With a 30 year time horizon, anybody can plan for and implement a retirement plan. It is just a matter of deciding to do it, then sticking with it.

 

You also have to be disciplined enough to save for your future; as opposed to always having a newer model vehicle, more house than you need and can afford, going on big vacations, toys that you can't really afford, etc.

 

As Stanley & Danko point out, there are Prodigious Accumulators of Wealth all around us and the number is constantly increasing. Given the time horizon of the average working life, getting rich slowly is entirely doable. A careful read of their work shows that they have a surprising number characteristics in common.

https://www.amazon.com/Millionaire-...e+Millionaire+Next+Door&qid=1600972819&sr=8-3

PS -- I don't fit the mold, and I started too late. You don't have to make the mistakes I made.

 

Well it seems the universe has weighed in on my query. I will be driving a beater truck and probably investing in property.

My boomerang truck has come back to me again. I have sold or given this truck away 3 times and somehow it always finds its way back to my driveway. This last time I had sold it to my sister & BIL a couple of years ago (basically gave it away). It broke down on her, not for the first time, and she decided she needs something more reliable. It needs a new alternator, battery, and power steering pump, and that costs more than they paid me for it, so she just gave it to me.

It's a '93 Silverado and this will be my 4th time getting the title changed over to my name. There really should be double jeopardy on the taxes. If not double, then at least triple or quadruple.

 

Well it seems the universe has weighed in on my query. I will be driving a beater truck and probably investing in property.

My boomerang truck has come back to me again. I have sold or given this truck away 3 times and somehow it always finds its way back to my driveway. This last time I had sold it to my sister & BIL a couple of years ago (basically gave it away). It broke down on her, not for the first time, and she decided she needs something more reliable. It needs a new alternator, battery, and power steering pump, and that costs more than they paid me for it, so she just gave it to me.

It's a '93 Silverado and this will be my 4th time getting the title changed over to my name. There really should be double jeopardy on the taxes. If not double, then at least triple or quadruple.

Win Win easy repairs to boot, Property goes up in value the Truck will save you money, it’s all about the money baby. Save Save Earn.

kv

 

I can't decide what makes more sense; to go buy a new vehicle or to buy a beater car and some land, or something else. Normally that would be a no-brainer (maybe it still is) but I think this might be a unique time in history where buying a new vehicle could actually make financial sense for the first time, and only for a brief window.

If I were as good as I thought I was at this stuff we would not have Brenda who is our financial advisor and handles all of our investments. We are at that "low risk" age being retired. When I was doing this stuff I absolutely sucked at it and reading Motley Fool daily was no help.

I have seen this sort of question come up with commodities like guns and while guns do, in some cases, appreciate in value I get a better return on many other things than guns.

Right now despite COVID the US economy is strong. Personally I do not see a vehicle as an investment unless you plan to buy a '66 GTO. Seriously I see buying a new car or truck as an investment which will depreciate and never appreciate. The day you drive it off the lot it will depreciate. I bought my last new car in '73 simply because I saw no need for "new". Since my wife and I retired we don't drive the miles we once did for work. A month after I fill my truck it is sitting in the driveway with over 3/4 tank of gas. I just can't justify buying new.

Whatever you choose best of luck with it.

Ron

 

Personally I do not see a vehicle as an investment unless

It is not uncommon to hear the old oxymoron, "I think it is time to Invest in a new vehicle!"
Max.

 

Right now despite COVID the US economy is strong.

Not wanting to fight with you but it isn't around here and we're not that many miles apart. The stock market, which is doing good, is not the economy or even an indicator of the economy anymore.

 

Not wanting to fight with you but it isn't around here and we're not that many miles apart. The stock market, which is doing good, is not the economy or even an indicator of the economy anymore.

I was looking at the market and our investments. When COVID hit there was a drop as pretty much expected but things have rebounded pretty good. That aside unemployment seems to be down and there are no shortage of jobs, here in the Cleveland burbs. Anyway, I would not see buying a new car right now as an investment and investment being money invested for a gain.

Ron

 

Now, now. Everyone should know to invest in Tesla!

 

Tesla could well be the new Edison Electric before GE bought em out. Only time and the market will tell.

 

That aside unemployment seems to be down and there are no shortage of jobs,

Oh, there are jobs here too, but they have gone to paying minimum wage or just slightly over it. Jobs that were paying higher before the virus.

https://grow.acorns.com/why-stock-market-is-rallying-if-economy-is-down/

 

The largest employer around here has become Amazon.

Now I see as of today the airlines plan to lay off (furlough) 37,000 people because the government has not reached another stimulus agreement.

Anyway, all that aside and in an effort to not derail a thread no, I do not see buying a new car off the showroom floor as an investment which will yield a return.

Remember when Chrysler came out with the PT Cruiser? They were initially in short supply. I had a friend who absolutely had to have one. He and others were paying dealerships as much as 10 grand over sticker. A few years later, when he wanted to sell it he really lost on thet "investment".

Ron

 

Education has always been a good thing to invest in. As long as it is a degree/certification in something other than basketweaving et al.

 

Education has always been a good thing to invest in. As long as it is a degree/certification in something other than basketweaving et al.

Yes to trades and developing your natural skills and interests whatever those may be. Education today seems to consist of brainwashing

 

With age, you learn to separate the wheat from the chaff. Something that a lot of young people saddled with educational debt for their useless degrees had to learn the hard way. Not too many employers looking for PhDs in finger-painting as interesting as it may have been to pursue a degree in. C'est la Vie

 

With age, you learn to separate the wheat from the chaff. Something that a lot of young people saddled with educational debt for their useless degrees had to learn the hard way. Not too many employers looking for PhDs in finger-painting as interesting as it may have been to pursue a degree in. C'est la Vie

With age, comes wisdom, sometimes

What is scary is some newly graduated P. Eng. that I have encountered at my field. They are usually contracted for consulting on new builds/projects. The reports I see from them are the quality I wrote as first draft papers in my 1st year bachelor degree. Education is a business, nothing more

 

Well, engineers know how to caliculate, not reed and writ.

 

Well, engineers know how to caliculate, not reed and writ.

Not these ones But of course to correct their numbers they need to be paid for another report, so maybe they do?

 

Bean counters do numbers, engineers do designs.