I’m 40 M here in Southern California. I love talking to older people because they have the absolute best advice for everything across the board. I also think I just mesh well with older folks, maybe I have an old soul and that’s just my preference. Either way, I’m always interested in dos and don’ts, especially when it comes to finances! I grew up in poverty but have always worked hard to make sure I never fall on those times again. I’ve done ok, my GF and I own 3 homes and i work for the DOD. I have an amazing woman and we run a property management company together, it’s doing very well. I just don’t know what’s next for us, after buying our 3rd home we’ve seem to hit a plateau and don’t really know what direction to go next. What kind of advice would you recommend and what would you do in our shoes? Also, we love our lives, we really do! We just want to keep building. Thanks and God Bless!!
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Yes. My grandfather rancher was doing quite well one year, and the banker offered to loan him money to buy more cattle. His answer? ”A little ship should stay close to shore.” And no, he didn’t borrow money, and yes, he had some lean years where he could have lost the entire ranch. They operated within their personal risk.
Start out with an emergency fund first. Pay down/off debts. THEN start investing. Go with no-load mutual funds. Set an amount you can set aside each month or payday, then begin. Stay with it! Diversify after your original investment grows 15-20%. Max out any 401 or 403 from employer. Slow and steady always wins. If something sounds too good to be true, it usually always is!
Buy during panics!
John Bogle’s book…….can’t remember name, sorry.
If you are not confident in your investment skills or just don’t have time, get a certified financial planner. For me it was a combination of both not really confident in my skills and too busy to do the research to become better than average. That doesn’t mean being passive about it. You still educate yourself as you can. But you also have the expertise and an advisor and their team as well.
I’ve had my advisor for close to 25 years. I’ve worked with him on more than just investment choices. We worked out some planning strategies that allowed me to do some things I wouldn’t have otherwise. We also have our retirement spending stragies mapped out where I’m happy with my retirement prospects.