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Old 01-15-2018, 11:33 PM
 
26,085 posts, read 28,484,501 times
Reputation: 24797

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Quote:
Originally Posted by PatMil View Post
Working for someone else means you are never really free! You'll spend your life pandering to others. Build your own business/s and your own income stream/s and you'll never have to be concerned about government pensions, government legislation or handouts.

Working for retirement is a complete waste of a life. You should be working for a purpose and then you'll never be concerned about the weird concept of "retirement".
This way of thinking just doesn't work out for most people. I'm glad it does for you.

Also, I think "working for retirement" is a little binary. No, not everyone loves their jobs, but that doesn't mean people hate them or hate life. Having your own business just doesn't suit everyone's temperament. I know that's hard for the "have your own business / do what you love and you'll never work a day in your life" crowd to comprehend, but it's nonetheless true.
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Old 01-16-2018, 03:35 AM
 
Location: San Antonio
7,629 posts, read 14,375,850 times
Reputation: 18706
Quote:
Originally Posted by theoldnorthstate View Post
wish I had started off as well as you. We did well with rentals at about your age, but became less so as tax laws changed. Still regular contributions to IRAs/401Ks put us in good shape at the end.

Additional advice.

It is not all financial.

Enjoy life.

Keep your health. Find lifetime activities and hobbies you enjoy.

Keep good friendships. Don't neglect your immediate family as you marry and have children/busy life (a phone call to Mom is always nice no matter how old you may be).
Good luck.
The SINGLE action that made us financially secure was to put each and EVERY pay raise into our 401K )TSP) account........you already know how to live without it and certainly don't miss something you never allowed yourself to have. Now we are on the retirement side enjoying life to no end financially secure!
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Old 01-16-2018, 05:11 AM
 
Location: Tampa, FL
27,798 posts, read 26,200,766 times
Reputation: 14611
Quote:
Originally Posted by Clemencia53 View Post
take care of your health. Exercise, eat right, maintain a proper weight.
very good advice - also recommend you balance work with off-work activities....I think I worked too many long hours, lots of weekends and didn't make time for myself....got top ratings at work and paid the price.

and actively learn to do stuff (hobbies) so you'll have a variety of interests during your retirement years -
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Old 01-16-2018, 07:20 AM
 
Location: annandale, va & slidell, la
7,328 posts, read 3,035,025 times
Reputation: 6141
Quote:
Originally Posted by willc86 View Post
so I am 31 now and started my 401k. it has 6% match and I am adding 10% in from my own income.
after I am done remodeling my house, I am thinking of saving and buying an apartment or town house and renting it out, so in 20 - 30 years, I can refinance to whatever I have left and have more residual income

thats about it. Not sure what I should do. I was wondering if you all have advice, please share the knowledge

I feel like I started off way too late and I should have started in my early 20s. BUt having a rough start, i am starting in my 30s
Good for you! Stay on track and don't let material things compete for your savings. Understand the words "living within your means".

When you get old and tired, accumulating wealth can be much harder, and once you retire, replacing spent dollars is almost impossible.

At your age, you'll need more than $2.5M to retire without stress. It sounds impossible, but once you see how your money can work for you, it gets easier.
We didn't get serious about saving until we were in our late 30's, but we did it and it sure feels good.

I always tell young people: save your money, and take care of your teeth.
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Old 01-16-2018, 07:20 AM
 
Location: Philadelphia/South Jersey area
2,871 posts, read 1,401,499 times
Reputation: 10071
Quote:
Originally Posted by Clemencia53 View Post
take care of your health. Exercise, eat right, maintain a proper weight.

Way more important IMO than money. lol. My husband, my baby brother and my best friend all died before 55. My brother and best friend both died from health related preventable deaths. all they did was leave their spouses wealthy....
doesn't help much if you save and sacrifice and then kick the bucket.
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Old 01-16-2018, 07:29 AM
 
Location: Pac. NW
2,021 posts, read 1,521,090 times
Reputation: 3601
Retire early and often.
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Old 01-16-2018, 07:44 AM
 
Location: Scottsdale, AZ
7,623 posts, read 4,686,468 times
Reputation: 27878
Quote:
Originally Posted by mysticaltyger View Post
This way of thinking just doesn't work out for most people. I'm glad it does for you.

Also, I think "working for retirement" is a little binary. No, not everyone loves their jobs, but that doesn't mean people hate them or hate life. Having your own business just doesn't suit everyone's temperament. I know that's hard for the "have your own business / do what you love and you'll never work a day in your life" crowd to comprehend, but it's nonetheless true.
That goes both ways, you know.

Working for idiots doesn't suit everyone's temperament, either. Who do you think is going to look after your best interests, you or some spineless manager?
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Old 01-16-2018, 08:06 AM
 
Location: Amelia Island
2,976 posts, read 3,956,584 times
Reputation: 3088
For your soul:


Be happy


Take care of your health


Family first. close friends second


For investing:


Put away for your future starting off small and continuing to add as your earnings increase.



Now I will give you my two cents which are not for everyone:


A house is four walls and a roof..................a car will get you from point A to point B, both are nothing more. Do not slave yourself away attaining material objects as the time it takes to make money to pay for these can never be replaced.


Travel and see the world as much as you can. There are beautiful places here in the US and abroad and quite a few of those areas have things to see that unless you are tremendously fit in your retirement years you will miss out.


Make every day last forever..........wishing for tomorrow is like a time machine........the present disappears in a blink when waiting for tomorrow.


Choose your close friends wisely and hold onto them and nurture those relationships as the older you get that circle of friends start getting smaller.


Life is best enjoyed when spontaneous but you need to have a game plan with reasonable goals to guide your future.
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Old 01-16-2018, 08:43 AM
 
10,604 posts, read 14,193,877 times
Reputation: 17201
PREPARE.

And stop whining about "being an introvert" and other inconsequential crap.
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Old 01-16-2018, 08:49 AM
 
Location: Greenville, SC
4,637 posts, read 3,697,792 times
Reputation: 8613
Quote:
Originally Posted by willc86 View Post
so I am 31 now and started my 401k. it has 6% match and I am adding 10% in from my own income.
after I am done remodeling my house, I am thinking of saving and buying an apartment or town house and renting it out, so in 20 - 30 years, I can refinance to whatever I have left and have more residual income

thats about it. Not sure what I should do. I was wondering if you all have advice, please share the knowledge

I feel like I started off way too late and I should have started in my early 20s. BUt having a rough start, i am starting in my 30s
I'm turning 71, and I didn't start seriously saving for retirement until my 50s. I retired in October at the age of 70. I started collecting a small pension at the age of 65. 31 is incredibly young to be thinking you started "way too late". What I've done:

* Continue working until I was pushing 71
* Not start social security until 70
* Put my pension and social security in the bank, while still working
* Put as much into my 401k the last 5 years or so as I could
* Pay off all my debts, and start downsizing my lifestyle the last 5 years or so
* Analyze my expenses and develop a budget for living in retirement
* Work on setting up a limited private practice to supplement my income

You might feel like you're "old", but take it from me, you're not. My advice to you and others is:

* Save as much as you can, be consistent about it
* Invest pay raises and bonuses rather than spending them on crap
* Don't touch what you've saved (e.g., don't dip into your 401k for a home purchase)
* In addition to a "most likely" scenario, plan for a "worst case" scenario
* Don't count on any one source of income for retirement - there are no guarantees
* Diversify your investment; don't invest a lot in company stock or another company you like
* Avoid getting hooked on buying things for your ego or to enhance your "image"
* Plan for a likely older average retirement age by the time you get there
* Figure out how you're going to live a meaningful life in retirement - chances are you'll be retired for a long time
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