The 401K worked for me. Despite a relatively modest salary for my profession, I was able to retire comfortably at age 55. Success wasn't helped by an unexpected divorce so avoid if possible. Did a lot of day trading and some longer period week trading because I believed it was worth the risk. Don't believe I ever held a position over one month. A couple more years working if I lost, but if I won, the benefits could be huge. In essence, a small penalty for losing vs a potential loaded bases home run. No margin trading, wasn't willing to roll dice that big. Early success provided a safety net which allowed me to be more aggressive with outside equity that purchased farm real estate. Knew if things went sour on the outside, the 401K would allow us to survive. Requires some effort but market volatility can be your friend; eg, the last couple years I decided to play again and took a very modest portion of my 401K and aggressively traded it; very similar to what I did when employeed. Return on these dollars was 28% last year and 33.5% this year. Unwilling to risk it all because I've won and don't need the stress. It is largely entertainment. But if I had only limited dollars and hated going to work every day, it would again be all be on the table.
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Today's Featured Article - Madison's County - by Anthony West. Philip Madison has been a good friend of mine for quite some time. He has patiently suffered my incessant chit chat on the subject of tractors for longer than I care to remember, and on many occasions he has put himself out, dropped what ever it was he was doing, to come and lend a hand cranking handles, or loading a find onto a trailer. Although he himself has never actually owned or restored a tractor, he was always enthusiastic and always around helping with other peoples projects.
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