Tight times and layoffs following the 2000-2002 tech wreck inspired me to stop paying extra on my mortgage. Instead the "extra mortgage" money went into an account where it could be used to make the payments if needed. In 2007 I got spooked so opened a HELOC, just in case. In summer 2008 with layoff rumors I took out a 401k loan (plan allowed payments after leaving, most don't). Was laid off in September and the first thing I did was take the max from the HELOC and put it in a different bank. Started a new job in December at a 25% pay cut. It was bad. I left after two years, tried on my own in 2011. New job in March 2012. Took until 2017 to make as much as I had made in 2007. Sure glad I had the savings, and the cash from the HELOC and 401k loan. Paid them off by 2017. Built up the "extra mortgage" account until it was enough to pay off the mortgage. Done. Amazing what that did for cashflow.
@joelthorne7434
2 жыл бұрын
In a recent survey of people making $250,000 or more, almost 40% are living paycheck to paycheck-Houses of cards.
@bobdrawbaugh4207
2 жыл бұрын
What about a 50/50 Wellington/ Wellesley in retirement? This will give you a 50/50 stock to bonds ratio.
@57054
2 жыл бұрын
I remember going through the same thing in 2005. Left a small independent manufacturer in Dawsonville, GA for a large publicly traded company. Hitting numbers was the only thing that was important. Went back to Dawsonville and never looked back. The best value from that experience was that the grass is not always greener.
@jakemanchester5139
2 жыл бұрын
Thanks for sharing Josh. Wellesly is working out great for me being retired! Being debt free is a major deal too! Great advice.
@rtoadontheroad
2 жыл бұрын
Thanks for being so open…..great video.
@dmoon9037
2 жыл бұрын
12:45 that is def interesting: when markets up soaring, no need for paid investment advice/management, but when markets are diving, that’s when you need a steady hand to guide your behavior, that’s when paying an advisor can be of value (if you are the kind who spooks at downside volatility)
@HB-yq8gy
2 жыл бұрын
Josh's great inspirational real-life story. The story about the jealous neighbors. We have been living in our house for 20 years in NJ. It must be a Jersey thing we only know our neighbors within a 360-degree radius. Our only close neighbor was directly in the back they moved here in 2014 has since moved.
@52CA
2 жыл бұрын
It’s easy when in your 20s-40s to think you’ve got the world by the tail. The older you get the more you realize you didn’t and were walking a tight rope the whole time. Some of us fell and those that didn’t just got lucky.
@alanlundberg4534
2 жыл бұрын
I've been enjoying success with PSQ, SH, and DOG over the last few months with a huge majority in cash. As corporate bond yield to maturities have risen to about 4.5%, I have started accumulating some. I have never owned bonds until now, but they are now looking much better.
@EatLeadPal
2 жыл бұрын
The shopping center you are referring to is The Rim or La Cantera. I left USAA in Jan. 2008 after 9 years. I'm in IT and the overtime and On-call was killing me. Other than that, it was a great place to work. The real estate here is crazy. Boerne has exploded. You can't get a house cheap anymore. I've been in my current home for 10 years and the value has doubled.
@tessjones5987
6 ай бұрын
72 in the same boat with you. Listening to all your experiences Thank you.
@AustinAirCo
2 жыл бұрын
*catch phrase* at the beginning of the day. If everything you've ever done was wrong, then the opposite would be the correct choice. ~George Costanza
@a012345
2 жыл бұрын
“It is possible to commit no mistakes and still lose. That is not a weakness. That is life.” - Jean Luc Picard
@AustinAirCo
2 жыл бұрын
@@a012345 We've got world problems to deal with like *fake, fake, fake, fake* ~Elaine Benes
@uslasis
2 жыл бұрын
When I moved to San Antonio in 2005 to start a new job, I was deeply in debt and dead broke. Good job though and excelling in it helped. On the brink of retiring, but I think I'll keep on until this latest downturn/recession/depression ends. Probably die at my desk.
@markhamjeff9104
2 жыл бұрын
Great lesson, Josh. Thanks.
@rtoadontheroad
2 жыл бұрын
I love your videos…l.your the most honest open planner that I have ever heard….not a lot of them aren’t so open and personal.
@boba.1801
2 жыл бұрын
Josh, the name of the mall across from Fiesta Texas is “The Shops at La Cantera”
@HeritageWealthPlanning
2 жыл бұрын
That’s it
@jasonedwards2571
2 жыл бұрын
I don’t have bonds yet but plan on transitioning to an 80/20 portfolio by the time I am 53…4 years from now because I think we have a good run on stocks for about 3-4 more years and go into a secular bear market for awhile!
@richardcarlin1332
2 жыл бұрын
This is why dividend paying stocks and bonds are important. I have these dividends automatically deposit to my checking account. Wellesley, REITS, Munibonds, Index 500, Individual dividend paying stocks and other mutual funds, are my core holdings.
@joelthorne7434
2 жыл бұрын
Taking dividends has the same effect as selling shares.
@richardcarlin1332
2 жыл бұрын
@@joelthorne7434 It doesn't reduce the number of shares, just the price, so as long as the number of shares doesn't drop, I'm OK. Price eventually goes up and down with the market and as a company regenerates profits. I'm now retired and following this strategy. Soooo glad I don't need to sell shares in a down market.
@Sylvan_dB
2 жыл бұрын
@@joelthorne7434 Only in textbooks. When you sell shares they are gone along with your claim on future earnings. Getting a dividend and keeping your ownership reserves your share of those future earnings.
@dberry256
2 ай бұрын
@joelthorne7434 exactly! Very well explained!
@gsftom
2 жыл бұрын
Great story. Debt isn’t bad, but it does mean that u are going to do what u have to (what u are told to do) to keep yr job and pay yr bills. No debt and some savings means that maybe u can do what u believe and what u believe is right.
@markkirkman1987
2 жыл бұрын
I had been watching the markets in 2007 and realized that something was wrong with housing. When you could get more than 100% loan on mortgage things seemed bubbleicious.was in Boston on 30th wedding anniversary on oct22 2007 and I saw CNBC the stock market had a real volatile day.all of my 401 k was in fidelity low price fund.when I got home a few days later I sold everything and went to money market. Got back in low price in 2011. Retired early at 60 in 2013.been in vwinx more or less since took out 330k for income. Got more now than then .case closed vwinx is great!
@nareshvasishth4034
11 ай бұрын
said "You can not time the market" I think it had something to do with Bogdls death.
@dmoon9037
2 жыл бұрын
I missed your explanation as to why you put your 6 months of mortgage payments into any mutual fund (other than a money market fund), I didn’t get the motivation for your choice there with Wellesley
@dmoon9037
2 жыл бұрын
You definitely told this story before, but it’s okay, storytelling is your ace in the hole at the end of the day
@HeritageWealthPlanning
2 жыл бұрын
“At the end of the day” - I see what you did there! 🤣
@brianmcg321
2 жыл бұрын
You could sell t-shirst with "At The End of the Day..." on them
@MILGEO
2 жыл бұрын
Those were bad times! The last good renovation job for many years was just wrapping up as Obama's Inaugural speech was playing in the peoples living room.I would come back there to service the water conditioners periodically. She had a thriving child care business running out or the house with another woman working for her when she did the renovation. Each time I stopped back things were worse. She had to let the other woman do due to people canceling the need for service and eventually decided that the last couple kids she was watching didn't pay enough to cover the insurance required to run the business. Then she decided she couldn't afford to service the water conditioners any longer! Just one out of many hard luck stories that were happening back then. And about 1 in 3-4 homes were up for sale in the time shortly after in the town I live in as taxes doubled from 2009-2011! Many people just walked away leaving the houses which froze and caused a lot of water damage. The banks didn't really want them back so many sat for years.
@PJBHolden
Жыл бұрын
How about 50/50?
@slimdawgwoof
2 жыл бұрын
I look it as you have to have emergency fund cash and a anything you put in the market you have to be willing to let go 7 years.
@dmoon9037
2 жыл бұрын
0:51 “…at the end of Snake Alley…”
@cutehumor
2 жыл бұрын
Down market...stocks on sale..crappy old job will sustain me for another 10 years
@solutions553
3 ай бұрын
No, ur " small " ..Josh..will give u tuff tho..no question there....!..lol
@terrydaigle8356
2 жыл бұрын
If you start saying the bottom line im done
@Frodo1B
11 ай бұрын
Toughskins were a Sears brand. All of my cousins and I wore them. en.m.wikipedia.org/wiki/Toughskins
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