I sold out 90% of my holdings not because I thought over night that they were bad investments or that I was now down 50% from my ATH in Nov. 21, but because I’m going to be 65 in the fall and the up side while I think is still great the current down side risk was to much and I can’t justify giving up on my primary goal.
Goals:
- pay off mortgage along with associated taxes incurred when withdrawing from 401K
- buying my wife a 1969 Firebird stick shift(her first car out of high school) for her 60th bday next year.
- enough money in the brokerage account to pay for an annual vacation with my whole family either to the mountains or the beaches each year. And donate too a couple of charities annually.
- finally buy a new truck (never had one) F-250 as my likely last vehicle I’d ever own
- buy a 40’ boat slip
- buy that 40’ used sailboat I’ve wanted for the past 30 years.
Last Nov at my ATH I could have achieved goals 1 thru 3 and part of 4. I just needed the market to continue for just two more quarters to check off goals 4 thru 6 and I was going to cash out. And because I falsely thought I NEEDED goals 4 thru 6 and in the process I ended up losing out on goals 2 & 3 as well as 4 thru 6. Lesson I already knew but failed to heed, KNOW THY SELF and don’t get greedy. I rode UPST from $18 to $390 when I sold out then thought I was brilliant at getting back in at $280 and rode it down to $140. There are few things in life one NEEDS. Most are simply wants.
Now the good part. I joined this board back in May of 2017 and having received a small inheritance from my mother passing on, I adopted a concentrated portfolio method although only about half the stocks the board researched where considered and invested in during that period. That was likely due to my “seasoned” age and not willing to dive into the deep end on all hyper growth stocks, so my performance was only about 60% of Saul’s during that period.
So I have Tapped out more or less 10% in the market)with a 508% return since May 2017 and that includes the 50% loss from the ATH.
So thank you Saul and to many others on the board. Without you I would not achieved goal #1. Had I not found the board I would likely have had to continue to work until I was 70 which is unlikely even thought I’m in good health. Many Americans think they take this option if needed, but I’m telling you while I can still multi task and learn new apps it’s a struggle and I have to lean on 45 years of experience to allow me to keep up with the job. Not to mention the majority of companies want to get rid of you at that age.
70% of Americans over 50 are in debt and haven’t paid off their mortgages. Thanks to this board I am debt free, able to pay off my mortgage but @ 2.35% I am in no rush to do that but I have the funds when needed. And I have my pension along with SS replaces all my current income so no stress on retiring.
I wish I could have contributed to the board but my expertise is in aviation industry, not exactly hyper growth.
All in all I am very thankful to God and this board. I hope in time you are all able to achieve your goals no matter how big or small.
I only hope I can still save enough to get that 1969 firebird for my wife or my life may be shorter than I expected. And perhaps hit that home run for the sail boat with that 10% still invested in the market;>)