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re: I feel like I’ll never get to where I want to be
Posted on 10/29/19 at 12:32 am to GAFF
Posted on 10/29/19 at 12:32 am to GAFF
Try using Personal Capital app or another method to track your net worth. That way you'll also see the accumulation as your 401k grows and debt shrinks. I read a blog post recently that said many people think of their retirement accounts as a black hole where their money just disappears for decades. Seeing those balances grow will motivate you to save/invest more and take advantage of compounding. Aim to pay off debt and max Roth IRAs and 401ks. Eventually the accelerated growth and envisioning financial freedom on the horizon became much more motivating than future purchases. I've been doing that for years on similar income with 2 kids.
1
Posted on 10/29/19 at 1:37 am to TorchtheFlyingTiger
Solid advice.
Investing for retirement is the epitome of delayed gratification. You are sacrificing now for a better life down the road, but that can be hard to keep in sight when the road is 30 years long.
Investing for retirement is the epitome of delayed gratification. You are sacrificing now for a better life down the road, but that can be hard to keep in sight when the road is 30 years long.
Posted on 10/29/19 at 6:52 am to DeathAndTaxes
quote:
but that can be hard to keep in sight when the road is 30 years long
It shouldn’t be, but apparently it is.
Posted on 10/29/19 at 7:41 am to DeathAndTaxes
quote:
Investing for retirement is the epitome of delayed gratification. You are sacrificing now for a better life down the road, but that can be hard to keep in sight when the road is 30 years long.
It’s a balance though. In today’s world are people going to eat rice and beans, skip cocktails out with friends, and drive a 2006 Camry in their 30s in order to sit in their garage and build bird houses from the age of 60 to 90?
Personally, I don’t think so, and that is OK.
Posted on 10/29/19 at 7:52 am to thegreatboudini
quote:
It’s a balance though. In today’s world are people going to eat rice and beans, skip cocktails out with friends, and drive a 2006 Camry in their 30s in order to sit in their garage and build bird houses from the age of 60 to 90?
Agreed. You have to really find the tipping point of where you feel comfortable in your future and how you get to live your life while you are younger and healthier. Everyone's case is different. Reading this board and really taking my finances seriously by looking at every dollar has changed everything for me. My wife and I do well but I always felt we weren't maximizing our money for now and the future. You HAVE TO look at everything. I'm refinancing soon and saving 250 a month on the note because the rates are super low. I got a dependable truck but not new with a high note that will be paid off in just over a year. Thankfully didn't have student loans which is my biggest luck.
Regardless, follow where your money goes, OP. Then listen to the great advice many have given in investing in this thread. They've helped me tremendously just through reading the stickied thread and various others.
Posted on 10/29/19 at 8:05 am to GAFF
quote:
32, wife is 28.
The only thing I would add is that Rome was not built in a day. Patience and steady course. For most people it does not come overnight.
You have a real good income for your age. You need to find ways to make your extra money work for you it what it sounds like to me.
Posted on 10/29/19 at 9:37 am to thegreatboudini
quote:
It’s a balance though. In today’s world are people going to eat rice and beans, skip cocktails out with friends, and drive a 2006 Camry in their 30s in order to sit in their garage and build bird houses from the age of 60 to 90?
Personally, I don’t think so, and that is OK.
As I've said before we save or give 45% of our income, but have never turned down a drink with friends and usually go all out at a restaurant at least once per month.
We also travel within reason. 3-4k per year (we save for this).
What do we give up? We don't spend a lot on clothes, shoes, and entertainment, and we don't have car notes because we really don't care what we drive.
That kind of balance is perfectly fine with me. Oh, and I don't play golf like I used to. Don't hunt or fish. My hobbies are LSU basketball and camping.
This post was edited on 10/29/19 at 9:38 am
Posted on 10/29/19 at 12:08 pm to GAFF
Target a minimum 15% retirement savings
Posted on 10/29/19 at 1:08 pm to thegreatboudini
quote:
are people going to eat rice and beans, skip cocktails out with friends, and drive a 2006 Camry in their 30s in order to sit in their garage and build bird houses from the age of 60 to 90?
OP makes nearly 2.5x median US household income. With discipline he could still maintain a relatively high standard of living even if he maxed 401ks and Roths ($50k). That leaves $100-$120k of income. No need to drive a 2006 POS but the new King Ranch probably isn't feasible every 3-5 years. I'll be enjoying the freedom to work or not as I see fit by mid 40s with plenty of cash to travel etc... Your bird house scenario sounds more like a fool that failed to invest and worked till he was a broken man.
Posted on 10/29/19 at 1:19 pm to TorchtheFlyingTiger
It just comes down to what your goals are. By definition, a dollar can only be consumed once. You either enjoy it today, or you enjoy it down the road. Point is everyone needs to be clear about what they actually want.
Posted on 10/29/19 at 1:28 pm to DeathAndTaxes
Actually, you can either enjoy that dollar today or some multiple of that dollar in the future. Modest sacrifices today enable compounding growth and life changing wealth.
Posted on 10/29/19 at 2:56 pm to TorchtheFlyingTiger
I understand the point you are trying to make, and in practical terms you are correct. But you have to back out inflation, and have to account that because you will spend 30 years without income, each of those dollars support a greater share of your lifestyle.
But yes, you are correct.
But yes, you are correct.
Posted on 10/29/19 at 3:17 pm to DeathAndTaxes
That’s why I always take inflation out of my estimated returns
Posted on 10/30/19 at 9:51 am to GAFF
(no message)
This post was edited on 1/20/20 at 1:21 pm
Posted on 10/30/19 at 4:26 pm to cahoots
I think he’s got it for the 5th wheel to pull his trailer
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