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Old 04-26-2014, 05:53 AM
 
29,782 posts, read 34,871,258 times
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Quote:
Originally Posted by TwoByFour View Post
The son of our good friends is in college. He saves every penny he earns and invests it. The guy spends hours on the stock market and has done pretty well at it. If he keeps it up I am sure he will be wealthy at some point. But, on the flip side, I never see him going out and having fun, spending money, whatever.

At his age I did not save and spent a lot of time having fun. At this point in my life we are fine - not rich but not struggling either in our retirement, in fact not even close. All in all, I think I prefer the path I took rather than what I see our friend's son doing. I have a lot of good memories from my 20's, 30's, and none of those had anything to do with money.

Saving is good, but it is too bad if young people cannot just be carefree young and not worry about retirement savings.
And may your memories of your 60's and 70's and beyond be just as good.
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Old 04-26-2014, 07:38 AM
 
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
22,585 posts, read 39,962,822 times
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Quote:
Originally Posted by Longford View Post
How many 30 year olds are participating on this particular forum?
probably more 15 yr olds than 30 yr olds (as evidenced by some conversations).


Age 30 is a bit late to be doing this planning (often strapped with new kids, new house, new cars, and new job)

Age 15 is a better time to learn the suggested advice. Life would be much ezr at age 30 (and 60) should you learn this at age 15.

Just give your 12 - 15 yr old friends and family your worn out copy of "The Wealthy Barber"

or... for brevity... (Tho I prefer the book...)
5 essential money lessons from The Wealthy Barber Returns - Canadian Living

1. You have to remove temptation triggers

2. Banks are a business


3. Credit cards are evil, even if you don't carry a balance

4. You can't have everything you want

5. Save when the saving's good

... Life happens, and money might not come as easily down the road. A divorce, a bad investment return, a job loss or an illness can leave you financially crippled if you haven't planned ahead.
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Old 04-26-2014, 11:48 AM
 
Location: SoCal desert
8,093 posts, read 13,234,579 times
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Quote:
Originally Posted by TwoByFour View Post
The son of our good friends is in college. He saves every penny he earns and invests it. The guy spends hours on the stock market and has done pretty well at it. If he keeps it up I am sure he will be wealthy at some point. But, on the flip side, I never see him going out and having fun, spending money, whatever.

He may consider spending hours on the stock market as fun.
He may not consider going out and spending money as fun.
Everyone has their own 'thing'.
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Old 04-26-2014, 12:14 PM
 
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
22,585 posts, read 39,962,822 times
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Quote:
Originally Posted by Gandalara View Post
He may consider spending hours on the stock market as fun.
He may not consider going out and spending money as fun.
Everyone has their own 'thing'.
One of mine... just quit a GREAT finance job to do just that... (Spend more time on markets and more time on fun).

He has been running his Self directed IRA since age 12, and got 1000% return on his college loan money (which he consolidated loan balance for 20 yrs at 2.7%). He has written some powerful and ez tracking software (actually just a bunch of VB excel routines). He spends about 10 hrs / week trading, the rest of the week for fun. He is not yet 30, and has 'retired' a couple times. Sabbaticals lead to interesting opportunities which you are less likely to find while WORKING.

so... I will live retirement vicariously through my kids (again), who are far more sensible than me.

They know Work/life balance, and wise (and fortunate) investing.

Again, the sooner you learn this stuff the sooner you 'retire' / have the freedom to choose not to work.

Retire early, retire often..
For some that also means save early and save often. Others are lucky.
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Old 04-26-2014, 02:00 PM
 
Location: Haiku
4,082 posts, read 2,576,815 times
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Quote:
Originally Posted by Gandalara View Post
He may consider spending hours on the stock market as fun.
He may not consider going out and spending money as fun.
Everyone has their own 'thing'.
Very true.

My point is that if a 22-year-old is spending all his time at the stock market because of worrying about being able to retire at 60, there is something wrong with our society. But if this is a person's idea of fun, certainly no harm in that.
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Old 04-26-2014, 02:56 PM
 
29,782 posts, read 34,871,258 times
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Quote:
Originally Posted by TwoByFour View Post
Very true.

My point is that if a 22-year-old is spending all his time at the stock market because of worrying about being able to retire at 60, there is something wrong with our society. But if this is a person's idea of fun, certainly no harm in that.
Sorta like spending your college years in the dorm studying and mastering a very hard major that is sought out by employers. Yikes then going right to work right after college and then spending time in the market. Typical loser millionaire at 30 driving a BMW with woman bugging him to go on his next Caribbean trip. Loser will probably marry at 32 and retire at 40 to waste decades away not having the days of his 20's to think about at 60.
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Old 04-26-2014, 07:34 PM
 
Location: Haiku
4,082 posts, read 2,576,815 times
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Quote:
Originally Posted by TuborgP View Post
Sorta like spending your college years in the dorm studying and mastering a very hard major that is sought out by employers. Yikes then going right to work right after college and then spending time in the market. Typical loser millionaire at 30 driving a BMW with woman bugging him to go on his next Caribbean trip. Loser will probably marry at 32 and retire at 40 to waste decades away not having the days of his 20's to think about at 60.
No, not sorta like at all. Either your reading comprehension is off, or your ability to form a simile is off.

Last edited by TwoByFour; 04-26-2014 at 08:14 PM..
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Old 04-26-2014, 09:03 PM
 
29,782 posts, read 34,871,258 times
Reputation: 11705
Quote:
Originally Posted by TwoByFour View Post
No, not sorta like at all. Either your reading comprehension is off, or your ability to form a simile is off.
Or to add part of a picture with another possible part. Probably reflects a difference in our perspectives which is good. It was life after college and one possibility I was creating. I have to assume you see another, however many a young person has followed that path. It takes all sorts to collectively make a society.
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Old 04-26-2014, 09:20 PM
 
Location: Los Angeles area
14,018 posts, read 17,740,386 times
Reputation: 32304
Quote:
Originally Posted by StealthRabbit View Post
One of mine... just quit a GREAT finance job to do just that... (Spend more time on markets and more time on fun).

He has been running his Self directed IRA since age 12, and got 1000% return on his college loan money (which he consolidated loan balance for 20 yrs at 2.7%). He has written some powerful and ez tracking software (actually just a bunch of VB excel routines). He spends about 10 hrs / week trading, the rest of the week for fun. He is not yet 30, and has 'retired' a couple times. Sabbaticals lead to interesting opportunities which you are less likely to find while WORKING.

so... I will live retirement vicariously through my kids (again), who are far more sensible than me.

They know Work/life balance, and wise (and fortunate) investing.

Again, the sooner you learn this stuff the sooner you 'retire' / have the freedom to choose not to work.

Retire early, retire often.. For some that also means save early and save often. Others are lucky.
Oh my God! Not only does poster Stealth Rabbit leap tall buildings with a single bound, he has a son who also does so! Either this is a family with incredibly superior genes or we have a bit of fairy tale fantasy at play. I'll let long-time readers of the Retirement Forum decide which.
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Old 04-26-2014, 09:43 PM
 
5,090 posts, read 13,548,911 times
Reputation: 6928
I would say think about all that you spend today is also spend through the future and all through your life.

I will give you an example. If you go to a store and buy a $1 coke, you then loose the investment potential of that $1 for the rest of your life as you no longer have that dollar. You are essentially giving it to someone else to use for their future investments and you have to pay tax to give it to the other guy. You have to look at the present future value of that $1.

Multiply that dollar by 100 and you have a $100. All money you spend early in life looses that potential of earning. The earlier you keep that money, it will give you more time left in your life to earn on that money.

If your idea is to live for today and spend for today, then you lose for tomorrow.

I am not saying that you should be so frugal and miserly and not spend anything on yourself or others. However, you must understand the concept of present future value of money and try to apply it when you are able.

Also try to put more money into an appreciable asset and not so much in an asset that looses value. That is put more money in a house vs. buying all the little junk and garbage that comes with a new car. Do you need pin stripping and fancy wheels or those leather seats? Perhaps the money saved can buy more of mortgage and then a bigger house and more into that appreciable asset.

Learn to cook for yourself. Do not eat every meal at restaurants. Do not think that that starbucks coffee is just a frivolity that will not cost through your life. You can easily buy much food and coffee cheaper and save yourself a great deal of money over the year.

Do not smoke-- a hazard to your health and your wallet.

Drink moderately and spend less on alcohol at bars and restaurants.

Learn to have simple wants; simple desires; and simple needs. So that when when you are old, you will have the habits of simplicity and be able to deal with whatever future that may come.

Livecontent
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