I am a machinist and have thought more and more of starting my own machine shop so that I will not be kicked to the curb when I get in my 50's. But I dont want to take out a $60,000 loan to buy equipment/insurance/shop rent etc.
It is one thing to be poor and owe piles of money to everyone, kinda like the debt crisis of many many people. And it is another thing to make a small amount of money and owe very little, and own very little also.
Do you work a lot of hours? Or are you part time?
Dont think about retirement, if you like what you do then keep doing it cause sitting at home on the couch watching TV just cause you turned 65 is BS.
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Today's Featured Article - Restoration Story: Fordson Major - by Anthony West. George bought his Fordson Major from a an implement sale about 18 years ago for £200.00 (UK). There is no known history regarding its origins or what service it had done, but the following work was undertaken alone to bring it up to show standard. From the engine number, it was found that this Major was produced late 1946. It was almost complete but had various parts that would definitely need replacing.
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