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Old 12-16-2018, 12:08 PM
 
26,114 posts, read 28,514,332 times
Reputation: 24817

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Quote:
Originally Posted by Nae5150 View Post
Thanks everyone! I am mid 30s and have lowered my contribution temporarily because Im doing part time with a young family. I guess I need to ramp it back up when possible. Spouse is doing 10% now, and Im doing 5%. Many of my peers have less than what weve set aside. Perhaps we have time to catch up in a few years too. But a bit scary for many when its our time to retire.
That's not awesome, but it's decent. The fact that you're worried about it is a good sign. It's the people who aren't worried and aren't saving anything who are in the most trouble.

By the way, here's the best article on the relationship between savings rate (after tax) and years it takes to get to retirement/financial independence. You'll need to be at least 50% invested in stocks for this to work, preferably a little more than that:

The Shockingly Simple Math Behind Early Retirement
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Old 12-16-2018, 12:13 PM
 
26,114 posts, read 28,514,332 times
Reputation: 24817
Quote:
Originally Posted by Propop View Post
You can be sarcastic if you wish but some people are actually doing some or even all of the things you wrote in your post. Don't be a fool and not heed a warning. You will be one of the first to complain. What's coming will be worse than 2008 and apparently you aren't remotely prepared. Unfortunately, you and many others will be caught off guard. You think it can't happen in America? Well, just wait and see. The game is over so you'd better protect yourself. Anyway, I'm not going back-and-forth with you. You're not my responsibility. Ciao....!
If what's coming up will be worse than 2008, then there's probably nothing you can invest in that's going to do you any good.
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Old 12-16-2018, 12:18 PM
 
26,114 posts, read 28,514,332 times
Reputation: 24817
Quote:
Originally Posted by mathjak107 View Post
yep , me too .... rhymes with bee-market. he thought it was a rent problem . it was really an income problem he had .
And beyond that, it was a mental/emotional/psychological problem.
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Old 12-16-2018, 12:20 PM
 
26,114 posts, read 28,514,332 times
Reputation: 24817
Quote:
Originally Posted by jasperhobbs View Post
I was thinking you were the poster from a high cost of living area, Maybe Bay area or Seattle who seemed in a rut and didn't know how to get out despite the good advice from posters on City-Data forum. Maybe he or she won the lottery and bought an island and is too busy to post.
That was freemkt and he lived in Portland, OR.
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Old 12-16-2018, 12:22 PM
 
26,114 posts, read 28,514,332 times
Reputation: 24817
Quote:
Originally Posted by rodentraiser View Post
I am saving money right now (not this freaking month, though - because, Christmas) and it goes into a savings account that pays about .01% interest. I simply don't want to lock it up long term at this point in time.
You can open up an online savings account, typically with no minimums, that pays a lot better than that.

My account at FNBO Direct pays 2.15% and has no account minimums. I've had it for years and I don't even think the interest rate they pay is the highest.

https://www.fnbodirect.com/
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Old 12-16-2018, 12:37 PM
 
Location: The Carolinas
2,006 posts, read 2,019,271 times
Reputation: 6089
Every penny I can. Seriously. Every. Penny.
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Old 12-16-2018, 04:37 PM
 
5,694 posts, read 8,764,670 times
Reputation: 4923
I rarely put aside a set amount for savings. I guess the trick for me was getting 10-15 yr. loans on my rental houses so the amortization would be forced savings. Some months when there was a surplus I would pay down principal on a loan.* The exceptions were when I set aside money from an office job to buy a computer. At $2100 in 1996 that was a big purchase! Also after a car payment ended I would save that amount for the down payment on the next car.

* obviously this would not work for those among us who consider landlording a fate worse than death.
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Old 12-16-2018, 04:41 PM
 
71,643 posts, read 71,777,271 times
Reputation: 49235
It may leave some in trouble too if they terminated helocs like in 2008 . It is hard selling off a piece of the living room at the supermarket
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Old 12-16-2018, 04:43 PM
 
2,443 posts, read 2,073,079 times
Reputation: 5690
Quote:
Originally Posted by mysticaltyger View Post
That was freemkt and he lived in Portland, OR.
Yeah, that was the poster. I always seemed to want to call the doctor and get some Prozac after reading his/her posts.
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Old 12-16-2018, 04:45 PM
 
2,443 posts, read 2,073,079 times
Reputation: 5690
Quote:
Originally Posted by Propop View Post
You can be sarcastic if you wish but some people are actually doing some or even all of the things you wrote in your post. Don't be a fool and not heed a warning. You will be one of the first to complain. What's coming will be worse than 2008 and apparently you aren't remotely prepared. Unfortunately, you and many others will be caught off guard. You think it can't happen in America? Well, just wait and see. The game is over so you'd better protect yourself. Anyway, I'm not going back-and-forth with you. You're not my responsibility. Ciao....!
Quote:
Originally Posted by mysticaltyger View Post
If what's coming up will be worse than 2008, then there's probably nothing you can invest in that's going to do you any good.
I think that poster is long gone and living in a cave sitting on gold bars and a shotgun pointed at the entrance.
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