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Old 08-21-2014, 07:37 PM
 
8,859 posts, read 5,139,069 times
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Quote:
Originally Posted by HappyTexan View Post
My son had that in an economic class which was an elective.
But they really didn't teach investing. It was one of those simulation programs where they hand you $xxxx and at the end of a time period see which student got the most money. And it was only for a short period in that class.
I remember that project from high school. It's a shame this is what serves for education on investing.
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Old 08-21-2014, 07:47 PM
 
Location: too far from the sea
19,842 posts, read 18,867,840 times
Reputation: 33749
Ten years ago, pre-retirement, I was more interested than I am now. I read the articles, watched the nightly business report, tracked investments online, tried to pick the right funds, always read the small print, learned the jargon--but I still seldom discussed any of it with other people. It's kind of private.

Sooner or later I realized that no one really knows what's going on or what's going to happen. There are just too many variables and unseens. We might buy X but the next day somebody halfway across the world does something that changes everything. We listen to "experts" but they don't really know much more than anyone else.

A few people REALLY get into it. My Ex's grandfather was one and he made millions back in the 50s. Invested in ComSat and IBM. But who cares?

I'm retired, I have my daily life and most people do the same. Most people don't have loads of extra money lying around to risk. I wouldn't play the lottery and I don't invest anymore--I don't have the money to risk. It does not mean I am ignorant. If you have tons of extra money, sure play around and make more. But I need to keep the car on the road and pay the utilities, buy food and save for a rainy day--and more.

Anyway today we went to Rockport MA, did some walking and took photos, ate outside by the ocean and, perhaps women's favorite pass time, SHOPPED. The boutiques were having sales .
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Old 08-21-2014, 07:57 PM
 
29,782 posts, read 34,876,173 times
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^^^^^^ I am very private about our finances and only discuss in the anonymity of a forum or two. Even here I
Like most I give limited specifics. Yes no one knows about what is going to happen. The OP article is about knowing what did happen. We all know about not knowing history and avoiding the mistakes of the oats. In the case of retirement investing it is about not being lied to or led astray about misinformation on the past.
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Old 08-21-2014, 10:08 PM
 
Location: SW MO
23,605 posts, read 31,492,863 times
Reputation: 29076
Quote:
Originally Posted by in_newengland View Post
I'm retired, I have my daily life and most people do the same. Most people don't have loads of extra money lying around to risk. I wouldn't play the lottery and I don't invest anymore--I don't have the money to risk. It does not mean I am ignorant. If you have tons of extra money, sure play around and make more. But I need to keep the car on the road and pay the utilities, buy food and save for a rainy day--and more.
I think this is the case for most of us. We self-managed our 401(k)s and dodged the bullets that plagued so many investors in the recessions of the 2000s by parking funds, switching from stocks to bonds, etc. in timely manners because we were reading the signs and, quite frankly, were very lucky. We lost nothing and even achieved some gains. But by-and-large, but for the handwriting on the wall we were plain lucky.

There's a real comfort factor that attends being state retirees. Our pensions are contractual obligations for the state which, unlike municipalities and counties, cannot declare bankruptcy. Therefore, our retirement incomes are virtually assured so if there's an enemy for us it's inflation and not the market, per se. Like you, we no longer invest and I understand that in order to win the lottery you have to purchase tickets. We'll pass. Meanwhile, also like you, we keep things running and we are content.
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Old 08-22-2014, 06:09 AM
 
674 posts, read 839,994 times
Reputation: 1191
Quote:
Originally Posted by mathjak107 View Post
it is rarely bad markets that hurt folks , it is their own lack of interest ,knowledge and a plan.

That is why my smartest finanacial move was to hire a professional. The way I explain it to people is that if I needed medical help I seek out a dr, if I need legal help I hire a lawyer. This is not much different.

I learned quite a lot from my advisor. It took a long time to find someone I truly trusted and I felt extremely comfortable with. He is patient as he explains everything.

We did "ok" through the years on our own but circumstances changed for us and we felt we needed a professionals help.
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Old 08-22-2014, 06:16 AM
 
71,637 posts, read 71,777,271 times
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i agree ,you did the right thing. so many think in terms of just allocations but a good advisor can get you structured early on for great tax efficiancy later in retirement.

to many save a percent or so try8ing to do things on their own and lose thousands to taxes they didn't have to pay.

retirement tax planning early on can be a minefield left to just what even the most saviest investors know.
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Old 08-22-2014, 06:59 AM
 
29,782 posts, read 34,876,173 times
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^^^^^^ So it isn't just corporations seeking the best advice and implementing a legal path to minimal taxation.
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Old 08-22-2014, 07:08 AM
 
71,637 posts, read 71,777,271 times
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nope , the irs says we have to pay our fair share of taxes. but they call your fair share whatever you can reduce what isn't your fair share to.

if you know the way to reduce what you were going to pay and it is legally your fair share so much the better.
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Old 08-22-2014, 01:01 PM
 
Location: Pac. NW
2,021 posts, read 1,523,738 times
Reputation: 3601
There seems to be a lot of deliberate misinformation out there designed to keep the masses ignorant and dependent on the "Wall Street Marketing Machine".

IMHO.
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Old 08-22-2014, 01:24 PM
 
71,637 posts, read 71,777,271 times
Reputation: 49230
both that and a total lack of interest on behalf of most of the public.
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