• Retirement plan?
  • Retirement plan?

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  1. #1
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    Retirement plan?

    This is something I don't really see many people in their 20's, 30's, or even 40's worrying about and I wonder why. My job is in freelance so depending on the direction I go, I will likely work for as long as I can and my husband's income in his field will be our prime source of income.

    Do you have any ideas on a retirement plan for yourself?

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    Yes in fact I do have a plan. This is a topic I'm rather passionate about since I'm a business consultant & have helped quite a few friends with investments in my personal life outside work. I'm not a day-trader or anything like that, i'm not gonna hype up some penny stock that I think is about to explode....but I truly enjoy helping people dip their toe into building a financial safety net. About 6 years ago (this may have changed since) I read that 40% of Americans don't have enough money saved to cover their next month's worth of expenses. That scares the shit out of me, and when I think about how many people I know who are already in their 20's without any assets makes my chest tighten up. It's not hard to get started, and help is out there from people like me. The issue is that so many people don't even have that first few hundred dollars to get started. I'm not pointing the finger at them or anything. Being that close to zero or even in debt really changes your priorities I suppose.

    I can't tell you what to invest in because at the end of the day it is gambling and I don't want to be responsible for leading people into losing money. What I will tell you is that utilities/bonds represent the safest end of the spectrum. Penny stocks/developing markets/cryptocurrency are what I would consider the high-risk end. I know it can be really difficult to set money aside (much less lock it away in an investment) when you're young, but I do have a reason for pushing people a bit. Compound interest. For the average investor, $1 USD invested at age 20 is worth roughly $3 USD at age 62. In your 20's, your dollars are worth almost 3. Sure, you might be shopping at the Dollar Store, but triple that bill and that's how much money you'd have as an old fart if you had invested! Is it more worth it to spend and have fun when you're young? Not planning of having kids or an heir? Plenty of things affect the strength of my argument.

    The reason I said it's not hard to do is because plenty of "robo-investors" exist now. Personally, I use Wealthfront (i can give a referral link to anyone who wants one. We both get more $ managed with no fee) but others use Betterment (almost the same as Wealthfront. Some years they do better some years they do worse) or God forbid Acorns / Robin Hood. These are investment websites/software where you set how much risk you are willing to accept and it manages all the rest for you. Ok, let me stop for a moment and see if anyone is reading, lol.
    "Out of the ground, raze all greenery with flame! Fire2!"
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  4. #3
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    I would believe the 40% thing. Just seeing how my family is with their money. I mean if any of them lost their jobs for any reason, they wouldn't make it 2 months. They live that tight. I don't have any kind of savings myself but I am at least working that way. I don't want to be like my parents or siblings with nothing to show for my time, ya know?

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    Quote Originally Posted by KorinKitty View Post
    I would believe the 40% thing. Just seeing how my family is with their money. I mean if any of them lost their jobs for any reason, they wouldn't make it 2 months. They live that tight. I don't have any kind of savings myself but I am at least working that way. I don't want to be like my parents or siblings with nothing to show for my time, ya know?
    I can't imagine living that way. Paycheck to paycheck and then disappear someday leaving nothing behind.

    Are you considering investing in the near future? Or are you still in the process of re-arranging your finances so that you can begin saving money?
    "Out of the ground, raze all greenery with flame! Fire2!"
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    It deals with a demon virus that transforms people into freaky looking fuckers

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    I'm no finance guru by any stretch of the imagination, but I definitely agree with Zemekis. Been a while since I've been on here, but this thread caught my eye as my thought process for the last couple of years has been on this topic specifically.

    Not to detract at all from Zemekis statement, actually I'd like to add to it: multiple streams of income. Having one job is good, and having that job cover your monthly expenses and then some is even better. But having a separate income that doesn't hinder your main income in any way, and doesn't zap too much of your free time is amazing. I work in IT, particularly in a NOC and I work closely with our Tier 2 techs who are in charge of ordering/installing/maintaining the hardware on our network. I also have an eBay store, and what's great about this is: any boxes, bubble wrap, packing material they get at my main job, I get. This saves me a TON on shipping costs for my store. And having an online business is a great way to boost your monthly income!

    I also teach martial arts in the evenings at an up-and-coming martial arts school, and once we have enough students that will be a third stream of income for me. Plus it's something I've always enjoyed doing!

    Investing is cool as well, and it's relatively passive - unless you're day trading. My experience in this department is limited, but it can be worthwhile to learn about and I've not been losing as much as I initially feared.

    Just my two cents.
    If you want to grant your own wish, then you should clear your own path to it. - Okabe Rintarou

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    Quote Originally Posted by Zemekis View Post
    I can't imagine living that way. Paycheck to paycheck and then disappear someday leaving nothing behind.

    Are you considering investing in the near future? Or are you still in the process of re-arranging your finances so that you can begin saving money?
    Once I have a home (no longer renting) I may consider investing. I just want to make sure I am stable before I even attempt that. I know it can pay off and for some people, even fully fund their retirement plan so it is worth trying at some point.

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    Quote Originally Posted by KorinKitty View Post
    Once I have a home (no longer renting) I may consider investing. I just want to make sure I am stable before I even attempt that. I know it can pay off and for some people, even fully fund their retirement plan so it is worth trying at some point.
    Absolutely. Well, when you get around to it feel free to ask me or send a PM for help or any questions you have getting started. It's a lot easier than you may think.

    Quote Originally Posted by Alchytect View Post
    Not to detract at all from Zemekis statement, actually I'd like to add to it: multiple streams of income.
    This is more or less the key to financial stability. If you only rely on paychecks to put food on the table, you've essentially put all your eggs into one basket. What if you could take those "eggs", put them in 3 or 4 baskets, and then they deliver eggs to you?
    I had a Personal Finance class in my 2nd year of college (most valuable class ever taught) and the professor said something that stuck with me: "I work for my money ONCE. After that, it works for me."
    "Out of the ground, raze all greenery with flame! Fire2!"
    Quote Originally Posted by Starwind55 View Post
    It deals with a demon virus that transforms people into freaky looking fuckers

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