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Old 05-22-2019, 07:58 PM   #16
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Re: El Nino predicted thru the Summer

Originally Posted by Pfish View Post
Ebar: Careful about owning a boat with other parties. If you do, I am not saying it is all bad, but make sure you have everything in writing. Make sure you have an exit clause for individuals and the ownership. Make sure you have a clear understanding on reserving the boat. Make sure you look into all of the details and have them on a piece of paper with signatures.
Thanks for the advise. I'm not worried about that, the people i'm buying with are my close friends for many years. In a sense this will be our midlife crisis... I guess, hoping for mermaid encounters
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Old 05-23-2019, 02:54 PM   #17
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Re: El Nino predicted thru the Summer

...It is important to have an agreement for the various things that happen in life, including what will occur under various situations (ex. One partner dies of a heart attack and the family needs instant cash to survive). I eventually bought out my two partners in an Avalon condo investment, and partners twice on a shared boat ownership...It all ended well except for the poor couple I eventually sold the condo to....They tried to fly under a cloud bank departing the Catalina airport, got disorientated; crashed into the mountain and were both killed. They had no will, no heirs and the condo went to the State and was auctioned off...(I was outbid).
...The more important issue is liability protection of your assets in the event of a lawsuit (ex. One partner is involved in a collision while mooring in Avalon...Injuries or not;, his fault or not;, a lawsuit is likely, naming everyone on title and even those not on title...
...Fair or not, people hope to enrich themselves at others expense. The guy on the junker boat 5 moorings away will claim the loud noise scared him, causing him to fall to the deck, thereby, causing long term disability injuries, including loss of sex drive....(It happens)...If you own property, (called the deep pockets $ target), their attorneys will seek to hold you responsible. Even if a judgement finds you only partly involved (What is 5 percent of your assets?), the financial hit can be hard..My point? Make sure you have adequate insurance coverage to protect you from any and all judgements, no matter how frivolous...
...I have been sued twice and both times it was not my fault..imagine my stress level when I saw one claim for $1,000,000! My insurance company (Mercury) ended up paying the claimant $35,000 to go away...I protested loudly but, was informed it was far more economical to settle (a "known" cost), than pay $300 an hour to two attorneys to take it to trial, only to find out juries can get weird and vote on emotion, not logic (an unknown, after costly attorney fees and a possible finding of liability). It was a real life lesson I never, ever, forgot....

Moral: Again, it is not what you earn; but, what you get to keep..

Last edited by Bob Ballew; 05-23-2019 at 06:50 PM.
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Old 05-24-2019, 12:05 AM   #18
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Re: El Nino predicted thru the Summer

...One last major piece of advice: Do not put all your eggs in one basket in the event the Easter Bunny gets barbecued (think: giant earthquake, wherein you hand the keys to the bank and walk away unless you have earthquake insurance).
... While you are working at a steady job, cram all the money you can into retirement plans (think: Roth IRA stock fund, 401k Roth; 457 plan; 401k;if available thru your employer or by openng a self run online account with a cheapie online investment firm (I am with T.D. Ameritrade, wherein, they only charge a small sales or buy fee with each stock transaction I make). Stock brokers are not your friend; they are in business to make commissions from you and enrich them, whether your stock goes up or goes down....most times, your guess will be as good as theirs...in one test, a monkey picked better stocks than the brokers....:O
...The stock market is a Las Vegas gamble with limited returns but, useful for creating another stream of income and for getting quick cash if you need to sell to raise money fast for another investment.
...When the stock market is way down, buy solid companies, like Bank of America, Ford, etc; when the market is up and you can sell at a 100 or 200 percent profit, sell dammit...Don't wait until the market goes down again, panic and sell at exactly the wrong time. Ex. I bought Ford at $4 a share when the '08 recession almost put them out of business. I later sold it at $19 a share when the markets recovered and moved on, looking for another deal...I have Bank of America stock purchased at $6, now worth almost $30 and am still holding...waiting for interest rates to go up, making banks profitable, causing their stock to go up even more and then, selling it to make us a nice profit. It is simply compounding your money using another investment vehicle. Bitcoin, Uber, etc are false gods that have no value except the fake fronts they put on..No one can tell me who started Bitcoin but, millions of Bitcoins have simply disappeared off the internet due to hackers..Uber has yet to turn a profit. Both own no assets and can walk away after selling the suckers millions in stock. In Texas, they call it, "All hat and no cattle"....In CA, we call it legal theft of honest people's money.
...We started out by buying & living in fixer houses, toiled away fixing them up, sold each at a profit and step-stoned up to our present million dollar+ home..They can create more bitcoins, print more currency making it worth less, dig more diamonds and more gold metal but, they can't create more land...Therein, lies the key to your fortune...
...By investing in multiple pension plans, year in and year out, we were able to build multiple streams of income for our retirement. We suffered no loss of income on retirement and in fact, as time progresses, it will increase as we tap into the various funds. Our real estate is just more icing on the cake..If I ever write a book, it will be titled, "How to Live Rich by Spending Poor".
.... I hope my long-winded stories will inspire you millennials to increase your financial knowledge, as knowledge is indeed, retirement gold.....O.K., time to go back to telling fish tales...

Last edited by Bob Ballew; 05-24-2019 at 02:09 PM.
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Old 05-24-2019, 12:56 PM   #19
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Re: El Nino predicted thru the Summer

Thanks Bob- I thoroughly enjoy your financial insights and welcome them.
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