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Depending on 'iwantyall2know's career, at 26yo he/she could be 12 years from retirement.
Choose your careerfield and you choose when you get your pension.
When I was 24yo I was already 6 years into my career. If I had stuck with it I could have gotten my pension at 38. But I took a 4-year sabbatical from work and attended college instead. Regardless I went back to work and finished my career at 42.
Well, I played around more then I care to say the first 22 years of my life but now I'm in School working on getting my Bachelors degree. I already have almost 4 years in sales although I was let go. (I dont see why I still cant list that experience and explained my situation at the time). After graduating with my Marketing degree I will start my career and with 10 years experience I can be a Sales Director aka VP of sales makeing around 125,000 to start and ranging up to 240,000 year. I plan on opening a Roth IRA, a 401 k that matches, an Annuiety and maby ladder some CD's. I'm very intellegent and have things planned and mapped out, like my own personal blueprint starting with step 1. So unless things go drastically wrong I will MAKE THINGS HAPPEN. Anyways, enough about finance. Would you like to give me any feedback sir?
the different ammenities that a place offers however such as the things that you named. However I dont beleive I'd get tired of all the same things because im a very laid back person and just lookin to spend most days walkin around a park enjoyin the beauty, sittin on the portch enjoyin the weather or just sittin around the house watchin T.V. and stayin cool. It doesnt take much to please me but low crime, decent cost of living, natural beauty and friendly people. however, I would like a place to have enough places to shop or eat, maby a Cinema or two. some festivals... somethin to do but im not big into partying, nightlife or anything like that. i'm turnin 26 in sept. and have already grew outta that phase.
Have you checked out Greenville, SC? It has all the things you are looking for
Have you checked out Greenville, SC? It has all the things you are looking for
Ya know, I actually did check out Greenville, Sc and that seems like a really nice city up at the foothills of the mountains. Very beautiful, low cost of liveing, fairly low crime rates, decent amount of things to do, alot of parks, rivers, ponds etc.. It seems very nice. as far as retirement goes. (You know, when i wont have to worry about finding a job.)
Well I am a very diligent, strong minded individual who researches and plans out everything I do 3 streps ahead very extensively and I like to have an idea of what I'm gonna do way before I do it.
I applaud you! Truly. Now that I'm getting up there in age, I can only wish that I was entrenched in my career and savings at 26. You are wise beyond your years!
I applaud you! Truly. Now that I'm getting up there in age, I can only wish that I was entrenched in my career and savings at 26. You are wise beyond your years!
I'll be more like 29 by the time I get a Career going but thank you for the compliment. Btw, its never too late to keep shootin for the stars. Decide what you wanna do and do it. (take all the necessarysteps).
Well, I played around more then I care to say the first 22 years of my life but now I'm in School working on getting my Bachelors degree. I already have almost 4 years in sales although I was let go. (I dont see why I still cant list that experience and explained my situation at the time). After graduating with my Marketing degree I will start my career and with 10 years experience I can be a Sales Director aka VP of sales makeing around 125,000 to start and ranging up to 240,000 year. I plan on opening a Roth IRA, a 401 k that matches, an Annuiety and maby ladder some CD's. I'm very intellegent and have things planned and mapped out, like my own personal blueprint starting with step 1. So unless things go drastically wrong I will MAKE THINGS HAPPEN. Anyways, enough about finance. Would you like to give me any feedback sir?
I wish you luck.
With so many ups and downs in the stock market, I honestly have no idea what the best investment portfolio is anymore.
My grandparents and my parents lost money when banks folded. I have had banks fold on me, though I was lucky and I lost no money in the process.
My predecessors were all dead set against the stock market, and instead they did very well with rental housing.
So we got into buying apartment buildings; and really they did us very good for a number of years. When I retired we consolidated our holdings, we were able to take out some of the built-up equity and we bought our farm.
But then with the current recession / depression our tenants lost their jobs, with no rental income, we are now losing our last remaining rental property.
Had we paid it off, we would still have it now, and eventually if the economy rebuilds we would once again be in the black with it. But that would have meant that we would have decided to live in that building ourselves in our retirement. That was not what we wanted.
You are in school now.
I say if you can figure out what region of the nation you will really want to retire to, then go there as you graduate and begin your career there.
Once you are rooted it is hard to move again.
Buy your home and pay it off.
I have friends in the DC beltway area, him and her they are each making ~$150k/annum, they live in a $million home. They trade in their cars every 2 years for the newer models, they go to concerts, etc. They developed a lifestyle which consumes all they are earning. Their mortgage is huge, their vehicle payments are high, and they have CC debt. They are barely breaking even and they have no portfolio.
They are very fortunate, neither of them has lost their jobs.
Had they decided in the 80s to pay-off their home, then today their biggest debt would be gone.
$100 every month as a separate principle payment onto your mortgage has an effect. When you get a pay raise make it $200/month onto the principle. It has an effect.
With so many ups and downs in the stock market, I honestly have no idea what the best investment portfolio is anymore.
My grandparents and my parents lost money when banks folded. I have had banks fold on me, though I was lucky and I lost no money in the process.
My predecessors were all dead set against the stock market, and instead they did very well with rental housing.
So we got into buying apartment buildings; and really they did us very good for a number of years. When I retired we consolidated our holdings, we were able to take out some of the built-up equity and we bought our farm.
But then with the current recession / depression our tenants lost their jobs, with no rental income, we are now losing our last remaining rental property.
Had we paid it off, we would still have it now, and eventually if the economy rebuilds we would once again be in the black with it. But that would have meant that we would have decided to live in that building ourselves in our retirement. That was not what we wanted.
You are in school now.
I say if you can figure out what region of the nation you will really want to retire to, then go there as you graduate and begin your career there.
Once you are rooted it is hard to move again.
Buy your home and pay it off.
I have friends in the DC beltway area, him and her they are each making ~$150k/annum, they live in a $million home. They trade in their cars every 2 years for the newer models, they go to concerts, etc. They developed a lifestyle which consumes all they are earning. Their mortgage is huge, their vehicle payments are high, and they have CC debt. They are barely breaking even and they have no portfolio.
They are very fortunate, neither of them has lost their jobs.
Had they decided in the 80s to pay-off their home, then today their biggest debt would be gone.
$100 every month as a separate principle payment onto your mortgage has an effect. When you get a pay raise make it $200/month onto the principle. It has an effect.
From all this what I gather in short is, things for you did not go as planned despite how you planned things to be (this is because life is unpredictable) and I sympathize with you. Your friends sound like they were liveing "above there means", lavishing in the lifestyle rather then being smart about there money. however I would wish them the best of luck as well. And as far as putting a little extra in if you can, I completly understand what your trying to say. Thanks for the information.
Location: Approximately 50 miles from Missoula MT/38 yrs full time after 4 yrs part time
2,308 posts, read 4,141,372 times
Reputation: 5025
Quote:
Originally Posted by iwantyall2know
Well, I played around more then I care to say the first 22 years of my life but now I'm in School working on getting my Bachelors degree. I already have almost 4 years in sales although I was let go. (I dont see why I still cant list that experience and explained my situation at the time). After graduating with my Marketing degree I will start my career and with 10 years experience I can be a Sales Director aka VP of sales makeing around 125,000 to start and ranging up to 240,000 year. I plan on opening a Roth IRA, a 401 k that matches, an Annuiety and maby ladder some CD's. I'm very intellegent and have things planned and mapped out, like my own personal blueprint starting with step 1. So unless things go drastically wrong I will MAKE THINGS HAPPEN. Anyways, enough about finance.
Would you like to give me any feedback sir?
If you'll allow me...I would enjoy giving you some of my thoughts and knowledge gained from 78 years on this planet:
(6 yrs being a "brat"; 12 yrs K1/K12; 4 yrs college; 39 yrs in sales, sales mgm't, market development and project mgm't); 17 yrs into retirement; 51 yrs marriage and 5 yrs widowed.
Worked my way (3 part time jobs) through college; BA in Bus Adm & Economics. Started my career (7 days after graduation) in the field of Industrial Sales serviceing the: Mining, Timber, Petro/Chem; Nuclear Power and AeroSpace industries. Since I did NOT want "inside sales" (I wanted to be out in "the field".....I choose to establish my reputation in the field of "large fabricated steel" requirements: i.e. tanks [10x20' & up}, conveyor systems [6'w by 4000' long & up}, air scrubbers {10'dia by 20' high & larger}, duct work [8'dia by ??}, missle silos [12'dia x 120' deep] etc etc etc. Big stuff!
My secrets to success: a/ Stay in the same "field"; b/ keep the same customers (client base) when you change companies--I changed 6 times;
c/ do not be reluctant to travel and/or move--(I moved twice and traveled
extensively over approx 25 states); d/ establish a reputation for being: Honest; hard working; never lie; keep your word; and also 'very important'...Never get your 'meat' where you get your 'bread & butter'!!
Other factors that were important TO ME and my way-of-life & life style (in MY era):.... 1954 to 1993.
1/ When I changed companies I insisted on: a/ my wife could travel with me on my business trips; b/ I was supplied a Company Car; c/ I (& my family) were covered with Health & Accident Insurance.
Knowing that I would not have ANY company Pension programs ($$$) to supplement my retirement income.....I started to build a "retirement Income Portfolio" 10 years after I started my career.
We NEVER carried a Credit Card balance.
We paid off our last mortage at age 48 & remained 'debt free' to present.
Bear in mind: The above points of information are what WORKED FOR ME...they may not work for others.
Good luck to you.....and don't forget: "You can plan, plan and plan.....but it's ALWAYS the unexpected that "bites you in the a$$".
Edit: If you travel to enough places during your career......you'll know where you want to retire...again, that's what worked for me.
.
Last edited by Montana Griz; 08-17-2010 at 10:01 PM..
Reason: add info on 'where to retire'
If you'll allow me...I would enjoy giving you some of my thoughts and knowledge gained from 78 years on this planet:
(6 yrs being a "brat"; 12 yrs K1/K12; 4 yrs college; 39 yrs in sales, sales mgm't, market development and project mgm't); 17 yrs into retirement; 51 yrs marriage and 5 yrs widowed.
Worked my way (3 part time jobs) through college; BA in Bus Adm & Economics. Started my career (7 days after graduation) in the field of Industrial Sales serviceing the: Mining, Timber, Petro/Chem; Nuclear Power and AeroSpace industries. Since I did NOT want "inside sales" (I wanted to be out in "the field".....I choose to establish my reputation in the field of "large fabricated steel" requirements: i.e. tanks [10x20' & up}, conveyor systems [6'w by 4000' long & up}, air scrubbers {10'dia by 20' high & larger}, duct work [8'dia by ??}, missle silos [12'dia x 120' deep] etc etc etc. Big stuff!
My secrets to success: a/ Stay in the same "field"; b/ keep the same customers (client base) when you change companies--I changed 6 times;
c/ do not be reluctant to travel and/or move--(I moved twice and traveled
extensively over approx 25 states); d/ establish a reputation for being: Honest; hard working; never lie; keep your word; and also 'very important'...Never get your 'meat' where you get your 'bread & butter'!!
Other factors that were important TO ME and my way-of-life & life style (in MY era):.... 1954 to 1993.
1/ When I changed companies I insisted on: a/ my wife could travel with me on my business trips; b/ I was supplied a Company Car; c/ I (& my family) were covered with Health & Accident Insurance.
Knowing that I would not have ANY company Pension programs ($$$) to supplement my retirement income.....I started to build a "retirement Income Portfolio" 10 years after I started my career.
We NEVER carried a Credit Card balance.
We paid off our last mortage at age 48 & remained 'debt free' to present.
Bear in mind: The above points of information are what WORKED FOR ME...they may not work for others.
Good luck to you.....and don't forget: "You can plan, plan and plan.....but it's ALWAYS the unexpected that "bites you in the a$$".
Edit: If you travel to enough places during your career......you'll know where you want to retire...again, that's what worked for me.
.
Sir, I thank you very much... this is the best information I have received thus far.
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