Retirement Money

[Sparra]

Hey folks...I am a few years off retirement but resigned to the fact that when I do I will be way underfunded...Just wondering if anyone in here who is retired prospects to supplement there pension/super or just prospects soley for a hobbie???

Cheers...Sparra

 

[TenOunce Tone]

Hobby at the moment, Not retired, but working on it.. Hope to hit the big one so I can retire and try to hit the big one again!

Good luck Sparra,

Cheers, Tone

 

[richo966]

just hobby but all the gold you find is tax free

 

[loamer]

I know very few full-timers and they are usually very reluctant to talk about their big finds. They also spend a lot of $ on gear and travel frequently, some spending 6 months in WA, six months on the east coast. I am semi-retired and if I am detecting, usually about 10 hour days, I try for a gram a day. Certainly not enough to live on, covers most of my costs and a few frothies. I have the very occasional nice finds but it all evens out. If I get an ounce a month working full time that's good BUT that's 300 man-hours, rain, heat, dust, flies, travel, duffer days, broken gear, blown tyres, fuel etc etc.

 

[kleinman98]

If you are really serious you would build a granny flat out the back and rent your house out. I did and it supplements my income very nicely and covers the morgage.

 

[Goldpick]

At the rate the government is going, I won't be retiring till I'm in a casket, or dribbling and drooling in a wheel chair. Seems every year they push the pension age higher, and no doubt will push super access age higher too, not much to look forward to really. I laughed when the guy on tv said if they push the pension age too far, there's going to be a sudden rise in compo claims. It's hard enough getting a job at 40 these days, netherlone 60-70 something.

 

[deepblue]

Sorry to rain on your parade.
I have been prospecting for over 30 years and whilst it's only a hobby, I yet to meet anyone that has made profitable livelihood out of it and managed to retire from it with a nest egg.
Few might have made money out of it but they would be over in the west and they work hard for it.
Enjoy it as a hobby and live the dream of being out there in the bush.

 

[Bushranger]

Sorry to rain on your parade.
I have been prospecting for over 30 years and whilst it's only a hobby, I yet to meet anyone that has made profitable livelihood out of it and managed to retire from it with a nest egg.
Few might have made money out of it but they would be over in the west and they work hard for it.
Enjoy it as a hobby and live the dream of being out there in the bush.

Here, Here!

 

[Sparra]

No parade to rain on here...Was just curious to know whether any one tries to suppliment there pension though there hobby of prospecting...

 

[richo966]

yes mate all gold you find is tax free and will not affect your pension so I am sure some people are doing that mate no reason you cant get a few extra bucks watch some videos of wal and liz and you will be finding gold in no time good luck

 

[Nugget]

I think if you can mix enjoyment, adventure, exercise and make a little extra cash from prospecting during your retirement then it's all good. I've heard of people doing it semi-full time but they may be reluctant to come forward in case the tax man is watching 8)

My only advice is that if you're serious about supplementing your pension etc, spend the extra money up front and get yourself premium equipment. This combined with lots of research, plenty of practice and patience will give you the best possible chance of succeeding.

All the best.

 

[loamer]

No parade to rain on here...Was just curious to know whether any one tries to supplement there pension though there hobby of prospecting...

And you asked a valid question Sparra, so no issues there. (the only dumb question is the one that isn't asked). I have seen some horror stories of people going at this full-time, including dragging kids out of schools, living in the bush etc etc and 99% of the time it ends in tears. As a super. supplement - yep, why not?! If you can make a reasonable quid good for you just as long as you can keep your costs down. One cost that equals out is food - we have to eat no matter where we are, so take that out of the equation. I find that if I get a wee bit in front I usually get upgraded coils, or nest egg a bit for a new detector. The fuel, wear and tear on vehicles alone is bit of a killer as to get to 'virgin' or 'un-flogged' ground takes a bit of driving. A very few people have made very good money out of prospecting but as one of the above posters and myself indicated, these folk are usually over in the west for many months of the year. They have invested in some serious gear plus quad bikes, drag coils, sat phones etc etc. Around the golden triangle of Vic? - hmmm - maybe one or two in general detecting are making a small quid consistently and I think taking out leases seems to be a bit hit and miss nowadays down here, rules and regs are quite restrictive.

Either way, good luck and I use the philosophy that even if I am even or down, its better than bloody vegetating sitting in suburbia and dealing with the nonsense of living in Melbourne. The only rule I had in setting up in the bush - must be close enough to a country railway station to be able to catch the train to get to the MCG and Ethiad Stadium for the footy and cricket.

 

[Roscoe]

Sparra, I think you need to mix it up a bit. Go do some gold prospecting, but also there some good money in chasing those one and two dollar coins mate, with the odd gold ring as well. Also have a think about value adding to your finds. Like cleaning up some of those old picks and stuff you find out there in the gold fields. Some of those old equipment cleaned up and coated in pot belly black come up real nice and people buy that old time stuff to hang on there wall or Bar area, just some food for thought sparra, roscoe.

 

[OceanDevotion]

Combine fishing & hunting whilst prospecting, that will cut the costs some cheers Frank

 

[Sparra]

Combine fishing & hunting whilst prospecting, that will cut the costs some cheers Frank

Hey there Frank...Thats the plan man...

 

[goldtruck59]

I have a met a few people that do it for a living over the years and they appear to be the most unhappy grumpy and or secretive people I have ever met. They almost want to punch you on the nose if you ask how they are going etc.
Its tough in the bush too if you live on the job. Bit over protective also and can be very confrontational.
Its a hobby to me and I just walk away. I love the bush, the fresh air and the fact I'm NOT working.
I'm too old to do 10 hours a day, 3 or 4 hours a day keeps it a hobby, keeps you reasonably fit and leaves somewhere to go tomorrow !!
(Mind you I have seen youtube videos of people who find heaps us peasants could only dream of. I suspect being in the know and a heap of hard work and study helps too!!)

 

[Outback]

I'm not going to say to much but detecting for raw Silver in the Barrier Ranges is happening .

Last century there was an article in G & T magazine about it , guess because silver was so low priced at the time there was little interest .

 

[Diggerdude]

I do it for a living and admit it can be hard going sometimes, but the lifestyle is great. Wouldn't trade it for anything.

DD

 

[TenOunce Tone]

As DD can atest, hard work. The only people I KNOW that make a living from it are a few people up on leases out the back of my place..

They are moving at minimum 200 m3 a day in the good weather.. hard work indeed, that is why only WE the dedicated, do it.. Everyone else is lazy..

This game is all about volume

Get out there Sparra, I hope you find heaps and live a happy retirement.

Cheers, Tone

PS Nugget and Loamer are wise to the ways of the gold..

 

[Heatho]

A few jars of nice Sapphires would have to help out in retirement also if you sell a few stones here and there......If only I could part with them........