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Old 09-03-2017, 11:57 PM
 
613 posts, read 436,191 times
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1. my 20's, finished college, grad school, got my career start
2. my 30's, got married, had kids, bought our first home, made money but wasn't able to save due to high cost of living plus insane daycare costs
3. my 40's, moved to a new state, changed careers, sold the first home, bought a second home, able to now save max into our 401K (late in the game, sadly).

not sure what my 50s and 60's will hold. hopefully retirement, but also, lots of $$ for college.
anyone else?
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Old 09-05-2017, 06:44 AM
 
2,378 posts, read 1,229,861 times
Reputation: 5341
1) 20's: worked hard at two jobs always and saved at least 35% of my income.

2) 30's got hit with major medical issues, several surgeries, hospitalizations, and had to go through all my savings and retirement money, ended up homeless living under a RR bridge. Late 30s, met my future OH. Got back in my feet. But my OH had just come out of bankruptcy. So we had to start over. Got married to my OH.

3) 40's, at40 my SSDI was finally approved, got us back on our feet built up good credit, saved some.

4) now currently in our 50s, bought our first house for both of us, scrambling to bulk up Savings for retirement. Now working part time as that is all I can handle, and bulking up my SSDI and SS before permanent SS sets in.

5) future 60s, will work hard to pay off house, and save more for retirement, so we can retire in April 2029 for my OH at age 70 and me in 2030 at age 67, my FRA. That's the closest to retiring at the same time that we can do.

Somewhere in 4 and 5 we will pick up at least one retirement house in our chosen retirement location in the South, and after our remaining father's pass, ( one is 89, the other 83), we will go back and forth until it becomes too much for us. Then we will stay south permanently.
We will sell 4 properties in the North and reinvest in Rentals in our chosen retirement location. We should be able to pick up 5-8 Rentals +, update/rehab them, and rent them out, it's part and parcel to our retirement plan.

That's as has happened to now, and future plans. Hopefully it all turns out ok.
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Old 09-05-2017, 04:49 PM
 
Location: South Bay
7,018 posts, read 17,445,048 times
Reputation: 3206
20s - graduated college, got married, worked a few different jobs and bought a house
30s - had kids and moved for a new job. I rent in the new city and rent out my old house.

I can totally relate to OP about saving during my 30s. Living in CA and having kids is tough. I make a good salary and save for retirement, but there isn't a lot of cash leftover at the end of the month. I have RSUs with a large, well performing company though, I just hope I'm not relying too heavily on those for my future.
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Old 09-05-2017, 05:24 PM
 
Location: Grosse Ile Michigan
21,354 posts, read 54,445,579 times
Reputation: 20731
When I was 10, I sold my coin collection and bought a GI Joe.

In my teens we used to wade out into a mucky lake on a golf course and collect golf balls and sell them to passing golfers. I think I may have bought some silk shirts and fancy blue jeans with that money. I got jobs summers and weekends mostly doing farm stuff, and fast food. I bought some illegal fireworks and resold them at a profit. Created and ran some businesses (Clowning, rotor tilling, ran an apple orchard). Worked in a myriad of odd jobs from a circus laborer, to a high school debate coach, to a captain of an excursion boat, janitor, pizza delivery, all kinds of things. I also invested in a nice camera that I later used to be a wedding and other photographer (never made much money doing that). Bought and later sold or scrapped four cars (one was free, one was $250 one was $800 and one was $1000). Oh and I made and sold flavored toothpicks.

In my 20s I had 12 different jobs. Ran some more of my own businesses, got some degrees, moved to California from Michigan, started working as a lawyer, got married. Had two kids (twins). Changed jobs (just a different fir/field, still a lawyer). Went through a few more cars. realized student laon det was impossible to manage with taxes too. Forget saving for a house.

In my 30s I bought a house (selling all of our stock, bonds and life insurance for a down payment, we also found saving while living in So Cal impossible, especially with kids - but we wanted to buy a house while the market was crashed (1996)), bought my first new car, bought my wife a fancy van and paid cash, had a plethora of additional children and became a partner in my law firm. Donated large amounts of money to charity (by my standards). Had a baby daughter need her heart rebuilt ($380,000, but I ended up not having to pay any of it).

In my 40s I broke my income goal of $300K and then some, sold our house for roughly 450 percent more than we bought it, moved back to Michigan, became a millionaire for a few months, donated even larger amounts to charity, moved and restored a historic home, changed jobs, watched my 401K dwindle to about 45% of what it was, watched my home value dwindle to about 35% of what it was, watched my income begin to fall about 20%per year, started some kids in college, teetered on the verge of bankruptcy. Bought an astounding number of beater cars for kids (and for us). Continued restoration of our "new" home.

In my 50s, I continued to watch my income fall about 20% per year. Saw some recovery in my 401K and my house values, changed jobs. Pretty much stopped donating to charity (except a little). Paid off all our unsecured debt. Got surprised a year later to find we had run up new debt. Continued restoration of our "new' home. Got one kid out of college and two more in. (We had four in college at one time). Realized I cannot retire before age 70 unless something miraculous happens. At least my income has stabilized.

Last edited by Coldjensens; 09-05-2017 at 05:47 PM..
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Old 09-05-2017, 05:36 PM
 
Location: Close to an earthquake
881 posts, read 516,239 times
Reputation: 2311
Quote:
Originally Posted by Coldjensens View Post
When I was 10, I sold my coin collection and bought a GI Joe.

In my teens we used to wade out into a mucky lake on a golf course and collect golf balls and sell them to passing golfers. I think I may have bought some silk shirts and fancy blue jeans with that money. I got jobs summers and weekends mostly doing farm stuff, and fast food. I bought some illegal fireworks and resold them at a profit. Created and ran some businesses (Clowning, rotor tilling, ran an apple orchard). Worked in a myriad of odd jobs from a circus laborer, to a high school debate coach, to a captain of an excursion boat, janitor, pizza delivery, all kinds of things. I also invested in a nice camera that I later used to be a wedding and other photographer (never made much money doing that). Bought and later sold or scrapped four cars (one was free, one was $250 one was $800 and one was $1000). Oh and I made and sold flavored toothpicks.

In my 20s I had 12 different jobs. Ran some more of my own businesses, got some degrees, moved to California from Michigan, started working as a lawyer, got married. Had two kids (twins). Changed jobs (just a different fir/field, still a lawyer). Went through a few more cars. realized student laon det was impossible to manage with taxes too. Forget saving for a house.

In my 30s I bought a house (selling all of our stock, bonds and life insurance for a down payment, we also found saving while living in So Cal impossible, especially with kids - but we wanted to buy a house while the market was crashed (1996)), bought my first new car, bought my wife a fancy van and paid cash, had a plethora of additional children and became a partner in my law firm. Donated large amounts of money to charity (by my standards). Had a baby daughter need her heart rebuilt ($380,000, but I ended up not having to pay any of it).

In my 40s I broke my income goal of $300K and then some, sold our house for roughly 450 percent more than we bought it, moved back to Michigan, became a millionaire for a few months, moved and restored a historic home, changed jobs, watched my 401K dwindle to about 45% of what it was, watched my home value dwindle to about 35% of what it was, watched my income begin to fall about 20%per year, started some kids in college, teetered on the verge of bankruptcy. Bought an astounding number of beater cars for kids (and for us). Continued restoration of our "new" home.

In my 50s, I continued to watch my income fall about 20% per year. Saw some recovery in my 401K and my house values, changed jobs. Paid off all our unsecured debt. Got surprised a year later to find we had run up new debt.
Continued restoration of our "new' home. Got one kid out of college and two more in. (We had four in college at one time). Realized I cannot retire before age 70 unless something miraculous happens. At least my income has stabilized.
What a roller coast ride you've been on. Bet you're grateful for your blessings.

Thanks for sharing.
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Old 09-06-2017, 07:17 AM
fzx
 
316 posts, read 303,407 times
Reputation: 190
My boring life so far:


20s: moved to US for education, landed my only job so far in the states, saved like crazy as a single, bought my first condo and sold at $50K loss (life lesson), and bought a house
30s: married my LT boyfriend and have two kids, costs ramped up much faster than income growth as we moved to sub, sold my house with some profit, maxing 401ks and 457k, but not too much saved otherwise for the last two years. American dream (a big house, two big cars, kids minus dogs) is expensive.

Nothing too dramatic so far
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Old 09-06-2017, 10:42 AM
 
Location: Lower East Side, NYC
1,040 posts, read 638,744 times
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20s: Moved to NYC, graduated college on time with $15k in student loan debt, moved from Brooklyn to Manhattan, got my own place, paid off my student loans, have gone through 3 jobs, won an affordable housing unit but it's more expensive than my apartment.

I'm in a better situation that most, paying 50% below market rate enforced by law whilst making top 2% of my income in my age bracket. I still can't buy a place though, which goes to show just how expensive high col areas are housing wise. Still, my other expenses are so much lower than in Chicagoland and I've trumped the housing market rent wise, so I don't care.

Rent is $800/mo right now whilst my friend stays with me, which is fine. I think between the two of us, we're beyond $200k income by a good margin. I'm at a point where i want to save to buy vs spend a lot in rent for short term emotional expectation. I already max my retirement accounts.

At a very good start, lets see if I can keep the moment up when the eventual recession hits over the horizon.
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Old 09-06-2017, 01:30 PM
 
7,980 posts, read 3,762,956 times
Reputation: 14225
It's tough to name just one financial step per decade. I have discrete events that altered my personal finances. College graduation and my first engineering job. Buying a condo before the S&L Meltdown and getting crushed in the down housing market. Getting married. Having a metro-Boston tech startup hit. Getting divorced with divide-by-2 divorce math. Bumping into the whole age discrimination/job stability/outsourcing problem at age 50.

I guess for me, the big change was the age 50 thing where I could no longer lose my job, walk across the street, and get a better job for more money. It changed my perspective. I scaled back my life so I could get to financial independence as quickly as possible. At age 59, my worst case contingency plan isn't awful. If I can keep the high tech wages coming in for another half-dozen years, I'll be able to stop working without any break in lifestyle.
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Old 09-06-2017, 05:47 PM
 
Location: Myrtle Creek, Oregon
9,347 posts, read 9,900,047 times
Reputation: 13741
20s finished college, worked hard, partied hard, spent it all.
30s got married, built first home, ran head on into the Reagan recessions and a divorce, spent most of the decade digging out of the hole.
40s married again, smarter this time. Had built up a down for another home, put in a lot of sweat equity and tripled my money. Started buying mutual funds.

50s first access to a tax deferred savings account, and started contributing. Got into a defined benefit pension plan. Invested in timber and real estate.

60s Took advantage of catch-up provisions to dump $25k/year into tax deferred account, paid off the mortgage, took advantage of a spike in saw log prices to do some logging. Saw the recession coming and doubled my savings by 2010. Continued to build the defined benefit pension until 66, then retired. Worked part time for a couple years, put the max into IRAs and saved the rest.

70 now. Forced to take first RMD. Pension and SS cover annual expenses. Spending an inheritance on real estate upgrades to the home ranch, including a fully handicap accessible bathroom. The wife is starting to have some mobility problems, and one more year at home will return the whole cost of the bathroom remodel. Prepping for old age while we are still young enough to do it. Moved investments to a lower return, stable allocation, where they will stay until the economy takes a dump again. About half my savings in deferred comp, half in a brokerage account, plus an unknown quantity in standing timber, which is a commodity that only puts on 4% a year in volume. Most times logging it costs about what it is worth, leaving no return, but Harvey and Irene may spike prices 300% and make it a nice windfall. I won't know until about 2020.
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Old 09-06-2017, 07:07 PM
 
Location: Portal to the Pacific
4,078 posts, read 3,823,398 times
Reputation: 4378
Can't say my decades have been all that exciting or deviant from the norm: college, marriage, kids, home...
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