Mainecat Posted October 23, 2017 Share Posted October 23, 2017 4 hours ago, Edmo said: My wife’s company uses fidelity investments and they have a zillion choices to invest in. It’s kind of overwhelming even if you understand investments. Fidelity is very good. Quote Link to comment Share on other sites More sharing options...
Mainecat Posted October 23, 2017 Share Posted October 23, 2017 Having one marriage helps your retirement and especially if she did as well. Quote Link to comment Share on other sites More sharing options...
snoughnut Posted October 23, 2017 Share Posted October 23, 2017 Whether it's true or not, I don't know but I read recently that 1 out of 3 Americans has zero saved for retirement. Quote Link to comment Share on other sites More sharing options...
AKIQPilot Posted October 23, 2017 Share Posted October 23, 2017 1 hour ago, Mileage Psycho said: I'll work till 70-72, I like the action and the healthy benefits of using my mind and the socialization that goes along with what I do, plus my favorite hobby is to spend money on travel, toys, family, etc. Well you may have less than 10 good years to enjoy being unemployed Quote Link to comment Share on other sites More sharing options...
racinfarmer Posted October 23, 2017 Share Posted October 23, 2017 7 hours ago, Highmark said: We've done the same thing and its frustrating how many won't match funds. We use to do 10% no match needed but wanted to see if we could get more to contribute so we went to a matching format where we still would contribute 10% of they matched 4%. Generally its the single workers who won't contribute any of their own which I find crazy as they should have the least bills. If it is like the young people that work "here," they usually live paycheck to paycheck with student loans, car payments, house/condo/apartment payments, etc. Quote Link to comment Share on other sites More sharing options...
Anler Posted October 23, 2017 Share Posted October 23, 2017 2 minutes ago, racinfarmer said: If it is like the young people that work "here," they usually live paycheck to paycheck with student loans, car payments, house/condo/apartment payments, etc. It's hard to save when you're single and starting out. Like you said you have all of those bills AND student loans. That's why alot of kids are living at home til they're 30. Quote Link to comment Share on other sites More sharing options...
racinfarmer Posted October 23, 2017 Share Posted October 23, 2017 Just now, Arctic Cat Destroyer said: It's hard to save when you're single and starting out. Like you said you have all of those bills AND student loans. That's why alot of kids are living at home til they're 30. Knowing what some of them make, they could live a little more frugal, IMO, but all the bills of even just living can catch up to someone making 50-65k in a metro area pretty easily. One thing I have noticed is a lot of the younger people here are spending more on experiences then they are major items - exotic trips and expensive dining instead of a new Audi or BMW. Quote Link to comment Share on other sites More sharing options...
Edmo Posted October 23, 2017 Share Posted October 23, 2017 16 minutes ago, racinfarmer said: One thing I have noticed is a lot of the younger people here are spending more on experiences then they are major items - exotic trips and expensive dining instead of a new Audi or BMW. I’ve seen that too. More interest in experiences than possessions. If that’s what makes you happy... Quote Link to comment Share on other sites More sharing options...
Anler Posted October 23, 2017 Share Posted October 23, 2017 14 minutes ago, racinfarmer said: Knowing what some of them make, they could live a little more frugal, IMO, but all the bills of even just living can catch up to someone making 50-65k in a metro area pretty easily. One thing I have noticed is a lot of the younger people here are spending more on experiences then they are major items - exotic trips and expensive dining instead of a new Audi or BMW. Keeping up with the Joneses. I made great money right out of high school but I didn't have any credit. I didn't have bad credit just no credit so I couldn't get a credit card or a car loan or anything. Today these kids can get loans for BMWs and shit like that. Put a vacation on their credit card. And they're getting killed with high interest. Fools. Quote Link to comment Share on other sites More sharing options...
Mainecat Posted October 23, 2017 Share Posted October 23, 2017 I have spent countless hours talking to employees explaining why they shoul invest as little as 20.00 bucks per pay period. The younger ones would have no part of it. we as taxpayers will see these non investors come back to haunt us down the road. 1 Quote Link to comment Share on other sites More sharing options...
Sal Rosenberg Posted October 23, 2017 Share Posted October 23, 2017 3 hours ago, snoughnut said: Whether it's true or not, I don't know but I read recently that 1 out of 3 Americans has zero saved for retirement. Would not surprise me one bit if that was true Quote Link to comment Share on other sites More sharing options...
Angry ginger Posted October 24, 2017 Share Posted October 24, 2017 39 minutes ago, Arctic Cat Destroyer said: Keeping up with the Joneses. I made great money right out of high school but I didn't have any credit. I didn't have bad credit just no credit so I couldn't get a credit card or a car loan or anything. Today these kids can get loans for BMWs and shit like that. Put a vacation on their credit card. And they're getting killed with high interest. Fools. i built my credit right away, mom cosigned for credit card when i graduated hs and I got a car loan then a mortgage when i was a junior in college and bought a cheap bank owned condo. I was fortunate to have good parental guidance. made enough on that place to pay off the remainder of my student loans 2 years out of school and i had saved enough to put 10% down on my next place. plenty of good vacations but i stayed away from the toys for about 10 years then went wild and bought a camp, boat sleds jet skis etc Quote Link to comment Share on other sites More sharing options...
s pump Posted October 24, 2017 Share Posted October 24, 2017 7 hours ago, AKIQPilot said: Yea, i remember people claiming that too. Its just not possible unless you dont plan to do anything or travel after you retire. I got laughed at by a lot of folks here when I mentioned the "two mill and no bills" rule that i grew up believing. That was my goal for over 30 years. That will give you about 8000/month for 22 years. More or less I sent 3 kids to college all out of state and all at my expense. I married off 2 daughters all at my expense. I went on 2 vacations every year for 30+ years. I spent every dime I earned having fun, flying, racing, winning, and living life to the fullest. We send money to my wifes parents every month. They can't survive without it. I spend about $300 a month on my parents to help them make ends meet. When I met my goals last year I pulled the plug. Now i work every now and then and only if it fits my needs. Have a plan, work the plan. Quote Link to comment Share on other sites More sharing options...
Sal Rosenberg Posted October 24, 2017 Share Posted October 24, 2017 I figured I could just sell my trophies and yard full of smashed up machines 1 1 Quote Link to comment Share on other sites More sharing options...
s pump Posted October 24, 2017 Share Posted October 24, 2017 3 hours ago, AKIQPilot said: Well you may have less than 10 good years to enjoy being unemployed I try to be semi retired. Quote Link to comment Share on other sites More sharing options...
Mileage Psycho Posted October 24, 2017 Share Posted October 24, 2017 3 hours ago, AKIQPilot said: Well you may have less than 10 good years to enjoy being unemployed I travel when I want to, I buy what I want to whenever I want to, I truly I truly enjoy working deals, growing the company, and most importantly I love mentoring the future leaders of the company Retirement isn't for everyone, maybe I'll run for office when I'm 70 like Trump did Quote Link to comment Share on other sites More sharing options...
Edmo Posted October 24, 2017 Share Posted October 24, 2017 1 minute ago, Mileage Psycho said: I travel when I want to, I buy what I want to whenever I want to, I truly I truly enjoy working deals, growing the company, and most importantly I love mentoring the future leaders of the company Retirement isn't for everyone, maybe I'll run for office when I'm 70 like Trump did Your kids work in the business or are you going to sell it off when you’re done? Quote Link to comment Share on other sites More sharing options...
Mileage Psycho Posted October 24, 2017 Share Posted October 24, 2017 2 hours ago, racinfarmer said: Knowing what some of them make, they could live a little more frugal, IMO, but all the bills of even just living can catch up to someone making 50-65k in a metro area pretty easily. One thing I have noticed is a lot of the younger people here are spending more on experiences then they are major items - exotic trips and expensive dining instead of a new Audi or BMW. You only live once, fuck it and go for the experiences, cars and whatever toys you want. If you have a family cover all the cost with a life insurance policy in the event you die. 1 hour ago, Arctic Cat Destroyer said: Keeping up with the Joneses. I made great money right out of high school but I didn't have any credit. I didn't have bad credit just no credit so I couldn't get a credit card or a car loan or anything. Today these kids can get loans for BMWs and shit like that. Put a vacation on their credit card. And they're getting killed with high interest. Fools. After HS I applied for a Sears credit card and was rejected, so I said fuck it and went for an American Excess card and got it, since then I have never looked back at getting credit Quote Link to comment Share on other sites More sharing options...
Mileage Psycho Posted October 24, 2017 Share Posted October 24, 2017 5 minutes ago, Edmo said: Your kids work in the business or are you going to sell it off when you’re done? If the kids want it they can buy it like I did, there are no free lunches. Quote Link to comment Share on other sites More sharing options...
racinfarmer Posted October 24, 2017 Share Posted October 24, 2017 14 minutes ago, s pump said: I try to be semi retired. My old man does too. I'm thinking he is going back and forth in a combine right now, or napping in the dryer shack. Quote Link to comment Share on other sites More sharing options...
ArcticCrusher Posted October 24, 2017 Share Posted October 24, 2017 7 hours ago, AKIQPilot said: Yea, i remember people claiming that too. Its just not possible unless you dont plan to do anything or travel after you retire. I got laughed at by a lot of folks here when I mentioned the "two mill and no bills" rule that i grew up believing. That was my goal for over 30 years. That will give you about 8000/month for 22 years. More or less I sent 3 kids to college all out of state and all at my expense. I married off 2 daughters all at my expense. I went on 2 vacations every year for 30+ years. I spent every dime I earned having fun, flying, racing, winning, and living life to the fullest. We send money to my wifes parents every month. They can't survive without it. I spend about $300 a month on my parents to help them make ends meet. When I met my goals last year I pulled the plug. Now i work every now and then and only if it fits my needs. It does sound like a lot but really isn't. It will give you more than that or for at least longer if it stays invested. Not sure why some they think need to lock that in when they have nearly 40 more years to worry about. Good for you on retiring early. Quote Link to comment Share on other sites More sharing options...
ArcticCrusher Posted October 24, 2017 Share Posted October 24, 2017 2 hours ago, Arctic Cat Destroyer said: It's hard to save when you're single and starting out. Like you said you have all of those bills AND student loans. That's why alot of kids are living at home til they're 30. I bought my first home at 22, my second at 23, my third at 24, but I was living at home. Quote Link to comment Share on other sites More sharing options...
racinfarmer Posted October 24, 2017 Share Posted October 24, 2017 24 minutes ago, Mileage Psycho said: You only live once, fuck it and go for the experiences, cars and whatever toys you want. If you have a family cover all the cost with a life insurance policy in the event you die. After HS I applied for a Sears credit card and was rejected, so I said fuck it and went for an American Excess card and got it, since then I have never looked back at getting credit I'm just looking at the long term and into retirement, because I feel as though that should be accounted for while you are at it. I'd like to shoot for 65 or less, but I guess we'll see. Quote Link to comment Share on other sites More sharing options...
ArcticCrusher Posted October 24, 2017 Share Posted October 24, 2017 36 minutes ago, Mileage Psycho said: I travel when I want to, I buy what I want to whenever I want to, I truly I truly enjoy working deals, growing the company, and most importantly I love mentoring the future leaders of the company Same here. 26 minutes ago, Mileage Psycho said: If the kids want it they can buy it like I did, there are no free lunches. How do you plan on that? What exactly are they supposed to buy it with? Quote Link to comment Share on other sites More sharing options...
ArcticCrusher Posted October 24, 2017 Share Posted October 24, 2017 2 hours ago, Mainecat said: I have spent countless hours talking to employees explaining why they shoul invest as little as 20.00 bucks per pay period. The younger ones would have no part of it. we as taxpayers will see these non investors come back to haunt us down the road. Would like to be a fly on the wall in that conversation. Good advice though. Quote Link to comment Share on other sites More sharing options...
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