Retirement - Managing your money

[Captain Graham]

Originally Posted by sailorboy1

There comes a time to consider it is more important to have a life than it is to maintain money that you never get to use/enjoy.

Good point.
How that we have
1. A plan that we are comfortable with in both good and bad times.
2. Have a automatic cash flow into our checking account.
3. Only have to review the plan 4 times per year.

This will give us a stress free retirement so we can focus on enjoying ourselves.

[Star Fire]

Originally Posted by letsgetsailing3

One word: Bitcoin.


Just kidding.


The one word is: Diversification. Your bucket system works for this.

No, you had it right the first time. Bitcoin is the correct answer! I sold my house, dumped it into Bitcoin. I know, on land, in a house, I can live for 4 months on .1 btc. If you convert that $1M into Bitcoin, right now, you would have 23.2558 bitcoin. That is more than enough to live a fairly luxurious life style for the rest of you life. I have much less than that and I plan on living frugally, working for beer money and, and staying on the hook as much as possible. Sailors are generally a pretty frugal crowd, anyway. And Bitcoin is a currency that is recognized globally. Why would you not want that?

Ive done the research. I know, at least for me, my 100% allocation to Bitcoin is the right decision . I wish you all the best and hope to see you out on the blue one day!

[apoc]

Reading these comments, it's fascinating to get a view into people at different life phases.


My wife and I are mid 30s, so we aren't focused on spend as much as we focus on savings. Maxing 401k's, IRAs, 529 for kids, then dunking any extra into brokerage accounts. We both have good jobs, no debt except for a mortgage at 2.25% and are well on our way to a generously funded retirement.



I would love to hear from some of the younger members of the forum to see how they are prepping for retirement, deciding when to retire, and how they view future issues like social security in the US.

[Captain Graham]

Originally Posted by apoc

Reading these comments, it's fascinating to get a view into people at different life phases.


My wife and I are mid 30s, so we aren't focused on spend as much as we focus on savings. Maxing 401k's, IRAs, 529 for kids, then dunking any extra into brokerage accounts. We both have good jobs, no debt except for a mortgage at 2.25% and are well on our way to a generously funded retirement.



I would love to hear from some of the younger members of the forum to see how they are prepping for retirement, deciding when to retire, and how they view future issues like social security in the US.

That would be a good discussion.
I think the title of this threat lends for older people in retirement or near retirement to post.

Maybe you should start a thread asking how are you getting ready for retirement.

[apoc]

Originally Posted by Captain Graham

That would be a good discussion.
I think the title of this threat lends for older people in retirement or near retirement to post.

Maybe you should start a thread asking how are you getting ready for retirement.

You're right of course. I'll add it to my holiday to-do list.

[Star Fire]

Originally Posted by Rumrace

Only silly folks retire. They drag us back in. Half the liveaboards are burning through inheritance money dad worked so hard to plan out. I’ve met 6 claim to be financial experts all involved in bit coin.
One Admin on another forum was giving financial advise and threatening to ban anyone else who did from the thread.
You mention a 401 K that’s for some 360 million Americans and has zip to do with the other 7 billion of us. In fact we have de invested. November 2018 the US Fed admitted the US dollar was no longer a stable vehicle.
Did you know there are laws on giving financial advise to people from outside you country or even your state.
I like your plan op I hope it works better than you hope for.

If you're going to burn though an inheritance, I can't think of a better way to do it.

[sailorboy1]

"money" threads all go kind of crazy here

[letsgetsailing3]

Originally Posted by Star Fire

No, you had it right the first time. Bitcoin is the correct answer! I sold my house, dumped it into Bitcoin. I know, on land, in a house, I can live for 4 months on .1 btc. If you convert that $1M into Bitcoin, right now, you would have 23.2558 bitcoin. That is more than enough to live a fairly luxurious life style for the rest of you life. I have much less than that and I plan on living frugally, working for beer money and, and staying on the hook as much as possible. Sailors are generally a pretty frugal crowd, anyway. And Bitcoin is a currency that is recognized globally. Why would you not want that?

Ive done the research. I know, at least for me, my 100% allocation to Bitcoin is the right decision . I wish you all the best and hope to see you out on the blue one day!

The smart money is on diversification.

With Bitcoin, who knows. With lucky timing that might work out. I consider that speculation.

Bitcoin has tripled in the past 6 months or so. Not too shabby if you bought at the right time.

I don't think I'd be hopping on that right now, but you know what they say, fortune favors the brave.

[skipperpete]

Well Rumrace did have a legitimate point way back then,...... now US debt is 33 trillion dollars and most of the large foreign holders of US debt have cashed out with Japan as the biggest remaining holder at well over 1 trillion USD. Any investment in the current financial market is ambitious, even the oracle of Omaha is on the sidelines with a war chest of cash for whatever comes next. I rewatched “The Big Short” to remind myself where the pension fund money is actually invested and how unscrupulous, greedy and plain ol stupid the people who handle that money for the ordinary working people of America really are.

[Star Fire]

I’ve done the work. In 2019, when oil went negative at West Texas, if that was a pretty loud signal the end of the petro dollar happened. All dollar denominated with assets will go to zero, next to bitcoin. This isn’t really the forum to have this discussion on. I’m not here to give financial advice. A million dollars should be able to keep you cruising for a long time, if you spend frugally.

[Star Fire]

The USG has $10T worth of debt to rollover (refinance) in the next two years. They have three option:
1) suck it up and pay it off. Ha ha ha!
2) default and bring a max pain situation! Still not likely.
3) just print the money.

They will opt for #3. You know they will. In the pandemic they printed $6.5T and that cause that inflation we see today. The dollar has lost more than 10% of its notional value in the last two years, alone. This is only speeding up. Inflation is not a number, it’s a vector.

If you’re going to diversify, a minimum of 5% allocation to bitcoin is what I recommend. Stay away from “crypto”, Bitcoin only. Send me a private message for my twitter handle, where I do most of my work in Bitcoin. I’d feel more comfortable discussing this there. I’m brand new to cruisersforum and I don’t want to get booted on my first day.

[skipperpete]

Originally Posted by sailorboy1

"money" threads all go kind of crazy here

Looks like you’re right about that🤔

[JBP]

Originally Posted by letsgetsailing3

...Not too shabby if you bought at the right time...

Haa! You could say that about most any investment. After the fact of course.

[denverd0n]

Originally Posted by Star Fire

If you convert that $1M into Bitcoin, right now, you would have 23.2558 bitcoin.

Yeah, but that's right now. If you had bought a million worth of bitcoin in Nov. of 2021 you would have less than 15.5 of them. Or, if you had bought a million worth in Nov. of 2022 you would have gotten more than 61.5 of them.

Conversely, you could say that if it goes back down to the price it was just a year ago, your 23.2558 will only be worth about $378k. Or, had you bought your million dollars worth two years ago, it would have gone down to barely over $250k a year ago, and back up to about $660k now.

You may be comfortable with that sort of extraordinary volatility, but I'm certainly not!

[sandy stone]

Originally Posted by Star Fire

In the pandemic they printed $6.5T and that cause that inflation we see today.

So, I'm not much of a financial expert. What caused the inflation in practically every other developed country, many of them worse than here?