| Posted: Thu Jan 10th, 2008 01:00 pm |
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21st Post |
Vic
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mmezalick wrote: We have been investing in Real Estate and other saving instruments.
The cash is for the short term and the property is for the long. When needed, the property may be sold, but we rent them out for another source of passive income.
Building my own empire one building at a time. Now all I need to do is move them together and make my own town. I guess I'll need a church as well.
Linda, no sympathy, just an understanding of how hard it really is and how others sometime, just make it harded.
Michael
I too have a real estate deal. The bank is my partner. As long as I pay them, they let me live in my Co-op
Vic
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| Posted: Thu Jan 10th, 2008 02:35 pm |
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22nd Post |
Mary Clerkin Higgins
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Okay, Vic, so you can have Thomas Wright and I'll take Frank Lloyd Wright, but he might be down, not up, and I don't like the heat so much. But Harry Clarke surely is above, so I can keep busy.
David, I'm really happy to hear you'll be taking care of all the stuff I have crammed into my studio, and with less anxiety worrying about that, I might last longer. Thanks (More burgers for me!)
Mary
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| Posted: Thu Jan 10th, 2008 08:57 pm |
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23rd Post |
mmezalick
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Linda,
Are there any trades where you are, like the stained glass business that offers pensions for their employees. Or would you say it is a business to business decision?
Michael
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| Posted: Thu Jan 10th, 2008 09:41 pm |
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24th Post |
gwsg
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In Oz we have compulsory superannuation (retirement fund) that requires employers to pay (currently) an extra 9% of an employees salary into the fund. Employees can pay extra if they wish. The schemes were initiated by the trade unions 20 odd years ago and industry specific funds exist for various trades/ professions. I pay into the Construction/ Building industry fund, CBUS.
There are also private superannuation funds/ insurance companies but they charge a commission whereas the union funds pump all profits back into the fund. Last year CBUS paid 17.8% interest to members. I love getting the end of year statement that shows the interest earned in the preceding year. Seems like money for nothing.
Like many I don’t plan on retiring and new legislation allows you to leave your savings in the fund for as long as you like and just draw what you need while still earning incredible interest. Deposits are taxed at a flat rate of 15% and withdrawals, including interest earned, are tax free.
Cheers
Geoff
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| Posted: Thu Jan 10th, 2008 10:31 pm |
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25th Post |
Vic
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Mary Clerkin Higgins wrote: Okay, Vic, so you can have Thomas Wright and I'll take Frank Lloyd Wright, but he might be down, not up, and I don't like the heat so much. But Harry Clarke surely is above, so I can keep busy.
David, I'm really happy to hear you'll be taking care of all the stuff I have crammed into my studio, and with less anxiety worrying about that, I might last longer. Thanks (More burgers for me!)
Mary
FLW is definatly down with all the other architects
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| Posted: Thu Jan 10th, 2008 10:45 pm |
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26th Post |
Ardbeg
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| Joined: | Tue Oct 24th, 2006 |
| Location: | United Kingdom |
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http://www.direct.gov.uk/en/MoneyTaxAndBenefits/PensionsAndRetirement/index.htm?cids=Google_PPC&cre=Money
Michael,
I think the above link spells out the UK position much better than I ever could, or even want to! As a self employed person I really couldn't say for sure.
Income tax and National Insurance (which ostensibly pays for the National Health Service and old age pensions) are obligatory over a certain amount of earnings, but I think pension contributions are voluntary, and at the employer's discretion, and has become more and more a thing of personal choice since Thatcher. Some self employed people I know have no private pension provision apart from the meagre State Pension.
Like you, real estate has recently been seen as a better pension bet than savings, but with the uncertainty in the current market, I'm sure that will slow down considerably. Probably lots of little savings tricks all over the place is a better bet than having everything in one place
Linda
Last edited on Fri Jan 11th, 2008 09:05 am by Ardbeg
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| Posted: Thu Jan 10th, 2008 11:59 pm |
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27th Post |
David Crane
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Geez Mary, it sounds like you and Vic are going to take all the good stuff with you and ruin my retirement plan.... (Don't forget to put some bacon and blue cheese on those burgers. If you have to die, die happy!)
Hummm, maybe Michael is on to something. Put down the glazing knife and pick up the real estate multi-list....
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| Posted: Fri Jan 11th, 2008 12:19 am |
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28th Post |
David Crane
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Vic, of course I hate to display my ignorance but I have no pride nor do I have any idea who Thomas Wright was (is?). Could you give me a clue? Must be SOMEBODY if you want to spend eternity with his work.
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| Posted: Fri Jan 11th, 2008 02:46 am |
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29th Post |
Vic
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David Crane wrote: Vic, of course I hate to display my ignorance but I have no pride nor do I have any idea who Thomas Wright was (is?). Could you give me a clue? Must be SOMEBODY if you want to spend eternity with his work.
He was responsibhle for fabricating LaFarge's windows
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| Posted: Fri Jan 11th, 2008 09:38 am |
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30th Post |
mmezalick
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David,
The only way I'll put down my glazing knife is when you pry it from my cold dead hand.
Michael
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| Posted: Fri Jan 11th, 2008 11:00 pm |
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31st Post |
Rebecca
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I cashed in all my retirement to start my shop. No heart attacks in my family; my grandparents and great-grandparents lived into their nineties. I would have outlived my retirement anyway.
My dad would agree with Vic about architects. He was a mechanical engineer and I remember his complaining that the architect didn't want to put the ugly gutters and downspouts on a building. That explains why some of Frank Lloyd Wright's buildings have water damage.
It's encouraging that so many of you want to continue with glass after death. It reminds me of a Rudyard Kipling poem:
When Earth's last picture is painted and the tubes are twisted and dried,
When the oldest colours have faded, and the youngest critic has died,
We shall rest, and, faith, we shall need it -- lie down for an aeon or two,
Till the Master of All Good Workmen shall put us to work anew.
And those that were good shall be happy; they shall sit in a golden chair;
They shall splash at a ten-league canvas with brushes of comets' hair.
They shall find real saints to draw from -- Magdalene, Peter, and Paul;
They shall work for an age at a sitting and never be tired at all!
And only The Master shall praise us, and only The Master shall blame;
And no one shall work for money, and no one shall work for fame,
But each for the joy of the working, and each, in his separate star,
Shall draw the Thing as he sees It for the God of Things as They are! |
Last edited on Mon Jan 14th, 2008 11:08 am by
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| Posted: Wed Jan 16th, 2008 11:45 am |
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32nd Post |
iaff84
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| Location: | Muncie, Indiana USA |
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Most discussion here has been about the financial side of retirement. I think that there will be “withdraws” from doing the work also. Maybe it is just me, but being so close to ones work over the years, I feel glass is not just a way to make a living, it is a way of life.
Dennis Swan
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| Posted: Wed Jan 16th, 2008 02:13 pm |
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33rd Post |
mmezalick
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Dennis,
It is the truly fortunate ones that are able to " work" at something they love.
I have been asked several times over the recent years what I was planning on doing when I retire.
My response is the same today as it was then.
"Retire to what? "
This is what I love to do, I can't imagine myself just sitting around all day, and the last time I played golf, they had to re-sod the entire course.
Too many divots.
Keep on, keepin' on
Michael
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| Posted: Wed Jan 23rd, 2008 12:53 am |
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34th Post |
glassgal
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| Joined: | Sat Jul 21st, 2007 |
| Location: | Avon Lake, Ohio USA |
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I just thought of something - I have a bank in my studio tht says Stained Glass on it I am going to add retirement to it and tell my clients they are welcome to donate at will.
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