retirement

Discussion in 'Lawn Mowing' started by RX7, Dec 8, 2002.

  1. RX7

    RX7 LawnSite Member
    Posts: 42

    I am small time now, but I plan to get big and eventually retire from the lawn care business. Does anyone know someone that has been successful enough to retire from the LC biz? It would make me feel a lot better if I knew it had been done before.:blob3:
     
  2. devildog

    devildog LawnSite Senior Member
    from sc
    Posts: 270

    RETIREMENT? whats that?
     
  3. jeffex

    jeffex LawnSite Bronze Member
    Posts: 1,933

    This is self-employment. If you pay self-employment taxes you'll qualify for social security. Look into a 401k investment plan or at least an IRA acount and save save save. If your young you can save 5-10 % of your net. profit. If your older you should be more agressive in saving for retirement. I know people who make great money and have lots of toys but don't save for retirement because they think it comes automatically. WRONG!. I work a full time job with great benefits and plan to retire to working only the lawn care business. I'm 45 and I need at least $250,000 in combined retirement savings before I can do this. Find a good financial planner and just start saving. If your untrusting of people handling your money you can't go wrong with an IRA or money market account. They are federly insured and reasonably safe. Don't over think it hoping you'll make "the perfect" decision just SAVE.
     
  4. Why would you want to retire? Why not continue to be a useful contributing member of society? Most people I know that are retired are on the govement dole and are pretty useless.
     
  5. You know something lawn chopper you never cease to amaze me.
    Ive been RETIRED from gm since 1996 and i sure as hell aint on no goddamn goverment dole as you put it.
    What they got for brains down your way jambaylaya
     
  6. walker-talker

    walker-talker LawnSite Platinum Member
    from Midwest
    Posts: 4,771

    If you talk with a financial planner, ask him about a ROTH IRA.

    MATT
     
  7. hlgmoney

    hlgmoney LawnSite Member
    Posts: 57

    RX7,


    At your age you will be just fine in retirement if you start now. Invest in aggressive groeth mutual funds for the nest 10 to 15 years - or up until about 10 years before you want to retire. At that time you should move out of agg growth into more fixed income issues. The biggest mistake people make in their finances is not understanding the workings of financial markets. The US stock market is the greatest wealth creator in the history of mankind. The key is to understand the nature of markets, and that you havn't lost until you sell. Start off buy completely reading a simple book of investment basics.The Wall Street Journal Guide to Understanding Money and Investments is a good place to start.
    Buy good companys at attractive prices and you'll be ahead in the long run regardless of what the market does tomorrow or even next year. People drink Coca-Cola everyday regardless of the stock price. The market is an emotional voting machine. Sometimes it's emotions get the best of it, which in both cases (up and down) creates opportunities for investors.
     
  8. DLS1

    DLS1 LawnSite Bronze Member
    Posts: 1,619

    Hey The Lawn Choupique are you for real. Tell me your just playing games with people on this site with your answers you give.
     
  9. dhicks

    dhicks Member
    Posts: 771

    I retired from the federal government last yer at age 48 and I had 31 years of service including almost five years in the USN. I started building my business, like many, during my last two years of employment.

    Retirement is great and everyday is Saturday. But I'm not one to sit and do nothing. I have to have a place to go and something to do. The winter months are hell for me but I do work 2 or 3 days in retailing. It does not pay much but I gots me a job and plenty of time to do as I please.
     
  10. Barkleymut

    Barkleymut LawnSite Bronze Member
    Posts: 1,117

    Hey JeffEX "If your untrusting of people handling your money you can't go wrong with an IRA or money market account. They are federly insured and reasonably safe. Don't over think it hoping you'll make "the perfect" decision just SAVE." WRONG IRA's can lose value and even become virtually worthless. Money markets are safer but not federally or FDIC insured. Banks offer FDIC insured CD's or Certificates of Deposit. They also offer IRA's where you can use the CD as your investment vehicle. In this way the IRA would be federally insured. BUT most of the time an IRA is not insured.
    Someone else suggested a Roth IRA. For anyone who is mainly concerned with growing a large nest egg this is the best alternative. Although you don't get the deductability of a traditional IRA the fact that dividends and capital gains are not taxed EVER is an opportunity you just CANNOT afford to pass up. Everyone on here who wants to retire someday should contribute $3000 themselves and $3000 for their spouse. If you don't know squat about the financial markets then contact a financial adviser who will meet with you for a couple of hours for a set fee. Make sure this person is not affiliated with a group of funds as to make sure he isn't biased. Have a portion of your funds in health care, some in European markets, a good bit in growth funds, some in small cap, some in value funds, and some bonds if your getting a little long in the tooth. I used to be in the banking and investment business, there is tons of money to be made in knowing how to have your money work for you instead of you working for your money.
     

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