How do I get rich

[pwd72s]

Originally Posted by pavulon

BTW...what $N is considered rich?

Don said it well...

"Truly "rich" people have enough funds to support the lifestyle they enjoy and the time to enjoy it."

[Hugh R]

"Rich" to me means when you "retire" you can work if you choose to, not because you have to. I live in the LA area, when I "retire" in about 7-8 years I will be leaving California. They want too much tax for the luxury of living here. I started putting money in a 401K 30 years ago, I look back and wish I'd put more in, but still not bad. Currently, I'm able to put away about 25% of post-tax income into retirement. You have to build it up over decades, not years. Pay your mortgage off before you retire. Between pension(s), IRAs, 401Ks, other cash on hand, SS, my wife and I hope to be very comfortable. I'm doing my world travel now on my employer's $ since they're willing to send me places that I won't be able to afford when I "retire".

[McLovin]

Originally Posted by szyzygy

I like playing guitar, running, video games, learning about cars.

Don't like baseball?

Because maybe you could be like, an announcer. Like a color man. Or maybe the manager of the NY Yankees.

[szyzygy]

Originally Posted by Hugh R

"Rich" to me means when you "retire" you can work if you choose to, not because you have to. I live in the LA area, when I "retire" in about 7-8 years I will be leaving California. They want too much tax for the luxury of living here. I started putting money in a 401K 30 years ago, I look back and wish I'd put more in, but still not bad. Currently, I'm able to put away about 25% of post-tax income into retirement. You have to build it up over decades, not years. Pay your mortgage off before you retire. Between pension(s), IRAs, 401Ks, other cash on hand, SS, my wife and I hope to be very comfortable. I'm doing my world travel now on my employer's $ since they're willing to send me places that I won't be able to afford when I "retire".

sounds good.

I've been in 401ks for about 10 years and had absolutely abyssmal returns.

As much as I like it here, I can understand moving someplace cheaper. I wish I had a garage for my 911, for 1 thing.

There are limits to what you can put away into your 401(k).

One of my business ideas is developing defined benefit plans (pensions) for individual sales. There are no limits as to what you can put away and I bear the investment risk, not you. I just need to pass a couple more actuarial exams to be able to sign off on the annual solvency statements required.

[pwd72s]

Don't worry overly about travel, Hugh. Once you reach my age, you won't like it much anyway...Travel upsets a body's daily schedule, and when that gets upset, you'll get uncomfortable...

Put it another way...I would interupt the telemarketer's speil that I had won a free trip by saying I didn't want to go there...and I was speaking the truth.

[szyzygy]

Originally Posted by McLovin

Don't like baseball?

Because maybe you could be like, an announcer. Like a color man. Or maybe the manager of the NY Yankees.

Lol

what is that from?

[pwd72s]

Originally Posted by szyzygy

sounds good.

I've been in 401ks for about 10 years and had absolutely abyssmal returns.

As much as I like it here, I can understand moving someplace cheaper. I wish I had a garage for my 911, for 1 thing.

There are limits to what you can put away into your 401(k).

One of my business ideas is developing defined benefit plans (pensions) for individual sales. There are no limits as to what you can put away and I bear the investment risk, not you. I just need to pass a couple more actuarial exams to be able to sign off on the annual solvency statements required.

It certainly has been a dismal decade of investing...

[szyzygy]

Originally Posted by pwd72s

Don't worry overly about travel, Hugh. Once you reach my age, you won't like it much anyway...Travel upsets a body's daily schedule, and when that gets upset, you'll get uncomfortable...

Put it another way...I would interupt the telemarketer's speil that I had won a free trip by saying I didn't want to go there...and I was speaking the truth.

I'm 37 and I don't like traveling. I was kinda imaging I;d like it more in the future when I don't have to worry about coordinating everyone and getting all stressed out.

[McLovin]

Would you like traveling if it were by limo, and you got to stay at the 4 Seasons?

[pwd72s]

Originally Posted by McLovin

Would you like traveling if it were by limo, and you got to stay at the 4 Seasons?

Not me...

[red-beard]

Originally Posted by szyzygy

How do I get rich ?

Work with your government contacts to minimize your competition, while at the same time creating tax credits for your industry.

[szyzygy]

Originally Posted by McLovin

Would you like traveling if it were by limo, and you got to stay at the 4 Seasons?

hell yeah

and if someone would take care of my kids....


I do get to stay in the 4 seasons in Atlanta this coming March! With open bar, too!

[szyzygy]

Originally Posted by red-beard

Work with your government contacts to minimize your competition, while at the same time creating tax credits for your industry.

yep, that's basically my plan.

Only enrolled actuaries (defined by the IRS) can sign off on these defined benefit plans. The math tests required are a huge barrier to entry. Most people are terrified of math.

Tax deferral is a huge thing.

[Aggie93]

Originally Posted by szyzygy

One of my business ideas is developing defined benefit plans (pensions) for individual sales. There are no limits as to what you can put away and I bear the investment risk, not you. I just need to pass a couple more actuarial exams to be able to sign off on the annual solvency statements required.

This could be a great idea. I think a lot of employees are dissatisfied with defined contribution plans. I've thought it was a bad road to go down over a decade ago. The way companies handed off retirement plans to employees was irresponsible. Very little education was done and most employees have horrible choices with high fees. I better stop now before I climb on to one of my soapboxes.

[szyzygy]

Originally Posted by pwd72s

It certainly has been a dismal decade of investing...

I did earn an excellent return on my gold....I bought it when it was $330/oz back in 2003 or so, right before we invaded Iraq. I KNEW that was a bad idea, and I used to follow gold prices as a kid, so I knew $330/oz was way out of line.

I sold my gold to buy my Porsche 911. I earned a 24% annual return over 8 years. That's pretty good. Oh, and no taxes either because I bought physical gold with cash.

[Aurel]

Move to a place where the cost of living is lower, get a job at same salary you currently have (get the job before moving!) and your disposable income will increase. Best way to do it if to get hired by a company with a good relocation package...

[szyzygy]

Originally Posted by Aurel

Move to a place where the cost of living is lower, get a job at same salary you currently have (get the job before moving!) and your disposable income will increase. Best way to do it if to get hired by a company with a good relocation package...

I did that, but in the opposite direction...moved to CA from NC. I got a big bump in pay, but rent eats it up. Food is cheaper here though. And I use less heat.

[BernieP]

I know where you're coming from. I have never bought a new car in my life but after seeing the new 911 I really want one. After seeing one I thought, crap I am not going to live long enough till the price on a used one comes down enough for me to buy one. Getting old sucks!

Bernie P

[Hugh R]

Originally Posted by McLovin

Would you like traveling if it were by limo, and you got to stay at the 4 Seasons?

Not a limo, but in most oversees places I do get a driver, usually with a nice MB 500 or 600 class. My hotels, are for the most part 4 or 5 Star. Once in a while I get stuck in a Holiday Inn, but not a Holiday Inn Express.

[Racerbvd]

Originally Posted by Aurel

Move to a place where the cost of living is lower, get a job at same salary you currently have (get the job before moving!) and your disposable income will increase. Best way to do it if to get hired by a company with a good relocation package...

Work, work work, save, don't dispose of your income, save it, don't waste your money on what everyone else has or wants get what you need, save for it..