quote:
2009 was a pretty solid time to start investing!
That's when I started contributing a lot to 401k. Wish I had more money at the time to throw in investments, because I turned $10K into about $50K in 2 years.
millionaires
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Last: 1 mo ago by jamey
That's when I started contributing a lot to 401k. Wish I had more money at the time to throw in investments, because I turned $10K into about $50K in 2 years.
quote:
This thread makes me alittle depressed. Im 40
I have about 1mil in retirement but make at the top 1% of income.
I could easily save 200k a year and still live off 100k comfortably but I do not want to look back regretting the best years of my life. If I just lived off 100k a year, i would easily have 3 mil in the bank right now
I sacrificed my 20's in medschool/residency and I didn't want to regret my 30's skimping.
Money is nice but I didn't want to have regrets when I am 50 sitting on a pile of money wishing I went on more vacations, drove a nice car, live in a big house.
Yeah that is a lot to be depressed about buddy. Hang in there.
quote:
This thread makes me alittle depressed. Im 40
I have about 1mil in retirement but make at the top 1% of income.
I could easily save 200k a year and still live off 100k comfortably but I do not want to look back regretting the best years of my life. If I just lived off 100k a year, i would easily have 3 mil in the bank right now
I sacrificed my 20's in medschool/residency and I didn't want to regret my 30's skimping.
Money is nice but I didn't want to have regrets when I am 50 sitting on a pile of money wishing I went on more vacations, drove a nice car, live in a big house.
After reading this statement the first thing that pops into my mind is the book 'Millionaire Next Door' & being a "UAW." Doctors & lawyers are often the best example of UAW's.
quote:
I'm almost halfway there. Making a military salary, I'd say I'm doing pretty well for being 27. I was lucky enough to have school and a car paid for. Never been in debt and I save/invest > 50% my current salary. I started investing in 2009 just as the market started rocketing up. I got lucky, but it still amazes me how some of my coworkers who make the same salary as me still live paycheck to paycheck.
Deployments certainly help in that regard. Tax free income and nothing to spend it on can do wonders for the retirement accounts.
I am not amazed that your coworkers live paycheck to paycheck. My wife and I jokingly refer to the parking lot at our base as the "muscle car and tricked out truck showroom". Every time we see a 20 something specialist or junior lieutenant get out of his Raptor/Challenger/Camaro we turn to each other and sigh "that's why the poor stay poor".
quote:quote:
This thread makes me alittle depressed. Im 40
I have about 1mil in retirement but make at the top 1% of income.
I could easily save 200k a year and still live off 100k comfortably but I do not want to look back regretting the best years of my life. If I just lived off 100k a year, i would easily have 3 mil in the bank right now
I sacrificed my 20's in medschool/residency and I didn't want to regret my 30's skimping.
Money is nice but I didn't want to have regrets when I am 50 sitting on a pile of money wishing I went on more vacations, drove a nice car, live in a big house.
After reading this statement the first thing that pops into my mind is the book 'Millionaire Next Door' & being a "UAW." Doctors & lawyers are often the best example of UAW's.
According to the MND formula, he's actually not too far off.
40*300000*.1=1200000
Also, after reading that book I fail to see what is so appealing about living in such a manner that you accumulate more money than you'll ever be able to enjoy. Is there some switch that flips in a person who has become accustomed to living well below their means that enables them to finally spend and enjoy the fruits of their frugality? I'm going to go out on a limb and guess that the answer is "no".
I think it's more of it being a nice problem to have. What you actually do with it it is rather irrelevant.
It is really silly to think that you have be either a spinster or a spendthrift. Are those the only choices? I don't think so.
I am older than 50 and less than 60. I have $2.25M in a combination of taxable and retirement investments. I have no mortgage nor debt. I own six cars, have two kids in college, and one has already graduated from college. I think my waterfront home is worth more than $1M.
I've traveled more than most, but not as much as those whose primary leisure is travel. I have hobbies that cost some play money.
I work and my annual gross is close to $200K. My wife does not work.
I like good food, good beer, and good bourbon. But I don't often spend $100 for two for dinner.
I don't lease cars. I don't subscribe to a newspaper. I don't have satellite radio. I don't have season tickets to A&M football. My wife doesn't care about designer purses or shoes.
My point is that you CAN enjoy life and plan for a comfortable retirement. #1 thing is to make good money. #2 thing is to find a balance between enjoying life and saving. I bet Medaggie doesn't have kids, which makes #2 different for him than me.
I am older than 50 and less than 60. I have $2.25M in a combination of taxable and retirement investments. I have no mortgage nor debt. I own six cars, have two kids in college, and one has already graduated from college. I think my waterfront home is worth more than $1M.
I've traveled more than most, but not as much as those whose primary leisure is travel. I have hobbies that cost some play money.
I work and my annual gross is close to $200K. My wife does not work.
I like good food, good beer, and good bourbon. But I don't often spend $100 for two for dinner.
I don't lease cars. I don't subscribe to a newspaper. I don't have satellite radio. I don't have season tickets to A&M football. My wife doesn't care about designer purses or shoes.
My point is that you CAN enjoy life and plan for a comfortable retirement. #1 thing is to make good money. #2 thing is to find a balance between enjoying life and saving. I bet Medaggie doesn't have kids, which makes #2 different for him than me.
quote:
It is really silly to think that you have be either a spinster or a spendthrift. Are those the only choices? I don't think so.
Well, to be fair...you've made, what...$4M lifetime earnings, and had 30 years to grow those investments?
I think you're #1 point is clear - make money. Outside of major expenses, it's all minutiae. Paying for satellite radio instead of whatever your hobbies are is irrelevant.
Honestly, I think the game is missed by ignoring the income side while tackling the expense side.
quote:
Honestly, I think the game is missed by ignoring the income side while tackling the expense side.
This X Eleventy billion.
Could not agree more. People can pinch, scrimp, squeeze and cut only so much. #1 best way is to make more money. Period.
quote:
Honestly, I think the game is missed by ignoring the income side while tackling the expense side.
Didn't Aggie-matic say in his #1 to make good money?
But I agree with you. You have to do your best to MAKE money. Then you can choose what to do with it.
I understand the satellite radio thing though. I hate parasitic expenses. I am one of those people who would rather not eat crappy Blue Bell ice cream for months so I can have premium ice cream a few times. I will drink water or diet Coke before I ever drink lite beer.
quote:
crappy Blue Bell ice cream
[This message has been edited by harge57 (edited 1/27/2014 2:37p).]
Bump for people who haven't read it yet
Spicewood,
If Blue Bell is 'crappy', what brand do you think is 'good'?
I agree.. I could live much more frugal then I do now.. but who wants to drive the same car for 10 years, go on boring vacations, and not splurge on nice things. I only live once. What am I going to do with $10M when I am 70 years old?? Not like I will want to jump on a plane all the time and go to nice vacations as much. Enjoy your life and find a happy median. Nothing wrong with being frugal.. just remember you also want to enjoy your life.
quote:
If Blue Bell is 'crappy', what brand do you think is 'good'?
BB is bad because almost zero of its flavors are made with natural flavors or without artificial color. Most of their ice creams have no cream, and lots of corn syrup. They taste like ass compared to B&J or other quality brands. I would rather have one spoonful of good ice cream than a carton of fake green mint ice cream.
"Homemade" vanilla ice cream is a joke.
But enough. This about investments.
Double double.
[This message has been edited by IncognitoMosquito (edited 2/25/2014 12:41p).]
[This message has been edited by IncognitoMosquito (edited 2/25/2014 12:41p).]
Interesting responses on here. I'm curious how much is enough? If you have 10 million at 40, do you take the rest of life off? Seems like a long time to count on any investment to hold up, but if you can take home 200+k a year in interest, maybe its time for some down time.
Think common rule of thumb is expect 4% return on savings without touching principal. So if want $200K/yr need $5M, excluding any pension or SS.
Sure way off, but what the hell.
Sure way off, but what the hell.
quote:
If you have 10 million at 40, do you take the rest of life off?
Assuming little or not debt - hell yes. I might not completely quit working, but I'd sure exit the rat race. Probably get season tickets to A&M football games.
Agree with above post. And with little or no debt I personally think it could happen way before $10 million. Like a third to half of that amount.
No material on this site is intended to be a substitute for professional medical advice, diagnosis or treatment. See full Medical Disclaimer.
It's probably .01% of america that have 10m at 40 years old.
"To qualify as the top 1 percent of earners, you need to make a little more than $500,000 in cash income in 2011." ref: http://money.howstuffworks.com/one-percent-control-third-of-wealth.htm
[This message has been edited by edwardsk2003 (edited 2/25/2014 3:22p).]
"To qualify as the top 1 percent of earners, you need to make a little more than $500,000 in cash income in 2011." ref: http://money.howstuffworks.com/one-percent-control-third-of-wealth.htm
[This message has been edited by edwardsk2003 (edited 2/25/2014 3:22p).]
Agree on the rarity of the prospect of 10@40. Just seems like trying to do a 45 years stretch might be pushing your luck. Seems like inflation would eat your lunch. But I guess what good's a reward if you ain't around to use it.
I've enjoyed catching up on this thread.
I do, however, agree with Spicewood. Given it has the whole Brazos Valley thing going for it, I wish I could lie, but the reality is Blue Bell blows! To think otherwise, you probably think Red Lobster is fine dining.
I do, however, agree with Spicewood. Given it has the whole Brazos Valley thing going for it, I wish I could lie, but the reality is Blue Bell blows! To think otherwise, you probably think Red Lobster is fine dining.
quote:45 years is a long time, but at 4% w/d rate with the right investments it could last. And I'm not always on board with the 3% inflation (on expenses) as a standard. I'm not going to spend as much on travel and entertainment as I will when I'm 90+ compared to my 60's. And with some good LTC planning some of the increased costs of medical care can be mitigated.
Agree on the rarity of the prospect of 10@40. Just seems like trying to do a 45 years stretch might be pushing your luck. Seems like inflation would eat your lunch. But I guess what good's a reward if you ain't around to use it.
Great thread. That piece of paper with the A&M seal and some hard work has paid off for some good Ags.
I have worked with a lot of successful software people. 10@40 is very rare. 5@50 is probably more typical for what I would consider to be very successful people. 5@50 seems to be a level many successful lawyers can attain.
Interesting new article about the 4% rule and why it might not be reasonable today.
http://money.cnn.com/2014/02/26/retirement/retirement-income.moneymag/index.html?iid=HP_LN
http://money.cnn.com/2014/02/26/retirement/retirement-income.moneymag/index.html?iid=HP_LN
I think the ultimate goal is to never even have to touch principal in retirement. Live off the interest, dividends + fixed income. Right???
quote:
I think the ultimate goal is to never even have to touch principal in retirement. Live off the interest, dividends + fixed income. Right???
It's a nice goal, but pretty much impossible for most retirees.
An impossible goal for people who don't consistently save...
Had to drop Mint.com today. After several years of good service, they no longer (and refuse to) support my retirement accounts and financial accounts. Switched to personalcapital.com and seems like a good dashboard.
Love this thread, always find something useful each time I read it.
Love this thread, always find something useful each time I read it.
I use Mint for budgeting and Personal Capital for investments.
If I was just looking for a place to view all my financial information (Checking, Savings, Investments, Assets, etc) in once place, would Personal Capital > Mint?
Currently, Mint supports everything except for my company stock options.
Currently, Mint supports everything except for my company stock options.
PC doesn't support my local bank
I use PC for my student loans, investments and retirement only. I do not use it for checking purposes. We use our credit cards for almost all purchases and pay it off every week (I might just use it track expenses though). Mint has slowly stopped supporting my retirement plan and my wife's, so it was time to move on. If your accounts are supported, I encourage the use of mint.com, but for me it didnt work any longer.
[This message has been edited by Hoyt Ag (edited 5/2/2014 1:57p).]
[This message has been edited by Hoyt Ag (edited 5/2/2014 1:57p).]
Everytime I read this thread, I'm at a different point in my life and I take something different away from here.
This time though,
This is the first time I have EVER heard this opinion.... And I've discussed Blue Bell with a lot of people. Homemade Vanilla would probably make my "death row last meal" list.
...back to the millionaire stuff
This time though,
quote:
(speaking of Blue Bell) They taste like ass compared to B&J or other quality brands. I would rather have one spoonful of good ice cream than a carton of fake green mint ice cream.
"Homemade" vanilla ice cream is a joke.
This is the first time I have EVER heard this opinion.... And I've discussed Blue Bell with a lot of people. Homemade Vanilla would probably make my "death row last meal" list.
...back to the millionaire stuff
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