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Old 02-19-2010, 06:51 PM
 
Location: Central California
86 posts, read 153,177 times
Reputation: 156

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Last year I turned 55, lucky to have my health and bit of coin in my pocket so I can think about retiring this year.

When I think back it isn't really good planning that got me here, it was the luck of avoiding the pitfalls of life that tempt you when your young, addictions, bad marriages, overspending, stupid investment ideas etc.

Saw alot of people go down those roads and it's tough to turn your life around once you go that route.

My advice to young kids starting out is always avoid the bad things in life and the good things will probably take care of themselves
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Old 02-20-2010, 06:24 AM
 
1,461 posts, read 1,288,901 times
Reputation: 790
Odds are that if you take care of yourself you will not drop dead before retirement and you will be healthy when you retire. The sheer numbers say that you will be healthy when you retire. There would be nothing worse than being 67 and having to work until you are 80. I was able to retire at 56 by investing, saving and not wasting $. My only luxury was two vacation trips a year and after it was completed a restored large urban townhouse. It helps if you are not overly materialistic and you don't need a fancy car. If you want to live well and save another alternative, if you enjoy finer things, is to buy them wisely, perhaps art or antiques - something which will appreciate in value (although like all other markets, the art and antique markets do not always go up).
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Old 02-20-2010, 07:53 AM
 
29,829 posts, read 34,918,975 times
Reputation: 11752
Quote:
Originally Posted by Kleenex View Post
My friend and i were talking about this the other day......we're saving up the wazoo for "retirement"........we're in our 20's and the way we're saving, we should have 3-4 million in retirement (age 64).
But, we live frugally now, we don't drive fancy cars, etc.

you see people reaching the retirement age and either drop dead or simply too tired/sick/old to 'do anything' exciting. we don't want to be them! what's the point of having 4 millions and not having the energy or the desire to have FUN! why shouldn't we drive that sports car that we've DREAMED about for as long as we can remember? while we're young and full of excitement for life!?!

i pose this question: IF you're at the age of retirement, please share your wisdom. would you have done anything differently? Do you wish you had bought that 100k car when you were 30 and maybe not have had as much as you do now?

cheers.
Ask those folks in their 80's if they are glad they saved as the go on vacation or wish they had saved more as they share the dog food.
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Old 02-20-2010, 08:49 AM
 
Location: Maryland
1,534 posts, read 3,785,979 times
Reputation: 2307
I can't add much to the excellent advice already offered except for this:

- You live in a world where one is seriously at risk of being taken advantage of financially if you are not cautious, well informed and prudent. You absolutely must exert some time and energy to acquire a basic financial education and establish prudent investment and debt management practices throughout your life. To not do so is a very large roll of the dice with your future.

-
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Old 02-20-2010, 09:21 AM
 
Location: Sierra Vista, AZ
16,133 posts, read 20,849,801 times
Reputation: 8293
Everything I saved for retirement was wiped out at least twice. I still managed to double down and retire at 53. Best bet is to won your house, help your kids become independent, then save.
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Old 02-20-2010, 09:25 AM
 
71,913 posts, read 71,971,035 times
Reputation: 49465
wiped out 2x, sounds like you need a good financial adviser....

i have been investing since 1986 and while i have been down during downturns none of my run of the mill funds ever dropped to a point id say i was wiped out.... i have ridden some uncomfortable cycles in my life time, thats a given.
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Old 02-20-2010, 09:26 AM
 
Location: southern california
55,701 posts, read 74,709,789 times
Reputation: 48232
you are so right all those tortillas and beans meals sweat and strain. who would want to be debt free and retire early???
btw i bought this cash a few days ago and mazatlan cruise last month was great. but like you were saying i think those people that save for retirment and stay out of debt are a bunch of fools. good post.


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Old 02-20-2010, 10:36 AM
 
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
22,692 posts, read 40,062,283 times
Reputation: 23834
Quote:
Originally Posted by mathjak107 View Post
wiped out 2x, sounds like you need a good financial adviser....
I have seen more than several ways to be 'wiped-out', that didn't involve a 'financial manager'.

Failed businesses, Sinister partners, and Health issues seem to lead the pack, and while a good financial manager will recommend adequate insurance for you, often I have seen parents come to the medical rescue of a child or relative. A local couple just spent a goodly chunk 'rescuing' their grandchildren from their 'druggie' kids. Now the grandparents are parents of 4&6 yr old + the grandfather was just diagnosed with ALS.

Life happens, one of my parents started over at age 50. Of course many "great's" did the same. i.e. Harland "Colonel" Sander's, Ray Kroc (McDonalds)

Not all of us can marry into money and are more associated with poverty, but that's OK, just deal with it and make the best of life.

Congrats Boompa on "pulling up the bootstraps and realizing your dream".
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Old 02-20-2010, 01:37 PM
 
71,913 posts, read 71,971,035 times
Reputation: 49465
i was thinking in terms of speculating in various investments but your right there are a host of other ways to be wiped out but i wasnt thinking along those lines and i may have been off base by not. ...
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Old 02-20-2010, 01:40 PM
 
Location: Great State of Texas
86,093 posts, read 72,612,888 times
Reputation: 27566
Quote:
Originally Posted by TuborgP View Post
Ask those folks in their 80's if they are glad they saved as the go on vacation or wish they had saved more as they share the dog food.
But there is something to be said for taking that European vacation while you're in your 20's rather than 80's.

You don't want to cut off enjoying your youth to save for old age.
I'm not saying to blow it all but if you live your life to save for when you are old, how much of a life was it when you are old and look back.
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