Unrepresented
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With all sincerity, I hope that your passion continues to serve you throughout your years, keep in kind not everyone will have that good fortune.
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What does retirement mean to you
- Thread starter slobake
- Start date
IME the best way to invest your money is in yourself, meaning some type of entrepreneur venture. But I realize that is not for everybody as it requires a significant commitment on ones part. The next best way is in mutual funds plus real estate and be in it for the long term gains.
Most businesses fail and most people can't financially tolerate very many failures before being wiped out. Also many people (and this links back to previous posts) try to start up a business in what they are passionate about without realising the important aspect is being able to run a business effectively and make dispassionate decisions. Investing in your own skills and flexibility is never a bad idea, though.
Fully agree. Entrepreneurship works best for those who are well rounded with multiple skills, good decision making abilities and lots of self discipline. That why I made it a point to mention that it was not for everybody. But for those who have that the odds are much better than playing the lottery as a retirement plan.
My Dad told me once, "When you retire, you DIE". He retired then volunteered with a police department. Soon as he gave that up he lived two years and done.
Please don't use a financial adviser who works on commission. Find one who is independent, and will charge you a fee, not one who gets paid by putting you into investments that you may or may not understand.
Keep it simple. University of Chicago sociologist Harold Pollack wrote down what he thought was good advice for investing. He fit it on an index card:
Keep it simple. University of Chicago sociologist Harold Pollack wrote down what he thought was good advice for investing. He fit it on an index card:
For far too many people saving 20% of their money would mean not eating or not paying the rent. For others saving 20% would mean never having a night out or anything non-essential and that's not something people can keep up. (I am not saying that such self-denial is not the right thing to do, just that most people cannot manage it, and I am imagine I would struggle with it).
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Playing ice hockey, playing ice hockey, playing bass, playing ice hockey... Sometime with the kids, grandkids, wife and more hockey, and bass... Thats the plan!!!!
When I was younger I worked a lot of low paying jobs. I would cash my check, pay my bills and whatever was left I would stash in a hiding place. If I needed clothes or anything else I would head to the second hand store. I had enough left over I would use it for recreation. I was also a practicing alcoholic at the time.
Later in live when I had more money I still would not spend more than I could pay immediately. I once took a loan for a car (only once) and had a mortgage. I still live that way and it has served me well.
5,10 or 5 with an employers matching is better than nothing. In religious discussion those who accept the discipline of the old books say that they guarantee that people who make 10% more than them can be in financial trouble while those who make less are often doing fine. It is just a matter of what you prioritize
Very true. At the same time, if I was making 10% more a year it'd just mean I could save that much more and also not have to worry about going out another night a month. That would be very nice.
I'll probably retire after this academic year ends in June. I've been working in higher education for 31 years, am now 65 years old and tired of working. My 63 year old wife wants to retire too after a social work career of almost 40 years. Back in 1983, I met a student who only went to university for one year. She was bored of school and wanted to begin working. She started at a financial institution as a receptionist but moved quickly up the ranks to become a financial planner. She wanted to help me start an account but I kept putting her off thinking..."I'm not old enough to think about retiring." or "I'm not going to live long enough to retire." I eventually gave in to her prodding and opened an account. At our last meeting, she told me that I will have over $1,000,000 saved which shocked me as I never paid much attention to it. I'm happy that she didn't give up on me. I'm also receiving social security now too.
I work Tuesdays and Thursdays from 9-4 but I'm tired of this too. Every Tuesday and Thursday morning, the first thing I think of is, "Damn, I gotta go to work today!"
My wife and I want to move to the Big Island of Hawaii. The cost of living is much cheaper than on the other islands and it's just getting too crowded in Seattle.
I work Tuesdays and Thursdays from 9-4 but I'm tired of this too. Every Tuesday and Thursday morning, the first thing I think of is, "Damn, I gotta go to work today!"
My wife and I want to move to the Big Island of Hawaii. The cost of living is much cheaper than on the other islands and it's just getting too crowded in Seattle.
