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re: What retirement savings balance is your goal, and by what age?
Posted on 1/2/21 at 1:37 pm to baseballmind1212
Posted on 1/2/21 at 1:37 pm to baseballmind1212
There seem to be a lot of people that are astonished by some of the successes on here. I don't think people are bragging to people they don't know as much as they are trying to help plant the bug. If you are not as fortunate, pay attention.
Assumptions: You plan to have more money later in life than you do currently. Don't live outside your means. Don't try to keep up with the Jones and portray yourself as someone you are not.
Step 1: Never invest money you can't afford to lose, would it suck (YES), but wouldn't effect your ability to pay bills.
Step 2: The earlier the better, time and compounding is key.
Step 3: Maximize your input into your retirement accounts, ROTH accounts would be preferred.
Step 4: Be aggressive, very aggressive. Take chances, nobody ever got rich earning 1% in a savings account.
Step 5: Work your arse off to get things moving as soon as possible.
Step 6: Parlay real estate investments into bigger and better properties. Timing and location are everything.
Bonus info: Divorces and child support will surely wreck the best laid plan, pick your spouse accordingly. lol.
Assumptions: You plan to have more money later in life than you do currently. Don't live outside your means. Don't try to keep up with the Jones and portray yourself as someone you are not.
Step 1: Never invest money you can't afford to lose, would it suck (YES), but wouldn't effect your ability to pay bills.
Step 2: The earlier the better, time and compounding is key.
Step 3: Maximize your input into your retirement accounts, ROTH accounts would be preferred.
Step 4: Be aggressive, very aggressive. Take chances, nobody ever got rich earning 1% in a savings account.
Step 5: Work your arse off to get things moving as soon as possible.
Step 6: Parlay real estate investments into bigger and better properties. Timing and location are everything.
Bonus info: Divorces and child support will surely wreck the best laid plan, pick your spouse accordingly. lol.
0
Posted on 1/2/21 at 3:33 pm to FinleyStreet
quote:
No way I can keep doing this shite
what shite?
quote:
No way I can keep doing this shite until I'm in my 60s.
what are you now? 35? over 40?
Posted on 1/2/21 at 3:44 pm to Grinder
Once I hit 4mln I will probably roll out or switch to part time should make it by 55 easily.
Posted on 1/2/21 at 4:07 pm to oneg8rh8r
quote:
what did you do?
Cried silently inside
quote:
do nothing and simply let it ride
This^
quote:
did you adjust your 401k contributions, etc.
No
quote:
My one regret was I had 30K in cash and wanted to pull the trigger on PENN at $4.5 and chicken out. I AM WHAT THEY CALL WRONG.
And if it was 1955 and I had a 2000 sports almanac, I would be rich. You can't 2nd guess yourself. I've passed on many things that went up and up, and also many that went down and down.
Posted on 1/2/21 at 4:07 pm to AUCE05
quote:
I dont know why there is a bunch of you salty in here. All numbers posted seem feasible. The OP wanted a feel for where he is at. Maxing a 401k early and investing in stocks one can easily have 5-6 MM at 59.5. This info needs to be posted so young guys understand compounding interest.
This.
If you are disciplined and make a decent (not even great) income you can retire very comfortably if you start early enough.
I plan to be FatFIRE by my early/mid 50s and that's with pretty conservative assumptions for market performance.
Posted on 1/2/21 at 4:22 pm to JohnnyKilroy
There are a huge range of personalities when it comes to investing.
I have a brother-in-law that thinks that if you do anything with your money other than stick it in a bank you are a fool. If this is your mind set, you will probably work until you die and will never retire and probably be behind the eight ball for life.
Some people are ecstatic earning 18% in a mutual fund in a year. If you are in this boat, you will probably retire in your late 60's and life a comfortable life assuming you stick to that plan.
I ain't either of those. If you are hoping to retire prior to that you have to be smart, get educated on money and make your success.
Most people with a large amount of money already know that you can't possibly earn as much as your money will make you once it starts to get rolling. Regardless of income, it is all relative.
I have a brother-in-law that thinks that if you do anything with your money other than stick it in a bank you are a fool. If this is your mind set, you will probably work until you die and will never retire and probably be behind the eight ball for life.
Some people are ecstatic earning 18% in a mutual fund in a year. If you are in this boat, you will probably retire in your late 60's and life a comfortable life assuming you stick to that plan.
I ain't either of those. If you are hoping to retire prior to that you have to be smart, get educated on money and make your success.
Most people with a large amount of money already know that you can't possibly earn as much as your money will make you once it starts to get rolling. Regardless of income, it is all relative.
This post was edited on 1/2/21 at 4:24 pm
Posted on 1/2/21 at 4:29 pm to Grinder
$5MM liquid
No debt - no mortgage
Investment income $10K monthly
Plus - the wife’s monies can sit and grow until 70.5 RMD’s take affect.
No debt - no mortgage
Investment income $10K monthly
Plus - the wife’s monies can sit and grow until 70.5 RMD’s take affect.
Posted on 1/2/21 at 4:30 pm to oneg8rh8r
quote:
Some people are ecstatic earning 18% in a mutual fund in a year. If you are in this boat, you will probably retire in your late 60's and life a comfortable life assuming you stick to that plan.
Ehh.
I'm ecstatic with that and I'll be able to retire in my mid 40s if I so desired assuming historical AVERAGE market performance over the next 15 years. I want my retirement to be nicer than that so I'll almost certainly stay in the game for 10 years or so after I hit my FI number.
Depends on what you do. If you are a median or near median income earning household, investing what you can in solid, diverse mutual funds can lead you to a comfortable retirement, but probably not an early retirement.
If you are a high earner and you can follow the same plan and retire much earlier assuming you are dumping 30+% of your take home into investments.
This post was edited on 1/2/21 at 4:46 pm
Posted on 1/2/21 at 4:47 pm to JohnnyKilroy
I hope everyone has financial success, but as you know it doesn't come easy.
Covid 19 will do more to widen the gap between people in different financial brackets than anything. Of the people I knew, the ones with great jobs could simply do them from home and kept on keeping on, if fact most saved money by not traveling to work, having to find daycare for kids, etc..... Those with lesser jobs either lost them had or had hours cut and forced some to pull money out of savings just to survive.
The financial market plummet in March put some people in the poor house and others on easy street. Because, unfortunately, many had money invested they really couldn't afford to lose and started withdrawls.
Covid 19 will do more to widen the gap between people in different financial brackets than anything. Of the people I knew, the ones with great jobs could simply do them from home and kept on keeping on, if fact most saved money by not traveling to work, having to find daycare for kids, etc..... Those with lesser jobs either lost them had or had hours cut and forced some to pull money out of savings just to survive.
The financial market plummet in March put some people in the poor house and others on easy street. Because, unfortunately, many had money invested they really couldn't afford to lose and started withdrawls.
Posted on 1/2/21 at 5:18 pm to Fat Bastard
quote:
what shite?
Accounting/Finance. I hate it.
quote:
what are you now? 35? over 40?
38
Posted on 1/2/21 at 5:26 pm to oneg8rh8r
quote:You realize if you could get 18% annualized returns each year, anyone in the thread could probably retire by 50. Even half of that over the course of an entire investment career would be absolutely outstanding and lead to retiring before late 60s.
Some people are ecstatic earning 18% in a mutual fund in a year. If you are in this boat, you will probably retire in your late 60's and life a comfortable life assuming you stick to that plan.
Posted on 1/2/21 at 5:46 pm to cgrand
quote:
I do too (and thanks!) but Alzheimer’s haunts my family on both sides. Like anything else it’s part of my risk assessment
It’s a matter of, quite literally, that I likely can’t “take it with me”.
not to be morbid but my wife has strict instructions on what to do when/if it happens. Until then I intend to live large away from home and live miserly at home. This years returns have made a major improvement to my progress
I feel for you, dude, my family has it really bad on one side, talking early onset mid-to-late 40's. Took a grandmother, then my mom and her only sibling way too young. That was one reason I left a high stress job making really good money at 47, which was a few years after my mom passed. Went to a neurologist, and he said do you really want to do these tests as we can't really do anything about severe early onset any way. So I left without doing the scans, but was fine on the memory tests. A first cousin died last year, the first male I'm aware of, from a heart attack but showed immense brain damage from ALZ, too, so it could affect me too. People on here that don't think $3.5M in current dollars at 55 now, say half in taxable and half in retirement, have little to no debt, and are married with 2 future SSI and perhaps a small pension need to revisit their outlooks. That's why we finally got the F out of ATL a few months for better quality of current life.
Posted on 1/2/21 at 5:58 pm to indytiger
quote:
Anybody else think they are doing good, just to come read the MT and get depressed?
This is the ot on steroids. No debt, everyone is a millionaire and pays cash for everything. Add on top of that, each poster will be retired by 55
If you actually believe any of this shite you need your head checked.
Just put up as much as you can and live life. Everything usually works out like it should plus or minus a few ups and downs that show up in LIFE.
Posted on 1/2/21 at 6:08 pm to WHATDOINO
quote:
No debt
That’s definitely not the MT
Posted on 1/2/21 at 6:09 pm to oneg8rh8r
quote:
Some people are ecstatic earning 18% in a mutual fund in a year.
You act like that isn't a moon shot.
Posted on 1/2/21 at 6:12 pm to JohnnyKilroy
I may have went a little overboard with description but all in all its just like everything else.
Some on here have it for sure, some surely are full of shite.
Question is, who to listen to?
Some on here have it for sure, some surely are full of shite.
Question is, who to listen to?
Posted on 1/2/21 at 6:16 pm to WHATDOINO
quote:Having zero debt is a financial disservice to yourself. There has never been a time in history where a bank will give you money for 2.5% interest for a home, in which you can use the money you would have otherwise spent on that to invest and get 10+% returns in todays market.
No debt
quote:Also doing yourself a financial disservice by hurting your credit score and not reaping the benefits of rewards programs.
pays cash for everything.
Posted on 1/2/21 at 6:32 pm to WHATDOINO
Posters on the MTB don’t have incentive to lie. It’s definitely a self selection of a unique slice of financial savvy individuals so the skews seem off.
Personally, I love reading about the success stories especially when a poster shared how it was achieved.
Personally, I love reading about the success stories especially when a poster shared how it was achieved.
Posted on 1/2/21 at 6:45 pm to lynxcat
quote:
Personally, I love reading about the success stories especially when a poster shared how it was achieved.
Agreed. Are some numbers inflated here? Probably a little. But people who want to make money should pay attention to and learn from people who also make money. It’s literally how the rich get richer and Joe Public is working spinning his wheels until he’s 68. If you can glean one piece of information from a poster here and there that shaves 6 months off your working years isn’t that all worth it?
Posted on 1/2/21 at 6:50 pm to TigerTatorTots
A fixed rate of 2.25% is almost free money.
Different situations require different origination fees and this will have an impact but for the most part, if you are above the low 3%. You could and should do better.
If you have plans to keep the home forever and have equity in it, I'd think about pulling it out. Having equity in a home is like having cash in a glass jag buried in the back yard. The home will appreciate or depreciate regardless of the equity in it. Not using that equity to get ahead while borrowing at 2.25%, doesn't make a whole lot of $ense.
Once again, I am not sticking my money in a savings account at .75% / yr.
Different situations require different origination fees and this will have an impact but for the most part, if you are above the low 3%. You could and should do better.
If you have plans to keep the home forever and have equity in it, I'd think about pulling it out. Having equity in a home is like having cash in a glass jag buried in the back yard. The home will appreciate or depreciate regardless of the equity in it. Not using that equity to get ahead while borrowing at 2.25%, doesn't make a whole lot of $ense.
Once again, I am not sticking my money in a savings account at .75% / yr.
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