jammin Posted May 10, 2018 Share Posted May 10, 2018 13 hours ago, SSFB said: What's the investment? 3$ Quote Link to comment Share on other sites More sharing options...
snoughnut Posted May 10, 2018 Share Posted May 10, 2018 12 hours ago, Angry ginger said: i think 2 mil is low unless your waiting well into your 60's. certainly not enough to go at 55 and needing 20 years of solid income to actually do shit not sit around waiting to die You're nuts, I could easily retire on that, no problem. By your standards, most people are in big trouble. I believe I just read some where that like 30% of Americans age 50+ have nothing saved for retirement. Quote Link to comment Share on other sites More sharing options...
DriftBusta Posted May 10, 2018 Share Posted May 10, 2018 (edited) 16 hours ago, f7ben said: If I kept the job I have now I could retire with much more in half the time. Myself and my employer are putting 40k per year into my 401 right now and that doesnt count HSA or IRA contributions .....I could do an easy million in 10 years if I wanted to stay The 401k limit is 18,500 for 2018, so *buzzer*. I don't think so at least not in a qualified tax deferred account. Even if you put 40k a year away, trying to time the market, you think thats an "easy" million? Good luck with that. 16 hours ago, f7ben said: You think the pro's have a fucking clue? For every guy you find telling a client one thing you have another telling him the exact opposite. I'll take my chances on my own. Millwright I was working with yesterday saw an FA this week. Guy told him if he was going to retire in the next 5 years to keep everything in cash right now. Well lets see......if that guy is scared about the next 5 years why the fuck would I want my money exposed regardless of when I am going to retire? Oh Ben. 16 hours ago, Nazipigdog said: Some are im sure but having someone who is good at what they do working for you is a great asset. Day trading is not a retirement strategy. Any good manager will set you up for your long term goals. diversification is the key. Stop being a pollack. This. 15 hours ago, ArcticCrusher said: That FA should be shot, shit and pissed on. You could live to you're over 90, that is the plan, 30-40 of retirement. Fucking junior achievers, holy shit. No kidding. Cash. For 5 years? wtf. 15 hours ago, ArcticCrusher said: Most FA's are more concerned about building their "Own Book" than creating wealth for their clients, most compete with inflation. Why would anyone want to shutdown their growth in their retirement portfolio when they have decades left unless they have managed to screw it up. Depleting retirement portfolios are for those that have missed the boat. Thats not true. At least where I work. Inflation is less than 3%, and if I can't average more than 6-8% over the long term for a client I'm pretty useless. I made alotta friends last year by being aggressive with peoples portfolios. Tech is still on fire. Emerging markets were dragging people down up until last year when they caught fire. Little things like that make a difference over time. Fixed income is still a tricky game, I listen to guys managing over 200 million of other peoples money telling me that, so I know I'm not alone. Anyone with the resources I have access to can do this job, but like you said, its a long term, leave the money in the market strategy every single time. 12 hours ago, Whiskey Tango Foxtrot said: Where are y'all coming up with these figures?? Life expectancy of a male in USA is: (CNN)Life expectancy in the United States has dropped again following last year's decline, which marked the first downturn in more than two decades. On average, Americans can now expect to live 78.6 years, a statistically significant drop of 0.1 year, according to a report on 2016 data published Thursday by the National Center for Health Statistics. Women can now expect to live a full five years longer than men: 81.1 years vs. 76.1 years. If you round the numbers off to expect and retire at 60 even, and die at a high expectancy of 80, that still leaves you with 100k to spend a year! If you still owe +100k yearly when you're in your 60s, you're doing it wrong. I read recentl.y that the reason the life expectancy numbers are trending downward is due to all the opiod deaths, which are insane right now. I can count off 5 young people I KNEW who've died in the past year alone. 25 minutes ago, snoughnut said: You're nuts, I could easily retire on that, no problem. By your standards, most people are in big trouble. I believe I just read some where that like 30% of Americans age 50+ have nothing saved for retirement. 90% of the population could easily retire on 2 million. 95% of the population won't have that much at retirement Edited May 10, 2018 by DriftBusta Quote Link to comment Share on other sites More sharing options...
Zambroski Posted May 10, 2018 Share Posted May 10, 2018 1 hour ago, ArcticCrusher said: What's wrong with having your cake and eating it too? ZERO! That should be the goal. I thought that was what I was kinda advocating. I say "eat cake" the whole journey....not when you need to worry about denture adhesives and cleaning afterwords. I'd risk "eating cake" when I'm young then, have to eat oatmeal and ramen when I'm old if that's what it came down to. Quote Link to comment Share on other sites More sharing options...
ArcticCrusher Posted May 10, 2018 Share Posted May 10, 2018 6 minutes ago, DriftBusta said: Thats not true. At least where I work. Inflation is less than 3%, and if I can't average more than 6-8% over the long term for a client I'm pretty useless. I made alotta friends last year by being aggressive with peoples portfolios. Tech is still on fire. Emerging markets were dragging people down up until last year when they caught fire. Little things like that make a difference over time. Fixed income is still a tricky game, I listen to guys managing over 200 million of other peoples money telling me that, so I know I'm not alone. Anyone with the resources I have access to can do this job, but like you said, its a long term, leave the money in the market strategy every single time. You should be pretty aggressive, but in quality holdings, although I would say most FA's are not like that and like to play in the fixed income arena, esp for high net worth folk. Most FA's tells me I'm taking too much risk and the word from the high net worth institute is short term bonds.Its been the same for years. Fuck off. I could drop dead tomorrow or I could also have 40 more years to invest. I have already exceed my targets and have over a decade before I would even consider retiring. Its balls to the walls. Check out this video from a dimwit on what one should expect. He also says the days of double digit returns are over, thats funny cause I never heard him say the double digit days were ever here. Also I'm up just over 4% year to date and loaded some more global equities this week. Bought some emerging a few weeks back, but they have been spinning their wheels. https://www.theglobeandmail.com/business/carrick-talks-money-the-sad-but-true-reality-of/video751befdd-fd36-4457-a8e8-559cbafe99dd/ Quote Link to comment Share on other sites More sharing options...
f7ben Posted May 10, 2018 Author Share Posted May 10, 2018 80% of my profit share goes into 401k and does not count against my personal contribution. My employer also matches 33% of my personal contribution which does not count towards my fed cap. This year over 40k into the 401. Woolie doesnt know much for being a hotshot banker Quote Link to comment Share on other sites More sharing options...
ArcticCrusher Posted May 10, 2018 Share Posted May 10, 2018 (edited) 7 minutes ago, f7ben said: 80% of my profit share goes into 401k and does not count against my personal contribution. My employer also matches 33% of my personal contribution which does not count towards my fed cap. This year over 40k into the 401. Woolie doesnt know much for being a hotshot banker Our equivalent to your 401K (RRSP) limit is 18% of income up to a max of $26K. We can invest that in pretty much anything we want. Edited May 10, 2018 by ArcticCrusher Quote Link to comment Share on other sites More sharing options...
SSFB Posted May 10, 2018 Share Posted May 10, 2018 1 hour ago, snoughnut said: You're nuts, I could easily retire on that, no problem. By your standards, most people are in big trouble. I believe I just read some where that like 30% of Americans age 50+ have nothing saved for retirement. Most people are going to be in big trouble. I guess they'll probably vote themselves money out of the treasury though. Quote Link to comment Share on other sites More sharing options...
DriftBusta Posted May 10, 2018 Share Posted May 10, 2018 23 minutes ago, f7ben said: 80% of my profit share goes into 401k and does not count against my personal contribution. My employer also matches 33% of my personal contribution which does not count towards my fed cap. This year over 40k into the 401. Woolie doesnt know much for being a hotshot banker Yeah I only do it for a living. You might be parking away 40k but its not all in a tax deferred 401k, or you are going to lose the tax deductibility beyond a certain income threshold or contribution threshold. That limit is 18,500. Quote Link to comment Share on other sites More sharing options...
f7ben Posted May 10, 2018 Author Share Posted May 10, 2018 Just now, DriftBusta said: Yeah I only do it for a living. You might be parking away 40k but its not all in a tax deferred 401k, or you are going to lose the tax deductibility beyond a certain income threshold or contribution threshold. That limit is 18,500. No , its not you retard I am only allowed to contribute 10% of my gross income to my 401k as a highly compensated employee. My employer contributions to my account do not count against my personal contributions. As I said.....roughly 40k per year last year and this year into the 401k tax deferred .....do you need to see my statements Quote Link to comment Share on other sites More sharing options...
f7ben Posted May 10, 2018 Author Share Posted May 10, 2018 Yah , Woolie really knows his shit seems like EJ needs to train their special mega superstars a little better Dear Pat, The employer matching contributionsdon't count toward the maximum limits that you cancontribute to a 401(k) plan. There is, however, a combined contribution limit of $53,000 for theemployer and employee contributions in 2015. Also, in 2015, the employee's contribution limit is $18,000.Jun 8, 2015 Quote Link to comment Share on other sites More sharing options...
Dave Posted May 10, 2018 Share Posted May 10, 2018 Quote Link to comment Share on other sites More sharing options...
ArcticCrusher Posted May 10, 2018 Share Posted May 10, 2018 1 minute ago, f7ben said: No , its not you retard I am only allowed to contribute 10% of my gross income to my 401k as a highly compensated employee. My employer contributions to my account do not count against my personal contributions. As I said.....roughly 40k per year last year and this year into the 401k tax deferred .....do you need to see my statements Do you have unused contribution room? Quote Link to comment Share on other sites More sharing options...
Anler Posted May 10, 2018 Share Posted May 10, 2018 I'd like to know how Ben is getting $40k out of his SEP... Annually. Quote Link to comment Share on other sites More sharing options...
f7ben Posted May 10, 2018 Author Share Posted May 10, 2018 Just now, ArcticCrusher said: Do you have unused contribution room? Personally I do not. I am contributing at the max rate I can as an employee. My employer could contribute more by law but they contribute 80% of my profit share and the match is 33% right now. According to the law they could if all the stars align put about another 13-15k into my account but that isnt really realistic Quote Link to comment Share on other sites More sharing options...
f7ben Posted May 10, 2018 Author Share Posted May 10, 2018 Just now, Nazipigdog said: I'd like to know how Ben is getting $40k out of his SEP... Annually. Wut? Quote Link to comment Share on other sites More sharing options...
Im4snow Posted May 10, 2018 Share Posted May 10, 2018 1 minute ago, Nazipigdog said: I'd like to know how Ben is getting $40k out of his SEP... Annually. No wonder Chinese steel is a better buy. Quote Link to comment Share on other sites More sharing options...
Anler Posted May 10, 2018 Share Posted May 10, 2018 1 minute ago, f7ben said: Wut? Didn't you you got $40k from your profit sharing? Quote Link to comment Share on other sites More sharing options...
f7ben Posted May 10, 2018 Author Share Posted May 10, 2018 Just now, Nazipigdog said: Didn't you you got $40k from your profit sharing? No....I never said that. Last year my profit share was about 20k. Since the inception of the company they have contributed 12% of net profits to the employee profit share pool to be distributed evenly amongst employees based on your gross wages. This year is shaping up to be better than last year Quote Link to comment Share on other sites More sharing options...
f7ben Posted May 10, 2018 Author Share Posted May 10, 2018 3 minutes ago, Im4snow said: No wonder Chinese steel is a better buy. Well yah.....its made by slaves and by process which arent constrained by any environmental standards or regulations. Are you fucking retarded? Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member Highmark Posted May 10, 2018 Platinum Contributing Member Share Posted May 10, 2018 20 hours ago, f7ben said: I moved about a good chunk off the sidelines yesterday and back into a mutual fund........ and the market is actually up today!!!! holy fucking shit !!!!11111 f7ben for the win!!!!!!!!!!!!!!!!!!!!!!!11111111 Hope it crashes. Quote Link to comment Share on other sites More sharing options...
Wildboer Posted May 10, 2018 Share Posted May 10, 2018 19 hours ago, Nazipigdog said: Stop watching the market, Ben. Its not timing the market its time IN the market. Invest in solid long term strategies and then stop looking at it. This is basic advice everyone should know and follow. Quote Link to comment Share on other sites More sharing options...
f7ben Posted May 10, 2018 Author Share Posted May 10, 2018 Just now, Highmark said: Hope it crashes. Quote Link to comment Share on other sites More sharing options...
Anler Posted May 10, 2018 Share Posted May 10, 2018 1 minute ago, f7ben said: No....I never said that. Last year my profit share was about 20k. Since the inception of the company they have contributed 12% of net profits to the employee profit share pool to be distributed evenly amongst employees based on your gross wages. This year is shaping up to be better than last year Yes I know how it works, I didn't think you could have both 401k and SEP distributions tax deferred. Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member Highmark Posted May 10, 2018 Platinum Contributing Member Share Posted May 10, 2018 Just now, f7ben said: I just removed a significant chunk for another need so you are safe....its gonna skyrocket. Quote Link to comment Share on other sites More sharing options...
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