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Old 12-30-2017, 10:12 AM
 
Location: Atlanta
3,203 posts, read 3,196,256 times
Reputation: 2031

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Quote:
Originally Posted by skycaller23 View Post
Always pay yourself first. And when you get a raise/bonus also raise how much you put away; you won't miss it as you never had it to begin with.

If your vice is travel then temper it by saying "x trips per year". Look around for good deals in off season.
Use forward thinking...put enough money away and you can travel more after retirement.

Keep your debt in check and don't live above your means.

I got a bonus in December which over half went into the emergency fund. I plan to get a raise first quarter of 2018 which is why I just bumped up the 401k from 6% to 10% this week. As mentioned, my goal is to get 401k % up to 15% next year and then start maxing it (which will take 20% to do) in 2019. Sound ok?


For travel I'm trying to temper that by "x amount per year" so basically what you mentioned to do.


I don't want for a whole lot outside of (1) travel, (2) good food, and (3) now that my mom is getting older, making sure I make good memories with her and start to plan for things she might need in the future-this item is more of a long term thing that needs addressing and planning for though.
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Old 12-30-2017, 10:13 AM
 
Location: NYC
2,904 posts, read 1,583,756 times
Reputation: 7918
Let me tell you what I would tell my younger self if I could "do over":

At your age I was only starting to become vaguely aware of putting $$ away for retirement & had no real understanding of investments, I used my "spiritual" zen attitude of non-attachment to material things as an excuse not to realize the importance of having financial security when older. Put $$$ away for joblessness & your senior years first & budget the rest. And use the Roth IRA - I'm sure the corporate predators in charge will take that away at some point & it is invaluable.

Watch your health with good habits re., drinking, smoking, drugs, diet.... this will start to have it's effects on you in late middle age.

Don't get caught up with material things: they will eventually own you. Network assertively in your field, never say "No" to work assignments & be known as the person who will volunteer for the job others don't want to do; keep up with newest technology changes as long as you can.

Do the things in your personal life you dream about: write a book; climb a mountain or run a marathon; travel to that exotic place; expand your social circle; learn to tango. They all take that first definitive step by you & it isn't as difficult as you fear. The best things that have happened in my life is when I focused & took a step into some unknown area & worked at it happening.
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Old 12-30-2017, 10:15 AM
 
Location: Atlanta
3,203 posts, read 3,196,256 times
Reputation: 2031
Quote:
Originally Posted by MI-Roger View Post
Save.......Save.......Save

Invest smartly for long term appreciation and don't chase any 'Will of the Wisp' get rich quick schemes.

Invest in improving yourself. Additional degrees (I got my Masters at 41), certifications (just got my PMP this month at 61), self improvement (such as public speaking if not a strength). These will provide higher income in future years.

Keep your Resume or CV up to date and interview regularly to keep those skills sharp. Same reason as above if a different job or different employer offers a big income improvement.

Don't get discouraged by the initial slow growth of your portfolio. Eventually compounding will kick-in and your portfolio will be making more money than your wages.
Thank you.


I needed to hear this as got a job that paid more than I was used to making about 4 years ago. But I think I've been a bit complacent. Employer has a private pension but I know I shouldn't count on that, however, it is playing a big role in keeping me here and keeping me from even considering looking at other opportunities.


Thanks for reminding me I should stay on the lookout.
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Old 12-30-2017, 10:16 AM
 
Location: Prescott AZ
6,121 posts, read 9,073,863 times
Reputation: 11540
If I could go back to your age, I would have made a much better choice in a mate. I would have dated extensively, found someone that had stuff in common with me and goals we could achieve together. I wanted a long term marriage but went at it too fast. The marriage was with the wrong person. I also would have a big family with kids, cousins, friends and activities. That goal I never even thought about in my 30s. It can be lonely in your later years and a loving family helps alot.

So, yes, the money is important but so is a social/family life. Your Mom won't be around forever. JMHO
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Old 12-30-2017, 10:20 AM
 
Location: Atlanta
3,203 posts, read 3,196,256 times
Reputation: 2031
Quote:
Originally Posted by Hefe View Post
Let me tell you what I would tell my younger self if I could "do over":

At your age I was only starting to become vaguely aware of putting $$ away for retirement & had no real understanding of investments, I used my "spiritual" zen attitude of non-attachment to material things as an excuse not to realize the importance of having financial security when older. Put $$$ away for joblessness & your senior years first & budget the rest. And use the Roth IRA - I'm sure the corporate predators in charge will take that away at some point & it is invaluable.

Watch your health with good habits re., drinking, smoking, drugs, diet.... this will start to have it's effects on you in late middle age.

Don't get caught up with material things: they will eventually own you. Network assertively in your field, never say "No" to work assignments & be known as the person who will volunteer for the job others don't want to do; keep up with newest technology changes as long as you can.

Do the things in your personal life you dream about: write a book; climb a mountain or run a marathon; travel to that exotic place; expand your social circle; learn to tango. They all take that first definitive step by you & it isn't as difficult as you fear. The best things that have happened in my life is when I focused & took a step into some unknown area & worked at it happening.
Thank you!


Only 12 posts in and so much valuable advice already. I really needed to read these things as we go into the New Year.


As mentioned, I'm putting money away...but just coming to a realization that it's probably not enough. Is it ever enough? lol...I do think there is room for improvement there as always.


I only drink occasionally and don't do drugs or smoke but diet and exercise is always another area to improve in of course.


I'm a woman so I like to look nice when I "step out" which is rare nowadays but I've become good at doing it on a budget (my thing is places like eBay).


Lastly, thanks so much for the tips re: networking and making the time for personal things. I really needed to hear that today.
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Old 12-30-2017, 10:20 AM
 
Location: Sierra Nevada Land, CA
8,392 posts, read 9,136,940 times
Reputation: 13030
Quote:
Originally Posted by southkakkatlantan View Post
I don't know where in the world I want to retire yet!


Thank you for the pointers! Where did you end up retiring?
We live in the lower elevation of the Sierra Nevada of CA about half way between Lake Tahoe and Yosemite. We plan to die here (and I say that in a positive way).
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Old 12-30-2017, 10:31 AM
 
Location: Atlanta
3,203 posts, read 3,196,256 times
Reputation: 2031
Quote:
Originally Posted by AZgarden View Post
If I could go back to your age, I would have made a much better choice in a mate. I would have dated extensively, found someone that had stuff in common with me and goals we could achieve together. I wanted a long term marriage but went at it too fast. The marriage was with the wrong person. I also would have a big family with kids, cousins, friends and activities. That goal I never even thought about in my 30s. It can be lonely in your later years and a loving family helps alot.

So, yes, the money is important but so is a social/family life. Your Mom won't be around forever. JMHO
Well you touched a bit of a nerve here...I don't really have any good family relations outside of my mom unfortunately (which is only half good on the best day I'd say).


Without going into any detail, due to circumstances that exist beyond my control (just your good old-fashioned family dysfunction), I don't really have any true family. By that I mean family that wants to see me do good and sincerely cares about me/wants to know me/would support me in any way. It is what it is and those are the cards I am dealing with. (Perhaps partly due to "family"), I've never wanted children and am too old to have them. I really have been trying to focus on things outside of a mate because that would be great but I'm getting a bit old for that and it hasn't happened yet so I think that going into retirement I need to have a really strong foundation of self and basically focus on maintaining/building up the friendships that currently exist as well as establishing new ones. I think that's about all I can do right...? If "love" happens for me that would be great but I've had my fair share of heartbreak and after the last one this year I'm kinda just burnt out from thinking/doing anything about that aspect of life. Maybe someone else in a similar boat can chime in on this-a very real and difficult aspect of retirement I already know is loneliness.


Thanks for the food for thought.
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Old 12-30-2017, 10:34 AM
 
2,215 posts, read 742,813 times
Reputation: 1376
Quote:
Originally Posted by southkakkatlantan View Post
Thank you.


I needed to hear this as got a job that paid more than I was used to making about 4 years ago. But I think I've been a bit complacent. Employer has a private pension but I know I shouldn't count on that, however, it is playing a big role in keeping me here and keeping me from even considering looking at other opportunities.


Thanks for reminding me I should stay on the lookout.
Find out what the vesting is for that pension and stay there at least that long so you get something should you decide to pursue other employment.

Most are 5 years and you are vested which means you will get something from them when you hit retirement age.
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Old 12-30-2017, 10:39 AM
 
Location: Atlanta
3,203 posts, read 3,196,256 times
Reputation: 2031
Quote:
Originally Posted by skycaller23 View Post
Find out what the vesting is for that pension and stay there at least that long so you get something should you decide to pursue other employment.

Most are 5 years and you are vested which means you will get something from them when you hit retirement age.
It's 5 years. I have just over a year to go but running all the numbers, it doesn't seem to get up to what I consider "much of anything" until you're over at least a decade of employment in.


All my friends say to shop my resume and jump ship the moment someone else offers a big enough pay increase but the longer I stay here, the more valuable the pension seems. I don't work for the government but my company has been around since the late 1800s and every time I turn around someone is retiring after 30 years of service here. So the pension is very tempting but I can't predict the future so...yeah.


FYI, you can only cash it out if the value is 25k or under so that part I feel kinda sucks...
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Old 12-30-2017, 10:54 AM
 
Location: Charleston, SC
1,362 posts, read 765,884 times
Reputation: 2428
Keep your eye on the ball, and your nose to the grindstone....now try to get some work done in that position !!

I'm being facetious.

Now I'm being serious --
The steps you've outlined above tell me you're serious. Keep up what you're doing. It pains me to say this, but in this country.....you have to become as financially independent as early as possible. In the coming years, there will be big time changes coming down. Who can predict what AI and Robotics are going to do to anybody's chosen profession. Who can predict what Paul Ryan is going to do to Social Security. And who could predict the future solvency of Medicare.
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