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Old 01-22-2018, 10:31 AM
 
199 posts, read 112,213 times
Reputation: 640

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Quote:
Originally Posted by southkakkatlantan View Post
Are you saying 97% of your entire portfolio is in stocks....?
When I first read that, I thought he was 97 years old. Then I saw his age at the end.
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Old 01-22-2018, 10:49 AM
 
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
22,546 posts, read 39,924,861 times
Reputation: 23663
Quote:
Originally Posted by Submariner View Post
There are many things that can push a person out of the work-force. I know many people IRL who were pushed out by disability.

Forming a future plan that includes the idea of leaving the workforce [regardless of the reason] is a good idea, it may turn out that you have the opportunity to retire early.

....
The need for planning a 'self-activity free' income stream is crucial. (i.e. YOUR personal daily work contribution is not required to spin off income)

My parent (prime wage earner) went down with a disability at age 48. Wake up call!


For many that is keeping 'replacement income insurance / disability insurance'. (works fine while employed / in the workforce)

Others will be able to create investment income to passively support them

Some use RE income properties to meet that criteria (our money working FOR us, rather than mandatory activity / active employment)

Many are successful in creating a company that can be run by competent management.

Some use 'Franchises' (similar to above (Hire managers to keep the operations running and profitable.

Figure out how to do this sooner than later, since you can go down with a disability / injury at any time.
(And keep 'income source' insured! )
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Old 01-22-2018, 01:59 PM
 
341 posts, read 170,922 times
Reputation: 434
1. Save half your paycheck (if you can) 2. Have no debt or a plan to pay down debt 3. Contribute as much as you can to
employer retirement plans 4. Contribute to an annual ROTH 5. Live below your means 6. Do not try to keep up with
Joneses 7. Have free or low cost hobbies 8. Marry someone who shares your financial goals 9. Buy new cars and drive
them until the wheels fall off (or a good used car) 9. Eat healthy and exercise which may insure better health and lower
costs in retirement. 10. Learn to love the simple things in life 11. Learn about investing and invest your money early
12. Remember with every goal comes obstacles which disrupts your financial path. Change the plan and continue down
the path. (These are life lessons)
.
ABOVE ALL ------ 14. Enjoy the journey to your goal.
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Old 01-22-2018, 05:53 PM
 
Location: Montana
1,752 posts, read 1,653,385 times
Reputation: 5951
Have a cash slush fund that is not part of your monthly budget/expenses, and not tied to your 401k, Roth, or pension income.

I have a pension that covers all monthly expenses and leaves us just short of $1,000 a month extra. If I want to do a large project or trip, it generally requires me to wait until I have saved. Having the slush fund would allow timing flexibility - obviously not life changing, but I have been a little frustrated more than once by delaying a fence, project, or trip.

First world problems I know, but you asked, and I would definitely do that differently, especially since accumulating $10,000-$15,000 at the very tail end of my working career would have meant a 3-4 month delay in retirement, now it represents about nine months to a year at a low paid job in the local area we retired to.

Last edited by Tuck's Dad; 01-22-2018 at 07:18 PM..
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Old 01-25-2018, 08:37 PM
 
Location: Location: Happy Place
3,688 posts, read 1,866,292 times
Reputation: 11301
Avoid working for the government.

You can do better.
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Old 01-25-2018, 09:07 PM
 
Location: Forests of Maine
30,678 posts, read 49,430,310 times
Reputation: 19129
Quote:
Originally Posted by mschrief View Post
Avoid working for the government.

You can do better.
Pensions are nice.

20-year pensions are even nicer.

Don't diss on government pensions.

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Old 01-26-2018, 06:21 AM
 
Location: New Oxford, PA
120 posts, read 59,089 times
Reputation: 464
Quote:
Originally Posted by mschrief View Post
Avoid working for the government.

You can do better.
Maybe by winning the lottery.
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Old 01-26-2018, 10:44 AM
 
199 posts, read 112,213 times
Reputation: 640
Quote:
Originally Posted by mschrief View Post
Avoid working for the government.

You can do better.
True. The work environment consists of a rigid, highly political structure, the people are unambitious, a lot of the work is pointless, the pay is less than what you can get in the private sector, and you are surrounded by people just putting in their time with no enthusiasm for their jobs. People show up at exactly their start time and leave at exactly their end time, down to the second.
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Old 01-27-2018, 08:56 PM
 
Location: Chapel Hill, N.C.
36,484 posts, read 43,747,138 times
Reputation: 47257
learn how to shop wisely and how to cook. I'm appalled at how much money is wasted by some constantly eating out. Don't deprive yourself of a social life to save money but learn how to entertain at home.
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