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I won't retire until my mortgage is paid off.
I'll be trying to build up my ROTH funds over the next 12 years and look to convert some 401K savings over to ROTH for the tax free distributions during retirement. I would rather pay the higher taxes now while I'm still working.
Other than that, I'm just still pumping money into the work retirement savings plan. It really is a money printing machine. Nothing wrong with getting rich slowly.
Quoted from wtatumjr:My 04 Colorado has 318k miles,. I bought it new. 'Couldn't stand to part with it. Has never given me any trouble.
Which engine do you have? I love in-line 5 cylinders and hear the Colorado had that as an option.
Quoted from PinBackpacker:Where in Corolla are you? I've been considering buying a rental house in Duck.
Buy one! We currently own a beach house in Southern Shores, just south of Duck. It’s a great area and the town of Duck is so nice. Inventory of homes is low because people have been buying them with the low interest rates.
Quoted from PinBackpacker:Yeah I've been watching the inventory closely. We've stayed in Southern Shores a couple of times, it's very nice, also like crossing the bridge and being close to home on a Saturday and not needing to be in bumper to bumper traffic for 1-2 hours heading north. Who do you use as your rental agent?
Our house is listed in AirBnB. We have rented homes from Twiddy and Southern Shores Realty. Lots of options for rental companies for beach vacation. I think more and more owners are moving their listings to AirBnB.
It's been a while since I checked this thread. How have everyone's retirement accounts been doing since the COVID crash? My retirement account is up a HUGE amount since the crash. It is a lot of fun to see the snowball keep growing and compounding. If interest rates remain low, there is no alternative to the stock market to beat inflation.
I guess there is always crypto though. haha
Anyways, congratulations on the wealth building everyone. I'm happy for anybody that saves money, invests it for the future, and is rewarded with compounding growth that far outpaces inflation. I'm a dummy, but it's working for me. If I can do it, anyone can do it. Investments in the stock market every 2 weeks for decades will result in people growing a substantial amount of money.
One of my childhood friends is a financial planner. He says that you won't believe how many people have hardly anything saved up and invested. He talks to people in their late 50's and mid 60's that have failed to get their portfolios rolling and by the time they hit that age, it's too late. Time for compounding growth is lost forever.
If you want to out-pace inflation, stocks/mutual funds/ETF's are the way to go. Historically, the stock market grows postive.
Quoted from wtatumjr:I'm comfortably retired. What worked for me was to pay off everything then live off of social security...in effect just live within your means. Put everything you can to savings and max the maximum your employer will contribute. You must have a savings plan early and be religious in contributions.
…and I’ve played Bill’s awesome new in box pinball machines in his even more awesome beach house!
Quoted from rai:I'll never be less than 70% in stocks, bonds probably just keep up with inflation (especially now) cash loses money over time. Basically my bond allocation will be so that if/when there is a big loss in the stocks I can live off the bonds while the stocks are not touched and have time to recover.
Yup, a buckets strategy like this!
Quoted from PhilGreg:Thinking about buying some property in Florida, and doing AirBNB with it with some local manager. I do have some relatives that could occasionally check on things or whatever.
The primary goal isn't FIRE, but I'd like the thing to pay for itself + some more to offset the trouble (I would want to use the property a few weeks each year too). Anybody have experience with this kind of thing?
FIRE related: I started cutting my own hair during the pandemic and I've gotten pretty good at it, no going back!
PhilGreg, you can certainly have a beach house and make income on it using AirBnB and a local property manager. My wife and I are doing that successfully in the Outer Banks of NC. We only rent it out around Easter and then again Memorial Day through middle of September. It pays all expenses and we have plenty of profit left over to keep in the bank or use for beach house repairs/improvements. One thing that helped us was refinancing to a much lower interest rate last year. We've also done a bunch of renovations so that we could charge more. The key is appealing to moms who watch HGTV. The vast majority of people who book the vacations are moms and females who love watching HGTV. haha.
Quoted from DanMarino:PhilGreg, you can certainly have a beach house and make income on it using AirBnB and a local property manager. My wife and I are doing that successfully in the Outer Banks of NC. We only rent it out around Easter and then again Memorial Day through middle of September. It pays all expenses and we have plenty of profit left over to keep in the bank or use for beach house repairs/improvements. One thing that helped us was refinancing to a much lower interest rate last year. We've also done a bunch of renovations so that we could charge more. The key is appealing to moms who watch HGTV. The vast majority of people who book the vacations are moms and females who love watching HGTV. haha.
Our AirBnB property manager gets 12%. We also had 12% from the large vacation rental property manager companies when we were with them, but their rates are normally above 12%. Our beach house property manager is a guy who has a carpentry and remodeling business. He and his wife manage about 6 AirBnB properties. They respond to any problems the renters have, they communicate with the renters on AirBnb, the renters pay a cleaning fee and can rent bed sheets and towels from them as well. It's pretty easy to compare the rates that other AirBnB rentals are charging and what the large vacation rental property managers charge. We have our own website separate from AirBnb that we advertise on. People can direct book with us there if they want to save some of the AirBnb fees. We arrange for the grass to get cut and the pool and hot tub cleaning ourselves with local contractors.
Quoted from PhilGreg:For those that do AirBnb - what occupancy rate would you guess you have on average? Trying to crunch the numbers to see if it would potentially pay for itself or not.
We have an AirBnB beach house in the Outer Banks of North Carolina. Last year we rented something like 156 nights. Most rentals are May through September.
Quoted from DanMarino:We have an AirBnB beach house in the Outer Banks of North Carolina. Last year we rented something like 156 nights. Most rentals are May through September.
Yes, it is in the black.
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Clarksville, MD