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post #1 of 13 (permalink) Old 10-29-2006, 04:07 PM Thread Starter
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Some people have the weakest mentality...rant

So I overheard a conversation today, between two women. I'd say they were in their 40's or 50's. One was joking to the other about giving her a million dollars, and then she said something to the effect: " yea, I guess over a lifetime we might make that much, but we'll never see any of it..." And she ended it with a sigh.. Like, already beat down

It's sad when you see 60 to 70 year old people still working. Granted, shit happens in life, and we all can't be Billy Gates, but I'm here to tell you, if you are in your 20's or 30's, and you DONT plan to be a millionaire by the time you retire, you are going to be seriously fucked. It's not hard to do, with a little time and a little discipline.

People are sheep, it kills me to see how they "settle" for what life has dealt them. Maybe that is why I'm always looking for what is around the corner, the next big thing, the next chance to challenge myself. Sure, I've failed, but who hasn't?

Ok, rant over. I just hate to see people give up on life. I have some friends like that. They get rid of their toys, buy a minivan, get fat, and shuttle their kids around all the time. They admit they don't know what fun is anymore, and they hate their job. WHY THE HELL would you do that to yourself? Unless you are in jail, there is always a way out.


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post #2 of 13 (permalink) Old 10-29-2006, 06:02 PM
 
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actually you're partly right and partly wrong.

People are sheep, and they prove it over and over by living to "keep up with the Jones'"

I laugh everytime i see people run out and buy expensive new cars and expensive houses just so they can show them off.

If people had a clue as to the VALUE of anything, they'd have long ago realized that buying a house, as anything opther than a potential investment in a bull market, is stupid.

The amount you pay for interest, taxes, upkeep, and replacement of systems, will in most cases far outweight the gains received by simply selling the property in the future.

Throw in the fact that most people today spend more money on "entertainment items" than almost any other part of their income, and I laugh all the way to the bank every two weeks.

I'm 34, and already have in place investments which will guarantee me a minimum of $1 million + at the age of 70.

if things go well, that amount will be double or triple, and it's all with az minimum of risk.

If i wanted to retire at 50, i'd have to be riskier, but i'm satisfied with what i have.

People get so wound up in needing the latest "stuff" that they have turned into idiot savants when it comes to consumerism.

And this isnt just in the US either, Its worldwide in almost every single first world country.


I laugh every time i hear about some idiot who lost it all because they company they worked for went under and the only stock they owned was that companies..

Tell you what,....

Here's a tip......


If you don't know how the stock market works, and you want to be secure in your future......


Go find someone who does know, and pay them a small fee to help you.

It might be the difference between sitting in your easy chair at 70 and saying "welcome to Wal-Mart" at the same age.
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post #3 of 13 (permalink) Old 10-29-2006, 06:16 PM Thread Starter
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yea, I definitely dont have all the answers man... I have done a lot wrong, but have done some right things as well. I just hate to see people give up, and give in...


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post #4 of 13 (permalink) Old 10-29-2006, 06:33 PM
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Quote:
Originally Posted by kneedragger77 View Post
if you are in your 20's or 30's, and you DONT plan to be a millionaire by the time you retire, you are going to be seriously fucked.

'm gonna call bs on this one. you don't need a million dollars to have a good living when you retire, unless you plan on having a shitload of payments that will need to be made.

Now, if you are saying 500k in home value that is paid for and 500k in retirement, then I would agree this is a minimum.






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post #5 of 13 (permalink) Old 10-29-2006, 06:45 PM Thread Starter
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Quote:
Originally Posted by R1LOVER View Post
'm gonna call bs on this one. you don't need a million dollars to have a good living when you retire, unless you plan on having a shitload of payments that will need to be made.

Now, if you are saying 500k in home value that is paid for and 500k in retirement, then I would agree this is a minimum.


ok, look at this. Lets say you (and your wife or whatever) make about 80,000 per year now, and live on that. In about 30 years, JUST TO MAINTAIN that same lifestyle, you'll be needing about 270,000 per year in income.

What does this mean? This means you'd better have a stash of cash that can MAKE money for you, so you can live on the interest. Remember, inflation, so your purchasing power decreases with every year. If you have 500k In retirement in 30 years, you are fucked. You'll be pulling MORE than you MAKE interest, JUST TO MAINTAIN your lifestyle. Forget about bills, that is even if you have everything paid off, because in retirement everything will cost more, plus you'll be enjoying life right?

So, you don't have enough cash to live off the interest it makes. This means your principle balance will start dropping, and dropping, and dropping......and then, all of a sudden, you are 75, out of money, and need surgery, medical pills etc etc... You are fucked. There will be no Social Security for us, count on it.

Being a millionaire in 25 to 30 years is easy. Given an average return on the market, I am contributing enough to my 401k to almost hit the 2 mil mark, not to mention my wife and a Roth IRA. I'm not rich, I dont make more than most, but I do see the value in saving enough.

Crunch the numbers with any investment/retirement rep, and they will tell you the same thing. I'm not one of the above, but I have sat down with a few, and they all echo the same comments. A million dollars is a decent amount now, but in 30 years it wont be shit. Hell, even TODAY, there are more than a million millionaires. MANY of my clients who are of retirement age have a million dollars, and they worked normal jobs.


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post #6 of 13 (permalink) Old 10-29-2006, 06:53 PM
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I'm 34 and I plan to be a muli-millionaire by retirement. But really, the idea of being able to retire by even 55 could be problematic, and I don't want to rely on Social Security, cause it's not gonna be there in 20 years.

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post #7 of 13 (permalink) Old 10-29-2006, 06:58 PM
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I think the 80 to 270 figure is out of line,but I was not taking into account of inflation..... if you look at it that way, it's not much money. per your example, 1,000,000.00 in thirty years in todays world would only be 333,333.00 in todays world...... Well that is very easy to do.... if you own a home.



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post #8 of 13 (permalink) Old 10-29-2006, 07:03 PM
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Quote:
Originally Posted by R1LOVER View Post
I think the 80 to 270 figure is out of line,but I was not taking into account of inflation..... if you look at it that way, it's not much money. per your example, 1,000,000.00 in thirty years in todays world would only be 333,333.00 in todays world...... Well that is very easy to do.... if you own a home.
yeah, but how long could you live on that and still maintain your lifestyle exactly like you do now? For me not very long, only a few years. Considering The average life expectancy of men in my family is well into their 80's. I need enough $ for about 30+ years including inflation during that time too.

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post #9 of 13 (permalink) Old 10-29-2006, 07:10 PM Thread Starter
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Quote:
Originally Posted by R1LOVER View Post
I think the 80 to 270 figure is out of line,but I was not taking into account of inflation..... if you look at it that way, it's not much money. per your example, 1,000,000.00 in thirty years in todays world would only be 333,333.00 in todays world...... Well that is very easy to do.... if you own a home.

my point exactly :


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post #10 of 13 (permalink) Old 10-29-2006, 07:28 PM
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Quote:
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yeah, but how long could you live on that and still maintain your lifestyle exactly like you do now? For me not very long, only a few years. Considering The average life expectancy of men in my family is well into their 80's. I need enough $ for about 30+ years including inflation during that time too.
I think I could, I don't live beyond my means and it doesn't take a lot for us to live. And take the fact that we put a generous amount into our retirement as it is.

My initial comment was to try and put a different perspective on this. You take the common family making 50K a year, they can't afford to invest 600-1000 a month into there retirement.



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post #11 of 13 (permalink) Old 10-29-2006, 08:05 PM Thread Starter
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Quote:
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You take the common family making 50K a year, they can't afford to invest 600-1000 a month into there retirement.
ah....but what if you invested $250 per month, had 100% match from your company, so now that is $500 per month....and you got profit sharing every year of say $1000 to $5000? It becomes entirely possible then. But, like you mentioned, diversifying is the key. Can't have all your eggs on one basket


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post #12 of 13 (permalink) Old 10-29-2006, 08:18 PM
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true, but most companies around here are only matching 25%. With everything else going up for employers this is an area they are cutting



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post #13 of 13 (permalink) Old 10-29-2006, 11:17 PM
 
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A million dollars doesn't go very far anymore.

I plan on retiring with at least 5 million by the time I'm 55... Looks pretty doable.
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