Retirement
- Thread starter Scott
- Start date
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Well, on a more serious note, Dave Ramsey has good advice on getting out of debt. I'm not sure about his investing advice. He claims you can get a long term 12% return in the stock market, which is total bs.I was kind of hoping this would be a serious talk thread...
Nah I accidentally tried it once and it messed me up big time, had to go to the hospital multiple times etc. It's terrible stuff and no wonder it is schedule 1.
That's too bad. I know some people who use it medicinally, legitimately, and it has worked wonders for them. I guess it depends on the person.
Yeah it sucks when it gives you a series of panic attacks and causes anxiety disorder. I got disability due to that triggering stuff but at least it is under control now.
I am approaching retirement in 4-5 years. My wife and I are lucky in that we have worked for the same employers for 30ish years. This will allow us to retire quite comfortably. Everything paid off. Nothing I know about retirement works in your system. The easy answer is you need to make more money if you wish to retire comfortably (its also the stupid answer). The $2 million figure isn't far off, but my retirement planner actually told me $3 million. You have to assume if you are a couple and both of you reach 60 years old that one of you will live to 90. Its a matter of figuring out how much you need to spend each year and then saving that before you retire. We have a real crisis in the US in that most people at 50 years of age have less than $100K saved for retirement. That means they will be depending on Social Security and that is a crap shoot.
And it all depends on the world not going to hell in a handbasket, in which case it does not matter what you saved.
For the younger guys (mid 30’s or less, over 40’s will need much more), need to shoot for having atleast 100k stashed in a 401k or some kind of retirement fund ASAP. It’s very possible. Then try to make atleast 10% a year on it. By retirement age it should be a good amount even if you stop making additional contributions. 100 is enough to get one of those fund managers to help invest and get that return yearly. And they are motivated to do it because they only make money if they make u more money.
@Scott in think you can still be okay. Just getting that first 100 in there is the hard part. But yea I share your feelings. And it’s easily something to be freaked out about if your smart. Most people don’t care. That’s the sad part...
@Scott in think you can still be okay. Just getting that first 100 in there is the hard part. But yea I share your feelings. And it’s easily something to be freaked out about if your smart. Most people don’t care. That’s the sad part...
Great info here. I’d also like to add a couple things that I found valuable in my quest for that elusive but attainable achievement of retirement.
1. Learn about compound interest and how powerful it can be with relation to retirement. I’m always surprised at how many people at every age level do not know what it is.
2. If you keep up with the Jones’s now, you better get used to working for many many years. It’s always nice to have nice things but it’s going to even nicer to have them when you are retired
and the Jones’s are working for you!
3. With regards to the market: it’s not timing the market....it’s time in the market.
The market can’t guarantee anything but it promises that it will go up...then down...then up again...then down again.
4. If you can live without 25-40% of your income and still be able to live a comfortable life, then that money goes into your retirement savings/accounts/funds.
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1. Learn about compound interest and how powerful it can be with relation to retirement. I’m always surprised at how many people at every age level do not know what it is.
2. If you keep up with the Jones’s now, you better get used to working for many many years. It’s always nice to have nice things but it’s going to even nicer to have them when you are retired
and the Jones’s are working for you!3. With regards to the market: it’s not timing the market....it’s time in the market.
The market can’t guarantee anything but it promises that it will go up...then down...then up again...then down again.
4. If you can live without 25-40% of your income and still be able to live a comfortable life, then that money goes into your retirement savings/accounts/funds.
Sent from my iPhone using Tapatalk
Last edited:
OP
- Thread Starter
- #30
On top of this, buying things when they're popular and then selling when they're less popular is not a winning strategy.
I'm still amazed at how many people I know "invested" in bitcoin when it hit its peak and then started panicking and selling at $8000. What a waste.
I know I've got to be in the top 5....I thought I could be number one, but I've seen that not the case...I think...
The main things for financial management are:
1. Get out of debt.
2. Avoid all debt except for buying a house, then pay off the house.
3. Spend less than you make.
4. Invest the excess.
Here are Dave Ramsey's steps to getting out of debt:
1. Get out of debt.
2. Avoid all debt except for buying a house, then pay off the house.
3. Spend less than you make.
4. Invest the excess.
Here are Dave Ramsey's steps to getting out of debt:
- Baby Step 1: $1,000 cash in a beginner emergency fund
- Baby Step 2: Use the debt snowball to pay off all your debt but the house
- Baby Step 3: A fully funded emergency fund of 3 to 6 months of expenses
- Baby Step 4: Invest 15% of your household income into retirement
- Baby Step 5: Start saving for college
- Baby Step 6: Pay off your home early
- Baby Step 7: Build wealth and give generously
There is another way. The task of actually getting enough money together to retire comfortably is like trying to chase an exponentially accelerating object in the dark. Inflation alone is bad enough but on top of that our world is constantly changing and our long term investments can suffer from trying to pay us a dividend in a world which no longer wants what they are producing to provide the return. Singularity may only be a couple of decades away, that will change absolutely everything. If Block chain ever becomes allowed to actually function properly for the masses, most banking , insurance and legal institutions will find temselves almost squeezed out of existence.
As you get older try to find and prepare yourself for something you can do that can derive you some income through retirement, something which is special to you, if you are young you have time to prepare for this.
This should be something you love doing so that it is not the same chore as a regular job.
I have a 75 YO ex guitarist friend who runs a small specialist guitar shop in the Bay Area near SF, he never had a hope of full retirement, but he loves his work so much he doesn't care.
As you get older try to find and prepare yourself for something you can do that can derive you some income through retirement, something which is special to you, if you are young you have time to prepare for this.
This should be something you love doing so that it is not the same chore as a regular job.
I have a 75 YO ex guitarist friend who runs a small specialist guitar shop in the Bay Area near SF, he never had a hope of full retirement, but he loves his work so much he doesn't care.
If you,love what you do, it’s not work.
Not enough people really like what they do. This is sad, because we spend so much of our lives working.
I am really lucky because I love what I do. Sure, there are hassles and problems that come up, better days and worse days, but after more than 25 years, I like it more than ever.
Not enough people really like what they do. This is sad, because we spend so much of our lives working.
I am really lucky because I love what I do. Sure, there are hassles and problems that come up, better days and worse days, but after more than 25 years, I like it more than ever.
If I didn't love it, I would not have done it 30 years. BUT, everyone deserves their Island retirement. I've served my time. All good dogs go to heaven.