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We have 2 IRAs, for myself and wife, maxed on contributions. We both have 401Ks at jobs, maxed.
Personally, I am not a much believer into that type of retirement investments. For reasons I don't want to discuss here. Same goes for cash and savings.
To cut to the chase, here's my question:
We are closing on retirement age. We will have decent pensions. But that may disappear just like anything else.
What will esteemed forum suggest as for profit investment? Mof, I'd like to cut my hrs at work, and for wife to stop doing night shifts. But that needs to be compensated with some other stable source of income, that is not related to being a white slave for a corporation.
I'd like to have my cash flow organized starting this year, so that I can maybe invest next year or so. A business maybe? Partnering with someone? Something that will provide nice income suppliment, without whoring for someone's pleasure and profit? And not taking the last drop out of us?
I am very hesitant to get involved with rentals, as I can not stand trashy tenants. I already have stocks and mutual funds. All that is done.
I am looking into cash investment recommendation for solid profitable venture that will give us some slack in our main jobs.
Well, for clarification and to avoid questions like this:
It's not liquid money. We are years away from formal retirement. Hence, funds there are basically stuck.
Also, surprise. I have been through more political changes than entire forum here. I KNOW that those numbers on the screen and in statements can go puff in a blink of an eye. I WANT SUPPLEMENT INCOME INVESTMENT.
And please, don't tell me about insurances and such.
If you have enough capital, a portfolio of high yielding dividend stocks may provide you with enough extra income to cut down on the night shifts. You're going to need a big portfolio though, like $500k to $1M.
Investing for profit
I am very hesitant to get involved with rentals
I WANT SUPPLEMENT INCOME INVESTMENT.
The word you used at first (profit) is the correct one.
But unlike "gains" from investments... profit implies, requires really, a far more direct involvement.
In short... to earn a profit you need a business.
Well, yes. That's what I was fishing for. What do smart folks do, when they have cash, decent day time job, and don't want cash rot in low rate banks or who knows what happens stocks and such.
So, some do rentals. Some open businesses, that are prone to failures. Some partner with someone else (wish I could caper my neighbor! Guy is god given automotive painter, but he's smart enough NOT to partner).
So what do others do, or did successfully, to stick there cash into? Google is surprisingly lame in that respects. Stocks, bonds, CDs.. It's all non-liquid. Like I said, we are quite few years away from retirement and pensions, anything in that realm is risky and can't be touched.
I actually do not mind being involved personally. I can drop my main job to part time and spend some time doing something else.
So, some do rentals.
So what do others do, or did successfully, to stick there cash into?
That's why I asked "What do you know about?" That's the key.
I'm sort of in the same boat as you. I used to do real estate but cashed out (2006/2007).
I did well for myself with that then... and had (still have) other reasons aside from the recession to
stay out of much for a few years... but I need to get busy again.
I know healthcare, and I know cars. Very good tree shade mech. But that's more a hobby. Gosh, I don't want to deal with rentals...
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