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Author Topic: did/do you have money saved up if and when you are to marry?  (Read 5183 times)

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Offline YoungBuck

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did/do you have money saved up if and when you are to marry?
« on: December 02, 2013, 10:28:15 PM »
am I weird if I did?
well, I was hoping that I would have met someone by now,  but I'm guessing I'm in it for the long haul now that I'm not in school anymore to meet the women I want. I already bought all the fancy things I wanted to buy,  and have reserved money to travel internationally  etc. at  least twice per year.

So, somewhere I read that MOB  dating was for those well off,  and who better to ask for advice on how to invest 50k. I would ask my parents,  but my dad would say spend it and my mom would say donate it.

I already have a 401k,  so I'm leaning away from stocks. I was thinking

1)  buy a vacation home and rent it,  say a cabin in big bear,  ca.,  or a condo near the beach,  or a house near the university.

2)  buy a dilapilated house in a good neighborhood and rehab it myself.  learn new skills, add value and make some money. I would do this long term to avoid paying taxes on the primary residence.

3)  small cap stocks in high tech. I have degrees in engineering and I could tell what ideas are feasible and  profitable.  I used to do this for fun,  back in college,  but I haven't kept up with it during grad school,  and I'm a bit out of touch with the technology stocks.

I don't want  to invest too much time unless it's enjoyable or useful, and I would like to know what others on here do. oh yeah, once gold  and silver hit <1000/10  I'll buy some too. I don't think the  financial system would hold when you have so many things going against my generation. massive  inflation can't be staved off  forever.

 the thing that really pisses me off, is that I would be taxed the max rate if I already didn't look for tax shelters. I  get penalized for being single and forced to support all those single mothers I didn't even have sex with.

Offline fathertime

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Re: did/do you have money saved up if and when you are to marry?
« Reply #1 on: December 02, 2013, 10:38:20 PM »
my opinion is to either enjoy the money by spending it through travel....or go for option 2, rehabbing the shabby house in a good neighborhood....


I don't think you need to have a large pool of cash after you get married...but you do need to have enough...and some extra....if you are making a good wage when your future spouse arrives then that should be good enough.



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Offline Slumba

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Re: did/do you have money saved up if and when you are to marry?
« Reply #2 on: December 02, 2013, 10:51:50 PM »

 the thing that really pisses me off, is that I would be taxed the max rate if I already didn't look for tax shelters. I  get penalized for being single and forced to support all those single mothers I didn't even have sex with.

Ah, you have learned much already...
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Offline Daveman

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Re: did/do you have money saved up if and when you are to marry?
« Reply #3 on: December 02, 2013, 11:19:15 PM »
...I  get penalized for being single and forced to support all those single mothers I didn't even have sex with.


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Offline calmissile

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Re: did/do you have money saved up if and when you are to marry?
« Reply #4 on: December 02, 2013, 11:27:28 PM »
am I weird if I did?
well, I was hoping that I would have met someone by now,  but I'm guessing I'm in it for the long haul now that I'm not in school anymore to meet the women I want. I already bought all the fancy things I wanted to buy,  and have reserved money to travel internationally  etc. at  least twice per year.

So, somewhere I read that MOB  dating was for those well off,  and who better to ask for advice on how to invest 50k. I would ask my parents,  but my dad would say spend it and my mom would say donate it.

I already have a 401k,  so I'm leaning away from stocks. I was thinking

1)  buy a vacation home and rent it,  say a cabin in big bear,  ca.,  or a condo near the beach,  or a house near the university.

Might be good for the long haul if you choose carefully.


2)  buy a dilapilated house in a good neighborhood and rehab it myself.  learn new skills, add value and make some money. I would do this long term to avoid paying taxes on the primary residence.

This can be a lot of fun to learn if you have a lot of free time.  It can also be much more work than you envision at the beginning.  The feeling of accomplishment is wonderful.  I just added 1000 ft/sq to my home.  I learned how to drive a Bobcat and other machines, but OMG what a lot of time it takes.

3)  small cap stocks in high tech. I have degrees in engineering and I could tell what ideas are feasible and  profitable.  I used to do this for fun,  back in college,  but I haven't kept up with it during grad school,  and I'm a bit out of touch with the technology stocks.

Might be ok if you know what your doing.

I don't want  to invest too much time unless it's enjoyable or useful, and I would like to know what others on here do. oh yeah, once gold  and silver hit <1000/10  I'll buy some too. I don't think the  financial system would hold when you have so many things going against my generation. massive  inflation can't be staved off  forever.

I agree with you on gold and silver and the inevitable currency crash/hyper inflation.  Were both waiting in the sidlines.   ;D

the thing that really pisses me off, is that I would be taxed the max rate if I already didn't look for tax shelters. I  get penalized for being single and forced to support all those single mothers I didn't even have sex with.

Yea, but if your still horny (and single) they are probably still available......be safe!
« Last Edit: December 02, 2013, 11:33:02 PM by calmissile »
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Offline GQBlues

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Re: did/do you have money saved up if and when you are to marry?
« Reply #5 on: December 02, 2013, 11:53:18 PM »
Saving or investing money is a set criteria for people who do have their lives together. Savings are normally, or should be, two pronged. One long term and the other liquid. Investment is and should be a wholly separate chest.

Which is all separated from disposable amounts. This is where you pull from for such silly things like dating, recreation, etc...even your adventure in the FSU. No man should be expending this expense from, or instead of, the above mentioned chest, or worst, on credit.

Beyond that, what's the point of your post?
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Re: did/do you have money saved up if and when you are to marry?
« Reply #6 on: December 03, 2013, 02:45:40 AM »
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Offline Gator

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Re: did/do you have money saved up if and when you are to marry?
« Reply #7 on: December 03, 2013, 05:17:51 PM »

I already have a 401k,  so I'm leaning away from stocks. I was thinking
 
Stocks are liquid if you have an unplanned need.  When withdrawing funds from your 401k you pay a penalty.

1)  buy a vacation home and rent it,  say a cabin in big bear,  ca.,  or a condo near the beach,  or a house near the university.
 
OK if the rent revenue covers your mortgage and other expenses.  Then there is the question of having the time to deal with renter's problems.
 
 

2)  buy a dilapilated house in a good neighborhood and rehab it myself.  learn new skills, add value and make some money. I would do this long term to avoid paying taxes on the primary residence.
 
Much work.  Why not put the same effort in your profession, assuming more and smarter hours would yield more income?   
 
My son's friend renovates apartments  in low-income neighborhoods, and   then leases them under Section 8.  It is his full-time job, and he has advanced to having staff, and his net worth at age 33 is already a few $million.  You must know how to interface with the City Inspector and how to deal with Section 8 people and neighbors. 


3)  small cap stocks in high tech. I have degrees in engineering and I could tell what ideas are feasible and  profitable.  I used to do this for fun,  back in college,  but I haven't kept up with it during grad school,  and I'm a bit out of touch with the technology stocks.
 
When buying small cap stocks, it is not the technology as much as the company management, business plan,  financial stability, etc.

I don't want  to invest too much time unless it's enjoyable or useful, and I would like to know what others on here do. oh yeah, once gold  and silver hit <1000/10 
Zero sum game, the same as currency trading.  Do you know more about precious metals than those who trade for a living. 
 
I'll buy some too. I don't think the  financial system would hold when you have so many things going against my generation. massive  inflation can't be staved off  forever.
 
A year ago many were ready for the collapse of the EU.  It did not happen.  Somehow life goes on with temporary ups and downs. 

 the thing that really pisses me off, is that I would be taxed the max rate if I already didn't look for tax shelters. I  get penalized for being single and forced to support all those single mothers I didn't even have sex with.
 
Be careful with your tax shelters.  Washington is looking for more tax revenue. 
 
Summary:  Vote Republican.  Work smarter.  Invest your money wisely and carefully

Offline Daveman

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Offline Anotherkiwi

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Re: did/do you have money saved up if and when you are to marry?
« Reply #9 on: December 03, 2013, 05:34:19 PM »
Gator, what is "Section 8?"

Offline Slumba

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Re: did/do you have money saved up if and when you are to marry?
« Reply #10 on: December 03, 2013, 05:40:11 PM »
Gator, what is "Section 8?"

Section 8 is government-subsidized housing, usually the people who get Section 8 are also on welfare. 

The owner of the apartment rents the apartment to the government, they pay up to 90% or so of the cost, the tenant pays the rest.  Section 8 people are often violent, can be dirty/slovenly, won't follow rules etc.   They are called "council houses" I think in UK, not sure what they are called in Australia.
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Offline ML

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Re: did/do you have money saved up if and when you are to marry?
« Reply #11 on: December 03, 2013, 09:26:57 PM »
2)  buy a dilapilated house in a good neighborhood and rehab it myself.  learn new skills, add value and make some money. I would do this long term to avoid paying taxes on the primary residence.

Do this option.

But I think you are wrong about the taxes.  You will pay property taxes regardless if it is your primary residence or an investment residence.  Tax rate on your primary residence is usually less than on non-primary residences.
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Offline Turboguy

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Re: did/do you have money saved up if and when you are to marry?
« Reply #12 on: December 04, 2013, 07:45:04 AM »


1)  buy a vacation home and rent it,  say a cabin in big bear,  ca.,  or a condo near the beach,  or a house near the university.




I am going to share my thoughts in separate posts.  I have been around this planet for a while and tried a lot of different things.  I would say being a landlord was one of the ones I liked the least.  There are people who have done well at it.  I am not landlord material.   You need to be hard nosed and a bit of a jerk to make it as a landlord.  If you are easy going as I am it is not the right thing to do.  I believe there was a mention of section 8 in this thread.   I only rented once on a section 8 plan and that was a disaster.  If you get a good tenant renting can be fine but a bad one can do more damage than you can cover in rent in ages.  You can go crazy with late night calls that a pipe has burst.  You need to be very particular about who you rent to and I would suggest staying away from Section 8.  Tax wise a rental property would fall under capital gains rules so when you did sell it you would have some tax shelter which will be more beneficial the higher your tax rate.   My own preferences would put this at the bottom of the list.

Offline Turboguy

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Re: did/do you have money saved up if and when you are to marry?
« Reply #13 on: December 04, 2013, 08:06:56 AM »


So, somewhere I read that MOB  dating was for those well off,  and who better to ask for advice on how to invest 50k. I would ask my parents,  but my dad would say spend it and my mom would say donate it.

2)  buy a dilapilated house in a good neighborhood and rehab it myself.  learn new skills, add value and make some money. I would do this long term to avoid paying taxes on the primary residence.



I have built 3 houses and rehabbed 5 or 6.  I have never flipped homes however.  When you watch "Flip this House" they make it look easy.  It isn't.  It sounds like you are in a better area to do this than I am.   We never had the bubbles or busts in the real estate market here.  It is a better option in places with an over-inflated housing market.  To me the real plus is what you said about "learning new skills".  Being able to do things yourself is priceless.  A toilet leaks if you call a plumber he is going to charge you big bucks.  Twenty minutes and a $ 3.00 wax ring is one of the easiest fixes there is. 


Rehabbing old buildings can be a pain.  It is ten times easier to build something new than to rehab something old.  I would suggest, if you go this route, to look for run down houses that are not real old in a good area.  (what they say about "location, location, location is 100% correct).  Older homes have real 2 x 4's.  They are actually 2" x 4" rather than the smaller ones they have today.   Unfortunately in older houses they didn't pay much attention to where they put them.  Today everything is modular on a 4' basis.  Trying to attach a sheet of drywall to studs that are haphazard takes a lot of time.  Of course then you can get into knob and tube wiring, aluminum wiring, iron pipes, lead paint, settled foundations.   One job that can be described as a job from hell is ripping out old lath and plaster walls and ceilings. 


I have rehabbed buildings built in 1880, 1900 and several in the 1920's.  It is a never ending amount of work.  In my case our real estate market isn't real robust.  We never had the bubble CA and other places had.  My current project is two houses that I grew up in.  My dad died long ago and my mother lived in them until she went into assisted living 30+ years later.  She did what she had to but nothing extra.  I have spent my weekends for the last couple of years remodeling them.   They look great compared to what they did when I started.   However I can seem to get them sold.  If I take my material costs alone without figuring anything for my time I could have sold the houses as is before I started and came out money ahead. 


With where I think you are this might be a decent option for you and learning how to fix things is really a good thing.




Offline Turboguy

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Re: did/do you have money saved up if and when you are to marry?
« Reply #14 on: December 04, 2013, 08:46:16 AM »


So, somewhere I read that MOB  dating was for those well off,  and who better to ask for advice on how to invest 50k. I would ask my parents,  but my dad would say spend it and my mom would say donate it.

I already have a 401k,  so I'm leaning away from stocks. I was thinking


3)  small cap stocks in high tech. I have degrees in engineering and I could tell what ideas are feasible and  profitable.  I used to do this for fun,  back in college,  but I haven't kept up with it during grad school,  and I'm a bit out of touch with the technology stocks.



Personally I love the stock market and picking stocks.  It isn't for everyone however. 


The best part of a 401K is the employer match.  401K's themselves don't have a great return still they are a good thing to do.  I recall reading an article in I believe Money magazine where one guy analyzed his 401K and found his actual return over the years on the money invested was 3 grand and he had paid $ 55,000 in management fees. 


With bad timing you can lose a lot of money in the stock market.  Despite the fact everyone says to buy low and sell high people seem to have a built in need to buy high and sell low.  Buffet says his favorite holding period for a stock is forever.  He is pretty right on that.   Most any expert will say that over the long haul stocks have the best return of any investment you can make.   They also say that the key to developing a high net worth is to start young which you have the opportunity to do. 


You mention small caps in the tech sector.  The world changes faster than ever.  There are lots of opportunities in that sector and it can be fun to seek them out and watch them take off.   Some of the interesting ones I see right now are HIMX which is a play on Google Glasses.   It that takes off HIMX will as well.  It is trading around 10 bucks.   One really interesting stock is ONVO which is part tech and part health care.  I am not sure if you know what 3D printing is but they hope to 3D print human tissue and organs.  Right now they can 3D print living liver tissue which cuts the cost of testing new medicine.  Down the road they are hoping to be able to 3D print hearts and lungs etc for transplant.  It is a gamble but if they can do what they hope to it could be bigger than Apple.   Another that I just got into last week is CAMT.  They may revolutionize the way electronic printed circuits are made.  It is also a subset of 3D printing which has been hot.  These are all cheap stocks (under $ 10.00) with great upside potential.  I am not suggesting any particular stocks just trying to show that technology is changing fast and there are some really cool companies that are out there.   I find it a lot of fun to seek out the hot new things before they become mainstream and I have most always had a return that beats the pros.   


You have a big advantage in being young.  Since you did it before and found it interesting I think it is an option you should look at and you don't have to get your hands dirty. 

Offline Anotherkiwi

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Re: did/do you have money saved up if and when you are to marry?
« Reply #15 on: December 04, 2013, 04:58:24 PM »
They are called "council houses" I think in UK, not sure what they are called in Australia.

As I'm not from Australia, I have no idea either!
 
We don't have anything like this in New Zealand.  One of our State-Owned Enterprises (SOE) is Housing New Zealand which, many years ago, was a Government department (part of the Ministry of Housing in those days).  It rents out thousands of properties to those on lower incomes or welfare benefits, but it owns all of them outright so can charge lower rentals.  People eligible for such housing pay a fixed proportion of their income as rent, so that nobody goes broke simply through the cost of keeping a roof over their heads.  Of course the quality of the buildings varies.
 
Tenants are also eligible to buy their properties if they stay in the system for a long time.
 
Many of our City Councils also own rental housing stock, the greatest proportion of which is for old-age pensioners - in many cases, it's half-way between someone living in their own house and moving to a retirement village.  Again, because the Councils own them and aren't looking to make an exorbitant profit, the rents are somewhat lower than comparable private accommodation.
« Last Edit: December 05, 2013, 03:16:28 AM by Anotherkiwi »

Offline GQBlues

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Re: did/do you have money saved up if and when you are to marry?
« Reply #16 on: December 04, 2013, 05:30:26 PM »
...The best part of a 401K is the employer match.  401K's themselves don't have a great return still they are a good thing to do.  I recall reading an article in I believe Money magazine where one guy analyzed his 401K and found his actual return over the years on the money invested was 3 grand and he had paid $ 55,000 in management fees....

Agree. I'm not sure why YB even consider 401Ks as part of his personal chest. 401K, like stock options and bonuses, are employer incentives. With stock options, you're in the clear as long as the company remains solvent, or equitably, profitable. If anything unfavorable happens to the company, then your holdings mean zilch. Employees of Lehman Brothers and Andersen Accounting understand this really well...


But he mentioned investing the 50K and wondered about possibly buying a rental property in Big Bear Lake. Quite a seasonal area. Unless he's into mobile home type investment, that 50K isn't going too far. Even if he secures an actual home to rent out, chances are he'll need to 'hire' a management firm to handle much of the rental/maintenance which easily eats away much of the revenue. If he even optimistically net 40% occupancy in a year, he'd still be in a bind to stay afloat as Big Bear Lake isn't exactly the same as Lake Tahoe where during the on-season, renters abound even during the weekdays.

Not much write-off when you have offsetting revenue.


http://www.zillow.com/homes/


I maintain either he just buys a property with that 50K as his primary residence, or get a rental property close to a University. This way it's almost guaranteed a higher rate of occupancy. The negative about that is you're having to deal with revolving door tenancy almost every year if not every semester.
« Last Edit: December 04, 2013, 05:37:05 PM by GQBlues »
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Offline calmissile

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Re: did/do you have money saved up if and when you are to marry?
« Reply #17 on: December 04, 2013, 05:58:43 PM »
Turbo,

Agree completely with your comments about remodeling.  Been there done that and it isn't any fun.

By the same token I have tried to mentor young kids into doing something with their spare time that will help them in the future or in case of a depression, etc.,   I am not like one of those on TV that builds their whole life around survival, but it does seem to make some sense to me to do something towards preparing for a future disaster.

If kids take up hobbies that gains them skills with their hands, it's amazing how much money you can save yourself over the long haul.  Your plumber example was a case in point. Kids used to learn a lot of this in school shop classes, but from what I understand most of them are gone now.   Fortunately, I loved my Engineering career and also combined it with my hobbies for many years.   I ended up with a large, very well equipped electronics laboratory and a CNC machine shop as well.  Since retirement, the lab netted me almost as much in consulting contracts as I was making working for a major aerospace company.   The machine shop is still a hobby, but very well equipped.  If we had a major collapse of our economy, I could still eek out a living with the skills and equipment I have.

I was thinking about the OP and suggesting to him doing something he liked that he could always fall back on should it ever be necessary.  Plus, as you point out if you can fix nearly everything in your home and autos, it will save you a ton of money during your lifetime.  When times are good, we tend to not think about a rainy day.      ;D
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Re: did/do you have money saved up if and when you are to marry?
« Reply #18 on: December 04, 2013, 06:38:33 PM »
Rehabbing old buildings can be a pain.  It is ten times easier to build something new than to rehab something old.  I would suggest, if you go this route, to look for run down houses that are not real old in a good area.  (what they say about "location, location, location is 100% correct).  Older homes have real 2 x 4's.  They are actually 2" x 4" rather than the smaller ones they have today.   Unfortunately in older houses they didn't pay much attention to where they put them.  Today everything is modular on a 4' basis.  Trying to attach a sheet of drywall to studs that are haphazard takes a lot of time.  Of course then you can get into knob and tube wiring, aluminum wiring, iron pipes, lead paint, settled foundations.   One job that can be described as a job from hell is ripping out old lath and plaster walls and ceilings. 


I have rehabbed buildings built in 1880, 1900 and several in the 1920's.  It is a never ending amount of work.  In my case our real estate market isn't real robust.  We never had the bubble CA and other places had.  My current project is two houses that I grew up in.  My dad died long ago and my mother lived in them until she went into assisted living 30+ years later.  She did what she had to but nothing extra.  I have spent my weekends for the last couple of years remodeling them.   They look great compared to what they did when I started.   However I can seem to get them sold.  If I take my material costs alone without figuring anything for my time I could have sold the houses as is before I started and came out money ahead. 


As you inferred, the best houses were built prior to WWII... but, as you stated, their restoration is slow, difficult and costly. The trick is to restore antique, architectural gems for yourself or family members and rehabilitate modern, cookie-cutter homes for resale.

Offline skidoddle

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Re: did/do you have money saved up if and when you are to marry?
« Reply #19 on: December 10, 2013, 08:34:24 AM »
Hello Stock Lovers

In the late 80s I sold my first company with my partners and ended up with some REAL MONEY

So we all had to find investment managers (STOCK)

I got list of the TOP Equities managers in the US in 1988 and flew to their offices and Interviewed
them > over 40.

We placed money with 8 of them. They all have 1.0 million dollar minimums.

I audited their portfolios and was the first (that I know of) to Video Record them. It was unheard of
to actually video tape the owners or principles of Hedge Funds or Investment Managers.

That we did and the results were quite good over the next 20 yrs. PLAN YOUR WORK AND WORK YOUR PLAN.

I also started my own little equities management company and beat all the returns of the managers we hired or placed money with.

The KEY is DO RESEARCH MORE RESEARCH until you know every stock out there.

Someone asks you who is Knightbridge Tankers is you can tell them on and on about that stock
and the shipping industry in general.

Someone asks you about Amgen and you can go on and on about EPO > this company I heavily invested in the late 80s and 90s and EPO...........

TECH stocks well same issue > I invested in SUN Micro-systems in the early 80s SUNW and 25 years later when it was sold to ORACLE amazing return but then again I owned Oracle as well as a host
of other high tech stock I bought back in the 80s.

There is nothing unique to the STOCK market it is just like everything else SPEND 1000s of hour in it
and you will figure it out.

Same as the RW thing gotta do your homework!!!  1000s of hours folks!!!!


SKIDODDLE


Offline Turboguy

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Re: did/do you have money saved up if and when you are to marry?
« Reply #20 on: December 10, 2013, 09:22:02 AM »
Congratulations Skidoddle.  It sounds like you have had a lot of success in your life and in the stock market as well.  I enjoy playing with stocks but am small potatoes compared to you.  I do think the advice you gave is excellent.  If you are going to pick your own stocks you need to take the time to follow them closely.  I am not so sure you need to know everything about every stock but would agree with that about stocks and areas of the stock market you have an interest in. 


Like you, I have most always been able to beat the returns of the professionals.  I do think however that some people are more suited to picking their own stocks than others.  I think if someone has the knack they can beat the professionals but many people say, buy high and sell low but then do the opposite.  They see some stock that has gone from 5 bucks to 200 and jump on it.  Then it drops and they panic and sell at a big loss. 


Perhaps 30 years ago you could buy a stock and forget it but the world changes fast now.  Today's hot stock will be tomorrows dog.  Think about some of the stocks that people would have felt you could buy and forget 30 years ago and some would have been companies like GM and Kodak both of which went belly up.   

Offline skidoddle

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Re: did/do you have money saved up if and when you are to marry?
« Reply #21 on: December 11, 2013, 10:49:20 AM »
Hey Turbo

You just have to get IN FRONT of the next industry changing technology.

I luckily bought high tech all thru the 80s and HELD HELD HELD Them all.

Today the returns are amazing.

I will not buy anything that is a HYPE or highly consumer based liked Retail, Banks, Restaruants
ect ect

I buy mainline infrastructure.......................... like Gas Pipelines, SIN Stocks Cigarettes are my favorite
as well as hard alcohol.

JNJ is one of my largest holdings just look at it this year > looks like a tech stock now.

Have to decide to trim back on my holding now.

It all goes around.......................

SKIDODDLE

 

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