Need some advice from all the "older" people...
- Thread starter Gr8KarmaSF
- Start date
Gr8KarmaSF;890546; said:
Every pbass comes with ss#?
I just started about a year or so ago admittingly.. For me I was so busy years ago with everything else it didn't really hit me that you need retirement money til later in life.. lol
As long as you have a decent amount at retirement most will be ok I think. If you have a little bit of money there's always ways to invest, and keep the money re-populating.
I saved money in many life times, but then I just gave up because no matter how much I save, in the end you don't take them with you. Today I give money away...and the more I give, the more I get. And now I AM THE MONEY. I AM THE VALUE. And that's the Truth.
With six children there is not a lot of savings one can do.....and beyond that I am not and "older guy" so this question is not addressed to me..
"older" is relative and not meant to offend anybody (mentally im only 19), if anything i consider it a compliment.
six kids? you are very lucky, i would love to have a family that large.
six kids? you are very lucky, i would love to have a family that large.
benzjamin13;890588; said:
Well then accordin to Maxim I am screwed!!!
I am gettin close to 50 (not sure if that makes me old, heh) and have never started a retirement fund. With a family of 7 I needed every nickel of every pay-day. Now a divorced single dad
same scenario. But on the bright side, my 5 kidz should take good care of me (I hope).
After Saturdays graduation, Magz is on to college. Then I only have 1 son left in High school.
Gr8KarmaSF;890766; said:"older" is relative and not meant to offend anybody (mentally im only 19), if anything i consider it a compliment.
six kids? you are very lucky, i would love to have a family that large.
G8Karma I was joking, naturally!! I consider myself a 20 year old spirit, full of zest, potency and charm, chained to a 45 year old body
Tghe problem is gals only see the 45 year old body and don't give a fart about the 20 year old spirit I started saving when I was 24. I'm in investment management so i could talk about this all day. There are a few points to be made that a lot of people seem to forget:
1) Reduce your debt: If you are heading into retirement without debt, all of that money saved up is discretionary...if not disposable versus still having a mortgage payment, car payment, and credit card payments.
2) Get employer match: Make sure you contribute enough to your 401k so you get the maximum match from your employer. You can also self-manage you money if you follow the market.
For example, last year the S&P 500 returned about 15.78% (I calculated this using a geometrically linked indexed unit value return...so it may differ from a source like Yahoo Finance) and I returned roughly 38% by managing it myself. Most of the company issued 401ks are managed by a committee and are VERY conservative. They have to take into consideration the employees that are getting ready to retire and don't want to take risks. Plus they are preventing law suits if they were to lose your money all together.
3) Don't forget your house: The purchase of a home is also a key to retirement. You can avoid a capital gains tax on the profit from the sale of your home if you own it for more than two years. There are a lot of people that do not take advantage of this, but should. Also, when you are ready to retire, sell the big colonial and buy a smaller cape (with a big basement for the ]V[onster tanks of course). Depending on your area, you may be able to buy the smaller house with cash from your capital apreciation and not have that mortgage payment to deal with.
I also trade my own brokered accounts through Scottrade...would anyone be interested in starting an "Investment Club" where we could talk about this stuff and bounce ideas off one another??? If I could combine my two passions on one forum.....that would be sweet.
1) Reduce your debt: If you are heading into retirement without debt, all of that money saved up is discretionary...if not disposable versus still having a mortgage payment, car payment, and credit card payments.
2) Get employer match: Make sure you contribute enough to your 401k so you get the maximum match from your employer. You can also self-manage you money if you follow the market.
For example, last year the S&P 500 returned about 15.78% (I calculated this using a geometrically linked indexed unit value return...so it may differ from a source like Yahoo Finance) and I returned roughly 38% by managing it myself. Most of the company issued 401ks are managed by a committee and are VERY conservative. They have to take into consideration the employees that are getting ready to retire and don't want to take risks. Plus they are preventing law suits if they were to lose your money all together.
3) Don't forget your house: The purchase of a home is also a key to retirement. You can avoid a capital gains tax on the profit from the sale of your home if you own it for more than two years. There are a lot of people that do not take advantage of this, but should. Also, when you are ready to retire, sell the big colonial and buy a smaller cape (with a big basement for the ]V[onster tanks of course). Depending on your area, you may be able to buy the smaller house with cash from your capital apreciation and not have that mortgage payment to deal with.
I also trade my own brokered accounts through Scottrade...would anyone be interested in starting an "Investment Club" where we could talk about this stuff and bounce ideas off one another??? If I could combine my two passions on one forum.....that would be sweet.
KenyanSandBoa;890832; said:would anyone be interested in starting an "Investment Club" where we could talk about this stuff and bounce ideas off one another??? If I could combine my two passions on one forum.....that would be sweet.
I think that would be awesome. I know some here are more into the market than others. But I know myself I would love to learn more just as a onlooker.
