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Old 05-16-2012, 02:56 PM   #31
Mean Green
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Originally Posted by wizardjones View Post

Mean Green I always research stuff but honestly I asked the question because, A. it is a conversation topic and B, I like seeing what some other people are looking into and trying. The world is a difficult place sometimes and not everyone can know anything. Plus I think some of you guys are cool.
Heh, in that case, I'll pass on a piece of valuable advice I got from one of my professors recently:

You should have three types of investment accounts - Traditional IRA (or 401(k) which you already have), Roth IRA, and regular investment account (for short term goals). And since you're young, you can bear to take on riskier portfolios in your 401(k) and Roth IRA accounts. Doesn't mean you don't look at them ever after the initial setup because you should still review your goals and rebalance quarterly; just realize that you have over 30 years to recover sudden losses.
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Old 05-19-2012, 04:19 PM   #32
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Originally Posted by wizardjones View Post
Any tips on how to get started for a younger guy? I am 27 and right now I have a 401k going but I went to the bank the other day and noticed that the IRA accounts that I could start have about the same % rate as my current savings account.
Also, I noticed from a bunch of you guys that getting married is typically a bad thing and buying a house just seems like it's an even worse idea unless I have saved quite a bit before the purchase.
And get a good expensive life insurance policy while you're still young. A buddy of mine has a $500K policy and just pays $25 a month for it. The older you get the more expensive the premium gets plus physicals become more necessary.
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Old 01-03-2014, 12:56 AM   #33
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Originally Posted by nbr3bagshotrow View Post
Me and Mrs Hobbit both have 401K's and I've been shifting many of my investments from high growth to income producing stocks. When the market was down, I chose to pump a lot of cash into our 401K's and it's paying off now. Give me about 5 years and the income produced will cover my take home pay I get now.

I think about retirement daily and follow all my stocks very closely. I check all news articles and my Schwab account gets me investment advice from Schwab, S&P, Reuters, and a few others.
Same here. I had a major fallout in my mid 20's and had to take the penalty to empty my 401K to save my ass and have sense then reallocated monthly funds to another.
If your young go high risk and build fast. Take advantage of any matching that might be offered through your employer. I made a point to set aside a whole year where i did very minimal spending and put all that extra into my 401K.
I have done that off and on for a total of about maybe 5 years. When i reached my mid 30's i started moving out of high risk into more stable playing fields.
I took a big hit when the economy went south on us and ill probably never regain that capital that i lost. Its the risk one takes.
I am by now means rich hell i wouldn't even say im well off. I work a 9 to 5 like everyone else but i don't live check to check and have some savings for retirement and i can find piece of mind in that.

Look into things that will pay out long term like life insurance bonds and mutual funds. Anything that has guaranteed return on it. Dump money into it/them and let time do the work. Yes your right about the house but its the same with a car. Anything you dont own than you owe money on is considered a liability as well as possibly an investment item. Marriage really depends where you live as far as laws and funds go. Follow your heart and not your pocket book but dont be blind to whats going on around you. Ill tell you this,when time comes around its all the memories and moments that you create that matter in the long run.
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Old 09-22-2019, 10:38 AM   #34
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Originally Posted by Tetragrammaton View Post
I've been actively thinking about retirement for about the last 3 years (I'm 43 now).

The good news is that I have no debt and my expenses are relatively light as I have no dependents, the home is fully paid for, and, aside from collecting, have no expensive habits.

The plan is a simple one;

a. Continue to work full-time until age 55,
b. Work part-time until age 65, (earn 25% of current income)
c. Start collecting military pension at age 55, (provides 50% of current income)
d. Start drawing on retirement income from savings at age 65, (can expect a return equal to 10-20 % of current income)
e. Start collecting federal pension at age 67 (earns about 25 % of current income).
These last 4 years can't happen fast enough. I was working this Friday with a coworker almost exactly 1/3 my age.

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Old 09-22-2019, 11:43 AM   #35
Mister H
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Originally Posted by Tetragrammaton View Post
These last 4 years can't happen fast enough. I was working this Friday with a coworker almost exactly 1/3 my age.

Lol, I’m now working alongside an adjunct who I taught several years ago.
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