ACS ["I have enough now, because I got a good deal on my show heifer. I do have the $ but now all we have to do is get them to order a .308 in."]
Why not reinvest that money into more cattle and borrow one of your dad’s rifles for hunting? I read a book a couple of years ago called ‘Rich dad, Poor dad’. It is kind of long winded and could have made the main point in 1/3 of the pages, but it made an excellent point. I will make an attempt to get that point across in a lot less words. I apologize if I fail to do this.
This kid spent so much time at his friend’s house that he started referring to his friends dad as his second father. His own dad worked hard and bought a bigger house with his money. Then he had to work longer and harder to pay for it. When he got extra money he bought a boat, then a snowmobile, & more toys. Of course, he never had a chance to enjoy them because he was working all the time to pay for them.
His second dad also worked hard but he reinvested all of his money into rental property, land, etc. Things that gained in value & made money. While his real dads assets/toys were devaluating, his second dads were constantly bringing in more income. While in his early 40’s, his second dad could start slowing down and buying things with the money/profit from his investments, while he kept investing his main income. While in his late 40’s, he was able to retire with a nice savings, steady income from his investments, and enjoy himself. The first dad had to keep working to pay for all the things he had and seldom got to use. He had to work well into his 60’s as he had no other income until 65 when his retirement kicked in.
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Another example is, 4 years ago I was looking for a new boat. (I am retired) I heard of a new superwalmart being built in a local city. I looked around the area and found that 5 lots were abandoned during the oil boom here and the city had them for sale for back taxes. I bought one of those lots, then bought a nice used boat instead of a new one. That walmart is now built and my lot across the street is worth exactly 7 times what I paid for it. I sometimes wish that I would have bought the other 4 but I realize I had a lot of enjoyment out of that used boat also.
Take a % of your ‘Profits’ & put it away for your toys, reinvest the main portion along with the added % of profits and start building the foundation for your future. You can still enjoy life and retire & enjoy it a heck of a lot earlier. Sorry for the long winded post but I sure wish I had followed this advise a lot earlier in life.
Best of luck to you.