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Perhaps you should just thank the man for his service and leave it at that.
Thoughts on retirement savings in the US
- Thread starter ATex7239
- Start date
I sometimes watch the YouTube channel Soft White Underbelly and the host interviews people that society looks down upon.
Lots of these people had a terrible childhood and went through lots of mental trauma when they were young. It doesn’t surprise me that lots of these people (especially young women) had a slim chance at success in life. Lots of despair in these videos.
Children in abusive foster homes end up on the streets at 18 years old without any hope.
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Lots of these people had a terrible childhood and went through lots of mental trauma when they were young. It doesn’t surprise me that lots of these people (especially young women) had a slim chance at success in life. Lots of despair in these videos.
Children in abusive foster homes end up on the streets at 18 years old without any hope.
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The discussion ends because he was in the service? Ok...what does that have to do with the price of tea in China?
And miss out on a good discussion that debates if luck, chance, hard work makes a difference? Life would be boring if we lived in an echo chamber. I would not be saving money if cranky old men didn’t discuss things, even when it was not what i wanted to hear.
I agree with you PWMDMD and everyone else about the hard work, choices, etc.. My own story is as good as any - started with a $1 allowance mowing our lawn at age 11............. The luck/fate discussion here is a bit convoluted.
To me, these threads take on a "holier than thou" attitude that says "look, if I can rise from bottom ladder rung, everyone can through hard work and correct choices". I think that many don't appreciate the opportunity and choices we have, which explains my chest thumping comments. My point is that many in this conversation probably have had "more" opportunity than many in the world and we should acknowledge that and be grateful.
To me, these threads take on a "holier than thou" attitude that says "look, if I can rise from bottom ladder rung, everyone can through hard work and correct choices". I think that many don't appreciate the opportunity and choices we have, which explains my chest thumping comments. My point is that many in this conversation probably have had "more" opportunity than many in the world and we should acknowledge that and be grateful.
I was lucky to have a business teacher in community college that taught a simple lesson to students. I chose to listen. "Pay yourself first". Take whatever pay you earn and set aside whatever percentage you choose to save. He suggested saving at least 10% to invest. Start early. The teacher showed us the math up on the chalkboard what could happen if we got started soon, like at 20 years old versus 40 years old. The magic of compounding interest and the rule of 72, etc.
Some kids listened and acted, others didn't. In my case, it worked because I started early. I hope there are teachers like that out there these days? I am grateful for that wonderful teacher that I had. I kept in touch with him over the years and let him know how much I appreciated his input.
Agreed. I had plenty of opportunity and was gifted more than most in some ways at least. And I turned my back on every one.
But I sure didn't get no stinkin' dollar allowance!
Speaking of choices, sure I invested every penny I could and worked endlessly to be the best **** business programmer I could.
I also chose to drive while blind for many thousands of miles taking innocent lives into my selfish hands.
Perhaps we might just accept each other's perspective especially if it is different than our own.
I like the old Indian adage, "Don't judge a man until you have walked a mile in his moccasins."
Just like an oil change or whatever; we all have a piece of the puzzle.
I guess we're really talking about two ends of the spectrum here - the idea that anyone can rise up if you just work hard enough (clearly not true) vs hard work has nothing to do with success and it's all luck on the other end of the spectrum (also not true).
Like most things the truth is likely somewhere in the middle and I think it's fair to say many (most?) people can rise up and obtain some level of significant success with solid choices and hard work. Fair?
This is a prime example of the importance of education. Personal finance needs to start in grade school. That's my opinion.
Number three is a great point. I would have been just as well off with index funds as I would have heavily managed funds with the high management fees. I have been trading towards index funds. Guru's never seem to pan out very well...
Ugh. Don't say classes.
There are people down on their luck who get better by understanding how the game is rigged, and breaking the patterns that got them where they are.
There are those born into privilege who suck, haven't understood what their ancestor did to get them that privilege, and will coast/spend down to poverty.
To invest for a comfortable retirement, just have more than average, so you'll be able to hire help to keep you comfortable. Get long term care insurance if you can. Whatever "average" is is your mark to beat. Look at the good and labor shortages now and assume the same may happen later. And don't piss off your friends or kids, "the poors" are better at social networking because they evolved that way. You may need favors that aren't quantifiable with money.
I grew up very poor and decided I was not going to live that way forever if I could do anything about it. I went to college and worked a job the entire four years and graduated with a degree. At age 24 I got a federal Law Enforcement job and began investing in the offered TSP as soon as I was able to. I started out investing 5% which the agency matched. With every promotion and cost of living raise I got, I added 1% until I was at 15%.
13 years into my career I got divorced and lost 65% of my TSP balance to the ex so I basically started over. Paying child support, medical and dental on the kids, plus 1/2 of any medical and dental that insurance didn't cover caused me to drop the percentage down to 7% that I was contributing to my TSP. I also worked a ton of overtime during that time. Slowly I was able to make my way back up to 17% contributions and paying off debt.
At age 50 with 26 years of service, I retired. I was mostly debt free at that point. Four years later I'm totally debt free with a healthy TSP account and a pension. After my divorce, it took a lot of years of struggling and hard work to make that happen.
In college I took an interest in personal finance and educated myself by reading as many books about it as I could. I was taught to pay myself first and is why I did not hesitate to start investing in the TSP as soon as I could and to keep upping the percentage as I went on.
I agree that kids are not taught enough about personal finance and the value of money but unfortunately most kids seem to have no interest in it including my own kids.
13 years into my career I got divorced and lost 65% of my TSP balance to the ex so I basically started over. Paying child support, medical and dental on the kids, plus 1/2 of any medical and dental that insurance didn't cover caused me to drop the percentage down to 7% that I was contributing to my TSP. I also worked a ton of overtime during that time. Slowly I was able to make my way back up to 17% contributions and paying off debt.
At age 50 with 26 years of service, I retired. I was mostly debt free at that point. Four years later I'm totally debt free with a healthy TSP account and a pension. After my divorce, it took a lot of years of struggling and hard work to make that happen.
In college I took an interest in personal finance and educated myself by reading as many books about it as I could. I was taught to pay myself first and is why I did not hesitate to start investing in the TSP as soon as I could and to keep upping the percentage as I went on.
I agree that kids are not taught enough about personal finance and the value of money but unfortunately most kids seem to have no interest in it including my own kids.
If you go to a financial advisor ask him if he acts a your fiduciary. That's extremely important. Get that in writing. And pay hourly for the advice. Then manage your money according to their advice.
But had to beat a low fee index fund from a company like Vanguard.
And when comparing look at the years (5 year average, 10 year average, etc. If you looked at 10 year average in 2016 many mutual funds would look poor due to 2008. Look at their 5 year average and would probably be much better. Look at 10 year average today and it will not include 2008 so it should be much better than if you looked in 2016. If someone today shows you a 10 year average and it's great, look at the 20 year average also. A good mutual needs to do well in good times and during bad times not much worse than the S&P 500. Any moron can make money during a hot market. The great funds have good returns over the long haul.
But had to beat a low fee index fund from a company like Vanguard.
And when comparing look at the years (5 year average, 10 year average, etc. If you looked at 10 year average in 2016 many mutual funds would look poor due to 2008. Look at their 5 year average and would probably be much better. Look at 10 year average today and it will not include 2008 so it should be much better than if you looked in 2016. If someone today shows you a 10 year average and it's great, look at the 20 year average also. A good mutual needs to do well in good times and during bad times not much worse than the S&P 500. Any moron can make money during a hot market. The great funds have good returns over the long haul.
You are free to take it that way. Or you can take it as it’s possible. You know, a falsification of the idea some spread that the deck is stacked against you.
I don’t think anyone has taken a holier than thou view. More of a it can be done and yes it’s not easy.
But let’s say it is more like those who suggest it’s impossible or that things are stacked against you. Doesn’t that make it more impressive when there are those who manage to avoid
the traps and pitfalls?
Generational wealth only goes so far. It’s typically gone by the third generation. People who have the so-called advantages end up failing because they too are subject to the consequences of their choices.
If it was all luck and advantages, families would almost always keep their wealth. But over 90 percent have lost it by the 3rd generation.
5 Huge Lies About Generational Wealth
The term "generational wealth" implies an infinite security for a family for decades to come. Some assumptions about immense inheritance and family legacy, however, are not true. How long this wealth...
OMG, I couldn't agree more with this statement, and my whole family is an example of this, I found this thread to be a little bothersome because no one is mentioning the opportunities that are granted to us in the United States of America, the actual land of opportunities, and yes not everyone gets the same opportunities but to be able to actually make the best of your opportunities, you can be successful. Everyone, including my grandparents, uncles/aunts, and parents literally had nothing.
They all looked to higher education for success, and the culture forced them with choices of Engineer, Doctor, and Pharmacist (only in the US), literally, almost all of them had nothing or were poor growing up, they worked their *** off and are working as professionals listed above, business, and the IT field, they got through college on scholarships and student loans, now their kids are on the same path, and almost no one is actually spoiled because they are taught and told about stories of where they grew up and the lack of opportunities elsewhere.
Nobody seems to appreciate the opportunities that are given to us in the US, I have seen foreign-born people take full advantage of the opportunities and make something of themselves, by hard work and knowing which career to choose, do you think they all wanted to grow up and work in those fields? no, they chose a field that would give them the best opportunity to succeed.
I believe that opportunity is not given but presented. One has to take that opportunity and run with it.
True, presented is a better way of saying that.
that is also true, but then complaining life doesn't make sense to me.
Would you apply that equally to any combat veteran in this thread?
I'm curious.
Does a poster's service preclude any argument with the post?
I didn't work for a company that offered any kind of retirement plan or health insurance until I was 35 years old. I got a 4 year college degree but it took 9 years because I was working full time during the process. I paid the tuition with a credit card and paid it off as fast as I could considering what I was making at the time.
Once I did work for a larger company I started making the maximum contributions to their 401k plans. I bought my first home when the interest rates were above 7% and had to eat Ramen and hot dogs for the first year until the PMI was removed and I was making a little more money.
I learned how the stock market worked and what geopolitical situations could affect it negatively, and learned it was better to not be greedy but be content with modest gains and move the money into safer places instead of losing 30% overnight like others who had just been bragging about how much they were making on their dot com stocks.
I was offered early retirement a couple of years ago and gladly took it. I was fortunate to have worked for Tesla for a while and acquired stock when it was around $35. All of my decisions had very little to do with luck with the exception of buying into TSLA and even that was a gamble at the time that could have gone south given their history up until about 2020.
I'm quite comfortable now at age 66 but I sure had a lot of lean years before I was in my mid 30s'. And I was always careful not to get into a high debt to income ratio as much as the temptation was there from credit card companies, auto sellers and other ways to blow money.
Yes, good luck and bad luck can play a major part in one's retirement success. But since you can't plan on luck you are wise to follow proven methods and hope for the best.
Once I did work for a larger company I started making the maximum contributions to their 401k plans. I bought my first home when the interest rates were above 7% and had to eat Ramen and hot dogs for the first year until the PMI was removed and I was making a little more money.
I learned how the stock market worked and what geopolitical situations could affect it negatively, and learned it was better to not be greedy but be content with modest gains and move the money into safer places instead of losing 30% overnight like others who had just been bragging about how much they were making on their dot com stocks.
I was offered early retirement a couple of years ago and gladly took it. I was fortunate to have worked for Tesla for a while and acquired stock when it was around $35. All of my decisions had very little to do with luck with the exception of buying into TSLA and even that was a gamble at the time that could have gone south given their history up until about 2020.
I'm quite comfortable now at age 66 but I sure had a lot of lean years before I was in my mid 30s'. And I was always careful not to get into a high debt to income ratio as much as the temptation was there from credit card companies, auto sellers and other ways to blow money.
Yes, good luck and bad luck can play a major part in one's retirement success. But since you can't plan on luck you are wise to follow proven methods and hope for the best.
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