If you had a million dollars.....

[denverd0n]

Originally Posted by Drew13440

I'm going to reiterate, a million dollars is not a million dollars anymore.

Boy, ain't THAT the truth!

[Taichungman]

YES.Heck YES...but only if my Yeti cooler was full of Shiner Bock, I could take my tools and have a new R.I.B. I would also want a pretend wife that was around 20 to 30 and no kids and the in-laws were living permanently in some land locked country. I would also ditch the dogs and cats for another Yeti cooler and head for the Pacific. I forgot; this is your dream and it sounds great...the answer is YES, go for it.

[Fence Man]

A little update for you.....We are definitely going to make some adjustments so we can enjoy life a little more, but I need to apologize for my whining. I dug the sand out of my crack and made a solid plan. A year ago, we had a 10 year plan. 6 months ago it was a five year plan. I honestly think we can do it in 2-3 years with plenty of wiggle room, AND keep our place. I think the first few years will be a couple of months in the winter spent in the Bahamas, and we will grow from there. For the immediate future, I am shooting for a month straight on the boat this fall to get some projects done. Boat projects and me projects. We have plenty of assets that cost us, but with some adjustment, they will be a paycheck. We have some things to work through, but I've got some more help hired and I don't dread waking up tomorrow. Yes, we work weekends. Thanks again to you all.

[BandB]

Originally Posted by Fence Man

A little update for you.....We are definitely going to make some adjustments so we can enjoy life a little more, but I need to apologize for my whining. I dug the sand out of my crack and made a solid plan. A year ago, we had a 10 year plan. 6 months ago it was a five year plan. I honestly think we can do it in 2-3 years with plenty of wiggle room, AND keep our place. I think the first few years will be a couple of months in the winter spent in the Bahamas, and we will grow from there. For the immediate future, I am shooting for a month straight on the boat this fall to get some projects done. Boat projects and me projects. We have plenty of assets that cost us, but with some adjustment, they will be a paycheck. We have some things to work through, but I've got some more help hired and I don't dread waking up tomorrow. Yes, we work weekends. Thanks again to you all.

Something I learned from business. You always here talk of five year and three year plans. Well, we made such plans but in very little detail. Instead we made very detailed plans for the next year, which meant the plans covered 15 to 18 months as developed. No more. They fit in the long term plan but the time you can really do something about right now is 2017 and 2018. Focusing on them will then get you moving in the direction you want. Then a year from now you'll add 2019. Concentrate on that month straight and define your time for 2018. Those are the things that you can control right now, that you can make decisions today that make them happen.

[a64pilot]

I and about a 5 yr plan three or so years ago, I accelerated it, and in truth the last year was just treading water waiting for our Daughter to finish school.
If you decide you really want something, then you you can start making cuts to make it happen sooner than originally planned, you don't buy a new car, you don't pick up new debts, you start ridding yourself of them, once you decide you really want this, you may be surprised how fast you can make it happen.
But you have to re-prioritize your life, and start making cuts and stuffing money in a sack

[chris mac]

I'm doing it a little different.
Like A64, I'm waiting for my youngest to finish school. 2 years left;-)
My date is set, I have money invested that will be my retirement, now I'm building the boat fund. The amount we reach above our retirement fund decides the boat we can afford.
Knowing the transition time really helps with purchase decisions. My wife's car died, we could buy a new one, but only need it for 2 years. So used it is!
Same with work tools, furniture, ect.
Our priorities are 1 kids through school, 2 retirement funds in place so I never have to work again, 3 buy a boat and see the world
In the mean time we are playing around with our 26 foot lake boat and doing charters to see what we like.
Goals are important. Setting them in the way that best helps you achieve them is critical. Figure out what needs to happen, and what are priorities TO YOU and chase that dream.
And most importantly, keep it fun.
On edit, this dream started as a 10 year goal and has held steady. We'll see how steady in a couple years:-)

[markpierce]

Invest the money in common stocks of solid companies (non-speculative) and live off the dividends. That's what I do.

[BandB]

Originally Posted by markpierce

Invest the money in common stocks of solid companies (non-speculative) and live off the dividends. That's what I do.

Interesting, Mark. As long as you're removing money from the stocks so you're not hurt when the market corrects, which is most certainly will do. Also, while I don't disagree with your strategy at all it flies directly in the face of all the models based on age which would you have investing more in fixed income investments.

One challenge and that is defining "solid companies." There is a time JC Penney, Sears and K-Mart might have been in that definition. Companies like General Motors were solid, then weren't, now are, but what about a few years from now. Meanwhile companies like Alphabet and Tesla fit no traditional definitions of solid. I do like common stocks that pay dividends though. However, I also like the most solid of all which pays no dividend, Berkshire Hathaway. I'd probably put Microsoft as the poster child of what you describe. $60k invested in August 2012 would now be worth $148k and dividends paid during the time would have been $12k.

[a64pilot]

Originally Posted by markpierce

Invest the money in common stocks of solid companies (non-speculative) and live off the dividends. That's what I do.

Not being a stock market expert, I turned it over to someone I trust, who is.
In truth I don't know a whole lot about where it's at, but the market has me nervous as its performing too well in my opinion. I'd say it's time to get out now.
Never thought IA would say this, but not being a financial expert, we need a little more inflation.

I have always thought that alcohol companies have done well in bad times as well as good

[Adelie]

I'd be rich (ish).

[Zven]

Originally Posted by BandB

Interesting, Mark. As long as you're removing money from the stocks so you're not hurt when the market corrects....

You should not expect to be able to beat the market and/or do better than the average investor. With all respect, that's just unlikely to happen.

[Adelie]

Actually they a have 50% chance of beating the average investor.

[Fence Man]

Originally Posted by Adelie

I'd be rich (ish).

I've been waiting on that for a week. Maybe a nice chesterfield or an ottoman

[Lepke]

As someone nearly 70 looking back at life's experiences and other peoples experiences, at 39 the very first thing I would schedule is a vasectomy. After that, life would be gravy.

[denverd0n]

Originally Posted by markpierce

Invest the money in common stocks of solid companies (non-speculative) and live off the dividends. That's what I do.

For most people, especially anyone near retirement age, investing ALL of your money in stocks is a very bad idea. "Asset allocation" is the term you want to search on.