Wheelie, what is your "fully retired" plan? If you aren't investing in the market (in some form or fashion), and aren't building your shop into something saleable as a business (as opposed to used equipment, and I'm speculating on that based off other comments), what's the plan when you aren't able to work any more?
No mortgage lowers your monthly needs, and your property is probably worth quote a bit and increasing, but I would think you'll still need some income. And straight up saving cash isn't worth much with double digit inflation.
Not being a troll either, I'm in a similar boat (small machine shop, hate debt, not much invested outside the business) and just wondering what your thoughts are.
My "plan" is very-very loose. As in, I don't really have one. Definitely not building the business to sell. Would I sell? In a damn heart-beat for the right offer.
But, it is not marketable at all, as is. So that will never happen. And, never has been the intention.
The only way I could fathom this would become marketable for sell, is if I someday come up with the proverbial golden ticket product.
One just never knows what will happen. But, my vision is make as much $$$$ as I can, while I can.
And, that part about: "what's the plan when you aren't able to work any more?" That question does not compute. This work is easy. I will always be able to work.
And, I would like to think I will have something figured out well enough that I don't have to work, before I actually can't.
I'm not that dang old yet. I'll turn 51 in a month. I have a Looooong way to go!
I'm sure I will get to a point though where I pick and choose what work I do, and how long I do it. Hell, that is already happening.
My only "real" investment is this property. As everybody knows, we bought it cheap because it was basically a dirt-lot with a run-down house.
In the 5 years we have been here, we've more than doubled the value (had it appraised late last year).
And, we did it all with cash. For about $0.20 on the $1.00. We are sitting pretty on the property.
I also just got the green-light to fire that production job back up! Which is freaking awesome! With the shop overhead so low now, I will actually make money!
He knows Joe is a part-timer now. And that I have zero interest to hire anybody. So he said to just run at a comfy pace, and we'll see how it goes for a while.
He is short-handed as well, as all his people bailed during the plandemic when we were shut down.
So its not like he could keep up with assembly/packing/shipping anyway. Even if I did ramp back up to full-tilt.
So, it looks like I'm going to be putting in some hours for a while anyway. I'll probably put in vigorous 50hrs/wks to see how it goes. Been doing a lazy 30-40.
I'm still going to refuse to work weekends though! LOL. But, finally, all this iron is going to be making me money. Rather than paying itself off!
No idea how long the job will run this time? But, I'll take it!