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Just reading the comments puts me right back on my finical plan to wealthy options and enjoy the process and life. After reading the comments, i will keep my mouth close to family/friends unless they ask my personal opinion. No sense in my sharing advice unless ask for it.
I like everything you said. And this helps me get back on track..
Good
Quote:
Originally Posted by darrell2525
Working because you want to & working because you need to are 2 completely different worlds. I like this part.
It is the truth. I have seen it first hand with older friends who lost good paying employment in their 50s. Not a pretty picture. Not gonna be me if I can help it
If you think that's the case, you're only fooling yourself. You need to pick up a newspaper, look around, go for a walk, or even take a class. You'll quickly learn that many people live beyond their means and retirement savings is a serious problem.
I think stoutboy was being sarcastic with that comment.
I think I explained it very clearly why mass "saving for the future" within framework of the consumer capitalism would result in a major economic disaster immediately. Once that disaster strikes, you'll have nothing to "save for the future". So be grateful, non-savers keep the circus running. .
That's ridiculous. It woulc only cause a crash if everyone went crazy frual all at once. That's very unlikely. If we graduatlly saved more...say the savings rate went from 4% to 15% over a decade....then the economy would gradually adjust.
I may make sacrifices NOW for a few years in the beginning of my life. But once you reach let's say 100k in savings, then the money game starts.
Yep, I noticed the same thing when I hit 100K in retirement funds. Once I hit this point, saving more didn't really get me that much more. I still had to maintain that same monthly dollar amount....but I'd have to save a huge amount of extra money every month to make a big difference at retirement age.
Of course, it depends on your age, too. Hitting 100K at 30 is different than hitting it at 40, etc.
Yep, I noticed the same thing when I hit 100K in retirement funds. Once I hit this point, saving more didn't really get me that much more. I still had to maintain that same monthly dollar amount....but I'd have to save a huge amount of extra money every month to make a big difference at retirement age.
Of course, it depends on your age, too. Hitting 100K at 30 is different than hitting it at 40, etc.
What do you mean? $100k saved at 8% interest for 40 years will be $2.1 million. $150k saved will result in $3.2 million. An extra $50k will result in a difference of $1 million.
Good post, i'm a little older than you (48) and kind of think along the same lines in respect to what I've saved already and not touching it. I hope to stop working in 14 years with enough dough to to fund me and wifey to the tune of 95k/year for rest of our lives.
Yep...my goal is 55 with a higher standard of living than when I was working. Part of that is because, in theory, I'll be able to collect a public sector pension, but even if that completely falls through, I should still be able to retire at 55 or 56 with the same standard of living I have now.
Just reading the comments puts me right back on my finical plan to wealthy options and enjoy the process and life. After reading the comments, i will keep my mouth close to family/friends unless they ask my personal opinion. No sense in my sharing advice unless ask for it.
I will stay the course.
This is a good (and entertaining) web site to keep you motivated:
It is the truth. I have seen it first hand with older friends who lost good paying employment in their 50s. Not a pretty picture. Not gonna be me if I can help it
This is sad and fear. Makes me wanna be to happy to save and increase my saving rate by a few percent. You just never know.
What about a brick falling on somebody' head tomorrow? What about having realistic estimates of one's longevity? What about irrationality of the blind faith in stock market and other speculative money instruments you have neither control of nor clue? Why you all so damn sure that 401k etc. would pay anything in 30 years, the time when mankind would have to face multitude of the issues that might make your paper investments worthless? It happens all the time in other countries, btw. Or, why you are so sure that the future generations will take care of you just because you have some fancy piece of paper or a record in somebody' computer? If there is 1 young worker to every 2 old farts that may drastically affect values of the fortunes you saved. Those are not trivial issues to consider.
Let's assume that everybody saves and invests thus cutting consumption of other things to buy sorta insurance against misery of old age in America. It would immediately lead to a major economic slump if not recession. For the economy to recover after mass spike in savings, all those investments should generate sizable returns. How? Who'll be a buyer of those magic things you invested your money in since everybody saves every extra penny? For more than 20 years Japanese economy cannot recover after mass spike in savings.
OK, let's assume every wage stiff invests in stock speculations as big boys do. The definition of stock market - losers pay for winner' profits. It's not a win-win by far. Thus, 401k are picking up steam, everybody and his dog saves and invests, that means one thing - somebody's gotta lose. Somebody' hard work and savings will be wiped out, and it especially hurts if that somebody is a real work stiff who works way too hard for his money. Your 401k is relative secure only and only because of non savers and non investors. Instead of patting yourself on a back if not feeling superior about yourself, you should worship a non-saver, he keeps the show running (not you), you owe all your potential fortunes to the non savers. Take them out and you'll see how little your savings mean and protect.
be quiet before they hear you!!!! be very very quiet. lol
Good advice and comments(in my low voice"
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be quiet before they hear you!!!! be very very quiet. lol
