|
Post by whitebacon on Apr 30, 2024 6:54:54 GMT -5
What about automatic deductions - like maxing out 401K and Roth IRA annually? That's about $45-$50K if there is a match. I know what my dad gets in SS and what he can afford. There is a lot to say about owning your stuff and not having payments. The trick is to max everything out as you can, get the 401k match first, then Roth IRA, then normal IRA. You get catchup in the last years of work, at least we did, you can bank 20% in tax advantaged funds. If you did not start early you need to work really hard and be frugal in the 50s to catch up. We had to after a business failure, worked out alright in the end. Love this comment. I grew up with two divorced parents. One extremely poor. One extremely wealthy. Guess who I learned from.
|
|
|
Post by whitebacon on Apr 30, 2024 7:00:18 GMT -5
The poor one. Wealthy one pissed it away on four wives.
|
|
|
Post by madm002 on Apr 30, 2024 7:04:38 GMT -5
Also as mentioned before, pay off all your fricking debt as soon as you can. Best feeling I ever had after holding my daughter the first time, was paying off the house.
|
|
|
Post by whitebacon on Apr 30, 2024 7:20:24 GMT -5
Wife has a good corporate job and she maxes out her deductions and they match up to a certain percent. Why would you not take that free money? I work for myself and get income sporadically. We use that to pay down debt or invest in real estate. Once our mortgages go away its all going towards savings or more investments. By the time we retire we should not only be fine off of our retirement accounts, but also have pretty hands off income streams. I like my work so will probably never retire all the way, it's too much fun negotiating and making money (granted not knowing when your next check is going to come in can be pretty damn stressful, but by then I won't care and I'll get to work on only what I want). My parents left me with a good work ethic and character, no trust fund, but it is priceless. Grandparents were the same and liked by all (that is one thing I didn't get, just ask bacon ). I'll always make sure my mom is well taken care of as well, my mother-in-law too. People are idiots. Not you. But people are. Can't fix stupid. In order, mom, mom, and mom. And mother-in-law. Lather rinse and repeat. And my two grandfathers. You and I were lucky. And you're smarter than me. Which pisses me off.
|
|
|
Post by PolarsStepdad on Apr 30, 2024 7:55:28 GMT -5
I had it all figured out to be out at 55. Then I ended up with 2 more kids. I'll be here till I'm 75
|
|
|
Post by ferris1248 on Apr 30, 2024 9:00:14 GMT -5
Yall need to check on "catch-up" after a certain age with 401ks
|
|
|
Post by whitebacon on Apr 30, 2024 9:11:05 GMT -5
Yall need to check on "catch-up" after a certain age with 401ks People are stupid. They are just stupid. No amount of advice we give them won't change it.
|
|
|
Post by richm on Apr 30, 2024 9:58:34 GMT -5
What about automatic deductions - like maxing out 401K and Roth IRA annually? That's about $45-$50K if there is a match. I know what my dad gets in SS and what he can afford. There is a lot to say about owning your stuff and not having payments. The trick is to max everything out as you can, get the 401k match first, then Roth IRA, then normal IRA. You get catchup in the last years of work, at least we did, you can bank 20% in tax advantaged funds. If you did not start early you need to work really hard and be frugal in the 50s to catch up. We had to after a business failure, worked out alright in the end. We are doing the late to the party thing - also lost business. Thanks for the encouragement.
|
|
|
Post by PolarsStepdad on Apr 30, 2024 10:08:24 GMT -5
I think you can put more in after age 50 on your 401k. But you have to be careful at least at my job if tou put in too much (25% ?) You fall into the "well compensated employee" category and you lose the company match
|
|
|
Post by swampdog on Apr 30, 2024 10:17:34 GMT -5
Big part of our plan is enjoying life. We go and do. We’re not planning on leaving the kids a chunk of money for them to blow. Planning to leave them a home (no mortgage) they can sell, rent or one can buy the other out and live in it. They both have nice houses they‘re paying for. However, we hope it’s a ways down the road😉
|
|
|
Post by whitebacon on Apr 30, 2024 11:16:30 GMT -5
My paternal grandmother was a mean woman. A truly mean woman. Rich lady. Not by her means, my grandfather's. Taught me the value of a dollar. The hard way.
Bitch left north of $30 million to charity. Left me exactly $250 grand. Which I pissed away in ten minutes.
Do not leave money to children. My lesson. Teach them, or not. Throw them to the sharks. Literally .
Have zero respect for parents giving their kids money. The easy way. Didn't feel this way always. But now yes.
|
|
|
Post by gardawg on Apr 30, 2024 12:07:43 GMT -5
can't feel much sympathy for someone who pizzes away $250,000.00 in ten minutes
back during the 2008 crash there was a fellow here in Islamorada that committed suicide because he was down to his last $50,000.00. Jeezus ... what an entitled azzhat!
some folks are just born losers ... ain't much sense trying to change them ... when so many others are more deserving.
|
|
|
Post by whitebacon on Apr 30, 2024 12:14:03 GMT -5
can't feel much sympathy for someone who pizzes away $250,000.00 in ten minutes back during the 2008 crash there was a fellow here in Islamorada that committed suicide because he was down to his last $50,000.00. Jeezus ... what an entitled azzhat! some folks are just born losers ... ain't much sense trying to change them ... when so many others are more deserving. I left $30 plus million myself to charity. I don't mind getting an ass-chewing from you. Well deserved.
|
|
|
Post by One Man Gang on Apr 30, 2024 15:27:11 GMT -5
Damn, did I ever fuck up on career day, but I think I'll be ok unless my wife ever shit cans me. I won't have enough left in me to scratch my way back again.
|
|
|
Post by whitebacon on Apr 30, 2024 15:45:26 GMT -5
Damn, did I ever fuck up on career day, but I think I'll be ok unless my wife ever shit cans me. I won't have enough left in me to scratch my way back again. Won't ever apologize to you. People like us fight.
|
|