We are a commune of inquiring, skeptical, politically centrist, capitalist, anglophile, traditionalist New England Yankee humans, humanoids, and animals with many interests beyond and above politics. Each of us has had a high-school education (or GED), but all had ADD so didn't pay attention very well, especially the dogs. Each one of us does "try my best to be just like I am," and none of us enjoys working for others, including for Maggie, from whom we receive neither a nickel nor a dime. Freedom from nags, cranks, government, do-gooders, control-freaks and idiots is all that we ask for.
Despite the data, I often think that people want to know that there is a sober person behind the wheel, somebody you can phone when you want to. Somebody who cares. Somebody who is smarter than the markets. They pay for that fantasy.
How to protect your nest egg in the Land of ZIRP? Don't ask me. I bank 10% of my pre-tax income each year, religiously. My nest egg, paltry as it is, is 1/4 equity index funds, 1/4 bond index funds, 1/4 cash, and 1/4 in one really good hedge fund. It may all blow up someday, but I intend to never need the money anyway. The men in my family never quit working and I will keep that wholesome, old-fashioned tradition going unless or until disease or the grim reaper get me.
Retirement ages people, or most people. It ages them, mentally.
I think it is an old New Englander ethic: be stingy, save, resist temptations to buy stuff, and work forever. Use money for overpriced education, books, booze, theater, adventure, and travel.
Overpriced education (mostly for my kids), books, booze, theater, adventure, and travel are coincidentally, the only things I spend any money on besides the bare necessities. I tend to look for books secondhand, but I have a weakness for bookstores.
I don't like to spend money if I don't have to. In lieu of potting soil, just went down to the lake and dug up some sand from the stream, humus from rotting logs in the woods, and added a little soil, and mixed it all together and planted some spinach in the backyard.
Do NOT use your money for 'overpriced' education. I guess you gotta do that for your kids, but make them spend the first two years in a community college and prove that they CAN, in fact, not waste your money. Even CC's are pretty steep these days and not what they used to be, education wise. But then neither is Haahvaahd, just take a look at some of the graduates.)
Or maybe encourage them to be an electrician (plumber or other knowledgeable tradesman). They can put themselves through kollage. Spending hard earned money on something will make them more aware of what they are getting for it.
Be an autodidact. Teach your kids to be autodidacts. Don't let some know-it-all spoil your ability to learn (to badly paraphrase Mark Twain).
All the rest of it is right on the money!
Love Maggie's Farm and I want to retire there. I'll bring all my tools!!! AND I'll build another workshop! (Big one!! Can I come? Please? Pretty please with a router on top?)
I did not retire..... I simply did not have work which paid... I took care of my father until he finished life... I had my OE knees replaced with modern ones and then went back to buying machinery and using it for fun and profit.
Any money in is saved or used to buy equipment... life is good... people want things done.
"Use money for overpriced education, books, booze, theater, adventure, and travel"
I wouldn't put it exactly that way, because some people have little interest in "overpriced education" or booze, etc. Instead, I'd say, pick a personal goal in life, perhaps one that seems beyond what you consider to be your current skills or abilities, and then steadily strive to reach it, applying whatever effort and financial resources you can afford to spend. I have no interest in booze other than the occasional beer or wine, theater leaves me in the dark, and books are always worth writing but seldom worth reading. I've found a different choice, and it keeps me quite busy and mentally challenged when I am not visiting MF.