4 years, we should be in good shape.
Naturally, the next 4 years could hold plenty of surprises. Case in point: I'm getting major surgery (back) next month, but apart from that we're both
in good health and would like to enjoy our golden years sooner than later. My parents are both alive and well in their 80s, but 3 of 4 grandparents
died young (60s or younger), so I want to maximize the good life while it's still there for the taking.
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umpqua
Junior Nomad
Posts: 29
Registered: 12-10-2006
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Hey Moto, you're jock'n my style. You're second in line for the "retirement partner.'
Quote: Originally posted by motoged  | As one of the "younger folks" (64 this month), I am planning on quitting my work this next spring. I don't have a pension or a wife with one, so am
needing to rely on meager savings and some gov't OAP/SS income.
As such, I have dreamed for years of spending a great amount of my "retired time" in Baja.
It seems that some folks who are a "couple" (married or just "shacked up" as my dad would say) are able to manage well on a few thousand $$$ a month.
So.....maybe there is an attractive, patient, energetic, healthy single woman with a great sense of humour and with no financial worries who is
presently living in her own place in Baja (somewhere from BoLA south) and who wants to share her
"excelente ubicación" with a creative, adventurous, funny, loving and caring guy.
While I enjoy fishing, I don't have a boat at this present time. I do enjoy motorcycling and desert adventuring, am a great cook, enjoy gardening,
love cats more than dogs (but enjoy a dog's company), and am trustworthy and responsible.
If anyone knows of a potential "retirement partner", please U2U me or post a reply here.
Oh.....please send a picture of your casita and boat.
[Edited on 8-6-2015 by motoged] |
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AKgringo
Elite Nomad
Posts: 6004
Registered: 9-20-2014
Location: Anchorage, AK (no mas!)
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Mood: Retireded
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Do we need a 'Personals' forum on this web site, or is 'Off Topic' as close as we need to get?
If you are not living on the edge, you are taking up too much space!
"Could do better if he tried!" Report card comments from most of my grade school teachers. Sadly, still true!
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motoged
Elite Nomad
Posts: 6481
Registered: 7-31-2006
Location: Kamloops, BC
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Mood: Gettin' Better
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AK,
Nope....just need a sense of ha ha
Don't believe everything you think....
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AKgringo
Elite Nomad
Posts: 6004
Registered: 9-20-2014
Location: Anchorage, AK (no mas!)
Member Is Offline
Mood: Retireded
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Yet another of my attempts at humor fell flat!
I have to remember to use the smilies more...  
If you are not living on the edge, you are taking up too much space!
"Could do better if he tried!" Report card comments from most of my grade school teachers. Sadly, still true!
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Bob53
Senior Nomad
Posts: 661
Registered: 2-24-2014
Location: Fallbrook, CA & Bahia de los Angeles
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I got a giggle out of it.
The bitterness of poor quality remains long after the sweetness of low price is forgotten.
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umpqua
Junior Nomad
Posts: 29
Registered: 12-10-2006
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As a suggested by one of the Nomads, I've scheduled a meeting with a financial planner. I have the info gathering call tomorrow.
Thanks for inspiring me everyone. A beer at aqua verde would taste mighty fine about right now.
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umpqua
Junior Nomad
Posts: 29
Registered: 12-10-2006
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Mulege I'll pick up the book.
I was in Mulege for NYE 3 years ago. Had a great time. I like that town....
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motoged
Elite Nomad
Posts: 6481
Registered: 7-31-2006
Location: Kamloops, BC
Member Is Offline
Mood: Gettin' Better
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AK,
I knew you were funnin' 
Don't believe everything you think....
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CortezBlue
Super Nomad
Posts: 2213
Registered: 11-14-2006
Location: Fenix/San Phelipe
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I didn't look at all responses, but here is my 2 cents
I refer to my money as buckets and I have several
Real Estate
Precious Metals
cash
stocks
401k
general assets
pensions
So if you put together a spreadsheet and calculate if you take SS at 62.5, 65, 67, 70 etc.
now look for your crossover points where you will make the same money over a period of time.
Now, you have to figure out how much you have in your 401K and you MUST start depleting your funds at 70.5.
You also have to figure tax rates today vs the fact they will become higher down the road. You will get an 8% return on your SS
Take all that data and build several models to figure out the pros and cons. Also, how much money do you need?
There is also a method that the highest bread winner can hold off on taking SS and have the other spouse take theirs and the other person can get 1/2
of the spouses monthly pay.
Here is a link that explains it
http://www.usatoday.com/story/money/personalfinance/2013/12/...
“Two things are infinite: the universe and human stupidity; and I'm not sure about the universe.”
- Albert Einstein
Follow Cortez Blue
www.cortezblue.com
We put the FUNK in disFUNKtion |
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Baja Bucko
Nomad
Posts: 288
Registered: 9-23-2003
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That meteor in the far distant sky can come crashing on your head when you least expect it. I know from personal experience. You can plan and stay
fit and healthy and dream about what you want to do at 70 but will your body be UP to it???? I think it is nuts to plan retirement for when you are 65
or 70...life is short. If you can get out now, go for it. chit happens and believe me, it is when you least expect it no matter how you plan things.
Life is for the living.....do not wait to do your passions.....tie up money loose ends and live what you love now....just my 2 pesos worth.
My other 4WD is a Baja Mule!
La Mula Mil Survivor 2013-2014!
1000 miles by mule from the tip to Tecate!
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JoeJustJoe
Banned
Posts: 21045
Registered: 9-9-2010
Location: Occupied Aztlan
Member Is Offline
Mood: Mad as hell
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| Quote: Originally posted by umpqua | As a suggested by one of the Nomads, I've scheduled a meeting with a financial planner. I have the info gathering call tomorrow.
Thanks for inspiring me everyone. A beer at aqua verde would taste mighty fine about right now. |
It's always nice to get other opinions, and some financial planners do great jobs. But a financial planner, has goals too, and that's you roll over
your 401K into an IRA, and if they're really crazy, they will have you roll it over into an "annuity" if they think you're risk aversion, and because
the fees are better for them for insurance products.
So most likely a financial planner will be pushing that you retire early, claiming you could make up the short fall of retiring early with their
professional advice. Financial planners, financial consultants, or whatever they call themselves these days, will always be sniffing for all your
assets, under the guise they want to look at the total picture, but they really want all your assets, so they could earn a bigger commission or fee.
I used to think most people could do their own investing, but I no longer believe that, because most people don't know about simple diversification,
or they're overly conservative or overly aggressive.
Here is a question I would ask a financial planner, "if the S&P 500 index fund has outperformed over 90% of all domestic equity mutual funds for
years, and I could also buy some conservative bond fund to spread the risk, what advantage would I have investing my retirement monies with you? They
should be able to answer the question.
[Edited on 8-7-2015 by JoeJustJoe]
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CortezBlue
Super Nomad
Posts: 2213
Registered: 11-14-2006
Location: Fenix/San Phelipe
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Most financial advisers are simply sales folks selling financial products. You should look for a fiduciary adviser that gets paid from performance
only.
“Two things are infinite: the universe and human stupidity; and I'm not sure about the universe.”
- Albert Einstein
Follow Cortez Blue
www.cortezblue.com
We put the FUNK in disFUNKtion |
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Sweetwater
Senior Nomad
Posts: 915
Registered: 11-26-2010
Member Is Offline
Mood: chilly today hot tomale
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When it comes to predicting longevity, just remember that Keith Richards is still alive.
Everbody\'s preachin\' at me that we all wanna git to heaven, trouble is, nobody wants to die to git there.-BB King
Reality is what does not go away when you stop believing in it. -Philip K Dick
Nothing is worse than active ignorance. Johann Wolfgang von Goethe(1749-1832, German writer, artist and politician)
When choosing between two evils, I always like to try the one I\'ve never tried before. - Mae West
Experience is what keeps a man who makes the same mistake twice from admitting it the third time around.
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SFandH
Elite Nomad
Posts: 7084
Registered: 8-5-2011
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That can/will be a huge problem when you're on a fixed income, especially considering all the money that was printed in the past 7 years or so.
One of the first adjustments social security could get hit with to keep it solvent is a reduction in the COLA, which makes inflation even more onerous
for retirees.
I'm betting that high inflation is around the corner and am investing with that in mind.
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stiladam
Nomad
Posts: 119
Registered: 5-13-2010
Location: Where the debris meet the seas in HB
Member Is Offline
Mood: Acoustic
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ONLY use a fee only financial planner from NAPFA. Fiduciary duty and non-commission based is crucial.
More here:
http://www.forbes.com/sites/davidmarotta/2012/06/11/fee-only...
I had a close relative get eaten alive by full commission "advisors"
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bajalearner
Senior Nomad
Posts: 670
Registered: 8-24-2010
Location: Tijuana
Member Is Offline
Mood: in search of more
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| Quote: Originally posted by Jack Swords | | Many have been down that road before. My father died at 55 and just before retirement. Savings and investments didn't help him. I therefore retired
at 57 realizing life is finite. I have also seen folks whose spouse died just as they retired, leaving all those retirement plans ruined. Talking to
other retirees, it seems their greatest regret is not retiring soon enough. Aging cannot be stopped and brings with it disabilities that are not
predicted. We have found that we live cheaper, enjoy life's experiences like beaches and other Baja resources, and don't spend that much money. Life
is for living, and that time is limited. To each his own, of course, but you are doing the right thing by asking other folks how retirement works for
them. |
Great information. I like the part that recommends living cheaper.
Many years ago I met a retired career social security employee. His advice to this question was to take the money when you want to have the income,
use the money at that time and don't let the numbers dictate your life. Of course we all accept the advice that we like and I liked his advice.
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bajalearner
Senior Nomad
Posts: 670
Registered: 8-24-2010
Location: Tijuana
Member Is Offline
Mood: in search of more
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I like this statement. Bob, can I use this? If yes, I'll give you credit for it. If no, I'll use it anyway and not give you credit for it. 
Great story too. Thx
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