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6M views 104K replies 316 participants last post by  tim330i 
#1 ·
There has been a bunch of OT threads lately, so i think we should try to keep it all the ot talk in one place. I know the e36 forum rocks, and all the other forums suck big time :bigpimp:, yet we need to stay on topic....
 
#66,462 ·
l'il chad, working on cars in a shop that is not a custom shop usually falls on a flat rate pay scale. the number of ase certifications also plays a part, as well as productivity. this would most likely have an effect on the pay rate.

i say if welding interests you, learn about it. research it. see what sort of skill is in demand and see if it's something that you dig.

truck driving is ok, too, if you think it suits you. get your cdl. there's tri-axles, short and long hauls, otr, and even hazmat.

i'd talk to a couple of old timers in either of these fields to se what they think, as well as some potential employers on what they look for in a prospective employee.

i'd also check with a financial planner/accountant to make sure that you are not going crazy with your finances. (yeah, yeah...i know....i was young once, too...wish someone had mentioned this to me earlier...) you don;t want to develop poor fiscal habits and spend everything that you have on stuff that you want 'now', with no thought for the future.

you can still have stuff and 'fun', but trust me, it's very easy to overspend. it took me years to correct some stupid mistakes i made when younger, and then, once i got through that, i wound up going and doing it all over again because i didn't learn to budget properly.

if i had saved 25 @ wk from every paycheck i got since i was 18 i would have been able to retire without a worry when i was 40. think about it. 40 and retired. not needing to work. i'd not be 'rich' by many standards, but would be able to live on 40k* a year from my investments.


*a conservative estimate from my financial consultant, who stated more than likely it would be closer to 55k...



so do what you love, love what you do, and be able to do more than 1 thing better than average.




df
 
#66,464 ·
So we have our share of issues here in Florida, but this (Ed) is not one of them!:rofl:

Almost as bad as the police issuing ordinance code violation tickets in my hometown for not having screens installed in your house windows...
I wasn't aware of that being law in BC, but it is a well known law in Quebec. One of those things that was intended to cut down on crimes of opportunity, then blown out of proportion like they all too often are.

got some new wheels :)
Is anyone really surprised at this comment?
 
#66,468 ·
Holy cow. Almost ran over an animal in the road. It just ran out!
I'll tell you what, that Subaru stops quick. Very quick.

No one else on the road, and everything is ok. Phew!
No need for coffee this morning, I'm up.
It's a good test, considering all the rain we've had in the last 5 days :bawling:. Glad you and the little creature are okay :thumbup:
 
#66,469 ·
Um....do I want to know..? :D

Missed you guys, sorry I keep vanishing. I know, terrible of me.

Sent from my SCH-I405 using Bimmer App
Whaaaaaaat?! She's back!

i'd also check with a financial planner/accountant to make sure that you are not going crazy with your finances. (yeah, yeah...i know....i was young once, too...wish someone had mentioned this to me earlier...) you don;t want to develop poor fiscal habits and spend everything that you have on stuff that you want 'now', with no thought for the future.

you can still have stuff and 'fun', but trust me, it's very easy to overspend. it took me years to correct some stupid mistakes i made when younger, and then, once i got through that, i wound up going and doing it all over again because i didn't learn to budget properly.

if i had saved 25 @ wk from every paycheck i got since i was 18 i would have been able to retire without a worry when i was 40. think about it. 40 and retired. not needing to work. i'd not be 'rich' by many standards, but would be able to live on 40k* a year from my investments.

*a conservative estimate from my financial consultant, who stated more than likely it would be closer to 55k...

so do what you love, love what you do, and be able to do more than 1 thing better than average.

df
Lately I've been trying to lock down my budget and start saving religiously. This is motivating. :thumbup:
 
#66,470 ·
if i had saved 25 @ wk from every paycheck i got since i was 18 i would have been able to retire without a worry when i was 40. think about it. 40 and retired. not needing to work. i'd not be 'rich' by many standards, but would be able to live on 40k* a year from my investments.
*a conservative estimate from my financial consultant, who stated more than likely it would be closer to 55k...
df
I'm missing something here.

40-18 = 22 years.
22 * 52 = 1144 weeks
1144 * 25 = $28,600

Even assuming that you made excellent choices and your portfolio consistently outperformed the market every single year, and assuming that it didn't lose 40% of it's value in the recent crash, and assuming a 50% employer match, I don't see that being even close to retirement income. SSI wouldn't even be available to you at 40 so you'd be 100% on the 401k. Would take like 6 years to empty the account. Maybe I'm missing something though. :dunno: Was your advisor planning for you to retire at 40 and get hit by a bus at 46 or something? :rofl:

Sent from my LG Revolution 4G using BimmerApp
 
#66,471 ·
I'm thinking there was some compounding taking place with that math Chad. Even still, it seemed optimistic to me too :dunno:
 
#66,474 ·
$25 a week for 1144 weeks = $104K assuming a 10% average annual return (typical long term expected return for equity investments) and compounded weekly.
If you managed to beat the market and get 15% you're at $225K. If you pulled off a miracle and averaged 20% over a 22 year period you would have several $Billion dollars because Wall Street would be bidding those kind of figures to buy your system since no one in the history of personal investing has averaged 20% over a 22 year period.:)
DF.....might want to ask your financial adviser to change the batteries in his calculator!
 
#66,475 ·
Just ordered $488 worth of E39 parts. Including but not limited to:

-Expansion Tank
-Valve Cover Gaskets
-CC Unit Buttons
-LR Window Regulator
-and Belts

Also planning to detail it inside and out, its gonna be a big couple of weekends :).
 
#66,476 ·
Alan, I took compounding into consideration ;)
$25 a week for 1144 weeks = $104K assuming a 10% average annual return (typical long term expected return for equity investments) and compounded weekly.
If you managed to beat the market and get 15% you're at $225K.
That's about what I was figuring when I said consistently outperforming. 240/40 yr is my 6 year window. How's that bus coming, DF? :rofl:

Sent from my LG Revolution 4G using BimmerApp
 
#66,477 ·
right on schedule....:eeps:


sounded a bit optimistic to me, too, but then again, i am not a financial advisor.

maybe that's why i haven't retired yet?? :dunno:

and i knew about not being eligible for ssi at that age, which was one of those questions i had during the 'consult'.

i did get a second opinion, or at least try to. the meryl lynch advisor didn't even want to see me without an initial investment of 10k. my question to him was, 'who, at 18 has 10k to invest?? and if they *did*, why would they need a financial advisor??'.

needless to say that went over like a lead balloon.

but it did get me to thinking about money over time.

and yeah, i probably would have lost such a huge chunk of the investment with the crash.

so, does that count as 'saving' money?? (or is that just politician math?? :angel::p:eeps:)




df
 
#66,479 ·
I watched mine and my wife's 403(b) (non profit company version of a 401(k)) fall and loose 70% of its value. Still haven't recouped all of it. Owell.

I finally fixed my rear door lock and replaced the actuator. I never wish anyone to do that. Not hard, but frustrating.

And I was frustrated about the darn door lock, I plasti-dipped my washer tank. Thoughts?
 

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