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Old 01-16-2018, 09:01 AM
 
Location: Raleigh
8,046 posts, read 5,888,251 times
Reputation: 9785

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Save early, save often. Don't deprive yourself of good things along the way but be moderate. Take a vacation in Panama City, skip Hawaii for later, just as an example. Ski Utah now, then do Europe when you retire. Buy a great Honda when you are racking up the miles commuting, get the Acura when you retire. See road show theater often now and go to local concerts, Someday do a week of Broadway.
It is never fun indulging in expensive treats when you aren't sure how to pay the bills.
Living in poverty in your declining years is very sad.
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Old 01-16-2018, 09:01 AM
 
6,239 posts, read 4,721,373 times
Reputation: 12773
Quote:
Originally Posted by fluffythewondercat View Post
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?
Many people seem to work for idiots. I was always careful about picking the places I worked and my bosses. I did find that bosses sometimes changed. I left one job when that happened.
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Old 01-16-2018, 11:39 AM
 
Location: Ohio
4,992 posts, read 1,800,974 times
Reputation: 4054
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.
This is the most important message. Regardless of your age, don't spend every waking moment squirreling away money and worrying about covering every eventuality in the future. Even if you are 31, realize that this year could very well be your last year. An accident or an illness could take you at any time. A life out of balance is no life at all. In the end, at least here in the USA, money is relatively EASY to get with some perseverance and luck. Health and happiness is a lot harder.
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Old 01-16-2018, 12:30 PM
 
7,903 posts, read 5,031,079 times
Reputation: 13549
Quote:
Originally Posted by finalmove View Post
At your age, you'll need more than $2.5M to retire without stress.
This depends entirely on one's retirement-age. Are you retiring at 65, with $2.5M? Then, probably, there's minimal stress. Are you retiring at 75 with $2.5M? Then there's hardly any stress (apart from stress over what happens to the stock market; that stress knows no age!). Are you retiring at 45, with $2.5M (or even $5M)? Stress!!!

Quote:
Originally Posted by Vasily View Post
* Continue working until I was pushing 71
* Not start social security until 70
Probably the best advice thus far in this thread!

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.
Running one's own business means invariably working for one's customers. And customers can be more ornery than bosses.

And everyone has cause to be concerned about government legislation; foremost, people with large portfolios, who need to worry about the vicissitudes of taxes and tax-law.
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Old 01-16-2018, 01:19 PM
 
833 posts, read 372,892 times
Reputation: 1160
Quote:
Originally Posted by ohio_peasant View Post
These sorts of threads invariably follow a pattern. Besides the usual exhortations to be frugal and mindful of savings, to take the long-view, to develop one’s career and to seek balance between pleasure and self-control, between ebullience and risk-aversion, there’s the underlying assumption: we make our own destiny. Life is not a play by Sophocles, where heroes strain and struggle, only to end up at their foreordained position. Fatalism is outright… un-American.

Rather than overstating the case for fatalism (maybe I’d like to, but what if destiny demands otherwise?), I wish to enunciate a different sort of tune, from the usual drumbeat: it is more important to finish late, than to start early. How could this be? Simple! It takes tremendous vigor to graduate from college on time (let alone early), to land a remunerative job, to save money at entry-level wages. It’s certainly worth trying, but it’s hard. Well, what happens if we burn out? What happens if, in middle-age, we commit some transgression, that wholly obviates the good-things done in prior decades? And what if we rest too soon, crying “Enough!” prematurely?

I marvel at how many people arrive at 40, let alone at 31, having saved nothing, worked more or less menial jobs, frittering about, flailing and seemingly getting nowhere… yet 20 years later, they are prosperous and secure, and 10 years after that, still very much working – not from imposed necessity, but self-generated pleasure. It amazes me, how much the second half of life, matters more than the first.
Wow thanks a lot for the inspiration!! Seriously, thanks.
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Old 01-16-2018, 01:28 PM
 
833 posts, read 372,892 times
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So much GOLD views and advice in this thread... Thanks to those who have contributed. As a 29 year old I can't speak for everyone but someone relatively young is reading and finding inspiration from here.
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Old 01-16-2018, 01:37 PM
 
833 posts, read 372,892 times
Reputation: 1160
Quote:
Originally Posted by Vasily View Post
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
"Avoid getting hooked on buying things for your ego or to enhance your image" Quote of the year.. Seriously!!


I made that stupid mistake back 3 years ago, bought a brand new loaded Mustang GT, rolled that thing off the lot from the showroom floor. Zero down.. I'm 29 now, still paying off the negative equity that I rolled over into a new loan on a more modest Ford Escape. Besides flooring that thing off the car lot on to the road blasting Gimmie Shelter by the Stones, it wasn't worth it lol. The thrill died off by the time I made the 10th car payment, on a 72 month loan. Ouch... Lesson f-ing learned ha!!
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Old 01-16-2018, 02:15 PM
 
Location: Southern California
23,682 posts, read 8,235,451 times
Reputation: 15450
Quote:
Originally Posted by jrkliny View Post
Many people seem to work for idiots. I was always careful about picking the places I worked and my bosses. I did find that bosses sometimes changed. I left one job when that happened.
How can you pick your boss? Just like knowing spouse before living with one.
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Old 01-16-2018, 02:18 PM
 
Location: Southern California
23,682 posts, read 8,235,451 times
Reputation: 15450
For me, being born during depression years, great depression, one grows up a lot more sensible. My brother born later than me is less sensible, and sister born 10 yrs later, a great spendthrift.
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Old 01-16-2018, 05:42 PM
 
Location: Forests of Maine
30,678 posts, read 49,430,310 times
Reputation: 19129
Quote:
Originally Posted by willc86 View Post
...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
Look around at 'investment properties' in your area.

You might find that Single-Family-Residences start at $80k*, and that Multi-Family-Residences also start at $80k*. This was something that I discovered.

When I was 25 I bought a Tri-plex [three small houses on a single parcel of land]. With 3 rentals I had enough rental income to cover the mortgage escrow payments [which included taxes and insurance].

One rent will often not be enough to pay for a house, but 3X rent [with the same purchase price property] will always be enough to pay for the property.

After you have one rental property, wait a couple years to learn the tricks. Then buy another property.

I owned two Tri-plexes, a Four-plex and a Five-plex before I finally retired at 42 years old.


*- I just picked a number at random, each area you go to will have some random number that represents the starting price of homes. My properties were all in different places [Ca, Scotland, Ct, Wa].



Good luck
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