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Old 04-27-2014, 09:19 AM
 
382 posts, read 353,935 times
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Thank you, Livecontent. We definitely need you to actively participate in this forum. I agree with everything you posted.
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Old 08-19-2014, 11:38 PM
 
Location: Lake Placid
307 posts, read 492,895 times
Reputation: 128
Wise, simple and clear advice from livecontent. Great post!!

Quote:
Originally Posted by livecontent View Post
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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Old 08-20-2014, 06:42 AM
mlb
 
Location: North Monterey County
3,195 posts, read 2,866,336 times
Reputation: 4902
I work with a couple of 30 year olds.

They are young - with families and lots of expenses.

The compounding interest lesson is huge - and cannot be stressed more.

Telling them that there kids will be FINE if they don't get the latest and greatest tech products or clothing....is one piece of advice.

But the best advice I got? LIVE BELOW YOUR MEANS.
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Old 08-20-2014, 08:48 AM
 
10,824 posts, read 8,081,485 times
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Originally Posted by mlb View Post
But the best advice I got? LIVE BELOW YOUR MEANS.
Absolutely the best advice ever
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Old 10-11-2014, 07:05 AM
 
Location: Gallatin Valley
497 posts, read 1,190,542 times
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I am 39 and I am enjoying reading this forum. I am hoping to glean information to help me in my future retirement planning.
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Old 10-11-2014, 09:15 AM
 
Location: Woodbury, MN
1,465 posts, read 1,537,424 times
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My advise is to invest in yourself by educating yourself in a field where you can earn much higher than the average income, in a job that is in high demand. It may not be the work you love, but it is the work where you can earn a good income. Then live well below your means. You may be able to save 15% to 25% of your income. If you have higher than average earnings, living debt free, and living well below your means, you will likely become a millionaire.

Most people that lease luxury cars, own very expensive homes, go to stores like Neiman Marcus, are members of expensive country clubs, and spend all they earn, even if they have higher than average earnings, probably will not become millionaires. When you try to show off your status in life to the people around you, it will probably prevent you from ever becoming financially independent.
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Old 10-12-2014, 12:58 AM
 
10,824 posts, read 8,081,485 times
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Quote:
Originally Posted by Desertrose34 View Post
I am 39 and I am enjoying reading this forum. I am hoping to glean information to help me in my future retirement planning.
1. Set aside some savings every month - a little more than you think you can afford. Be prudent but not paranoid about investing in the stock market. Live way below your means. Don't blow $ on depreciating assets like cars and clothes.

2. Embrace a healthy lifestyle. Enjoy your youth and vitality, and your family and friends, and live life to the fullest.

3. If (1) and (2) conflict, choose (2).
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Old 10-13-2014, 12:37 AM
 
128 posts, read 160,131 times
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A pet peeve of mine is when people say, "Those are the best years of your life!" I heard this nonsense when I was a child, in high school, in college, and throughout my 20s. Every man in his 20s needs to know that as long as you don't ruin your health, get screwed in a divorce, trapped in debt, put in jail, or have children before you can afford them, your best years are ahead of you - maybe way ahead of you.

I'm 29 and I can say that if you don't see life getting better in your 30s than it was in your 20s, you made some horrible life decisions. Only broke hipsters warn the hard-working about wasting youth. It's as if enjoying life means you have to constantly make it rain on a bunch of strippers in Vegas. You can have a great social/romantic life without spending all your time and money. The typical man doesn't even begin to become really desirable to women until around his late-20s anyway. His peak will probably be closer to 40 than to 20.

One of the best things you can do in your 20s is to read and learn as much as possible about a niche and lucrative field so you can spend your 30s onward reaping the benefits of your hard work. Meanwhile, you should try your best to max out retirement accounts so whether or not your career works, you'll retire with more money than you'll probably ever need.

Investing for ten years between the ages of 21 to 30 will produce more in retirement than saving for 40 years between the ages of 31 to 70. In fact, investing for two years between ages 0 to 2 will produce more than investing for 40 years between 31 to 70.

I don't make a high income, but I do have six figures saved, mostly in retirement. Think it's a waste of youth to save money? I'll see you thirty years.
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Old 10-13-2014, 03:09 AM
 
71,869 posts, read 71,942,576 times
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i have to agree, i just hit 62 ,am retiring 7/31 coming up at 4:30pm , was pretty successful as an investor and health permitting will have all the time i want now to do all the things i wanted . but here is the surprising thing.

at 62 i still feel no different than i did at 32 only 9pm is the new midnight and i don't eat the same foods.

in fact after being a gym rat the last 15 yers i am bigger and stronger then ever before and marilyn is in pretty good shape as well .

at least at this point we are anticipating some of the best years of our life coming up and having the health and money to live some of our dreams..
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Old 10-14-2014, 09:20 AM
 
Location: Tennessee
23,654 posts, read 17,640,506 times
Reputation: 27762
Quote:
Originally Posted by Protege View Post
A pet peeve of mine is when people say, "Those are the best years of your life!" I heard this nonsense when I was a child, in high school, in college, and throughout my 20s. Every man in his 20s needs to know that as long as you don't ruin your health, get screwed in a divorce, trapped in debt, put in jail, or have children before you can afford them, your best years are ahead of you - maybe way ahead of you.

I'm 29 and I can say that if you don't see life getting better in your 30s than it was in your 20s, you made some horrible life decisions. Only broke hipsters warn the hard-working about wasting youth. It's as if enjoying life means you have to constantly make it rain on a bunch of strippers in Vegas. You can have a great social/romantic life without spending all your time and money. The typical man doesn't even begin to become really desirable to women until around his late-20s anyway. His peak will probably be closer to 40 than to 20.

One of the best things you can do in your 20s is to read and learn as much as possible about a niche and lucrative field so you can spend your 30s onward reaping the benefits of your hard work. Meanwhile, you should try your best to max out retirement accounts so whether or not your career works, you'll retire with more money than you'll probably ever need.

Investing for ten years between the ages of 21 to 30 will produce more in retirement than saving for 40 years between the ages of 31 to 70. In fact, investing for two years between ages 0 to 2 will produce more than investing for 40 years between 31 to 70.

I don't make a high income, but I do have six figures saved, mostly in retirement. Think it's a waste of youth to save money? I'll see you thirty years.
While I mostly agree with you, it's often taking young people longer to get on their feet now than it was before.

I'm 28 and many of my peers, even those with "good" degrees in fields like finance, computer science, or engineering, couldn't find a related job immediately out of college. If you graduated at 22 or 24 (with master's), you may still be getting close to 30 before you get "on-track" professionally. I got my first $50k, professional job this year at 27, but before that, it was mostly $20k-$30k work.

With low paying junk jobs like that often come fewer benefits. Only two of those five employers offered insurance or retirement benefits of any kind. With a $25k salary, no retirement benefit, and having to live on your own, it's virtually impossible to save for retirement. One bout of pneumonia last year, antibiotics, and an office visit last year cost me $600 out of pocket - a week and a half of net pay. This year, with a higher salary and insurance benefits, another round of pneumonia cost me $47, less than three hours net pay. Even relatively minor things like this can deliver a financial KO to someone who is low wage.
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