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Now you're living the life that I aim for, a nice passive income, no bad debt, traveling.
Also you're obviously not taxed on W2 income (highest taxed). At $120k passive income you're in the sweet spot, meaning deductions don't get phased out, and with the right type of income. To achieve that kind of passive income I have to build more wealth and invest it well, a tough nut to crack (especially in a short time span).
doesn't seem too hard to hit though :S using a 4% rule, its a little over $3m invested, starting in your 20s and investing about $30k a year, you can hit that in your 50s... add in pensions/annuities and well, it's even easier :S
just maxing out the 401k each year would get you to that by 65 if you invested in a good fund and didn't keep altering it... then delay taking social security until 70 for max benefits... Sure some may not want to work until 65, but even retiring in their 50s is possible if they got started investing right out of college
the hardest part would be trying to shorten the time span of investing to under age 50... sure some people do it like mr money mustache, but that might not be a life for everyone. But having a decent investment by age 50-60 isn't that bad either.
with how easy it is to invest in stocks/real estate these days, it is a lot easier to retire than past generations to me where investments were largely for people with money already backing them
You say $10m... So... answer the question. How would you like it if you accumulated $5m on your way to your $10m goal then government deemed
you don't need that much money
and took a chunk setting you back on your goal. Then a bunch of low information, low education dependents cheered them on while government took your money.
Would you support wealth grab saying you don't need the money?
Not everyone has a 30 year timespan to build their retirement fund and by taking more of their income you are hurting their ability to catch up.
Do you not understand what a strawman is? You are creating a new topic to argue that has nothing to do with the current topic.
Do you not understand what a strawman is? You are creating a new topic to argue that has nothing to do with the current topic.
THANK YOU!!
This has nothing to do with the OP's question. If you want to argue how "The Gubment" is coming to take your hard earned dollars, go to the Politics forum and complain there.
Do you not understand what a strawman is? You are creating a new topic to argue that has nothing to do with the current topic.
LOL yea because everyone would rather bit*ch about needing to make more money and then if they do they'll gladly hand it over. You are taking care of you, let them stay stupid and poor because we don't want to talk about it.
This has nothing to do with the OP's question. If you want to argue how "The Gubment" is coming to take your hard earned dollars, go to the Politics forum and complain there.
Yea because government taking your money has nothing to do with OP's question right? Wow! Keep spinning and treading the hamster wheel and getting nowhere if you want then.
LOL yea because everyone would rather bit*ch about needing to make more money and then if they do they'll gladly hand it over. You are taking care of you, let them stay stupid and poor because we don't want to talk about it.
for as long as I have been working , 40 years now I couldn't give a darn about politics .
no matter what party is in office , every day I put my pants on , go to work and provide for my family. nothing has changed regardless of who is in office .
I am responsible myself for meeting goals and playing the cards I am dealt.
my view of politics is democrats are morons with no ideas , and republicans are morons with bad ideas.
you can search all my thousands of posts and never see a political reference one way or another. I just do not care when it comes to effecting my plans or playing the blame game .
No longer the case.
It really depends on the field. When one is actually working for the government, directly or indirectly, things change a bit. In private industry, of course, this is less so, unless it is mainly contracting for government work.
And some government jobs are much more stable than others.
Yet you refuse to answer the question. Why, because you know I am right, you would be p*ssed and don't want to admit it.
As I said, I and many other people don't have the time line of 30 years like you do, even government acknowledges this by allowing a small increase in contribution to 401K's (the catch up contribution) but it doesn't make much difference when taking our ability to put aside by taking a higher percentage of the additional money we make.
Most people make more in their later years than in their younger years. Even though bot are good... it is far better to make $100k for 30 years than it is to make $300k for 10 years. A lot of young don't have the foresight or ability to put aside while young because they are just starting out and need many things, when they are making more in their older years, since they make more gov takes more, continuing to make it hard to put money aside.
You're obviously "luckier" than most young people, actually we are both luckier than a lot of people but you can't see outside your world.
Yet you refuse to answer the question. Why, because you know I am right, you would be p*ssed and don't want to admit it.
I'm not refusing to answer the question because you are right or wrong but rather you are creating an argument in which no one was discussing soley for the purpose of distracting from the actual topic.
Quote:
As I said, I and many other people don't have the time line of 30 years like you do, even government acknowledges this by allowing a small increase in contribution to 401K's but it doesn't make much difference when taking our ability to put aside by taking more of what we make.
Well that's either poor planning, poor earnings or a combination there of that got you to the point you are at
Quote:
Also most people make more in their later years than in their younger years. A lot of young don't have the foresight or ability to put aside while young because they are just starting out, when they are making more in their older years, since they make more gov takes more, continuing to make it hard to put money aside.
And? That's not impactful to my plan. If your number be it annual savings or total goals are different that's fine because they are your goals not mine
Quote:
You're obviously "luckier" than most young people and can't see outside your world
How on earth would you know of I was lucky or not? I can see outside my own world clearly but that doesn't change the basis for my situation or goals. I've spent more than a decade and a half working at the same company and while there always could be some luck associated with timing of events I assure you I'm not where I am by luck
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