Quote:
Originally Posted by LogBook
golfhobo, glad you have VA. for your good heath. dont plan on someone paying for your retirement, you need to invest in your self, do it today dont care if its just 5% of your pay. put it in investments. every pay ck every month. i invest 13% of my income evry month into stocks, ect.., i pay my invesment taxses upfront, dont trust the gov. not to have 50% tax rate when i retire
Very good and sound advice my new friend. A little history on me though... I lost a lot of money (or at least many years of investment income) from a failed business I started when I was about 30 or so. I was 48 before I gave up and got lucky enough to get into trucking. Here I am about 7 years later, and I am just about to pay off ALL my debts. I have a little in savings, but NOW I am going into overdrive on planning for my retirement. I am pretty sure I've waited too late... but, my DAD didn't get started MUCH earlier than this... and he is now pretty well fixed.
I figure I will need to keep driving/working until I'm 70... but, I wouldn't cry if I could retire earlier. I want to buy my own truck someday, but I'm in no real hurry right now. I figure I MIGHT be half as smart as GMAN by the time I'm 60. That leaves me with 10 years (if necessary) to make more money than I have to date as a company driver. As I get older, I hope to be able to pick the loads I want to run and maximize my pay for doing so. AFTER I "retire," I expect to still have my truck and a trailer or two, and be able to supplement my retirement income IF I still need to (and probably will.)
Sometime, late this year, I will start looking into stock or bond investments with the amount of my savings that I don't figure I need for "contingencies."
I doubt I'll retire with a yacht... but, maybe the old boat will still float and I can have a place to live. Let's all "pray" that the economy improves and things will be a bit easier when we are old and decrepit. 13% of my pay won't do it. I must keep expenses low so that I can invest/save close to 25% of net income.
I'm gonna get started just as SOON as I get this boat in the water! LOL!