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Detached Member
Join Date: May 2003
Location: southern California
Posts: 26,964
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Why you should save
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Hugh |
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05-23-2018, 03:29 PM
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Registered
Join Date: Apr 2001
Location: Linn County, Oregon
Posts: 48,510
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Good for every one of those savers/investors.
"You really don't need to begin saving for retirement before you reach 60. At that point, simply save 250 percent of your income each year and you'll retire comfortably at 70." -Jonathan Pond
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"Now, to put a water-cooled engine in the rear and to have a radiator in the front, that's not very intelligent." -Ferry Porsche (PANO, Oct. '73) (I, Paul D. have loved this quote since 1973. It will remain as long as I post here.) |
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05-23-2018, 04:00 PM
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Did you get the memo?
Join Date: Mar 2003
Location: Wichita, KS
Posts: 32,302
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That’s awesome. I’m striving for it! I just wish the USG would let me invest my social security dollars as well.
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‘07 Mazda RX8-8 Past: 911T, 911SC, Carrera, 951s, 955, 996s, 987s, 986s, 997s, BMW 5x, C36, C63, XJR, S8, Maserati Coupe, GT500, etc |
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05-23-2018, 04:07 PM
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Detached Member
Join Date: May 2003
Location: southern California
Posts: 26,964
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Exactly,
I enjoy being able to eat wet dog food, not dry dog food. Seriously, it takes decades, not years. I retired eight weeks ago,and I can’t believe, actually, I can, that I’m going to be just great. It’s a wonderful feeling, I highly recommend it.
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Hugh |
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05-23-2018, 04:09 PM
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Too big to fail
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To retire at age 65:
By age 35, you should have 50 Bitcoin (Ƀ) saved for retirement By age 45, you should have 10 Ƀ saved for retirement By age 55, you should have 350,000 Ƀ saved for retirement By age 64, you should have 7 Ƀ saved for retirement
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"You go to the track with the Porsche you have, not the Porsche you wish you had." '03 E46 M3 '57 356A Various VWs |
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05-23-2018, 04:10 PM
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I'm with Bill
Join Date: Feb 2005
Location: Jensen Beach, FL
Posts: 13,028
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My son just turns 25 this month. He has a house with a relatively small mortgage payment. He has no other bills and makes a decent living.
I told him this he needs to open up a 401K and start putting $350 a month in it until he is 35, then he can relax and let it work or keep contributing. By the time he is 65 it will have over 1 million in it. I wish someone sat me down and did this. I am scrambling to get back on top. The housing crash kicked my butt, I learned a lot and I am getting back on top. It is not easy but we are doing it.
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1978 Mini Cooper Pickup 1991 BMW 318i M50 2.8 swap 2005 Mini Cooper S 2014 BMW i3 Giga World - For sale in late March |
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05-23-2018, 04:49 PM
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Detached Member
Join Date: May 2003
Location: southern California
Posts: 26,964
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Jim NO he needs to continue contributing until he’s retired.
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Hugh |
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05-23-2018, 05:05 PM
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I'm with Bill
Join Date: Feb 2005
Location: Jensen Beach, FL
Posts: 13,028
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Quote:
1 Million is not a lot to retire at 65 right now, it may be worse in 40 years. Both good articles I have sent to my son, nieces and nephews. https://www.fool.com/retirement/2016/08/13/heres-how-much-money-you-could-retire-with-by-savi.aspx https://www.usatoday.com/story/money/personalfinance/retirement/2018/04/24/many-americans-at-risk-of-retiring-broke/33944253/
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1978 Mini Cooper Pickup 1991 BMW 318i M50 2.8 swap 2005 Mini Cooper S 2014 BMW i3 Giga World - For sale in late March |
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05-23-2018, 05:38 PM
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Registered
Join Date: Jun 2007
Location: Lake Oswego, OR
Posts: 6,050
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Jim5545,
$1,000,000 in 40 years will have far less buying power than today. This means your son needs to save even more. I think more like $3MM. Rule of thumb is can I live on 4-5% of my nest egg annually? $1MM x .04 = $40,000 If 40 years inflation erodes 50% of the buying power, can you son live on $20k a year? This makes me want to get working! |
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05-23-2018, 05:40 PM
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I'm with Bill
Join Date: Feb 2005
Location: Jensen Beach, FL
Posts: 13,028
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We were both posting at the same time, I agree.
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1978 Mini Cooper Pickup 1991 BMW 318i M50 2.8 swap 2005 Mini Cooper S 2014 BMW i3 Giga World - For sale in late March |
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05-23-2018, 05:42 PM
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Model Citizen
Join Date: May 2007
Location: The Voodoo Lounge
Posts: 18,813
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To be honest, the number posted in the article (157,000) seemed low to me. Of course, lots of savers have a 401(K), plus stocks, plus some mutual funds and other investment instruments, totaling at least a million.
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"I would be a tone-deaf heathen if I didn't call the engine astounding. If it had been invented solely to make noise, there would be shrines to it in Rome" |
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05-23-2018, 06:08 PM
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A Man of Wealth and Taste
Join Date: Dec 2002
Location: Out there somewhere beyond the doors of perception
Posts: 51,063
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https://www.marketwatch.com/story/most-americans-are-one-medical-emergency-away-from-financial-disaster-2017-01-12
https://www.marketwatch.com/story/one-in-five-american-households-have-zero-or-negative-wealth-2017-11-11 GOOD LUCK "Just 39% of Americans say they have enough savings to cover a $1,000 emergency" The MINDSET displayed in this Thread is delusional to say the least... Nothing I have said has sunk in. So why try?
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Copyright "Some Observer" Last edited by tabs; 05-23-2018 at 06:22 PM.. |
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05-23-2018, 06:12 PM
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I see you
Join Date: Nov 2002
Location: NJ
Posts: 29,883
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then please be quiet
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Si non potes inimicum tuum vincere, habeas eum amicum and ride a big blue trike. "'Bipartisan' usually means that a larger-than-usual deception is being carried out." |
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05-23-2018, 06:24 PM
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Registered
Join Date: Apr 2001
Location: Linn County, Oregon
Posts: 48,510
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Quote:
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"Now, to put a water-cooled engine in the rear and to have a radiator in the front, that's not very intelligent." -Ferry Porsche (PANO, Oct. '73) (I, Paul D. have loved this quote since 1973. It will remain as long as I post here.) |
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05-23-2018, 06:24 PM
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A Man of Wealth and Taste
Join Date: Dec 2002
Location: Out there somewhere beyond the doors of perception
Posts: 51,063
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Quote:
https://www.cnn.com/2018/05/22/us/panama-city-active-shooting/index.html
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Copyright "Some Observer" |
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05-23-2018, 06:31 PM
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Did you get the memo?
Join Date: Mar 2003
Location: Wichita, KS
Posts: 32,302
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Is the sky falling again? Already?
I'm just happy to see this trending in a positive direction. I tell younger professionals that at a MINIMUM they should be maxing out the corporate 401k match, as that's free money. After that point they can decide about going 401k, ROTH IRA, or a mix. Starting early is so much easier, we really didn't start saving in earnest until our early 30s and I feel like we have a lot of time to make up. Compound interest and time are a great combo.
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‘07 Mazda RX8-8 Past: 911T, 911SC, Carrera, 951s, 955, 996s, 987s, 986s, 997s, BMW 5x, C36, C63, XJR, S8, Maserati Coupe, GT500, etc |
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05-23-2018, 06:39 PM
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Monkey+Football
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Quote:
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<Insert witty comment> 85 Targa Wong Chip Fabspeed M&K Bilsteins and a bunch of other stuff. |
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05-23-2018, 06:43 PM
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Registered
Join Date: May 2004
Location: Lake Cle Elum - Eastern WA.
Posts: 8,417
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When I was a kid, I thought I'd never meet a "Millionaire".............Now, it's an everyday event........I did the math with inflation.........What used to be a millionaire to me, would now have to be a "6.7 Millionaire"..............Not sure I know many of those............
It's all relative............I keep saving toward my goal......
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Bob S. 73.5 911T 1969 911T Coo' pay (one owner) 1960 Mercedes 190SL 1962 XKE Roadster (sold) - 13 motorcycles |
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05-23-2018, 07:52 PM
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Information Junky
Join Date: Mar 2001
Location: an island, upper left coast, USA
Posts: 73,189
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He who dies with the biggest bank account wins!
Funny, my chem teacher, way back, would say, He who dies with the biggest debt wins!. YMMV But either way, you can't take it with you.
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Everyone you meet knows something you don't. - - - and a whole bunch of crap that is wrong. Disclaimer: the above was 2¢ worth. More information is available as my professional opinion, which is provided for an exorbitant fee. 
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05-23-2018, 08:10 PM
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Registered
Join Date: Apr 2001
Location: Linn County, Oregon
Posts: 48,510
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One hopes to find a balance. For Cindy & I, a nest egg means security. We don't live lavishly, but we do enjoy life in our own manner. We do feel secure...no debt, and we pretty much live as we like.
What's sad is the person who invests and saves, and once reaching "critical mass", enough wealth to live their chosen lifestyle the rest of their days, keeps on the accumulation kick. We read about them once in a while...with headlines like: "Man worth billions dies, lived in a one room shack." But even then, I shrug and think that well, that was his chosen lifestyle...Maybe there are those whose final thought is wishing they'd spent more time working.
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"Now, to put a water-cooled engine in the rear and to have a radiator in the front, that's not very intelligent." -Ferry Porsche (PANO, Oct. '73) (I, Paul D. have loved this quote since 1973. It will remain as long as I post here.) |
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05-23-2018, 08:22 PM
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