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Old 09-28-2017, 08:45 AM
 
118 posts, read 96,136 times
Reputation: 157

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Quote:
Originally Posted by GeoffD View Post
Yep. It's "alternate career", not retired. For me, "retired" means I live off savings, passive income, and my Social Security check.
And do what with your time? Sit on the porch and use the computer all day
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Old 09-28-2017, 08:53 AM
 
Location: Tennessee
23,541 posts, read 17,525,434 times
Reputation: 27576
Quote:
Originally Posted by cobra86 View Post
While his story is pretty interesting and blog posts are informative. He is the benefactor of his age, getting into computer science at his time while that industry was going through transformation opened up many more opportunities that people already established in careers or were too young to obtain. Secondly on his age, during his college years was right before the hyperinflation of college costs (https://www.usnews.com/education/bes...l-universities).

A lot of people question his use of the word "retired" well I find he is doing what he wants to do. My dad retired as a bricklayer, he still lays brick or rehabs brick work on homes, businesses, and charities on his own or with another retired buddy of his. He does this because he enjoys it, gets him out of the house, talk with people he would've never talked to before and earns a little extra to spoil him and my mom or his grandkids on.

In regard to their forum, it does seem like a lot of patting on the back, but also is a support and guidance system for those struggling or questioning if things are working.
For people deeply in debt, I think someone like Dave Ramsey is best. For investment advice, I'd rather get technical information elsewhere than from these bozos.
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Old 09-28-2017, 09:13 AM
 
Location: Central IL
15,201 posts, read 8,504,300 times
Reputation: 35575
Quote:
Originally Posted by Larry Siegel View Post
Retire on what?

If you make $150K per year for 8 years, before taxes, you've made $1.2 million. That's about $900K after taxes, and it costs something (MMM says $25K a year) to live, so you're down to $700K.

When you "retire" at 30, if you invest $700K at a 4% real rate of return, which is way above the bond market rate of return so it's not in any sense guaranteed, you're making $28K a year. That is more than $25K so you've got it made...unless you have to pay for health insurance, deductibles, and copays (don't we all?); need a car; need a roof on the house that I didn't budget for in the previous paragraph; someone in the family needs financial help; you have kids (most people eventually do); shall I continue?

Go to work. If you can quit and set up a business, as I did, it's still work, even if it's also fun. You'd need many millions to retire at 30.
I really don't hate my job THAT much that I have to quit work after only 8 years and live like a pauper for the rest of my life - another 60 years! I went to college and majored in something I liked that I could also make a decent living with. I didn't major in something I hated just so I could do it for 8 years and burn out and then retire. I just don't hate my work, my life, etc. enough to even care do do what MMM is doing. Frankly I think it is extremely anti-society and they really seem to look down on anyone else stupid enough to want to work for the man and be a "wage slave". Whatever.
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Old 09-28-2017, 09:55 AM
 
Location: Sierra County
271 posts, read 116,607 times
Reputation: 371
The moderating over there is very common sense so it makes it easy to converse.

As for duplicatable, I am not sure that should be the goal anyway. With the learning disabilities and invisible physical disabilities born with due to a mother on drugs, there is no way I could do half of that stuff.

But I chose what was possible, just to a lesser extent. The blog is a Godsend for me, really got me into goals. Since then I've had a good job, good benefits, a decent hourly wage, lots of rest, time to eat healthy, purchased one plot of real estate going up for sale in about 8 weeks (for about 40% more) and have been looking for more real estate. Started a crappy 401k....will donate to a ROTH IRA this year.
Still selling on Ebay though making about 20% less....seems less people shop over there now.

If you only take from it a few tips, it's worth it. And though conversing may not be what you choose, there isn't moderating biases over there. Just common sense. I do wish the cussing would decrease, it's a bit much but it is somewhat full of 20 somethings. Many who just started making it so cussing is probably cool.
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Old 09-28-2017, 10:07 AM
 
118 posts, read 96,136 times
Reputation: 157
Quote:
Originally Posted by Serious Conversation View Post
For people deeply in debt, I think someone like Dave Ramsey is best. For investment advice, I'd rather get technical information elsewhere than from these bozos.
If investing in low cost index funds that follow the overall market and having a proper asset allocation of stocks and bonds is bozo then is stuffing your mattress with a cash a safer, better performing option? In regards to debt, yea he's ok just popularizing what others have known and done before but for those that didn't realize it. IMO after debt and saving an emergency fund, you're better off reading/following bogleheads or MMM. Case in point below from Mr. Ramsey's own website:

Cost

Dave recommends front-end load funds in which you pay fees and commissions when you make your investment. It allows your money to grow without being bogged down by expensive management fees. Also pay attention to the fundís expense ratio. A ratio higher than 1% is considered expensive.

https://www.daveramsey.com/blog/how-...t-mutual-funds

Why would you want a front-end load fund? You're already behind from the get-go! Compared to index fund costs of .05% plus any transaction fee if in a brokerage account.
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Old 09-28-2017, 10:33 AM
 
5,261 posts, read 3,309,355 times
Reputation: 6434
Quote:
Originally Posted by GeoffD View Post
Yep. It's "alternate career", not retired. For me, "retired" means I live off savings, passive income, and my Social Security check.
Everyone will have a different answer/view of what the true meaning of "retired" is. Some people might say, that writing a few blog posts a week, during your "retirement" is a hobby, others will disagree!

The ironic thing about all of this is, he's probably making more money now in his "retirement" (supposedly $400k a year from Ad revenue on his website) from writing a few blog posts, every so off, then when he was actually working in IT.
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Old 09-28-2017, 10:34 AM
 
Location: Central IL
15,201 posts, read 8,504,300 times
Reputation: 35575
Quote:
Originally Posted by cobra86 View Post
If investing in low cost index funds that follow the overall market and having a proper asset allocation of stocks and bonds is bozo then is stuffing your mattress with a cash a safer, better performing option? In regards to debt, yea he's ok just popularizing what others have known and done before but for those that didn't realize it. IMO after debt and saving an emergency fund, you're better off reading/following bogleheads or MMM. Case in point below from Mr. Ramsey's own website:

Cost

Dave recommends front-end load funds in which you pay fees and commissions when you make your investment. It allows your money to grow without being bogged down by expensive management fees. Also pay attention to the fundís expense ratio. A ratio higher than 1% is considered expensive.

https://www.daveramsey.com/blog/how-...t-mutual-funds

Why would you want a front-end load fund? You're already behind from the get-go! Compared to index fund costs of .05% plus any transaction fee if in a brokerage account.
Hmmm...Ramsey must be getting some money from somewhere to make those kinds of statements about load funds...
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Old 09-28-2017, 10:42 AM
 
1,048 posts, read 512,583 times
Reputation: 1800
Quote:
Originally Posted by Perryinva View Post
It’s just so unrealistic because very few can duplicate his success by copying what he did, because for one, he has filled that “niche” with a clever name and he CAN write well enough to earn from his blog. I stopped visiting both MMM & FS sites after a few visits because it became quickly obvious that the intent of the site was to lure you back as much as possible. More visits are more hits which earns them more money from sponsers. I learned nothing compared to what when I’ve found on C-D! I was really turned off by FS when he stated that the sweet spot of income is $250k/yr in SanFran and he made his money on Wall Street and SanFran & Hawaii real estate. He buys “successful” blog sites. Really? How is that remotely applicable to the average person?

Sure, it is another example of “thinking outside the box”, but as someone who knows many that thought outside that box and are totally broke, that advice is as sound as the old as the joke “How do you retire with a million dollars?” First, you start with 2 million then you invest in something you really know nothing about but think you do.....

Sheer numbers dictate that the chances of success at their levels (and I don’t doubt that they are wealthy and successful) or even close, are very low. How many MMM similar blogs/ sites are there? A few dozen, maybe?

Sure, thats what I want to chance my life on, a 36/100,000,000 chance of success that requires daily upkeep and a je ne sais quoi skill set. Its like “how hard can it be to a successful author?” I mean, JK Rowling made billions, and she had little business sense when she started. First, write a captivating series of books, that will be made in to blockbuster movies, then....

Financial success can occur slow and steady, or circumstance can hand you the right skill set to make it faster and sooner. My college roomate and I are good friends, and he is a multimillionaire. He was always incredibly competitive and a born leader. Then add intelligence and technical skills and business accumen on top of that and he makes starting and running a successful software business look like a Betty Crocker recipe for success. He’s done that twice and each time sold the company for millions. Then add his college GF, a virtual twin that became his wife, and just as successful and he makes it look like everyone else is a putz! And they are still great people to know with great grown kids now on top of that.

I admit, I had no idea that blogging could pay that well. Are those numbers substantiated?
What is the FS site?
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Old 09-28-2017, 10:52 AM
 
1,048 posts, read 512,583 times
Reputation: 1800
Quote:
Originally Posted by Larry Siegel View Post
Retire on what?

If you make $150K per year for 8 years, before taxes, you've made $1.2 million. That's about $900K after taxes, and it costs something (MMM says $25K a year) to live, so you're down to $700K.

When you "retire" at 30, if you invest $700K at a 4% real rate of return, which is way above the bond market rate of return so it's not in any sense guaranteed, you're making $28K a year. That is more than $25K so you've got it made...unless you have to pay for health insurance, deductibles, and copays (don't we all?); need a car; need a roof on the house that I didn't budget for in the previous paragraph; someone in the family needs financial help; you have kids (most people eventually do); shall I continue?

Go to work. If you can quit and set up a business, as I did, it's still work, even if it's also fun. You'd need many millions to retire at 30.
Got to agree here. I had amassed 700k by 30, but there's just too many variables in play at that age, and I didn't even have a spouse and kid.

I can understand the whole live below your means, but very few people are going to go to the extremes of no home insurance, liability on the car, and bet that either health insurance or education will remain affordable.

He didn't retire anyway, he just got out of the corporate rat race. Good for him that he found a second lucrative career.
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Old 09-28-2017, 11:08 AM
 
153 posts, read 116,173 times
Reputation: 254
Quote:
Originally Posted by M3 Mitch View Post
I do think so many boys growing up with single moms do lack a proper role model, they don't really understand what a "man" really should be like.

Uh, sorry, so what exactly should a "man" really be like? Able to weld? That's not my definition. Growing up with a single mom didn't seem to hurt Barack Obama.
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