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Read "The Richest Man in Babylon". It'll take a couple of hours and enhance your life; won't really change it because you are already on the right track......
I will have to check that out! Thanks!
Quote:
Originally Posted by packer43064
The guy had some fun when he was younger. Do you have fun? Hopefully he will "get on the right track" and we won't have to be his mommy and daddy on here anymore.
Yes I enjoyed myself, and I plan on taking all the advice I've been reading on this forum. I am on the right track now that I have a salary position!
Quote:
Originally Posted by CaptainNJ
fun for me is calculating the net present value of future cash flows. just kidding, i have no issue with him having fun when he was in high school. i just said that it remains to be seen whether he is on the right track or not.
Majority of that 12k was due to investing in stock market, I placed around $4,500 mostly tip (bellman) money I was saving and bought around 900/shares of bac the end of 2010. Then i later sold it that spring for like a 60% increase. Then continued working and added more cash played around with alcoa & century aluminum loss a little. Then i ran a red light driving the hotel van and they canned me. =( Then it was senior year and like I said lived it up. Now that i have a real job and my college degree I plan on saving at least 15k this year alone, living at home rent free ect.
Well if my little post seemed snarky enough to warrant a"hatred of my mentality" I do apologize. and thank you to those who ignored my silly little post and just went about answering the original posters question.
Yes, it was. OK, I admit I hate that mentality. I don't hate YOU. There's a difference.
The reason I hate it is because I hate to see people close their minds and resign themselves and their kids to lives of limitation....to work hard all their lives and have nothing to show for it when they're old except a measly Social Security check....And the reason I hate it is because because it doesn't have to be that way 90% of the time.
I have a dear older friend who is in this very situation right now. His 60s could have been so much better if his mind hadn't been so closed to the possibilities. Even if he had invested a modest amount of his income (say, 5%) over the years, his quality of life would be soooo much better now. I tried to tell him over 20 years ago to no avail. And now I see the unfortunate result...an old man in his early 60s, in poor health, living like college student and barely getting by. See, that's what I mean...I think that's sad. I don't want that for you or you family, or anyone really.
Probably 28 or 29, I never tracked my net worth together, my savings separate from my retirement accounts. I crossed 100k on my retirement account at age 29, I paid off most of my debts at age 28 so probably at some point around age 28.
I have never bought a place, so there is no home equity. It is all savings, stocks, or retirement funds, mostly retirement funds.
I crossed $100k in total assets at age 24, but I'm a bad example. It took a lot of work and a savers mentality, but also a few things fell into place by chance. It's important to understand that $100k is just an arbitrary number though. Sticking to your personal financial plan long term is the real challenge.
i think between 401k and savings i prob have around 20k @ age 28
i was broke after college and moved into my own apartment. struggled for quite awhile but things have been better the past few years.
i am on a plan and my CC and car are paid off at the start of June so i am hoping to save more cash.
plus i want to get a better job soon. if by some miracle of god i can save up for a down payment on a house i can stop wasting money renting.
well, one thing to keep in mind is that the majority of people who will tend to read a personal finance forum on the internet are probably people who fall under one or both of the following categories: 1) are good with money 2) make decent money and want to make the most of it.
That is not true of everyone as some come here looking for help because they are bad with money, but I think it applies to a majority of people. Thus, most people posting here will certainly be above average for the country.
I am not comfortable revealing my net worth publicly but will say that avoiding large purchases in consumer electronics and international travel are two big-ticket items to be wary of. What do you all mean by compounding interest in going quickly from 100K to 200K? The Fed has been setting interest rates at 0 for years. My CD accounts are practically generating 0 returns annually.
I do not count home equity because it's too illiquid. I will count unrealized capital gains in stocks since you can sell easily whereas not with a home.
I am not comfortable revealing my net worth publicly but will say that avoiding large purchases in consumer electronics and international travel are two big-ticket items to be wary of. What do you all mean by compounding interest in going quickly from 100K to 200K? The Fed has been setting interest rates at 0 for years. My CD accounts are practically generating 0 returns annually.
I do not count home equity because it's too illiquid. I will count unrealized capital gains in stocks since you can sell easily whereas not with a home.
I think they are talking about the 150% increase in the S&P from 2009 until today. That'll give you a solid boost in your 401k.
I am not comfortable revealing my net worth publicly but will say that avoiding large purchases in consumer electronics and international travel are two big-ticket items to be wary of. What do you all mean by compounding interest in going quickly from 100K to 200K? The Fed has been setting interest rates at 0 for years. My CD accounts are practically generating 0 returns annually.
I do not count home equity because it's too illiquid. I will count unrealized capital gains in stocks since you can sell easily whereas not with a home.
Even when rates are good it would take you awhile to turn 100k into 200k in nothing but CDs and savings accounts. We are getting those kind of returns by continually investing in the market, not CDs
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