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I wish I would have found dividend growth investing sooner.
It's certainly not a perfect investing strategy but the consistent, reliable income will make retirement so much easier to prepare for. It takes a while for the snowball to really get going but once it does, all you can think is "if I just started doing this a year earlier, imagine where I'd be!" But that's mostly for all kinds of investing |
I am asking some financial people some questions and getting compliments on my understanding of math and finance. I have always understood stuff, but I have not always cared about it. Had I taken a more active role years ago, I'd be WAY better off.
I did get lucky, though. Worked for a company which was employee-owned/privately-owned with an Employee Stock Option Plan. I thought nothing of that. I just liked the work and the salary. Worked there seven years, just long enough to be fully vested. I watched the annually-estimated stock value rise modestly. I looked into that ever 1-2 years. Meh. Then one day I looked at it and thought somebody had made a huge math error so I called them. Nope. The company had gone public. IPO. That stock is now traded on NYSE. I got very lucky. Also, hindsight makes everyone think they made a big mistake. But back then, hindsight was unavailable. Today, investors might be nervous about equity or real estate investments, not knowing what will happen. In thirty years, they might imagine they made huge mistakes. I disagree. You did the best you could with what you had. Stop with the "woulda-coulda-shoulda" flagellation. |
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Oh, and every student should get a business (accounting!) degree, and then focus on their passions. |
For me, I too left a bank. It was a mid-sized (regional) and I was on the team that started it. I owned a very small interest, but when we sold in 2004 at 2.75 X BV it was enough to pay off my house and start another business. I've been self employed ever since, and aside from a R/O IRA from my 401K all my retirement is after-tax savings.
As for regerts, my wife and I had this discussion just a few nights ago. When we were looking for jobs near the end of 4 years of accounting (BS BA), we never once thought about going to work for a city, state or the federal government. We (arrogantly?) believed those were dead-end, soul crushing jobs. In our case, our path was very risky, but it paid off well. However, in California anyways, now we think we were the chumps. When we hear that our City Manager is making $450K plus benefits and pension or City Treasurer $375K ++, and that they will make nearly that much in retirement - and they are in their fifties - well, who's the chump now? (Not sure if that's a regert or just envy...) |
^^^^ I dunno ... what Seahawk is talking about comes naturally and is part of who I am also. I'd like to give all the credit to my parents .... but I have a sister too :(.
Some get "it" ... but most don't :D |
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If I was King, Home Econ would be a four class extravaganza in HS, one per year; in college, get rid of the language requirement (anybody here speak the language they learned in 101/2?) and replace with finance 101/2. That would be the minimum. |
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Fidelity is like a bank. Vanguard is like a credit union. |
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From CalPERS website: "In addition, for the 2020 calendar year, there is a cap on pensionable compensation of $126,291 for members who participate in Social Security and $151,549 for members who don't. Both limits are subject to increases in the Consumer Price Index" |
Lots of mention of IRA’s here and don’t want to steal the thread but anyone have any idea how a change in step up in basis might effect holdings in an IRA. Will Biden’s tax plan have any impact?
Right now any RMD is taxed as income and there is no impact once you sell any holdings, hope it stays that way. |
Dogecoin. My daughter told me to get some in January. I didn’t. A $1k gamble would be worth $110k today.
Just one of many stupid financial decisions on my part. |
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That was a WAG (wild azz gamble) on my part, but I knew it and was willing to roll the dice... Anyone want my advice :D? Regarding IRAs .... I foresee zero changes in cost basis (doesn't really apply imo), nor how distributions are taxed. I have taken 72(t) distributions before (avoiding penalties), and that was always part of my strategy near the end of my corporate rodeos .... I had always planned to exit @ 50 .... then 07-08 happened ... didn't make it that far ;). I had had enough.... adios muchachos :) |
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On another note, my oldest daughter - whie staying out of debt - was a rather prolific spender. When she and her fiance were nearing their wedding date they agreed (I'm guessing he pushed for it) to enroll in a Dave Ramsey personal finance class. It taught much the same info, and they expressed when they got on the same page about their financial future. And a few years later they had their first child and my daughter is able to stay home with him. So yeah, I really do believe these things should be taught! |
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The average flight school, Navy squadron parking lot looks like an episode of Top Gear. I was an AOCS guy. After I got my commission I stashed at an A-6 squadron in Oceana for 4 months. My old BMW 2002, sans a/c and beginning to have issues, was traded in for a new car. I needed a/c. I went all in on a Mazda GLC. Kooky, I know. I think I traded the 2002 in and owed maybe 2k, which I had. Green test implied. AOCS guys had no guarantees: Bomb flight school and buenos días, rust picker. I wanted zippy debt...I wasn't worried about the flying part, but a year plus job interview (flight school) has random, unknown, integers. The GLC was the perfect, non-sexy solution, at least to me. I got to my first squadron in San Diego, sold the GLC and bought a '68 912. Didn't need a/c:D |
No regerts at all here.
38 years of pension...ss...ira's....and savings lead up to a big raise on retirement. My hope of dying penniless is probably 'out the window'. |
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Even as a teenager I couldn't have worked my way through 50K on pot. |
^^^^ LOL ... it would have certainly taken longer and been more fun the "old fashioned way" Bill.
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And yeah, boys will be boys! |
Good thread. Made me think of this recently published post from Ben Carlson - it is mandatory reading with lessons far beyond those of financial planning:
https://awealthofcommonsense.com/2021/05/10-things-you-shouldnt-care-about-as-an-investor/ |
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