Selling all of the cows.

[Brute 23]

Big problem for lots of folks with 401K's along with lump sum retirement is 72T laws and penalties. Not knowing these can cost you 30% or more going on I got this. It is real easy to loose a huge chunk of your life savings in one stupid tax moment.
It doesn't matter if it is Edward Jones, Lynch or Fidelity the government approved products are all the same with exception of the name.
Wake up call you don't just get to do what you want with those funds without penalties.

You can pay a CPA or Lawyer by the hour to answer tax questions. Google can answer most of that for free. None of that suff is rocket science.

 

[TexasBred]

A REAL financial planner is very hard to find. My wife works for one of the top ones in the nation. I'm not talking you into one but I'm just saying their are a FEW out there who will make you money. He's making people around 10% average I'd say. So on your 300k he could make you around 30k / yr.

But I do agree with you 95% of them are crap. haha

Horse shyt !!! Read back up this thread from the start. We have dozens right here on CT.

 

[Brute 23]

10% is nothing special. That is roughly the standard because that is what the S&P has done... basically forever. If you are below that you are under performing. If you are over that you are over performing.

It's called... Indexing... simple yet effective.

 

[Caustic Burno]

Big problem for lots of folks with 401K's along with lump sum retirement is 72T laws and penalties. Not knowing these can cost you 30% or more going on I got this. It is real easy to loose a huge chunk of your life savings in one stupid tax moment.
It doesn't matter if it is Edward Jones, Lynch or Fidelity the government approved products are all the same with exception of the name.
Wake up call you don't just get to do what you want with those funds without penalties.

You can pay a CPA or Lawyer by the hour to answer tax questions. Google can answer most of that for free. None of that suff is rocket science.

That youth will catch up to you in wisdom through stupid taxes over the years. CPA and Lawyer both have ripped off a many a man.

 

[Brute 23]

Big problem for lots of folks with 401K's along with lump sum retirement is 72T laws and penalties. Not knowing these can cost you 30% or more going on I got this. It is real easy to loose a huge chunk of your life savings in one stupid tax moment.
It doesn't matter if it is Edward Jones, Lynch or Fidelity the government approved products are all the same with exception of the name.
Wake up call you don't just get to do what you want with those funds without penalties.

You can pay a CPA or Lawyer by the hour to answer tax questions. Google can answer most of that for free. None of that suff is rocket science.

That youth will catch up to you in wisdom through stupid taxes over the years. CPA and Lawyer both have ripped off a many a man.

I use both regularly the difference is I don't fall over every word they spit out. I invest the time to double check on them by researching it myself.

People always say "my guy handles that... I don't have time to mess with that". The first time it costs you real money you will wish you had.

I have a ROTH, SEP, 401K, and 529. Each has a purpose and a benefit.

... and don't play that because your young you don't understand card on me. I put in a lot of hours reading up on this stuff because of the stories I have heard from people your age. This is a new era. We don't have to take "the guys word" like y'all did. We have unlimited information in our front pockets. There is no excuse other than being lazing for not being informed.

 

[Caustic Burno]

Brute I have seen many a broke butt know it all after retirement .
If you were a financial guru you wouldn't be punching holes in the ground.
The only person your bsing is yourself.

 

[MRRherefords]

Hate to see anyone get out of it, but see your point. My grandfather got out of it near 20 years ago, but could not stay away forever, recently bought 10 bred cows, just to have something real small to keep him happy. He is going on 84 and still loving the cows. A man in the business I respect a lot once told me, "Cattle raising is a disease that gets in your blood and never leaves, you can decrease or get out, but you will never lose your love for it."

 

[torogmc81]

They aint much better than a car salesman. Diversification is just as easily done on your own, and a lot cheaper. Salesman salesman salesman.

 

[Brute 23]

Brute I have seen many a broke butt know it all after retirement .
If you were a financial guru you wouldn't be punching holes in the ground.
The only person your bsing is yourself.

More millionaires are not financial gurus. They are people who worked hard their whole life, conssistantly saved day in and day out, and made basic investments. They got wealthy by not thinking they are smarter than they are. They let basic math and time do all the work.

I'm not claiming to be a financlial guru. Im actually anti-financial guru.

 

[hurleyjd]

My wife and I started buying series e saving bonds in 1984. Last bought in 2004. Some are maturing now. Cashing them as they mature. We spent $30575 dollars total over the years. Interest on the bonds amounted to $53601.64. With each quarter we cash around $1275. The next quarter the total is more then it was before cashing.

 

[True Grit Farms]

A good tax lawyer - accountant is invaluable in most cases. We talked to a few before we finally found someone we felt comfortable with. This is not the time of year to look for any financial advice. It normally cost about $300 to $400 for a consultation fee, but it's money well spent.

 

[hurleyjd]

I did not post this thread to brag about what I had done. Just saying that it is time to quit and enjoy what is left of life. Also explaining about where we got to where we are. Mostly by not living lavishly and we wonder about why we did not do some things when younger. We have not bought any new cars or tractors since 1979. Always low mileage used ones. Tractors balers and cutters same way. Also not trying to give advice as my Dad stated all along when I was growing up was that ever tub had to sit on its on bottom. The woman that I married 57 years ago is a beautiful low maintenance woman. We had $750 together when we married. She was 17 and I was 20.

 

[True Grit Farms]

I did not post this thread to brag about what I had done. Just saying that it is time to quit and enjoy what is left of life. Also explaining about where we got to where we are. Mostly by not living lavishly and we wonder about why we did not do some things when younger. We have not bought any new cars or tractors since 1979. Always low mileage used ones. Tractors balers and cutters same way. Also not trying to give advice as my Dad stated all along when I was growing up was that ever tub had to sit on its on bottom. The woman that I married 57 years ago is a beautiful low maintenance woman. We had $750 together when we married. She was 17 and I was 20.

My dad has always said, "you buy what you need not what you want"

 

[shaz]

I know interest rates are rising but does anybody like NLY? Seems like the stock will take a hit but these guys have stood up over time.

 

[WalnutCrest]

They aint much better than a car salesman. Diversification is just as easily done on your own, and a lot cheaper. Salesman salesman salesman.

I remember reading an industry report many years ago that noted most financial planners majored in marketing in college, not finance or accounting.

 

[WalnutCrest]

10% is nothing special. That is roughly the standard because that is what the S&P has done... basically forever. If you are below that you are under performing. If you are over that you are over performing.

It's called... Indexing... simple yet effective.

Making 10% in any particular year is a little like falling off a log.

Making 10% year in and year out, regardless of the markets, is a whole other animal. If you think this is easy, I'd say you've been at it for less than 8yrs.

Indexing is not a patent to print money.

Reinvesting dividends is a great idea and accelerates compounding in good times and reduces risk in bad.

 

[WalnutCrest]

I did not post this thread to brag about what I had done. Just saying that it is time to quit and enjoy what is left of life. Also explaining about where we got to where we are. Mostly by not living lavishly and we wonder about why we did not do some things when younger. We have not bought any new cars or tractors since 1979. Always low mileage used ones. Tractors balers and cutters same way. Also not trying to give advice as my Dad stated all along when I was growing up was that ever tub had to sit on its on bottom. The woman that I married 57 years ago is a beautiful low maintenance woman. We had $750 together when we married. She was 17 and I was 20.

My dad has always said, "you buy what you need not what you want"

That's one of the toughest things to educate my kids about ... what does the word "need" mean?

 

[Brute 23]

10% is nothing special. That is roughly the standard because that is what the S&P has done... basically forever. If you are below that you are under performing. If you are over that you are over performing.

It's called... Indexing... simple yet effective.

Making 10% in any particular year is a little like falling off a log.

Making 10% year in and year out, regardless of the markets, is a whole other animal. If you think this is easy, I'd say you've been at it for less than 8yrs.

Indexing is not a patent to print money.

Reinvesting dividends is a great idea and accelerates compounding in good times and reduces risk in bad.

You can go back way further than that and get 10% out of the S&P. If you were in the S&P that last 40 years you did around 10%.

So Exxon is less risky than the S&P? :???:

I never said indexing printed money. Statistically the average person will not out out earn the S&P. 99.XX% of the people on this board will not out earn the S&P over their life investing in the stock market. That is a fact.

Warren Buffet himself says if you are a passive investor you should be in index funds.

 

[WalnutCrest]

10% is nothing special. That is roughly the standard because that is what the S&P has done... basically forever. If you are below that you are under performing. If you are over that you are over performing.

It's called... Indexing... simple yet effective.

Making 10% in any particular year is a little like falling off a log.

Making 10% year in and year out, regardless of the markets, is a whole other animal. If you think this is easy, I'd say you've been at it for less than 8yrs.

Indexing is not a patent to print money.

Reinvesting dividends is a great idea and accelerates compounding in good times and reduces risk in bad.

You can go back way further than that and get 10% out of the S&P. If you were in the S&P that last 40 years you did around 10%.

So Exxon is less risky than the S&P? :???:

I never said indexing printed money. Statistically the average person will not out out earn the S&P. 99.XX% of the people on this board will not out earn the S&P over their life investing in the stock market. That is a fact.

Warren Buffet himself says if you are a passive investor you should be in index funds.

It appeared to me you were suggesting that earning 10% each and every year was easy. I'm saying it's brutally difficult.

However, if you're saying the long-term average return is around 10%, I'll easily agree.

A person on a fixed income needs more security of return that maximizing long-term returns. They can't afford a 30% hiccup under the belief they'll make it back over the next decade or two ... the person on the fixed income can't be so cavalier.

And, I didn't ever intimate that an investment in Exxon is less risky than the S&P 500. To clear that up, it's not.

Which is why I did say that if an investor wanted to own individual stocks, they should never have more than 10-15% in any stock, and they should own at least a dozen stocks, minimum. I'll expand that thought a bit ... the investments into individual stocks should be spread out over many industries the investor understands at least a little bit.

Further, I will say that "beating the S&P500" is a silly goal. Risk-adjusted returns are critical. As are absolute total returns. As are after-tax-inflation-adjusted returns. Merely beating the S&P500 (or not) in any period of time is not how a thoughtful person should gauge success (or lack thereof).

There is an argument to be made that Buffet is the luckiest coin flipper in the history of the planet. I don't necessarily buy the argument, but it's out there to be made.

 

[Brute 23]

Making 10% in any particular year is a little like falling off a log.

Making 10% year in and year out, regardless of the markets, is a whole other animal. If you think this is easy, I'd say you've been at it for less than 8yrs.

Indexing is not a patent to print money.

Reinvesting dividends is a great idea and accelerates compounding in good times and reduces risk in bad.

You can go back way further than that and get 10% out of the S&P. If you were in the S&P that last 40 years you did around 10%.

So Exxon is less risky than the S&P? :???:

I never said indexing printed money. Statistically the average person will not out out earn the S&P. 99.XX% of the people on this board will not out earn the S&P over their life investing in the stock market. That is a fact.

Warren Buffet himself says if you are a passive investor you should be in index funds.

It appeared to me you were suggesting that earning 10% each and every year was easy. I'm saying it's brutally difficult.

However, if you're saying the long-term average return is around 10%, I'll easily agree.

A person on a fixed income needs more security of return that maximizing long-term returns. They can't afford a 30% hiccup under the belief they'll make it back over the next decade or two ... the person on the fixed income can't be so cavalier.

And, I didn't ever intimate that an investment in Exxon is less risky than the S&P 500. To clear that up, it's not.

Which is why I did say that if an investor wanted to own individual stocks, they should never have more than 10-15% in any stock, and they should own at least a dozen stocks, minimum. I'll expand that thought a bit ... the investments into individual stocks should be spread out over many industries the investor understands at least a little bit.

Further, I will say that "beating the S&P500" is a silly goal. Risk-adjusted returns are critical. As are absolute total returns. As are after-tax-inflation-adjusted returns. Merely beating the S&P500 (or not) in any period of time is not how a thoughtful person should gauge success (or lack thereof).

There is an argument to be made that Buffet is the luckiest coin flipper in the history of the planet. I don't necessarily buy the argument, but it's out there to be made.

:tiphat: I agree, good post.