MMuller
Well-Known Member
Let's jam
How the hell are we supposed to retire?
- Thread starter Red Mosquito
- Start date
Just had our quarterly meeting with CFA's. Mentioned I might pull out about $60k in cash for a new car and they "somewhat jokingly" showed how that will be a $300k hit in the long run. Needless to say my wife keeps mentioning my new $300k car. Told her they do always fail to mention that we'll have paid them over $1M in fees if we lived that long.
Always followed by lunch at Potus's golf course. Skipped the Melania Buffalo Chicken wrap in favor of lobster salad.
CFA mentioned he's seen kid's cry when they see this:
Always followed by lunch at Potus's golf course. Skipped the Melania Buffalo Chicken wrap in favor of lobster salad.
CFA mentioned he's seen kid's cry when they see this:
Like I said, they were really joking. It is a good time for me to sell some individual stocks and take some profits. I need to do it before our Cobra runs out. At that point we will attempt to keep our taxable income as low as possible to hopefully qualify for some ACA subsidies at least until I can get Medicare. My mother at 85 is no longer spending enough either so her advisor is always telling her to send checks to the kids at the end of the year.
Sounds like that was the mistake he made and you got to blow through it.
Ian F
Well-Known Member
Have gave a fair amount of money to all of the children and grandchildren. Apparently as much as allowed under the tax laws of the time. I was fairly young and still pretty irresponsible with money, so it's not surprising I blew through it... such is youth.
I've been pretty surprised at my son's ability to sock away 25% of take home into savings at 25 years old. At that age I just would have been driving nicer and nicer cars.
Took mom a while to get there. Her first job after college was at One Penn Plaza. She spent her lunch hours every day wandering Macy’s using her brand new CC. Always made the minimum payment. By the time we got married she owed more than her annual salary.
My ability to save was purely based on watching the financial mistakes of my parents as I grew up.
Ian F
Well-Known Member
There's something to be said for that. My mother learned fairly early in her marriage to my father that he has the financial instincts of a 12-year-old (and that may be an insult to some 12-year-olds...) so she handled the family finances as best she could. His second wife learned that too late and not until he had accrued CC debt well into 5 figures.
I definitely had issues with CC debt through my 20s but for better or worse, my ex- managed to help me correct my ways and get out of it and I've been good for over 20 years now. That said, it helped immensely that my income has also increased to the point where living within my means became easier.
Don't tell him 😉
Giving a little money and some time to a charitable cause (esp if your company will pay you) is also a great way to give back.
Plenty in the food security world.
I'm giving my notice as a poll worker. Think I worked 3 years? Maybe 4.
Getting up at 4:30 for anything other than fishing is just dumb....
OR RIDING
For me it was mom and dad managing finances by writing everything down in a notebook to track expenses fresh off the boat in early 1980’s. They made sure that both me and my older brother were financially responsible and be independent early on which I am very grateful about. Passing along the same financial responsibility to the kids now.