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Topic: Retirement / What am I working for?

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OrangeAfroMan

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Re: Retirement / What am I working for?
« Reply #70 on: November 09, 2023, 09:17:54 PM »
Good question - the existing market is how you describe it.  It's older guys who grew up in the 60s playing Bowl Bound or the pro equivalent and have the time and money to explore newer card/dice games.  But it's not a huge market.  I simply found a hole between 100% realistic possibilities and a low% generic game.  It's the game I was looking for.

BUT, there's unexplored market(s) of younger customers, which would have been easier to acquire when the whole board game interest jumped 6-8-10 years ago.  But every era has its sports fans and there are young ones out there that grew up on devices and may find a novel interest in physical cards/dice.  But that would require a tik tok account and wacky thumbnails and faux crazy-energy vids that last 12 seconds, etc.

Pass.

I do have a lot of repeat customers and a ton of other ideas.  All-Decade teams for individual schools and conferences, some kind of express version (esp for the low-focused youngins), etc.

If I had worker bees, I'd be freed up to explore ideas and tweak existing things.  Hell, I haven't played my own game in like 6+ months. 

Ideally, an existing company sees it, likes it, and buys it.  I'd have some money and free time on my hands, lol.
« Last Edit: November 10, 2023, 09:56:46 AM by OrangeAfroMan »
“The Swamp is where Gators live.  We feel comfortable there, but we hope our opponents feel tentative. A swamp is hot and sticky and can be dangerous." - Steve Spurrier

Gigem

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Re: Retirement / What am I working for?
« Reply #71 on: November 21, 2023, 11:16:02 AM »
OK I wanted to update this thread.  I met with a financial advisor last week who specializes with the retirement nuances of my company.  Here is what I will lose if I leave before age 50:  My pension will grow at 6% if I leave early, 8%  if I make 50.  It also depends on how long I defer it, obviously if I take it immediately it won't make any difference ( I doubt I will).  My pension will pretty much suck no matter how you slice it, I'm leaning towards it not making much of a difference either way unless I defer it until I'm in my 60's.  

I lose the option of having a level income on my pension.  This means that I could make more until I hit the age for SS, then my pension will go down but my total income will stay the same.  It's a neutral for me, he said he almost never recommends it unless there are extenuating circumstances (not projected to live long).  

I lose the ability to have retiree insurance, but basically I can buy the same insurance for about $300 more on the open market. I'm leaning towards it not making much difference.  It's expensive ($1200+) with a high deductible. I think I can get similar coverage on the open market for about the same cost.  

Right now I'm leaning towards retiring next year and doing my business full time.  Unless the economy really slows or something else happens to throw everything out of whack I'm probably going to let my boss know after January 1 that I intend to retire in 2024.  Probably about March-May time frame, it kinda depends.  I'm hoping they will offer a few people buyouts (as they are known to do) and I can take about a year's worth of severance with me when I leave.   

847badgerfan

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Re: Retirement / What am I working for?
« Reply #72 on: November 21, 2023, 11:18:59 AM »
It's nice to have options, and you have some good ones. Kudos to you for making it happen.
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Cincydawg

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Re: Retirement / What am I working for?
« Reply #73 on: November 21, 2023, 11:52:09 AM »
Best wishes from all of us, it's a kind of gutsy move of course, but I'm betting on you.

Gigem

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Re: Retirement / What am I working for?
« Reply #74 on: March 25, 2024, 01:37:11 PM »
OK I thought it would be a good time to update this thread.  

We did just about $600,000 in business last year.  We really didn't start doing high cost jobs until July, so basically we made 90% of our revenue in half the year.  

I didn't make a dime, in fact I had to put money back into it to keep afloat.  All the money either went back into the business for capital expenses (equipment), or payroll, taxes, insurance, etc.  Plus, as a newer company, we had more than our fair share of f' ups.  The things I learned in 6 months astound me.  Not saying we're perfect, because we're still fucking up, but I'd say I'm 50% better right now than I was in July of 2023.  

2024 started very, very slowly.  I overbid a few jobs and didn't win, and that cost me 3-4 jobs that would have paid the bills.  I had to put several $10,000 into the business just to stay afloat and pay vendors.  I won't make the same mistake next year, we will work for break-even in January/February if necessary.  I really need to work on raising prices, but right now as a new company I'm stuck competing on price and not quality.  I hope that changes this year.  

March is a lot better, we've been getting a steady flow of work and made several big projects happen over the last few weeks.  Our skillset and competence is much better, although we did have one f'up last week that put us behind after some very good weeks.  My oldest son has been a real driver, he has put his all into this and has really grown.  We've had our share of hiccups, but starting to see some real successes.  My youngest son has been working too, but I haven't been pushing him too hard yet.  

I lost one employee last year that I wasn't sad to see go.  He was good on some days, and so-so on others.  I miss his work output, and I have not been able to find a full replacement.  

One of my guys just turned 19.  He's a slow learner, but he shows up everyday, works hard, is honest, and getting more and more capable by the day.  I'm really glad to have him, and I've been raising his pay up slowly as I can afford to.  The guy that left, I had him raised up pretty good and the first time I had to cut hours in the fall he left the following week (cut hours down to 40).  He was making about $1,000 a week FWIW.  I was paying him $16/hr plus overtime.  

I'm still working my regular job, it gets harder by the week to juggle.  I really don't want to leave this job yet, it's the best job I've ever had and it's not hard.  I suspect that as soon as we have our first "profitable" month I'll start very seriously considering leaving.  What I mean by that is when we pay all our bills and have a very good surplus.  We had to buy so much equipment to get started that it sucked a lot of resources away last year, but our capital expenditures should be far less this year.  I say that, but I'm already eyeing other equipment to supplement what we've got.  There's always something you "need" to make things easier/faster/better.  It's definitely a balancing act.  


847badgerfan

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Re: Retirement / What am I working for?
« Reply #75 on: March 25, 2024, 02:07:27 PM »
Typical first year, I'd say.

Remind me. How young are you?
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FearlessF

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Re: Retirement / What am I working for?
« Reply #76 on: March 25, 2024, 02:11:03 PM »
keep up the good work
the first year is obviously the toughest
"Courage; Generosity; Fairness; Honor; In these are the true awards of manly sport."

Gigem

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Re: Retirement / What am I working for?
« Reply #77 on: March 25, 2024, 03:21:45 PM »
48

Cincydawg

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Re: Retirement / What am I working for?
« Reply #78 on: March 25, 2024, 07:33:08 PM »
It's a gutsy move, I think, I wouldn't do it, but I'm not gutsy at all.  No risk ...

It's also interesting, to me.


Cincydawg

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Re: Retirement / What am I working for?
« Reply #79 on: March 25, 2024, 08:22:54 PM »
I'm obviously retired, and doing pretty well overall.  My wife tells me all those years of "slaving away" paid off now, and it's true.  I didn't always hate my job, but I'd say half my career was pointless, a quarter was rewarding technically, and a quarter of it was near Hell for me.  I was paid well, and they put a lot of coin into my profit sharing account.

I'm disappointed in myself for not making more of my career, not so much in terms of promotions, but in doing some actual real work.  I did some, I am listed in over 40 US patents, but that largely is a game, maybe 2 of them meant something real.  If that.

I had one totally bogus idea I was forced into that was actually granted as a US Patent after I retired and I refused to sign the assignment, it was completely and totally a bogus idea.  They filed under "recalcitrant inventor" status.  I was sorry for the poor admin I made extra work for.

They had this consulting thing retirees could sign up for, and I did, with scant idea anyone would ever call me, and they didn't.  It all still irks me some, but I look at my numbers and figure it turned out OK, the point of a career really is to retire comfortably.

Gigem

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Re: Retirement / What am I working for?
« Reply #80 on: March 25, 2024, 11:33:52 PM »
Cincy, 

I take it you’re in your 60’s. The world was probably much different for you and your retirement. Did you have retiree medical insurance?  What about pension?  You mentioned stock options. 

These things are in the past for most companies. I’m right on the edge of what was, and what will be. They cut most of my benefits. I can still get retiree insurance if I make 50, but it’s expensive and marginally better than what I can buy on my own. They stopped our pensions right when I’m on the cusp of making the best returns ( my pension would have grown the most in my 50’s). 

OrangeAfroMan

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Re: Retirement / What am I working for?
« Reply #81 on: March 26, 2024, 12:58:43 AM »
Arizona changed their cutoff for retirement benefits/timing some years back.  It happened 2-3 years after I moved here, so I'm under the old format, fortunately.  
“The Swamp is where Gators live.  We feel comfortable there, but we hope our opponents feel tentative. A swamp is hot and sticky and can be dangerous." - Steve Spurrier

Cincydawg

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Re: Retirement / What am I working for?
« Reply #82 on: March 26, 2024, 04:57:11 AM »
Cincy,

I take it you’re in your 60’s. The world was probably much different for you and your retirement. Did you have retiree medical insurance?  What about pension?  You mentioned stock options.
I have retiree medical insurance.  I had no "pension" as such, but we had stock put into a retirement account each year.  It got to be a chunk, but it initially was entirely in the company's stock.  That changed a bit down the road and I could invest some of it in some mutual funds run by JP Morgan (who are not in my view very good at this for the customer).  When I retired, we devised a plan to dump all the company stock over time and diversify.  That worked out well for me.  The stock options were a relative pittance in comparison, but a nice little bump each year for ten years.  I don't have any now.

I started drawing SS when I hit 66, which also is a nice bump each month, and I'm on Medicare with the retiree health insurance added, it doesn't cost me much for both of us.  I pay $134 a month for two.

The stock plan still exists for new employees thought now it isn't as generous.  They called if a "profit sharing plan".

847badgerfan

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Re: Retirement / What am I working for?
« Reply #83 on: March 26, 2024, 09:08:24 AM »
Cincy,

I take it you’re in your 60’s. The world was probably much different for you and your retirement. Did you have retiree medical insurance?  What about pension?  You mentioned stock options.

These things are in the past for most companies. I’m right on the edge of what was, and what will be. They cut most of my benefits. I can still get retiree insurance if I make 50, but it’s expensive and marginally better than what I can buy on my own. They stopped our pensions right when I’m on the cusp of making the best returns ( my pension would have grown the most in my 50’s).
He's 104 years young.
U RAH RAH! WIS CON SIN!

 

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