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re: What are your goals?
Posted on 2/5/13 at 6:02 pm to tirebiter
Posted on 2/5/13 at 6:02 pm to tirebiter
quote:
And those that are making big money in the oil and tech industries have no one but themselves to blame if they aren't well ahead of the game.
not really. define big money. Not everybody regardless of education or training has experience and starts out making a killing just because it is tech or O&G.
plenty factors that change things. So many here think it is guaranteed to get a great salary from say e.g. 25 to 65 with no problems in their life like job loss, medical hardships, debts accrued, among other problems. All those things can knock your dick in the dirt for years. It can take years just to get back where you were depending on the severity of those problems.
I will work at least part time until i am in my 70's regardless how much money i have or how little. My big issue is retiring then draining all that jack i busted my arse for over decades.
I will just pass it on for the betterment of my family. and yes, I am setting up for some nice passive income when i am older because plenty of us will not have Socialist Insecurity.
1
Posted on 2/5/13 at 8:04 pm to Fat Bastard
I'd say an undergrad PE making $90k out of college going to work for a company with great bennies would have to frick up royally to not run circles financially around those from run of the mill disciplines/Gen studies. Probably making close to $150k in 5-7 yrs. Good tech people that have high demand skills make a very good living.
I know the health thing, I lived it last year, but knowing we are financially secure and have great health insurance made a scary situation much more bearable.
That's the thing, saving and investing throughout your life, in good times and bad, puts those that follow through much further ahead and affords them options that others will not have. All the boomers with less than $50k in retirement accounts now----and some of them made a shite ton of $ over their careers----would did they do other than spend it?
ETA - when I was at LSU during the oil bust many friends earning PE degrees were jobless and went back to school for other engineering opps or computer science degrees, O&G can certainly be cyclical.
I know the health thing, I lived it last year, but knowing we are financially secure and have great health insurance made a scary situation much more bearable.
That's the thing, saving and investing throughout your life, in good times and bad, puts those that follow through much further ahead and affords them options that others will not have. All the boomers with less than $50k in retirement accounts now----and some of them made a shite ton of $ over their careers----would did they do other than spend it?
ETA - when I was at LSU during the oil bust many friends earning PE degrees were jobless and went back to school for other engineering opps or computer science degrees, O&G can certainly be cyclical.
This post was edited on 2/5/13 at 8:08 pm
Posted on 2/5/13 at 11:38 pm to tirebiter
quote:
O&G can certainly be cyclical.
Extremely!
I have pretty much decided that I am going to work as much as I can absolutely stand it for 2-4 years and sock away as much $ as I can. Then evaluate my situation and either try to get who ever I am working for to pay for me to go back to school and try to climb the ranks of upper management or open my own company. Thats the plan for now at least, always on the look out for a sugar momma . Only thing I know for sure is I want land and lots of it.
Posted on 2/6/13 at 2:14 am to GREENHEAD22
quote:
work as much as I can absolutely stand it for 2-4 years and sock away as much $ as I can
Have thought about doing this.
quote:
look out for a sugar momma
yep
quote:
Only thing I know for sure is I want land and lots of it.
This is ultimately my goal
Posted on 2/6/13 at 3:16 am to Zach
quote:
There is an innate attraction toward water. The seed in my mind got planted when I visited an old aunt who lived on a lake in Miss. I was only 9 years old but that vision stuck in my mind.
I finally got to build a house on a lake when I was 40. I modeled my home after my memory of her design. I'm typing this post looking out of the second floor window of my home office as the sun sets in the west over the lake. My view is framed by dozens of 100 year old pines.
There is no wind. They are perfectly still. My dogs are downstairs sleeping off a huge snack that Daddy just gave them. Goals are good. Even if it takes a lot of time.
If you want to live like a playboy til you die then yes you need millions. The bulk of my income now goes to my kids, house and toys. All three will be gone or paid for when I retire.
After this thread I calculated what I would have when I retire if I keep everything the same as it is now. I think I will have plenty of money to retire on.
Posted on 2/6/13 at 5:01 am to jimbeam
put back 15% into my 401K
pay my bills
buy my kids stuff
take my kids on vacation each year
try not to worry about money all the time
try to give my wife and my kids whatever it is thay want to make their life confortable.
dad I wonder if you're proud of me, he would stop right there and say its okay not to make a million just be proud to be working and providing for the ones you love and putting food on the table.
something to be proud of
my grandmother saved her whole life and in the end it paid for in home sitters and nursing home when she couldn't even remember who she or anyone else was. I want to enjoy my life as much as I can and hopefully die before becoming a burden to my kids.
pay my bills
buy my kids stuff
take my kids on vacation each year
try not to worry about money all the time
try to give my wife and my kids whatever it is thay want to make their life confortable.
dad I wonder if you're proud of me, he would stop right there and say its okay not to make a million just be proud to be working and providing for the ones you love and putting food on the table.
something to be proud of
my grandmother saved her whole life and in the end it paid for in home sitters and nursing home when she couldn't even remember who she or anyone else was. I want to enjoy my life as much as I can and hopefully die before becoming a burden to my kids.
This post was edited on 2/6/13 at 5:17 am
Posted on 2/6/13 at 7:49 am to bulldog95
quote:
put back 15% into my 401K
pay my bills
buy my kids stuff
take my kids on vacation each year
try not to worry about money all the time
THAT is an awesome plan.
My kids are grown now, Brad - but, you know what? I never sit around and say, "Man, I wish we hadn't gone to Disney and spent so much money." Quite, the contrary, I wish we had done more. Spend money on yourself and experiences, rather than buying things is the key to a happy life.
And that's all anybody really needs...
Posted on 2/6/13 at 12:13 pm to Ace Midnight
Yeah i try to do stuff for my kids. I missed a ton with my oldest trying to do right by my 2 youngest.
Posted on 2/6/13 at 12:33 pm to bulldog95
quote:
my grandmother saved her whole life and in the end it paid for in home sitters and nursing home when she couldn't even remember who she or anyone else was. I want to enjoy my life as much as I can and hopefully die before becoming a burden to my kids.
Sounds like she wasn't a financial burden to her kids.
Posted on 2/6/13 at 12:53 pm to AngryBeavers
Well the government pays for the nursing home but only after you're out of money so most people hide it
Posted on 2/6/13 at 1:29 pm to jimbeam
quote:
Are you planning to retire rich?
No.
quote:
Early?
No, but I will be scaling back my work by my mid 50's. My wife will fully retire in her mid 50's but I genuinely like what I do.
quote:
Be able to travel once retired?
Yes, the reason for slowing down my work. Travel is what I love to do and I don't intend to wait until age 65 to do it. We take extended trips; as in 3 months at a time in a truck camper.
quote:
Open your own business?
Already have that.
quote:
With that said, when saving at high amounts, what kind of lifestyle do you live?
Extremely frugal when I was young. Drive the cars til the wheels fall off is probably the most important. Now we're more willing to splurge on things we really want (like a good telephoto lens) but still live pretty cheaply.
quote:
Do you think it's worth sacrificing now for much better down the road?
I think it has been. Several relatives live paycheck to paycheck and I can't imagine that.
Posted on 2/6/13 at 1:34 pm to Tigris
Posted on 2/6/13 at 4:49 pm to jimbeam
Net worth one million by today's standards, excluding IRA
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