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  #21  
Old July 12th, 2012, 01:09 AM
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Jason
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I think it comes down to what you really want to do with your life and what you really need in it.

I've had my life savings wiped out and started over almost from scratch. You never know what's going to happen - flying high for 10 years and the next, poof it's gone. I would recommend you sell the 90 and save as much as possible. You'll need more money for cash flow than you plan, and especially so in a down economy.

Are you happier with work/life/defender today and tomorrow or would you prefer or need to change that equation? If you truly believe in your business idea, you're passionate about it, and serve your customer well you will be successful (at least on a personal level). If you can do it with the defender, great. But say the economy turns worse and you need more money; will you be selling the defender at the top of the market, or the bottom?

I thought I would never sell my 90. But I looked at my life and priorities and decided I could apply the $30k sitting in my garage to better use.

And you can always sell the NAS and buy a UK 90 for half the value and put the rest in the bank if you want to compromise.

Ive got two very successful uncles with their own businesses. They are looking to put their money in hard assets and not the bank. I think that's a good approach. For instance could you sell the 90 and buy your real estate in the near term for your business?

All my friends were shocked when i sold my 90, but I told myself if it was meant to be I'd have another one day. Now I have a 110 for 1/3rd the price and I can put money back in as I please or spend as little on it as I want. Sure it's not as nice as a NAS110 or even a 90, but I love it and it's just as unique.

And FYI, a very successful local restraunteur here sold his ST a few years ago to expand locations - it paid off nicely for him.
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  #22  
Old July 12th, 2012, 06:10 AM
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Tracy Dwyer
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Sell your 90 before you "need" the cash. If your venture turns out to be a smart move, you will be able to buy another one, and just maybe a nicer one. If you fail you will be selling your 90 for less than you might expect.
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  #23  
Old July 12th, 2012, 08:39 AM
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Michael Ullman
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Good for you for saving for your retirement. Selling or cashing out your IRA is the worst thing you could do! Second worst would be to stop saving for retirement. That's all you got once your body is so worn out you can't work anymore.


Budget, Budget, Budget. Money unallocated gets spent somewhere, just usually not where it needs to.


I would save for the next two years and start small and grow a little at a time. I would try my best to NOT borrow any money.


I can't show you I'm right because of all my money, you have to look at my years of experience with bad decisions that have gotten me to where I am today. Which is about 20 years behind.
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  #24  
Old July 12th, 2012, 10:17 AM
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Quote:
Originally Posted by Gunmaker View Post
Good for you for saving for your retirement. Selling or cashing out your IRA is the worst thing you could do! Second worst would be to stop saving for retirement. That's all you got once your body is so worn out you can't work anymore.


Budget, Budget, Budget. Money unallocated gets spent somewhere, just usually not where it needs to.


I would save for the next two years and start small and grow a little at a time. I would try my best to NOT borrow any money.


I can't show you I'm right because of all my money, you have to look at my years of experience with bad decisions that have gotten me to where I am today. Which is about 20 years behind.
You've got guns...you dont need money...take others....lol. What Mike says is true, but Mike has a rare "smithing" skill! That will always be worth some money.
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  #25  
Old July 12th, 2012, 11:19 AM
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Dennis Lynch
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Quote:
Originally Posted by Gunmaker View Post
Good for you for saving for your retirement. Selling or cashing out your IRA is the worst thing you could do! Second worst would be to stop saving for retirement. That's all you got once your body is so worn out you can't work anymore.


Budget, Budget, Budget. Money unallocated gets spent somewhere, just usually not where it needs to.


I would save for the next two years and start small and grow a little at a time. I would try my best to NOT borrow any money.


I can't show you I'm right because of all my money, you have to look at my years of experience with bad decisions that have gotten me to where I am today. Which is about 20 years behind.
That is what we decided we would do. Buckle down for the next 2 years, and reevaluate our situation then.
I don't see where I would ever cash in my IRA, but it's easy for me to rationalize using some of the other money for start up. When I sat down with my adviser the first time we set goals and I have met all of them. I planned on using the money for down payment on a house, but never tapped into it. I got lucky and had it on hand. Of course I was making great money back then....
Makes me wonder why I ever left that place where the money was so good......OK, not really.

Thanks again! I knew I would get all kinds of advice from people who have been there. I really appreciate it.
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  #26  
Old July 12th, 2012, 11:47 AM
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Doug Crowther
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What ever you do stay away from the SBA. I have 28 years in lending/banking and have seen some SBA loans really screw peoples lives up (understatement).
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  #27  
Old July 12th, 2012, 12:42 PM
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Neil McCauley
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Do what I always tell my friends to do. Buy a duplex, a tri-plex if you can, mabye near a decent college and let tenants help you pay your mortage instead of all by yourself. It's work but its a smart way to invest.
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