@the handyman business, I wish my loved ones that are your age would try to make up for the time lost. It’s never too late to educate yourself! Better late than never!
Laughed so hard at the licenced trim carpenter 🤣 somewhere there's a "licenced artist" who thinks the paper means something. So many people need to read Seth Godin
I turn fifty in May and due to injury and the lock down, my family is in a bad spot. Most days are rough. If it wasn't for my faith in God, I would've cashed in already.
Handyman, I hate to hear about your back pain, I just overcame a L5S1 herniation. The game changer for me was when I realized calling it a back problem was like someone with a sinking foundation saying they have a cracked brick problem. Once I realized I was dealing with a simple foundation problem with effects that became evident through my spinal cord I got on the road to recovery. Not only were my hamstrings and glutes not strong enough to support my back for my day to day activities, my legs/hips/core alignment got off to compensate for the weakness. So strength training along with re-learning the correct positioning and learning everything I could about the muscular skeletal system has given me a new life. Another breakthrough I had was realizing there was nothing special about my back and my problems and that I needed to let go of the self-fulfilling prophecy of always thinking I would never be able to fully recover. Handyman , you're the Handyman, you can overcome this, get rid of the concept of a "bad" back, you have a foundation that needs an overhaul in middle age because you are an extremely productive machine!
Great advice Jo! I would also throw yoga in there. Proper yoga will help with all of those foundation and alignment problems. I had a discectomy at 33 and 20 years later with yoga and staying in shape no back pain at all.
Hamstring & gluts. Amen. Handyman! Get an ass!! your gluts are weak. get older, get smarter, get stronger. i speak from experience as a DIY'er with the same issues (and as professional financial planner)
Tbf I don't feel by for anyone who doesn't take lifting seriously. Too many people like the guy in this video will constantly cite the importance of lifting and double speak with their helpers while at the same time never taking their own advice. I've always notice this with older white males who tend to have the most problem with their back with manual labor jobs. Serves them right, I say.
Retired at the age of 50! Union drywall finisher for 32 years. Pension plan and annuity. Could not retire in California. So I sold my house in California and moved to Tennessee! Best move a ever did! Cut my taxes, energy bills, health care more than half!! And moved from a 9000sf property to 5 acre property. Been here for two years and love it! You don have to make a whole lot of money to live out here! I know a young lady who started her own handyman business out here in East Tennessee and she is killing it!
Sounds nice and all but now locals can’t afford housing or land here because of all of y’all moving here buying 190k dollar houses for double the price
My family owned a framing company. We set money aside to buy distressed properties as often as possible. We would fix them up over time and turn them into rental properties. 30 years later we have 22 rental properties in the Houston and Austin area. Rent roll has allowed my parents to retire nicely. Semi retired because my dad still manages the properties and employs a couple of guys who do the maintenance work. My sister and I will inherit these properties and we continue buying.
@@zpkpk please allow me to respectfully push back on your assumption. We’re first generation undocumented immigrants that crossed the Rio Grande River illegally on top of an inner tube. No English, no money. We’re a hardworking family that will always remember our humble beginnings. Our goal was to accomplish much more than the American Dream. I was doing rounds with the City Inspector when I was 16 years old because I taught myself how to read the architecture plans. Of course my parents were the hardest workers, but my sister and I were also instrumental to our success. Construction is feast or famine, we put effort into generating revenue streams for when the housing market dipped. We never had the super fancy trucks or had a mansion. We also love thrift stores. 😂
Thanks for posting this Handyman. As a younger guy in the trades / small business world this is the info I need most. Not enough guys talk about the future and retirement for the trades.
Almost 51 now, and decided to leave heavy construction over the last coupe of years. I have no idea what to do now. Never been officially diagnosed with the injuries I feel, since I cannot afford doctors and hospital visits. Not sure what to do next, but I can say the future of making a decent living (without constant pain) looks pretty slim. Virtually nothing in retirement, as I got some bad advice many years ago, and it took me in the wrong direction financially. Just gotta keep living simply. No debt, and enough skills to keep going.
I would get used to living frugally. I lived out of my car once by choice for a few months. Really teaches what "necessities" you can actually live without.
I did drywall for forty years, then simple repairs and then wallpaper removal and popcorn ceiling removal, at 59 started driving truck, three years later got a job in the office ( very large company) first time in a office (it is a soul sucking experience. A working man has a hard time sitting still all day. I get paid $18 per hour, the same as I got in 1979. like i tell them who else is going to hire a 66 year old man?.
Love that you're starting your kids off with a strong financial base. You're pre-paying for them to have the opportunity of making choices. That is the best gift a parent can give.
It's a blessing and a curse. If you provide too much without them first experiencing difficulties you get 25 year olds who can't cook or clean for themselves.
When I got out of the Army I worked as a carpenter putting up pole barns. The dudes who had worked there for a long time were physically pretty messed up. I could see the risk. I went to college for software engineering making consumer products. Working by the hour is limited by hours in the day. Once I create a software app the cost of production is almost zero and the number of units I can sell is almost unlimited. It's actually cheaper than printing money because you don't have to buy paper or ink.
Handyman, if anyone's listening - here is my back problem solution. (you prolly received a bunch) I'm 6'7" and years ago screwed up back royally. Beside pain shooting up my leg, several days a year I had to skip work because I could only crawl on my hands and knees, my back was so gone. Docs wanted to operate. Anyways I discovered an passive exercise that strengthen my back. I started doing this on my 'good back' days, pick up hand weight (say 30-40lbs - not heavy) with only one hand, bend down about 90 degrees (your back parallel to ground) and slowly lift that hand weight from about floor to side chest (say 5 times - I get bored). Then switch to other hand and do the same. While your back remains still, you're causing the back muscles to have passive resistance strengthening. (To strengthen a bad back you never ever want to flex it with some conditioning - has to be passive still strengthening). When I do this 2-3 times a week (during a tv commercial), it's like my back never had a problem. When I get lazy and skip a month, my back starts getting that familiar bad feeling of failing big-time again. I will have to do this passive exercise for the rest of my life. But after thinking about having a back operation, that just fine with me. I've told this to about 25 folks and only 2 listened. One guy said he had needed a back operation for years - spends a lot of days crawling around. He tried it and was gobsmacked. He will have to do this exercise for the rest of his life to maintain that back strength. Anyways if you're listening - gl with your back Handyman.
@@bryanmann7374 you're standing, but bent over (with slightly bent knees) - just lift weight from fully-extended arm, up to side of chest, weight up-down a few times until you're bored. I've been doing this passive exercise for 40+ years, 2-3 times a week. any questions, let me know how it works for you.
I'm a lazy investor - T.Rowe Price and Vanguard mutual funds have done well for me. Retired at 54 and live off my investments now. Both companies have free financial planner services that I would use every other year. That and a good CPA will put you on the right track.
I wish you quick recovery from herniated disk man! that pain is no joke. Happy to see that you are thinking ahead and planning accordingly. Keep up the good work!
Education is also an investment. I am a young journeyman carpenter but I am slowly taking online classes and will eventually work my way up to a master's degree or even a doctorate degree in business. My goal is to stop doing manual labour work before I turn 40.
@@jonnyc3987 Go to any community College or university and ask to talk to an advisor, or just select a degree plan and then enroll in one or two online courses per semester.
Teach classes! You would do well in that. I fell off a ladder and working at a box hardware store until my knee rehabs. It amazes me everyday about how little the general public doesn't know about basic home repairs.
If you have not realized it yet but alot of tradies/handyman/homeowner DIY people really enjoy listening to you and take advices. The mix of skills, realtalk, life advice combined would really be good content for talks on stage:"how to become your own boss in the handyman business", podcasts or even books about: basic and advanced homerenovations. You have a gift or delivering clearly what you think verbally with honesty creating trust. Just keep doing what you do and expand into those fields.
Love this video! I’m trying to slow down and save my body. Was 3 years short of retirement with the fire department and got in an accident. No retirement here. Just what’s in the safe
Great video Handyman. I work in finance but have always done things with my hands. I feel kind of out of place in my profession because everyone I work with is completely alien to the way I am. I'm also really impressed with your financial literacy and life planning skills. I would say you have a decent portfolio and you're right, no one can tell the future. I do however feel we are in for a correction on a lot of fronts and whenever the federal reserve enters a deflationary cycle (increasing rates) it's time to raise cash. I know rent control and a lot of the rental protection laws that are in place in a lot of US states make it difficult to make money as a landlord, but given your skillsets, I think you would do really well in that space. The US has some great loopholes to really take advantage of taxation and capital gains deferral in real estate. You could also buy beat-up properties and hire your own teams to fix the houses under your supervision. Once the house is fixed you've essentially created equity out of nothing and then can move on to the next project. Some people really have it down to a science, I'm no expert at all but just felt that would be something you could really become good at.
Thanks for the information on about how to exit out of the handyman business gracefully. BTW I had suffered a severe case of herniated disc on my lower back while tackling wooden deck/concrete work 2 years ago. My doctor suggested to go with the surgery but I opted for an acupuncture treatment instead and after 3 sessions I was able to go back to work plus I had to follow a basic "lower back pain" physical therapy exercise off TH-cam for 2 weeks after that and I was fully cured without surgery/medication. Banya is in Sedona, AZ. A 5th generation acupuncture practitioner.
I don't have experience with acupuncture but I'm a PTA (physical therapist assistant) and have seen many people benefit from dry needling. Good call on staying away from the back surgery, the outcome statistics are not good. 33% end up better than they were before the surgery, 33% have no change, and 33% get worse after the surgery. But don't just take it from some rando from the internet, look it up.
Yes, it does. Make sure to go with a well known acupuncturist who has a good track record though. Also, I am not downgrading the Western Medicine by any means especially "Emergency Care" but incorporating Eastern Medicine as a preventative measure should be vital to anyone who makes living off physical manual labor.
I really feel like real estate is one of the best investments for people in this line of work. You can spend a little time figuring out how to get a property at a bit of a discount, buy it, put in some sweat equity, and now you've got a property with maybe 30% equity and cash flow. Get at least 5 or 6 of those and pay them off and you're set for life.
Don’t listen to the negativity. I slowly did it by 40 yrs old and was in the trades when I was young. The first rental property is the hardest. After that it gets easier. The deals are never deals when you buy them. You need to learn to value add your units. Please reach out if you need any help. It’s really not that hard.
I was an investor before I was a handyman and regularly got properties at a discount. Buying at a discount is about being good at marketing and negotiating. If you're going through a realtor looking at listed properties, it's pretty hard to get any equity at the beginning. But yes, buying with the potential to upgrade is big, too. Add to that finding people who need to sell due to hardship makes the deal much better.
If you haven't already... Please, please, please talk with your advisor about health care in retirement. Consider Long-term care strategies, LIRP, and/or an HSA. Also, your kids may be eligible for Roths instead ob brokerage. Talk with your advisor how you can make that happen.
I learned about IRA accounts in the early 1980's and have put in the maximum contribution every year since then. Back then you were limited to $2,000 per year so I started mailing in $40 every week for the first 50 weeks of the year. I've adjusted the amount as contribution limits have increased and I've changed to electronic transfers since then. Since the Roth version came out in the 90's all of my contributions have gone that way. Over the last 40 years those accounts have accumulated several million dollars. The only strategy anyone needs to retire comfortably is to start investing at a young age and be consistent. You don't need a big income to start. If you start when you're young time is your friend. The longer you wait the more time works against you.
Been doing the same. Started at 23 when a coworker was talking about his. I couldn't afford to do the maximum at the time, but I was contributing the maximum in a few years and have been since. I also put in the maximum 401k contribution. The way the projections are, I'll die with more money than when I retire. lol His kids are going to be set for a very nice retirement if they don't do something stupid with the investments he setup for them.
The cutting spending on EVERYTHING is a mindset change. Sure I could afford spending $30 on food and beverages daily, but I choose to drink the 33 cent cup of coffee, $1 sandwich I make and the $5 budgeted for dinner. Drive a $5k truck that I am able to keep going with repairs and its reliable. New truck is $40-50k, if making payments, $500-750 a month. It all adds up. More money to dump on the house, invest more or choose to work less. I have coworkers that work 5-6 12 hour shifts a week. I work 2-3 with my conventional job. Then do more with the stuff I want to do. I flipped 2 houses, cash flowed both jobs no problem. Makes it super easy. Just have to find the deals, which is not happening right now.
Love your videos. I have an IT background - got off corporate ladder 13 years ago for family reasons. Been in handyman biz since. I’m working for similar goals that you are. I began my Primerica business almost 2 years ago. I recommend it highly simply for the financial education is gives you. Plus - able to help so many in these same principles. The business opportunity is outstanding as well. Minimal financial investment. All licensing costs provided for you.
If the business opportunity is so outstanding, why have 1,322,812 people come and left over the last 4 years alone? Why, after recruiting 300k to 400k a year, did the licensed force size shrink over that same period?
After 30 years of remodeling kitchens and baths with my two hands I too am looking for a way out. My health is fine, have a full schedule, but when you are 45 minutes from our southern border, with untold numbers of cheap foreign labor coming here, this job simply doesn't pay anymore. I charge less today than I did 22 years ago. It was a good run, 6 figures for a while, but those days are over. Biden and Dems are the nail in my coffin, time to sell my house, move somewhere cheap and hope to die before I run out of money. p.s. Sell your Disney stock asap!
On your lower back pain, I just want to suggest something that might help, with the medicine... Doing squats, keeping my arms extended in front of me, like pretend your going to take a poo out in the wilderness, just make sure you have a stable object to help you back up after words.. Anyways I injured my back when I was younger, not as old as yourself, but every now and then my lower back want's to remind me that it's still injured & not to get carried away.. I do squats, keeping my feet level, do a few easy bounces, stand up, maybe repeat, and for whatever reason, it normally relieves pressure on my back, and then as long as I take it easy for that day, it straightens out. MIND YOU, I'm younger than you by a decade in half, as the current vid goes. Thanks for doing the video.
You sound well diversified. When i was in construction it was feast/famine. I was 19 and got tired of it and joined the military. I understand how manual labor can push you.
Funny how they don't teach us this in school when we were young. Not how to balance a checking account or save for the future. I started a retirement account in my 20's and everyone thought I was crazy. Now at age 50 I wish i had put most of money into savings. Lots of body aches now and it's not getting easier.
I had a herniated L5-S1 disc for 9 years...dont get a fusion (you may well need one after years if further wear/tear) - I got an artificial disc 2 years ago and it is better than new! Your surgeon is the most important decision, in the US the center of excellence is Texas Back Institute - cant recommend them enough! Was back at work in 10 days (light duty) and full on labor/gym in 3 months
I rely on barbell medicine podcasts, for rational and reliable rehab and pain management. They're medical doctors who actually lift heavy weights. And their advice has kept me, at 50 years old, strong and relatively pain free! My jobs have always been physically demanding. Good luck, being in pain sucks!
I met someone recently who is in this situation. He's been doing construction for a long time and then became a handyman since. I wanted to learn some of his trade so I tagged along on a few jobs. Man, did I learn how physical and demanding it is just doing tiling. Not just that but scraping mud just preparing for the grout. He's barely scraping by financially and he's near retirement age. I never asked about his financials. He's banking on his pension and social security. He does have a ton of tools that could be sold if he needed to I guess.
Unfortunately a garage full of tools equates to more of an expense than an asset. Simply having space to keep them and keeping them all maintained is a part time job alone and their value in resale is nothing compared to the value when out in the righty set of hands doing what they were made for cutting hours of labor down. What I love about the experience you had was the reality check it presented to a normal potential customer we interact with daily. The most important part of being a contractor today in my opinion is how effectively you can decipher what the customers intentions are in the beginning and how realistic are their expectations for their specific project . These essentially are the difference between a schedule that is profitable and rewarding or a stress filled life of being behind on Monday each week and a loss of time trying to educate the unsatisfied customer after the works complete and the pay is in limbo. If you dont feel you can give the client what they expect and arent rvrn clear yourself what they are envisioning from the start its better to not even take that job in the end. A customers thats been educated by H G TV or similar is not an immediate dismissal It all is up to the information you give then in your initial visit where you should be listening closely. Answering questions competently and laying out several options you are sure you can accomplish for a price they can understand what exactly they are getting for their purchase. Having a small amount of experience helps us focus less on the justification of why this service is this expensive and lets the focus be on laying out several options in quality of materials and custom labor options that will set you apart from the rest from day 1. I have about a 90 % rate of my estimates selling after ive invested in the initial visit to measure and get all the info required to put together the quote. Its not uncommon to spend several hours on one of these initial meetings if you wish to be accurate yet competitive in bidding. Years ago I remember being in a quote for a bathroom upgrade tearing Dorn to studs adding new space and gigantic 10 x 10 wet area with freestanding tub on one side and 3 showers options on other half. I was there for easily 2 and 1/2 hours as we discussed how to fit in what they wanted in the space and during my measuring another company from the area shows up to also bid on this project. I knew the company was going to be hard to compete with simply on size how fast they could get it done ws Me and my nephew as my helper looking at several weeks from start to finish. What was amazing to both me and this client was these estimators were there 15 minutes measuring then said on we got what we need your salesperson will be in touch with your bid. Not even one question asked about what they wanted. Obviously I got the job but after I was done the customer who was thrilled with their new Master bathroom followed me out to van and handed me the bid they received from that other company. This bid was $11,000 higher than mine and the reason why was they included costs for any option that could possibly be chosen and would know if sold they had enough in the bid to get it done. Nobody likes feeling they may be shorting themselves by 11 grand in 2 weeks but it was all inflated due to not having accurate plans.
I have a Handyman business and had the same back issues at age 52. After a fusion of L3 to L4 I'm back at work but not without pain daily. Good Luck to you.
Your financial plan is way, way, way ahead of the vast majority of people. your family is blessed. Consider some physical silver 1-oz coins and hold them in your personal safe to go with your metal ETFs that should rock in high inflation.
The lack of knowledge is wide spread. Didn't know anything about finances until I was in my 30s. My friend who is now 97 taught me the little I know. Three things he said are crucial for retirement accounts: 1. Only get index funds in your retirement accounts. 2. Invest a third in each; high risk, mid risk, and low risk. 3. Let the market go up and down... Don't look at your investments frequently... Your in it for the long haul.
@@TheHandymanBusiness Biggest mistake you can make handyman is trying to time the market. Let your investments mature over time, use that extra cash you talked about having on hand for buying when the market is down, that's what it's for.
@@TheHandymanBusiness - I'm 54 y/o and been investing in the stock market, mostly through my 401k and mostly index funds, since my 20's. I now have close to $2M. I still get happy and excited when the stock market goes down. Yeah, my net worth goes down too but since I'm still buying stocks every month via automated payroll deduction I will be buying stocks "on sale". Of course as I get closer to retirement I will gradually change my stock portfolio into a less volatile mix and/or convert part of it into 12 to 18 months of cash so that the market has no effect on my lifestyle during retirement. I am still hoping for a massive stock market crash soon. My net worth will crash but I'll try hard to buy even more stocks on "super sale".
The brief description of where your money is invested is great. Most everyone understands how to invest money, and construction workers certainty would , if they could. Perhaps you had money you inherited, perhaps you had clients willing to pay the fees you claim on your channel,most guys in the industry work hard, and have good job skills,but struggle to find clients who are willing to treat skilled labor as what it is, and not a commody ,to be undercut.So in summary,we all would invest,if we could,but we can't .
The comment not many people, if anyone, is brave enough to say is as follows. Construction workers are usually broke because they never went to college or dropped out of high school, and refuse to gain a skill that doesn’t require manual labor. What’s incredible to me is not realizing how quickly any given power tool or physical movement done wrong can cripple you and leave you with nothing. If your livelihood relies on you physically working, and you have no other skills, and all the sudden your body is shot…..what are you going to do? Simply unbelievable how many construction guys don’t think of this.
Awesome video as always. Much respect at the fact that you're truly humble. Learned a lot from my job and have been honing my skills over the past 7 years and about to step out on my own. I'll be posting videos as well just to see what happens. Hope you don't go out too soon, I won't have nothing to watch on TH-cam. When I step out, I'll be getting into contracting for base housing. Change over maintenance. Can't pass that up. Being 6'8 with severe back issues (degenerative disc, pinched nerves, arthritis) in my mid 40s is not fun. Stretching daily is the key Handyman. Here's to your retirement when you ready to. 🍻🍻🍻
Fractured vertebrae, compressed discs and broken tailbone. Advil at night change shoes. Don't stop moving. Bed rest is bullshit. Also when I get lighting I wear the back brace belt with magnets.
I sent you a message awhile back on patroon. Had 2 strokes on top of back injuries. Now I follow your ideas and sub out work hard to be on job sites. Rough go. Have a website. Move on from there. No choice but have to go ahead. I wish you the best keep watch on blood pressure. Love your vids.
Hi Dave. How is the subcontracting going? It think its easier in some locations than others. Finding good subs is a battle. A buddy of mine is a general contractor and he never stops looking for subs. He always tries to have back up options for when some one disappears and can't work.
Im 29 yrs old, im an AC contractor in TX, i have a roth ira for retirement i put 15% of my income and i have another ira for savings and my emergency fund of 3-6 months is a problem with blue collar ppl we work so hard and yet many retire with not much money we have to change our mindset
Well here in California they get two 15 minute breaks. And a half hour for lunch. They leave for each one and take longer than they should driving around. You do the math.
Semi retirement for me, 4 winter months off and work till I drop. I did all the fun things when I was younger. Retirement turns your mind and body to mush.
I was fortunate and started saving and investing for my retirement in my early 20s . Actually ,just to be technical I started when I was 18 but, I didn't get serious until I was about 22. I remember telling a friend of mine that I would be able to retire at 35! Lol! I was a little naive back then! Lol! You sound like you have a plan but, without knowing the numbers and how much annual income you want for your retirement years it's impossible to know if your good. As far as your video title goes though I feel the need to tell you that I have a good friend who is a contractor and he's going to retire really comfortable! He only has about a year left as he is only finishing a couple of contracts and then he's going to officially retire. Partly because of the supply issues but mainly the economy. He told me a couple of months ago that he was just tired of dealing with all the madness and the way the country is going. I can't say that I blame him.
I’m 38… i work as a subcontractor… somehow i became hourly contracting through another contractor… the more i buy, the faster the job is finished, the better it looks, the less hours i get, less i get paid…. I have no idea what i’m doing… broke all the time…. I have 0 extra money… waiting for my next check to come… since i was 18…. I drive a 95 tercel just LOADED with tools…. Thinking of removing the extra seats…. I cant make any money.. none… no insurance…. No unemployment if i cant find work…. Nothing…. I have no hobbies…. I live for this life of hell… it sucks.
Yeah… i have no money to pay for material for my “next job”…. No investment…. I need to fix my car… lol… i cant even get to work without it…. This advice is for well off people.
Hey handyman, I hurt my back not too long ago and both the Ortho surgeon and the PT I was sent to recommended the McKenzie method. There's a book he wrote called 'Treat your own Back.' Check it out!
Hey Brother, you've helped me a good bit launching my business in repair and remodeling, just wanted to offer my advice for your back. I've had three herniated disks and two surgeries. At minimum get some steroid injections. If you can get surgery pls do bc if you push it too far you'll damage the nerves to the point where you'll lose feeling in your leg and foot which affects your balance and gait. Don't put it off, I did and it has affected my daily life more than I could have ever thought. Thanks for the insights and guidance in residential work.
So funny bro I'm just about to turn 45 in a month and have been doing the exact same thing you are talking about. Feeling stupid that I waited so long to start working on this stuff. Stay healthy brother
First!! When’s the next live? Hey Handydude. Appreciate the glimpse into what you’re doing. I’m not too far behind you age wise and I’m unfortunately in that boat you mentioned of folks that haven’t really saved anything for the future. Thankfully things are turning around for us financially, but we have a lot of catching up to do.
Be careful with the down regulating hormones of stress. The less you focus on lack, the more energy you have to create a positive future. The most important thing in life is to be happy. Enjoy your journey friend🤙😎
I know that pain. I once stood against my wall for 24hrs, 8days before I was forced to call an ambulance to pick me up. Speaking of ambulance,,.. I couldn't walk,sit, lay down... They refused to take me. Good thing my brain is smart.. I told them "get the long board.. strap me in while standing.. and get me the F out of here"!!!!!! It worked. Got meds.. had a few hours of relief. Next day, back to work.... Just needed that pain gone to relax
Hate to hear about the back pains. It sucks. I like to smoke my butts at 250 degrees for 11 hours. Usually works out great with a fantastic bark. Love using the Famous Daves Rib Rub.
Have you heard of FIRE or FI? It stands for Financial Independence Retirement Early. It's mostly about how to retire in your 30s or 40s. Some of them talk about how to do it making $50k/year (that might be dual income earners both making $50k). It's all about lifestyle, maximizing your savings and income, minimizing taxes, and investments. They also talk about how to access 401ks and Traditional IRAs early. I like the beginning of the Choose FI podcast where they go over the mechanics of it all. The Simple Path to Wealth is a great book that lays it out so that even I can understand it.
Ouch, feel your pain. But you should continue to focus on retiring *before* your body gives out ~ not "until" it gives out. Otherwise retirement will be miserable if you're hurting even more & don't have work or other projects to help keep your mind off of it. Re Vanguard, just an example. Their moderate Index 500 & Windsor funds have earned approx 13% the past 6 years or so - nearly double eg Edward Jones's returns. But most advisors are not expecting this streak to last much longer. In fact, gains are starting to slip now. So significantly trimming living & non-essential expenses would be very smart. (Unlike the current DC bunch. 😒🐒) Although doing this further damages our economy, unfortunately.
You said it I'm a finish carpenter, the stare will levy fines if caught working without a license. It's true, to install, trim, in or ext. Doors, other things including paint and building decks. I see it as way to make money for the government. To be license there is no test, just pay 50 and your officially licensed. I feel really proud. A homeowner can do it themselves yet 8 need to be licensed. I can see electric,plumbing and hvac but to cut and nail a board I need license.
The Fed is going to sell 95 Billion a month of bonds and mortgage backed securities. It was buying them all through covid to drive up bond prices, drive down yields making stocks more attractive to institutional investors. This caused demand for stocks to increase which raises prices. Now that trend is reversing, bond yields are rising and every time the fed has done this in the past it has brought on a recession in a year or two. Most are predicting 2023.
Yes many economists who called out the financial fraud in 2008 are saying the same crash coming very soon. But the scamonomists don't understand the eco-apocalypse. "Externalities" are an abstract fabrication, and that is why everyone is mentally ill/ narcissistic and in deep denial.
SCIATICA! I feel ya man. L4/L5 herniated discs here. Pinched the sciatica nerve shooting pain down butt cheek, behind the knee to my ankle. God bless. 🙏🏼
I'm 53 and just getting into handyman work 🤣🤣 I must admit I feel pretty beat up some days especially if there's a lot of kneeling like when doing skirting boards
I started at 53 after a career of sitting on my butt and am now 58. People who've been doing this type of work full time (and also not eating well and smoking and drinking), can be a real mess once they hit their 50s. For handymen, health is everything.
@@eberts0604 I'm just starting my handyman business at the age of forty. I'm second guessing myself thinking that I'm too old. Glad to see guys older than me are doing it.
Most everyone is or is on the verge of being broke so I don't think it's unique to people in the trades. If you ask me, most people are good at what they do, but they need business acumen to go the distance on their own and make real $. Just FYI Webull, Robin, a lot of those brokers front run your trades to fk you out of $ on the back end as HFT machines eat you alive within milliseconds. If you think the last downturn was a doozy, just wait. - Handyman/Options trader.
What are your thoughts on getting young people and training them in some kind of apprenticeship with you and your company? That way you get that young blood to do the manual labor that needs done and you teach them trade skills they won't get anywhere else. Build a company that could generate your retirement income.
Lots of similarities here with how I run my business. I'm a freelance marketing/design director in the UK, so a very different industry. But great to see the likeness.
Haha, yep Webull is my gambling broker I use for some call and put plays. AMC was another one that I'm still holding onto to see if that damn squeeze ever happens. My main account is with Fidelity and I take that one very seriously. I'm turning 45 this year and have been in the HVAC trade since 17 years old. You are correct, the body does not forgive like it used to now. I stick mostly to repair and service now and sub out the attic installs to the younger generation. Hard to find AND KEEP reliable help. Great video.
Hi, tax CPA here. You seem to have a good handle on this. Keep paying and listening to your CPA, he'll look out for you and your business (probably) because it's in their best interest as well. In my non-profession opinion (CPA =/= investment expert), SBUX DIS and Medtronic are solid bets. I would buy more SBUX and DIS while it's cheap. Thanks for your honest, insightful videos - interesting stuff.
@@Indecipherable00 It all depends on skill set and clientele. If you want to run a practice similar to HR Block (so you focus on the preparation of less complex/simple individual and business tax returns) you'll probably top out around 80k-120k (once your business is established, 5y/10y in), depending on your hustle and area COL. But if you want to get into the wild, complex stuff, become a CPA and the sky is the limit (200k-1m). The issue is it will take 10years (min) of training/experience to develop the skills needed to run your own sophisticated tax practice. BUT the work is way more profitable and higher priced because is less labor intensive than preparing tax returns. We have tax professionals at my firm that bill clients $400-700/hr for their work. HR block probably changes around $150/hr (and the preparer probably sees 25/hr or that btw). If you go the route of HR block type business, you're gonna have to low ball their prices, but you won't have to pay for all the overhead (60% goes straight to corporation). But their is a lot more competition at this level because there isn't a high barrier of entry into the business. Tax prep is a grind just like any small business. It's less head ache and just as much money to work for a big accounting/tax firm right out of school.
@@Indecipherable00 That is not a bad idea. I often wish I had more seriously worked at a trade before I went into accounting. My father was a carpenter and small business owner, but we thought college would be a better life. And I think we were right in a lot of ways, but now some of my favorite and most profitable clients are small businesses in construction/trades. If I could do it again, I'd join the carpenters union right out of hs (2009 amidst the financial crisis, woof lol), then slowly take night classes at community college. Then by the time I was a journeyman, have my associate's degree, then work full time for a few years to save money and get a house (they were cheap af back then lol). Then after I had some serious skills and an understanding of the business, focus on finishing my undergrad in accounting (while making $40/hr part-time on weekends bcus of my trade skills/union hookups). Then after school start on the accounting/management side of things with a (large) local general contractor. Then by the time I was in my early 30s start my own construction business. Basically, I'm saying HVAC and accounting could be a useful combo that your could differentiate yourself with (from a marketing standpoint), rather than jumping into a more competitive business like tax can be (where you have no experience - like i did lol). Even if you don't love hvac, idt it has to be a waste of your time from a long-term career perspective. HVAC is important and relevant af - your time spent there could be used as a strength.
Anyone can be wealthy. Is all about how you control your money. Be smart with it. As a roofing professional with 7 herniated discs and 5 bulging ones. I learned to use my head over my body. Get a license and become the boss.
"I thought you were showing up to do the job"! Hopefully through your career as a contractor you meet other tradesmen who work at the level you do. When you get to the crossroad Handyman is at it's a tough call. You've had control over everything leaving your reputation impeccable, now you're handing off the ball and hoping it's business as usual. I wish I had done this years ago but was afraid my reputation (and business) would suffer. It was not the case. I call myself "Semi Retired" these days. The business still runs, and I run around measuring, quoting and doing some light jobs I can make a pretty penny on. Gone are the working the 7 days a week, I do what I want when I want. Of course, like you Handyman I "knew whose body I was in". I did not have to have the $120K 4x4 like most tradesmen out here. Did not pull the equity out of my house when the market was on fire. Even now when I gave up the cargo van and went to a daily driver, could have bought a Corvette bought a Tacoma. I like owning things rather than being the lien holder. Paying the balance on the AMEX card when it's due and being able to live a comfortable life. Wish you well with that back problem. My wife has the exact same thing. Pain management and physical therapy. Like I said Handyman, I came out the other end healthy. Pretty rare for guys like us. Now I'm constantly recovering from injuries from taking up softball again, guess guys like us never learn.
Wow...youre on top of it arent you??? Wow...just like 'andyman. You rock man. You said "like you"....you want to identify with 'andyman, feel good about yourself. Pat yourself on the back...no wait. You might seperate your shoulder trying to do that. Just suck it up and work while on SOC SEC. Your skills can be an investment that pays richly. Work,save, work some more,till your 70..Have fun. Its too expensive to take it easy. Inflation in the nation wont matter,IF YOU KEEP MAKING MONEY AND DRAW SS.
@@franklee2683 You work till your 70. I'll take my good name and sub contract work out - on my terms. I'm sure "Just like Handyman" I've played my cards right and can enjoy the 3rd stage of my life rather than burn up all my equipment trying to finish. Would have done this a lot sooner, just too many Mary's out there not willing to put in a hard days work. Don't get it twisted my friend, I identify with me. I'm not the one leaving CA cause it's to expensive, just fiqured out the game.
Not money but health comment: I am *not* an "alternative medicine" guy, but my recent horrible (desiccated) back disc problem was fixed in record time by (1) acupuncture + (2) chiropractic spinal decompression. Saved my sanity and life without surgery or getting dependent on pain pills. It was a miracle for me; your mileage may vary.
Yes acupuncture and chiropractic saved a family members life. Just make sure to go with the ones who have a lot of experience. At least 10 years.experience. Then qi gong. But lets face it, american burly guys hate qi gong haha
This is mostly true, with the exception of all the Union construction workers in my area. Most of them do pretty well and get a good retirement. Some of the unions are over $50/hr now plus pension and benefits. Not sure how they keep enough work at that rate.
Semiconductors are great long term . Nvidia & TSM are a couple to check out . As for Vanguard products check out VTI , VUG as well VOO . You can also use different life insurance vehicles alongside the corporation your company is under and pay the trust
![[FULL EP.16] เซียนพาลุย "เผือก-ฟรอยด์" กรี๊ดลั่น จนปูหนี | เฮ็ดอย่างเซียนหรั่ง | One Playground](http://i.ytimg.com/vi/FsqUvwS3b-Y/mqdefault.jpg)
The camera cut off and I had to record a section over again. That is the reason for the change in the work bench.
@the handyman business,
I wish my loved ones that are your age would try to make up for the time lost.
It’s never too late to educate yourself! Better late than never!
Laughed so hard at the licenced trim carpenter 🤣 somewhere there's a "licenced artist" who thinks the paper means something. So many people need to read Seth Godin
I turn fifty in May and due to injury and the lock down, my family is in a bad spot. Most days are rough. If it wasn't for my faith in God, I would've cashed in already.
Handyman, I hate to hear about your back pain, I just overcame a L5S1 herniation. The game changer for me was when I realized calling it a back problem was like someone with a sinking foundation saying they have a cracked brick problem. Once I realized I was dealing with a simple foundation problem with effects that became evident through my spinal cord I got on the road to recovery. Not only were my hamstrings and glutes not strong enough to support my back for my day to day activities, my legs/hips/core alignment got off to compensate for the weakness. So strength training along with re-learning the correct positioning and learning everything I could about the muscular skeletal system has given me a new life. Another breakthrough I had was realizing there was nothing special about my back and my problems and that I needed to let go of the self-fulfilling prophecy of always thinking I would never be able to fully recover. Handyman , you're the Handyman, you can overcome this, get rid of the concept of a "bad" back, you have a foundation that needs an overhaul in middle age because you are an extremely productive machine!
This a huge problem most manual laborers have and dont realize. I'm in the starting stages of this process.
Great advice Jo! I would also throw yoga in there. Proper yoga will help with all of those foundation and alignment problems. I had a discectomy at 33 and 20 years later with yoga and staying in shape no back pain at all.
Hamstring & gluts. Amen. Handyman! Get an ass!! your gluts are weak. get older, get smarter, get stronger.
i speak from experience as a DIY'er with the same issues (and as professional financial planner)
Tbf I don't feel by for anyone who doesn't take lifting seriously. Too many people like the guy in this video will constantly cite the importance of lifting and double speak with their helpers while at the same time never taking their own advice. I've always notice this with older white males who tend to have the most problem with their back with manual labor jobs. Serves them right, I say.
Discectomy,L5S1.Degenerative disc disease.Ouch?
Retired at the age of 50! Union drywall finisher for 32 years. Pension plan and annuity. Could not retire in California. So I sold my house in California and moved to Tennessee! Best move a ever did! Cut my taxes, energy bills, health care more than half!! And moved from a 9000sf property to 5 acre property. Been here for two years and love it! You don have to make a whole lot of money to live out here! I know a young lady who started her own handyman business out here in East Tennessee and she is killing it!
That’s awesome you still a young buck!!
Right place, right time, did the right thing. Good on you.
You gonna keep voting for commies too
Organized labor is the working man's answer. The rich mans way to helping the working mans families. 😮
Sounds nice and all but now locals can’t afford housing or land here because of all of y’all moving here buying 190k dollar houses for double the price
My family owned a framing company. We set money aside to buy distressed properties as often as possible. We would fix them up over time and turn them into rental properties. 30 years later we have 22 rental properties in the Houston and Austin area. Rent roll has allowed my parents to retire nicely. Semi retired because my dad still manages the properties and employs a couple of guys who do the maintenance work. My sister and I will inherit these properties and we continue buying.
Ur dad sounds cool af
Correction, your parents. They have put the work in. Alot of the younger generation don't have it as easy as you or as nice start in life.
@@zpkpk please allow me to respectfully push back on your assumption. We’re first generation undocumented immigrants that crossed the Rio Grande River illegally on top of an inner tube. No English, no money. We’re a hardworking family that will always remember our humble beginnings. Our goal was to accomplish much more than the American Dream. I was doing rounds with the City Inspector when I was 16 years old because I taught myself how to read the architecture plans. Of course my parents were the hardest workers, but my sister and I were also instrumental to our success. Construction is feast or famine, we put effort into generating revenue streams for when the housing market dipped. We never had the super fancy trucks or had a mansion. We also love thrift stores. 😂
hopefully you know when to say enough is enough because buying everything up closes less well off people from the market
And all these real estate gung ho gurus still don't freaking get it
Thanks for posting this Handyman. As a younger guy in the trades / small business world this is the info I need most. Not enough guys talk about the future and retirement for the trades.
I tell guys. Man CHARGE CHARGE CHARGE. your body is priceless and you better charge accordingly
Well most of them dont care and dont look into a long term. Prepared for everything and always there's a way to do light work.
Almost 51 now, and decided to leave heavy construction over the last coupe of years. I have no idea what to do now. Never been officially diagnosed with the injuries I feel, since I cannot afford doctors and hospital visits. Not sure what to do next, but I can say the future of making a decent living (without constant pain) looks pretty slim. Virtually nothing in retirement, as I got some bad advice many years ago, and it took me in the wrong direction financially.
Just gotta keep living simply. No debt, and enough skills to keep going.
how are you a month later man
I would get used to living frugally. I lived out of my car once by choice for a few months. Really teaches what "necessities" you can actually live without.
I just do handy man easy stuff now. Still broke
I have nothing, I’m fucked.
I did drywall for forty years, then simple repairs and then wallpaper removal and popcorn ceiling removal, at 59 started driving truck, three years later got a job in the office ( very large company) first time in a office (it is a soul sucking experience. A working man has a hard time sitting still all day. I get paid $18 per hour, the same as I got in 1979. like i tell them who else is going to hire a 66 year old man?.
Love that you're starting your kids off with a strong financial base. You're pre-paying for them to have the opportunity of making choices. That is the best gift a parent can give.
It's a blessing and a curse. If you provide too much without them first experiencing difficulties you get 25 year olds who can't cook or clean for themselves.
@@JfkNeedsWindWall good point. Got to have balance
It’s most likely a tax strategy. I’m guessing the $ isn’t really to give to the children.
Dont let them get married or have kids young. That money will be gone.
When I got out of the Army I worked as a carpenter putting up pole barns. The dudes who had worked there for a long time were physically pretty messed up. I could see the risk. I went to college for software engineering making consumer products. Working by the hour is limited by hours in the day. Once I create a software app the cost of production is almost zero and the number of units I can sell is almost unlimited. It's actually cheaper than printing money because you don't have to buy paper or ink.
Handyman, if anyone's listening - here is my back problem solution. (you prolly received a bunch)
I'm 6'7" and years ago screwed up back royally. Beside pain shooting up my leg, several days a year I had to skip work because I could only crawl on my hands and knees, my back was so gone. Docs wanted to operate. Anyways I discovered an passive exercise that strengthen my back. I started doing this on my 'good back' days, pick up hand weight (say 30-40lbs - not heavy) with only one hand, bend down about 90 degrees (your back parallel to ground) and slowly lift that hand weight from about floor to side chest (say 5 times - I get bored). Then switch to other hand and do the same. While your back remains still, you're causing the back muscles to have passive resistance strengthening. (To strengthen a bad back you never ever want to flex it with some conditioning - has to be passive still strengthening).
When I do this 2-3 times a week (during a tv commercial), it's like my back never had a problem. When I get lazy and skip a month, my back starts getting that familiar bad feeling of failing big-time again. I will have to do this passive exercise for the rest of my life. But after thinking about having a back operation, that just fine with me.
I've told this to about 25 folks and only 2 listened. One guy said he had needed a back operation for years - spends a lot of days crawling around. He tried it and was gobsmacked. He will have to do this exercise for the rest of his life to maintain that back strength.
Anyways if you're listening - gl with your back Handyman.
When you say from floor to side chest do you mean like a contraction motion? Or raising to the side about chest height?
@@bryanmann7374 you're standing, but bent over (with slightly bent knees) - just lift weight from fully-extended arm, up to side of chest, weight up-down a few times until you're bored.
I've been doing this passive exercise for 40+ years, 2-3 times a week. any questions, let me know how it works for you.
I'm a lazy investor - T.Rowe Price and Vanguard mutual funds have done well for me. Retired at 54 and live off my investments now. Both companies have free financial planner services that I would use every other year. That and a good CPA will put you on the right track.
I wish you quick recovery from herniated disk man! that pain is no joke. Happy to see that you are thinking ahead and planning accordingly. Keep up the good work!
It’s important for people in every field of work not just construction to take a more active role in their retirement planning 👍
Education is also an investment. I am a young journeyman carpenter but I am slowly taking online classes and will eventually work my way up to a master's degree or even a doctorate degree in business. My goal is to stop doing manual labour work before I turn 40.
How did you get into the online classes ? I’m a young tradesman also interested in educating/investing in myself and I am unsure how to start
@@jonnyc3987 Go to any community College or university and ask to talk to an advisor, or just select a degree plan and then enroll in one or two online courses per semester.
Teach classes! You would do well in that. I fell off a ladder and working at a box hardware store until my knee rehabs. It amazes me everyday about how little the general public doesn't know about basic home repairs.
If you have not realized it yet but alot of tradies/handyman/homeowner DIY people really enjoy listening to you and take advices. The mix of skills, realtalk, life advice combined would really be good content for talks on stage:"how to become your own boss in the handyman business", podcasts or even books about: basic and advanced homerenovations. You have a gift or delivering clearly what you think verbally with honesty creating trust. Just keep doing what you do and expand into those fields.
Love this video! I’m trying to slow down and save my body. Was 3 years short of retirement with the fire department and got in an accident. No retirement here. Just what’s in the safe
Great video Handyman. I work in finance but have always done things with my hands. I feel kind of out of place in my profession because everyone I work with is completely alien to the way I am. I'm also really impressed with your financial literacy and life planning skills. I would say you have a decent portfolio and you're right, no one can tell the future. I do however feel we are in for a correction on a lot of fronts and whenever the federal reserve enters a deflationary cycle (increasing rates) it's time to raise cash. I know rent control and a lot of the rental protection laws that are in place in a lot of US states make it difficult to make money as a landlord, but given your skillsets, I think you would do really well in that space. The US has some great loopholes to really take advantage of taxation and capital gains deferral in real estate. You could also buy beat-up properties and hire your own teams to fix the houses under your supervision. Once the house is fixed you've essentially created equity out of nothing and then can move on to the next project. Some people really have it down to a science, I'm no expert at all but just felt that would be something you could really become good at.
Thanks for the information on about how to exit out of the handyman business gracefully.
BTW I had suffered a severe case of herniated disc on my lower back while tackling wooden deck/concrete work 2 years ago. My doctor suggested to go with the surgery but I opted for an acupuncture treatment instead and after 3 sessions I was able to go back to work plus I had to follow a basic "lower back pain" physical therapy exercise off TH-cam for 2 weeks after that and I was fully cured without surgery/medication. Banya is in Sedona, AZ. A 5th generation acupuncture practitioner.
Thanks for the suggestion I have heard that acupuncture or dry needling works well
I don't have experience with acupuncture but I'm a PTA (physical therapist assistant) and have seen many people benefit from dry needling. Good call on staying away from the back surgery, the outcome statistics are not good. 33% end up better than they were before the surgery, 33% have no change, and 33% get worse after the surgery. But don't just take it from some rando from the internet, look it up.
Yes, it does. Make sure to go with a well known acupuncturist who has a good track record though. Also, I am not downgrading the Western Medicine by any means especially "Emergency Care" but incorporating Eastern Medicine as a preventative measure should be vital to anyone who makes living off physical manual labor.
I really feel like real estate is one of the best investments for people in this line of work. You can spend a little time figuring out how to get a property at a bit of a discount, buy it, put in some sweat equity, and now you've got a property with maybe 30% equity and cash flow. Get at least 5 or 6 of those and pay them off and you're set for life.
The thing is everyone does it these days, so the margins have been beat down. Good luck getting that much equity or cash flow.
Don’t listen to the negativity. I slowly did it by 40 yrs old and was in the trades when I was young. The first rental property is the hardest. After that it gets easier. The deals are never deals when you buy them. You need to learn to value add your units. Please reach out if you need any help. It’s really not that hard.
I was an investor before I was a handyman and regularly got properties at a discount. Buying at a discount is about being good at marketing and negotiating. If you're going through a realtor looking at listed properties, it's pretty hard to get any equity at the beginning. But yes, buying with the potential to upgrade is big, too. Add to that finding people who need to sell due to hardship makes the deal much better.
If you haven't already... Please, please, please talk with your advisor about health care in retirement. Consider Long-term care strategies, LIRP, and/or an HSA. Also, your kids may be eligible for Roths instead ob brokerage. Talk with your advisor how you can make that happen.
I learned about IRA accounts in the early 1980's and have put in the maximum contribution every year since then. Back then you were limited to $2,000 per year so I started mailing in $40 every week for the first 50 weeks of the year. I've adjusted the amount as contribution limits have increased and I've changed to electronic transfers since then. Since the Roth version came out in the 90's all of my contributions have gone that way. Over the last 40 years those accounts have accumulated several million dollars. The only strategy anyone needs to retire comfortably is to start investing at a young age and be consistent. You don't need a big income to start. If you start when you're young time is your friend. The longer you wait the more time works against you.
Been doing the same. Started at 23 when a coworker was talking about his. I couldn't afford to do the maximum at the time, but I was contributing the maximum in a few years and have been since. I also put in the maximum 401k contribution. The way the projections are, I'll die with more money than when I retire. lol His kids are going to be set for a very nice retirement if they don't do something stupid with the investments he setup for them.
That is the key starting young!!!👍👍
Let’s be honest. Construction workers are always broke cause they spend their paycheck on beer and cocaine every weekend 😆
The cutting spending on EVERYTHING is a mindset change. Sure I could afford spending $30 on food and beverages daily, but I choose to drink the 33 cent cup of coffee, $1 sandwich I make and the $5 budgeted for dinner. Drive a $5k truck that I am able to keep going with repairs and its reliable. New truck is $40-50k, if making payments, $500-750 a month. It all adds up. More money to dump on the house, invest more or choose to work less. I have coworkers that work 5-6 12 hour shifts a week. I work 2-3 with my conventional job. Then do more with the stuff I want to do. I flipped 2 houses, cash flowed both jobs no problem. Makes it super easy. Just have to find the deals, which is not happening right now.
Good for you . I'll send you a cookie
Hey, I'll take it.
@@mph5896 but will you ?
@@mph5896 when you take something ,often your asked for something in return . When it's given to you ,blessed are both parties .
To many stipulations. Keep your cookie.
Love your videos. I have an IT background - got off corporate ladder 13 years ago for family reasons. Been in handyman biz since. I’m working for similar goals that you are. I began my Primerica business almost 2 years ago. I recommend it highly simply for the financial education is gives you. Plus - able to help so many in these same principles. The business opportunity is outstanding as well. Minimal financial investment. All licensing costs provided for you.
If the business opportunity is so outstanding, why have 1,322,812 people come and left over the last 4 years alone? Why, after recruiting 300k to 400k a year, did the licensed force size shrink over that same period?
After 30 years of remodeling kitchens and baths with my two hands I too am looking for a way out. My health is fine, have a full schedule, but when you are 45 minutes from our southern border, with untold numbers of cheap foreign labor coming here, this job simply doesn't pay anymore. I charge less today than I did 22 years ago. It was a good run, 6 figures for a while, but those days are over.
Biden and Dems are the nail in my coffin, time to sell my house, move somewhere cheap and hope to die before I run out of money.
p.s. Sell your Disney stock asap!
Love the transparency. Very rare on TH-cam
On your lower back pain, I just want to suggest something that might help, with the medicine...
Doing squats, keeping my arms extended in front of me, like pretend your going to take a poo out in the wilderness,
just make sure you have a stable object to help you back up after words..
Anyways I injured my back when I was younger, not as old as yourself, but every now and then my lower back want's
to remind me that it's still injured & not to get carried away.. I do squats, keeping my feet level, do a few easy bounces, stand up, maybe
repeat, and for whatever reason, it normally relieves pressure on my back, and then as long as I take it easy for that day, it straightens out. MIND YOU, I'm younger than
you by a decade in half, as the current vid goes.
Thanks for doing the video.
Us guys in manual labor jobs have to treat our bodies like we’re athletes
An inversion table fixed my herniated disc. I was to the point where I could barely walk.
You sound well diversified. When i was in construction it was feast/famine. I was 19 and got tired of it and joined the military. I understand how manual labor can push you.
Funny how they don't teach us this in school when we were young. Not how to balance a checking account or save for the future. I started a retirement account in my 20's and everyone thought I was crazy. Now at age 50 I wish i had put most of money into savings. Lots of body aches now and it's not getting easier.
Don't worry, social security will save you (sarc)
I had a herniated L5-S1 disc for 9 years...dont get a fusion (you may well need one after years if further wear/tear) - I got an artificial disc 2 years ago and it is better than new! Your surgeon is the most important decision, in the US the center of excellence is Texas Back Institute - cant recommend them enough! Was back at work in 10 days (light duty) and full on labor/gym in 3 months
That is exactly where mine is. My MRI is on Thursday so that will tell me how bad it really is. Thanks for the advice.
I rely on barbell medicine podcasts, for rational and reliable rehab and pain management. They're medical doctors who actually lift heavy weights. And their advice has kept me, at 50 years old, strong and relatively pain free! My jobs have always been physically demanding. Good luck, being in pain sucks!
I met someone recently who is in this situation. He's been doing construction for a long time and then became a handyman since. I wanted to learn some of his trade so I tagged along on a few jobs. Man, did I learn how physical and demanding it is just doing tiling. Not just that but scraping mud just preparing for the grout. He's barely scraping by financially and he's near retirement age. I never asked about his financials. He's banking on his pension and social security. He does have a ton of tools that could be sold if he needed to I guess.
really what he needed to do was buy a house...and sell it and move to a poorer area when he retires.
Unfortunately a garage full of tools equates to more of an expense than an asset. Simply having space to keep them and keeping them all maintained is a part time job alone and their value in resale is nothing compared to the value when out in the righty set of hands doing what they were made for cutting hours of labor down. What I love about the experience you had was the reality check it presented to a normal potential customer we interact with daily. The most important part of being a contractor today in my opinion is how effectively you can decipher what the customers intentions are in the beginning and how realistic are their expectations for their specific project . These essentially are the difference between a schedule that is profitable and rewarding or a stress filled life of being behind on Monday each week and a loss of time trying to educate the unsatisfied customer after the works complete and the pay is in limbo. If you dont feel you can give the client what they expect and arent rvrn clear yourself what they are envisioning from the start its better to not even take that job in the end. A customers thats been educated by H G TV or similar is not an immediate dismissal It all is up to the information you give then in your initial visit where you should be listening closely. Answering questions competently and laying out several options you are sure you can accomplish for a price they can understand what exactly they are getting for their purchase. Having a small amount of experience helps us focus less on the justification of why this service is this expensive and lets the focus be on laying out several options in quality of materials and custom labor options that will set you apart from the rest from day 1. I have about a 90 % rate of my estimates selling after ive invested in the initial visit to measure and get all the info required to put together the quote. Its not uncommon to spend several hours on one of these initial meetings if you wish to be accurate yet competitive in bidding.
Years ago I remember being in a quote for a bathroom upgrade tearing Dorn to studs adding new space and gigantic 10 x 10 wet area with freestanding tub on one side and 3 showers options on other half. I was there for easily 2 and 1/2 hours as we discussed how to fit in what they wanted in the space and during my measuring another company from the area shows up to also bid on this project. I knew the company was going to be hard to compete with simply on size how fast they could get it done ws Me and my nephew as my helper looking at several weeks from start to finish. What was amazing to both me and this client was these estimators were there 15 minutes measuring then said on we got what we need your salesperson will be in touch with your bid. Not even one question asked about what they wanted. Obviously I got the job but after I was done the customer who was thrilled with their new Master bathroom followed me out to van and handed me the bid they received from that other company. This bid was $11,000 higher than mine and the reason why was they included costs for any option that could possibly be chosen and would know if sold they had enough in the bid to get it done. Nobody likes feeling they may be shorting themselves by 11 grand in 2 weeks but it was all inflated due to not having accurate plans.
As a tax CPA I can tell you that you're doing all the right things to save for retirement and minimize how much taxes you pay. Great job!
I have a Handyman business and had the same back issues at age 52. After a fusion of L3 to L4 I'm back at work but not without pain daily. Good Luck to you.
Thanks for the great content!
Your financial plan is way, way, way ahead of the vast majority of people. your family is blessed. Consider some physical silver 1-oz coins and hold them in your personal safe to go with your metal ETFs that should rock in high inflation.
silver and gold are terrible investments unless you're a billionaire. Even then I wouldn't buy it.
@@sparksmcgee6641
Yeah, but when the zombie apocalypse hits, you'll still be able to get a hooker and a steak with a silver coin!
The lack of knowledge is wide spread. Didn't know anything about finances until I was in my 30s. My friend who is now 97 taught me the little I know. Three things he said are crucial for retirement accounts:
1. Only get index funds in your retirement accounts.
2. Invest a third in each; high risk, mid risk, and low risk.
3. Let the market go up and down... Don't look at your investments frequently... Your in it for the long haul.
Number 3 is hard for me. Right now I'm down a depressing amount compared to where I was back in November. Good advice.
Awesome, thank you for the info!
@@TheHandymanBusiness Biggest mistake you can make handyman is trying to time the market. Let your investments mature over time, use that extra cash you talked about having on hand for buying when the market is down, that's what it's for.
@@TheHandymanBusiness - I'm 54 y/o and been investing in the stock market, mostly through my 401k and mostly index funds, since my 20's. I now have close to $2M. I still get happy and excited when the stock market goes down. Yeah, my net worth goes down too but since I'm still buying stocks every month via automated payroll deduction I will be buying stocks "on sale". Of course as I get closer to retirement I will gradually change my stock portfolio into a less volatile mix and/or convert part of it into 12 to 18 months of cash so that the market has no effect on my lifestyle during retirement. I am still hoping for a massive stock market crash soon. My net worth will crash but I'll try hard to buy even more stocks on "super sale".
@@TheHandymanBusiness buy the dips. The market will come back.
The brief description of where your money is invested is great. Most everyone understands how to invest money, and construction workers certainty would , if they could. Perhaps you had money you inherited, perhaps you had clients willing to pay the fees you claim on your channel,most guys in the industry work hard, and have good job skills,but struggle to find clients who are willing to treat skilled labor as what it is, and not a commody ,to be undercut.So in summary,we all would invest,if we could,but we can't .
The comment not many people, if anyone, is brave enough to say is as follows.
Construction workers are usually broke because they never went to college or dropped out of high school, and refuse to gain a skill that doesn’t require manual labor.
What’s incredible to me is not realizing how quickly any given power tool or physical movement done wrong can cripple you and leave you with nothing. If your livelihood relies on you physically working, and you have no other skills, and all the sudden your body is shot…..what are you going to do?
Simply unbelievable how many construction guys don’t think of this.
Awesome video as always. Much respect at the fact that you're truly humble. Learned a lot from my job and have been honing my skills over the past 7 years and about to step out on my own. I'll be posting videos as well just to see what happens. Hope you don't go out too soon, I won't have nothing to watch on TH-cam. When I step out, I'll be getting into contracting for base housing. Change over maintenance. Can't pass that up. Being 6'8 with severe back issues (degenerative disc, pinched nerves, arthritis) in my mid 40s is not fun. Stretching daily is the key Handyman. Here's to your retirement when you ready to. 🍻🍻🍻
Drop Disney ASAP handyman
Fractured vertebrae, compressed discs and broken tailbone. Advil at night change shoes. Don't stop moving. Bed rest is bullshit. Also when I get lighting I wear the back brace belt with magnets.
Thanks for the suggestion. I feel a little better when I get moving around. I still can't work yet.
process sugar puts me in the chiropractor office
Everything in finance is an educated guess at best, anyone who says otherwise is probably not who you want to listen to.
I sent you a message awhile back on patroon. Had 2 strokes on top of back injuries. Now I follow your ideas and sub out work hard to be on job sites. Rough go. Have a website. Move on from there. No choice but have to go ahead. I wish you the best keep watch on blood pressure. Love your vids.
Hi Dave. How is the subcontracting going? It think its easier in some locations than others. Finding good subs is a battle. A buddy of mine is a general contractor and he never stops looking for subs. He always tries to have back up options for when some one disappears and can't work.
Im 29 yrs old, im an AC contractor in TX, i have a roth ira for retirement i put 15% of my income and i have another ira for savings and my emergency fund of 3-6 months is a problem with blue collar ppl we work so hard and yet many retire with not much money we have to change our mindset
You sound like what the Money Guy show calls a "financial mutant". It doesn't sound nice but it's actually a compliment.
I have seen horrible outcomes with the back surgeries. If your doctor suggests this route run away!
It's our general smug, complacent attitude towards our infrastructure. We take it for granted.
Well here in California they get two 15 minute breaks. And a half hour for lunch. They leave for each one and take longer than they should driving around. You do the math.
the drink sitting on your tablesaw.....😵💫🙂
Semi retirement for me, 4 winter months off and work till I drop. I did all the fun things when I was younger. Retirement turns your mind and body to mush.
I was fortunate and started saving and investing for my retirement in my early 20s . Actually ,just to be technical I started when I was 18 but, I didn't get serious until I was about 22. I remember telling a friend of mine that I would be able to retire at 35! Lol! I was a little naive back then! Lol! You sound like you have a plan but, without knowing the numbers and how much annual income you want for your retirement years it's impossible to know if your good. As far as your video title goes though I feel the need to tell you that I have a good friend who is a contractor and he's going to retire really comfortable! He only has about a year left as he is only finishing a couple of contracts and then he's going to officially retire. Partly because of the supply issues but mainly the economy. He told me a couple of months ago that he was just tired of dealing with all the madness and the way the country is going. I can't say that I blame him.
I have tripled my price to customers. Your house, lawyer prices.
Example for us. How much did you charge for installing a ceiling fan
Unfortunately that won't last forever. Get it while you can though.
I know ..60 y. o.......I will be fair. Thanks
@@SalvusGratiumFidem alot
@@mph5896 i know , I will be fair ,THANKS
I’m 38… i work as a subcontractor… somehow i became hourly contracting through another contractor… the more i buy, the faster the job is finished, the better it looks, the less hours i get, less i get paid….
I have no idea what i’m doing… broke all the time…. I have 0 extra money… waiting for my next check to come… since i was 18…. I drive a 95 tercel just LOADED with tools…. Thinking of removing the extra seats…. I cant make any money.. none… no insurance…. No unemployment if i cant find work…. Nothing…. I have no hobbies…. I live for this life of hell… it sucks.
Yeah… i have no money to pay for material for my “next job”…. No investment…. I need to fix my car… lol… i cant even get to work without it…. This advice is for well off people.
Hey handyman, I hurt my back not too long ago and both the Ortho surgeon and the PT I was sent to recommended the McKenzie method. There's a book he wrote called 'Treat your own Back.' Check it out!
I’m a couple years older than you but a couple years behind you. I’m glad I found your channel.
Dude, I had that about 5/6 years ago and it was called siadica and that shit laid me out
Lol. Im always broke cause I have a tool addiction. And good tools aint cheap.
Try motorcycles lol
Hey Brother, you've helped me a good bit launching my business in repair and remodeling, just wanted to offer my advice for your back. I've had three herniated disks and two surgeries. At minimum get some steroid injections. If you can get surgery pls do bc if you push it too far you'll damage the nerves to the point where you'll lose feeling in your leg and foot which affects your balance and gait. Don't put it off, I did and it has affected my daily life more than I could have ever thought. Thanks for the insights and guidance in residential work.
You're able to walk upright, that's a good sign. I've had 3 discectomy surgeries. All 3 times, I couldn't stand up straight.
So funny bro I'm just about to turn 45 in a month and have been doing the exact same thing you are talking about. Feeling stupid that I waited so long to start working on this stuff. Stay healthy brother
First!! When’s the next live?
Hey Handydude. Appreciate the glimpse into what you’re doing. I’m not too far behind you age wise and I’m unfortunately in that boat you mentioned of folks that haven’t really saved anything for the future. Thankfully things are turning around for us financially, but we have a lot of catching up to do.
No one knows. There will be more though.
Please do talk about your injuries and how you received them !
Be careful with the down regulating hormones of stress. The less you focus on lack, the more energy you have to create a positive future. The most important thing in life is to be happy. Enjoy your journey friend🤙😎
I know that pain.
I once stood against my wall for 24hrs, 8days before I was forced to call an ambulance to pick me up.
Speaking of ambulance,,.. I couldn't walk,sit, lay down... They refused to take me.
Good thing my brain is smart.. I told them "get the long board.. strap me in while standing.. and get me the F out of here"!!!!!!
It worked.
Got meds.. had a few hours of relief. Next day, back to work.... Just needed that pain gone to relax
Hate to hear about the back pains. It sucks. I like to smoke my butts at 250 degrees for 11 hours. Usually works out great with a fantastic bark. Love using the Famous Daves Rib Rub.
trading futures is the best way to grow your portfolio... if you learn how to read charts effectively.
Back pains from picking up glass shower doors!
Have you heard of FIRE or FI? It stands for Financial Independence Retirement Early. It's mostly about how to retire in your 30s or 40s. Some of them talk about how to do it making $50k/year (that might be dual income earners both making $50k). It's all about lifestyle, maximizing your savings and income, minimizing taxes, and investments. They also talk about how to access 401ks and Traditional IRAs early. I like the beginning of the Choose FI podcast where they go over the mechanics of it all. The Simple Path to Wealth is a great book that lays it out so that even I can understand it.
I do this. Great book suggestion. About to migrate to Coast FIRE and then FIRE.
As a parent of three children, having zero children is a great way to retire early.
@@donaldlee6760 My wife and I have three children. It's possible with kids.
Ouch, feel your pain. But you should continue to focus on retiring *before* your body gives out ~ not "until" it gives out. Otherwise retirement will be miserable if you're hurting even more & don't have work or other projects to help keep your mind off of it. Re Vanguard, just an example. Their moderate Index 500 & Windsor funds have earned approx 13% the past 6 years or so - nearly double eg Edward Jones's returns. But most advisors are not expecting this streak to last much longer. In fact, gains are starting to slip now. So significantly trimming living & non-essential expenses would be very smart. (Unlike the current DC bunch. 😒🐒) Although doing this further damages our economy, unfortunately.
You said it
I'm a finish carpenter, the stare will levy fines if caught working without a license.
It's true, to install, trim, in or ext. Doors, other things including paint and building decks.
I see it as way to make money for the government.
To be license there is no test, just pay 50 and your officially licensed.
I feel really proud.
A homeowner can do it themselves yet 8 need to be licensed.
I can see electric,plumbing and hvac but to cut and nail a board I need license.
The Fed is going to sell 95 Billion a month of bonds and mortgage backed securities. It was buying them all through covid to drive up bond prices, drive down yields making stocks more attractive to institutional investors. This caused demand for stocks to increase which raises prices. Now that trend is reversing, bond yields are rising and every time the fed has done this in the past it has brought on a recession in a year or two. Most are predicting 2023.
Dow drops 1000 points for worst day since 2020, Nasdaq down 5%
Yes many economists who called out the financial fraud in 2008 are saying the same crash coming very soon. But the scamonomists don't understand the eco-apocalypse. "Externalities" are an abstract fabrication, and that is why everyone is mentally ill/ narcissistic and in deep denial.
SCIATICA! I feel ya man. L4/L5 herniated discs here. Pinched the sciatica nerve shooting pain down butt cheek, behind the knee to my ankle. God bless. 🙏🏼
Three minutes in and I'm beginning to believe I'll never know why construction workers are always broke.....
I knew these things in my youth, but never made enough money to have investments after bills. Finally opened an IRA recently
PS- I get that sciatic pain so bad some days I have to literally use a cane!!! 👴🏑
im pretty positive you already have good stock of money . big hug brother:)
I'm 53 and just getting into handyman work 🤣🤣 I must admit I feel pretty beat up some days especially if there's a lot of kneeling like when doing skirting boards
I started at 53 after a career of sitting on my butt and am now 58. People who've been doing this type of work full time (and also not eating well and smoking and drinking), can be a real mess once they hit their 50s. For handymen, health is everything.
@@eberts0604 I'm just starting my handyman business at the age of forty. I'm second guessing myself thinking that I'm too old. Glad to see guys older than me are doing it.
Biggest financial mistake tradespeople make is buying a brand new 60k truck every few years. Usually at a high interest rate.
I think it's because they don't pack a breakfast or lunch but instead buy at least 2 meals a day from a convenience store 🙂
Most everyone is or is on the verge of being broke so I don't think it's unique to people in the trades. If you ask me, most people are good at what they do, but they need business acumen to go the distance on their own and make real $.
Just FYI Webull, Robin, a lot of those brokers front run your trades to fk you out of $ on the back end as HFT machines eat you alive within milliseconds. If you think the last downturn was a doozy, just wait. - Handyman/Options trader.
Ive been watching your vids for a while...another great one. Cheers!
Where can I get my hammer mechanic license? 🤣
What are your thoughts on getting young people and training them in some kind of apprenticeship with you and your company? That way you get that young blood to do the manual labor that needs done and you teach them trade skills they won't get anywhere else. Build a company that could generate your retirement income.
Lots of similarities here with how I run my business. I'm a freelance marketing/design director in the UK, so a very different industry. But great to see the likeness.
Vanguard index funds. Plug and chug every month and forget about it.
Haha, yep Webull is my gambling broker I use for some call and put plays. AMC was another one that I'm still holding onto to see if that damn squeeze ever happens. My main account is with Fidelity and I take that one very seriously. I'm turning 45 this year and have been in the HVAC trade since 17 years old. You are correct, the body does not forgive like it used to now. I stick mostly to repair and service now and sub out the attic installs to the younger generation. Hard to find AND KEEP reliable help. Great video.
I’m surprised I didn’t hear you say gold. You should get a box of Krugerrand’s
Hi, tax CPA here. You seem to have a good handle on this. Keep paying and listening to your CPA, he'll look out for you and your business (probably) because it's in their best interest as well.
In my non-profession opinion (CPA =/= investment expert), SBUX DIS and Medtronic are solid bets. I would buy more SBUX and DIS while it's cheap.
Thanks for your honest, insightful videos - interesting stuff.
How much do owner operator tax cpa's make annually on average? thinking of transferring from hvac to tax preparation
@@Indecipherable00 It all depends on skill set and clientele. If you want to run a practice similar to HR Block (so you focus on the preparation of less complex/simple individual and business tax returns) you'll probably top out around 80k-120k (once your business is established, 5y/10y in), depending on your hustle and area COL. But if you want to get into the wild, complex stuff, become a CPA and the sky is the limit (200k-1m). The issue is it will take 10years (min) of training/experience to develop the skills needed to run your own sophisticated tax practice. BUT the work is way more profitable and higher priced because is less labor intensive than preparing tax returns. We have tax professionals at my firm that bill clients $400-700/hr for their work. HR block probably changes around $150/hr (and the preparer probably sees 25/hr or that btw). If you go the route of HR block type business, you're gonna have to low ball their prices, but you won't have to pay for all the overhead (60% goes straight to corporation). But their is a lot more competition at this level because there isn't a high barrier of entry into the business. Tax prep is a grind just like any small business. It's less head ache and just as much money to work for a big accounting/tax firm right out of school.
@@kevinb4978 Thank you for that when I'm finished with hvac I think I may go back to school for accounting.
@@Indecipherable00 That is not a bad idea. I often wish I had more seriously worked at a trade before I went into accounting. My father was a carpenter and small business owner, but we thought college would be a better life. And I think we were right in a lot of ways, but now some of my favorite and most profitable clients are small businesses in construction/trades. If I could do it again, I'd join the carpenters union right out of hs (2009 amidst the financial crisis, woof lol), then slowly take night classes at community college. Then by the time I was a journeyman, have my associate's degree, then work full time for a few years to save money and get a house (they were cheap af back then lol). Then after I had some serious skills and an understanding of the business, focus on finishing my undergrad in accounting (while making $40/hr part-time on weekends bcus of my trade skills/union hookups). Then after school start on the accounting/management side of things with a (large) local general contractor. Then by the time I was in my early 30s start my own construction business. Basically, I'm saying HVAC and accounting could be a useful combo that your could differentiate yourself with (from a marketing standpoint), rather than jumping into a more competitive business like tax can be (where you have no experience - like i did lol). Even if you don't love hvac, idt it has to be a waste of your time from a long-term career perspective. HVAC is important and relevant af - your time spent there could be used as a strength.
Anyone can be wealthy. Is all about how you control your money. Be smart with it. As a roofing professional with 7 herniated discs and 5 bulging ones. I learned to use my head over my body. Get a license and become the boss.
"I thought you were showing up to do the job"! Hopefully through your career as a contractor you meet other tradesmen who work at the level you do. When you get to the crossroad Handyman is at it's a tough call. You've had control over everything leaving your reputation impeccable, now you're handing off the ball and hoping it's business as usual.
I wish I had done this years ago but was afraid my reputation (and business) would suffer. It was not the case. I call myself "Semi Retired" these days. The business still runs, and I run around measuring, quoting and doing some light jobs I can make a pretty penny on. Gone are the working the 7 days a week, I do what I want when I want.
Of course, like you Handyman I "knew whose body I was in". I did not have to have the $120K 4x4 like most tradesmen out here. Did not pull the equity out of my house when the market was on fire. Even now when I gave up the cargo van and went to a daily driver, could have bought a Corvette bought a Tacoma. I like owning things rather than being the lien holder. Paying the balance on the AMEX card when it's due and being able to live a comfortable life. Wish you well with that back problem. My wife has the exact same thing. Pain management and physical therapy. Like I said Handyman, I came out the other end healthy. Pretty rare for guys like us. Now I'm constantly recovering from injuries from taking up softball again, guess guys like us never learn.
Oh and Sincerely, Licensed "Synthetic Products" Contractor in the State of California!
Wow...youre on top of it arent you???
Wow...just like 'andyman.
You rock man. You said "like you"....you want to identify with 'andyman, feel good about yourself.
Pat yourself on the back...no wait. You might seperate your shoulder trying to do that.
Just suck it up and work while on SOC SEC.
Your skills can be an investment that pays richly.
Work,save, work some more,till your 70..Have fun. Its too expensive to take it easy. Inflation in the nation wont matter,IF YOU KEEP MAKING MONEY AND DRAW SS.
@@franklee2683 You work till your 70. I'll take my good name and sub contract work out - on my terms. I'm sure "Just like Handyman" I've played my cards right and can enjoy the 3rd stage of my life rather than burn up all my equipment trying to finish. Would have done this a lot sooner, just too many Mary's out there not willing to put in a hard days work. Don't get it twisted my friend, I identify with me. I'm not the one leaving CA cause it's to expensive, just fiqured out the game.
Now I understand why you want TH-cam to be a serious stream of income
I’m 46, my plan is to be out by 52…I’m already scaling back on my scope of work because I’m tired of being sore all the time.
thanks alot for this video, a few employees after off the ground sounds like the go
Excellent discussion. A lot of info that I can relate to ...
Not money but health comment: I am *not* an "alternative medicine" guy, but my recent horrible (desiccated) back disc problem was fixed in record time by (1) acupuncture + (2) chiropractic spinal decompression. Saved my sanity and life without surgery or getting dependent on pain pills. It was a miracle for me; your mileage may vary.
I need to try the acupuncture. I'm on some serious nerve pain pills now.
Yes acupuncture and chiropractic saved a family members life. Just make sure to go with the ones who have a lot of experience. At least 10 years.experience. Then qi gong. But lets face it, american burly guys hate qi gong haha
This is mostly true, with the exception of all the Union construction workers in my area. Most of them do pretty well and get a good retirement. Some of the unions are over $50/hr now plus pension and benefits. Not sure how they keep enough work at that rate.
Get them likes 👍 up folks
There are plenty of Union jobs where workers retire well. Pensions, 401k and healthcare during retirement.
Semiconductors are great long term . Nvidia & TSM are a couple to check out . As for Vanguard products check out VTI , VUG as well VOO . You can also use different life insurance vehicles alongside the corporation your company is under and pay the trust