Hey those new to the oilfield and making bank....

How many people lost their 401k right about the time the bail out's happened. Not saying anyone in the trucking ind did, but it COULD happen. Right? I honestly don't know jack about that stuff.

BUT I do know, even as de-valued as the dollar is, I'd rather it be in a coffee can buried in the yard or something.

Personally, I would invest my money in land and guns and long term food. Pending the coming of the dire future of this country

Also... in many other countries, the Elders (as I was taught to respect growing up) are takin care of by their kids. And respected. In America, many shove them off into homes and outta sight, outta mind.

Not tryin to get off topic or debate, just throwing this in here.

 

Here's what they want to be thinking about:

Quote from a respected elder: No big house payments. No car/truck payments that aren't earning you money. Buy good used and maintain it. Wait to buy toys until they can do it for cash. Keep as much of what they make as possible without living like a peasant.

Diversify investments of whatever cash they can spare, that is, put some of the money in modest land/house payments, some in gold/silver/metals, some in stocks with some kind of long term yield, and some in "marketable/barterable" assets like guns, etc..

Spend money to make investments in themselves their ability to continue to earn money. For truckers, things like their own truck, and/or their education, or at least as noted, a 401K that gets maximum employer contributions. (most of those people who had 401K money have recovered most of what they lost, it was people who had put all their money into single company stocks who lost it all and won't ever get it back) Put some in a 529 for their kids to go to college if they want them to go to college or trade school.

Just something someone told me once that turns out to have been right.

 

I'd say it was VERY right. Spot on. Couldn't agree more.
I drive an '02 Explorer. WAS thinking about getting a new truck.
That didn't last long. I chalk it up to temporary insanity.

I'll be doing exactly what you say, exactly how I was TAUGHT, save the cash. And get it w/out no payments.

cheers

 

Well, momma handles the 529, I can't help showing off the guns, and the bank account is in both our names, so all she doesn't know is how much or where the bullion is. the note that tells her, she won't find unless I'm gone. lol

PS: I drive a hotrod 84 VW rabbit, (lowering kit, neuspeed suspension kit, bilstien shocks, custom 6 speed, high compression heads, triY headers, 3 piece wheels and fat tires) and she drives an old Ford wagon, and I've spent no more than 1000 on both in a year for maintenance and repairs, and that's including new fat tires on the VW. Hers has AC mine doesn't. I HATE car payments and pissing away money on insurance and depreciation.

Of course, that's not counting the HD Road King I spent almost 30K on, 2/3s on credit before we got married, but I consider that as having been a good investment, although after 50K+ miles, I'll never get all the money back. The payoff is the peace of mind. lol

 

I've always been a big fan of property investments. It's a limited commodity, and the population is going up, eventually will be worth something

 

It's the only thing they can't really make more of

When I used to live in KY I could have bought land for CHEAP.
I'm talking, 100 acres, for $75!

Or an acre at a time here and there for $6k an acre.

Now? pfffft - price has exploded 300%!

And a problem, for people that are low on funds or just starting into buying land after spending a life of free living with money AND life, is that the people that HAVE the money, are grabbing it up as quick as they can because they know what you have said "Gambino's Wrath" is absolute truth.