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What Should Net Worth at 40 Be?

1tonfun

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In my early 40's I was at about 10% of what I wanted to retire on. Fast forward 10 years and that has increased to about 40% of what I figure I need. I should be really close when I hit 60 to being where I want to be. If I didn't have expensive hobbies, I could have retired at 50 but my life would be boring. The quality family time has been worth every penny spent. As others have said, the amount you need is relative to the lifestyle you want to maintain. I was talking to my dad today and his only regret was that he didn't retire earlier and do some of the things that he had hoped to do. His advice was to enjoy life while you are still able, at 79 he sees some of the things he wanted to do slipping through his fingers. You never know when your health will throw you a curve ball.
 

badgas

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I don’t think that’s true.. for some reason “money” is this huge taboo subject that people don’t like to talk about..

I have some money, I have almost no investments, abd find it fascinating and would love to learn how to make what money I have work for me.. I have no idea how to do it. I wouldn’t even know where to start to be honest.

I’d love to be able to talk openly with some of the members here that are far smarter than myself on how to achieve retirement goals and how to use my assets or leverage them etc..

You are not wrong that money is a huge taboo with some people. I do financial coaching more in the line of crisis counseling, so I see it a lot. I love to talk personal finance and could to it all day long. I have seen grown men that would rather share their struggles with porn and drug addiction than they would talk about personal finance. I have family members that think I am crazy becasue I don't have one penny of debt in my life. Money is just a tool and you need to learn to make it behave.

You do need and advisor that will teach you what to invest in. You don't want anyone that is trying to sell you or tell you what to do. DO NOT invest in anything that you don't understand.

At minimum you should have an Roth if you qualify or traditional IRA that you can dump some money into annually. like @Cdog mentioned VTSAX is a great fund to start with.

There are so many resources out there for investing and retirement. If you like books or Audio books " The simple path to wealth " by J.L. Collins is a great book about stock market investing. It really is a simple path that we don't need to over complicate.

Love the idea about talking with a group of people and sharing ideas. I might have a good grasp on the debt free, retirement and investing ideas but I have a lot to learn on the entrepreneurial skills and hustle of getting a business going.

FYI I am not a CPA/CFP and do not sell any financial products. I just have a passion for personal finance, debt freedom and eary retirement etc.
 
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CarolynandBob

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The financial adviser we used asked what rmarion said above. How do you want to live in retirement and what is our risk level. I am pretty conservative money wise and told him I want to live the way I live now. He set us up to do just that.

What changed was we were surprised at how much less we spend in retirement. Now a big portion of that was moving from San Diego. So now we have a different set of numbers we are working with.

What lets me sleep at night may be very different than others here. I see others talk about real estate and owning multiple rentals. I owned 3 rental at one time and hated it. Had to evict a family. Yes I used a property management company. Just didn't have the stomach for it. Maybe could have commercial rentals, but never really explored that.

When my wife and I got married I was 30 and she was 32. One of the great thing was that we agreed on money and savings. To this day we have never argued about money. We made the decision to save a minimum of 30% of our gross earnings each year. It took us a couple of years to get there. We would just increase our saving by 1% or so per month. We were both already saving 15% of our earnings. This was more than our 401K's would let us do, so we put after tax dollars in a different account. This allowed us to retire early. I was 49 and my wife was 51.

They key for me was not some magic number as far as net worth. My main thing was that we never spend more than our investment earn. Never ever touch the principle. We have a certain amount that is in bonds. Yes over the last few years we could have made a bunch more with that money than we did, but like I said, it lets us sleep at night. Just knowing that it is there gives us piece of mind about retiring as early as we did.

The rest is set up for growth. You have to at least keep up with inflation. but this is money that may never be needed. Due to moving out of San Diego we are actually still saving money each month. We are living what we consider to be a great retirement. Others may say that is not how we want to live in retirement and that is great. Others may want to go on big luxury vacations all year. We have some friends that go on cruises all year. They stay in the luxury suites on the ship and get all the upgrades. (this has changed due to covid). That is just not for us. We would like to do an occasional cruise when the restrictions end, but no way do we want to cruise all year.
 

Kenboat

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Maybe better question is do you have a plan to retire at the age you desire and at a life style that you can be happy with?
At 40 my net worth was very low, had invested in a company that was struggling, then wife had major health battle for a year from cancer. It just seemed we you end up working for retirement. By age 50 company stabilized. Then our income took off and we are nearing retirement in our young 60's.
I could not go to work every day working for someone and saving fro my on retirement. I gambled big time and went into dept up to my eyeballs to start the company and it worked
 

REVENGE 97

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If you think 2M is enough for retirement you better like an old mobile homes and cat food.
It really depends on when you want to retire and your monthly overhead at that time along with lifestyle . I can get by on a lot less than 2M but my choices are slim, no new vehicles or major toys but I live in a nice home in a nice neighborhood, have a few toys and can still do pretty much want I want. But it would be nice to hit the lottery
 

CLdrinker

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One thing that anyone can do, for free, that will become a HUGE savings is to pay your mortgage either bi-weekly, or make an 13th payment towards the principal every year. That alone will turn a 30 yr loan into an 18.5 yr loan.
This!
2yrs ago we refied down to a 20yr and we also pay an extra $200 a month.
Hope to have it paid off when I’m
55. Worse case 58.
That will give me 7-10yrs to really put money away at the end.
 

caribbean20

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Well does anyone have a sound financial advisor that can set a life plan? Because I don’t have one and would be open to talking to someone.
We have used tsgwm.com for about 10 years and I would recommend. Wealth management, life plan, estate planning (trusts for real estate, etc. to avoid probate). SoCal based. They are a top rated firm by Barrons.

Fee based compensation, not commission. Wealth managers of this type charge about .006 to .01 of asssts under management. Fees ARE negotiable. Happy to give you an intro if you are interested.
 

Rajobigguy

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Personally I think net worth is a poor way to calculate anything. For instance a guy that owns a 2 million dollar home outright can say that his net worth is 2 million but he is living in that home vs a guy that has a 1/2 million dollar home that he owns outright and another 1.5 million sitting in the bank, (he is also worth 2 million). Obviously the second guy is much better position to retire because he has liquidity that he can live off of or invest with. The guy with high roller home may have the nicest home in the city but has no means of feeding himself.
 

brgrcru

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If you guys think your new worth is safe
Think again
In a matter of a few months 1/2 or more could disappear

Prove me wrong .
It happened to us 2 years ago .
It was a blessing that we kept any of it
We thought middle 7 figures was gone with the wind .

if you think the net worth you built up and maybe your kids will inherit it.
Think again
this current group of commies will do whatever it takes to take it from you and your family
Or over tax it
That your kids couldn’t afford to pay the tax on it .

My point =nothing is certain .
 

CoolCruzin

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Keep up with your Nieghbor and friends . !
Buy that big ass boat ,motor home , fancy ass car . Go on vacation on the other side of the world . Live that bitchin life style .
At sixty you should be broke as hell .

Best to be payment free at your retirement age . That is the key
 

DC-88

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My Dad worked his ass off , saved money , never splurged, kept in shape, and retired at 61. First thing he did was go hike to Machu Picchu and some other peaks, came home, and died on a mtn. bike a month later. Fortunately, and sort of ironically the wife and I make much more $ than my parents ever did, but after seeing that go down firsthand my philosophy changed to more of a "why wait to live when you should be living now " type mentality. I'd rather live a great life with the last few years in a shitty trailer or nursing home than miss out on life but end up shitting the bed at leisure world .
Schwab has done well for my Mom, and also the college savings I did for my kids which we ended up being able to handle out of pocket so maybe they can use it for help with the down payment on a million dollar tract shack (FJB) when the time comes. We've been debt and payment free since age 40 , but currently between property taxes, car ins, homeowners, umbrella, earthquake, ins on toys/boats, health ins , food, bills, maint, the monthly "nut" is still big before buying anything else thanks in part to Obamacare and the current crop of Demoshits ( non of whom would be able to parallel park a stick shift car on a hill or fix a toilet flapper if their worthless lives depended on it) that are now in power. The key isn't "net worth" at 40, it's creating a perpetual income stream at 60 or earlier via investments or pension that follows inflation. Still a work in progress ....
 

HOOTER SLED-

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Well holyyy fuck...I wish I had at least 40yo net worth at the age of 50. I'm sexy as fuck, but it's too late for me to Magic Mike and shit to make up some cash. I'm a broke ass mutha fucka! I might have to start an Only Fans..😂😂😂
 

golakers

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Personally I think net worth is a poor way to calculate anything. For instance a guy that owns a 2 million dollar home outright can say that his net worth is 2 million but he is living in that home vs a guy that has a 1/2 million dollar home that he owns outright and another 1.5 million sitting in the bank, (he is also worth 2 million). Obviously the second guy is much better position to retire because he has liquidity that he can live off of or invest with. The guy with high roller home may have the nicest home in the city but has no means of feeding himself.
What if he’s building his nest egg while living payment free until retirement?
 

Rajobigguy

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What if he’s building his nest egg while living payment free until retirement?
Sure that could play a part in planning for the future and RE should be part of an investment strategy but having all the eggs in one basket lacks diversity and agility that you should have to take advantage of opportunity’s that arise.
 

rmarion

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20220108_124043.jpg
 

RiverDave

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You are not wrong that money is a huge taboo with some people. I do financial coaching more in the line of crisis counseling, so I see it a lot. I love to talk personal finance and could to it all day long. I have seen grown men that would rather share their struggles with porn and drug addiction than they would talk about personal finance. I have family members that think I am crazy becasue I don't have one penny of debt in my life. Money is just a tool and you need to learn to make it behave.

You do need and advisor that will teach you what to invest in. You don't want anyone that is trying to sell you or tell you what to do. DO NOT invest in anything that you don't understand.

At minimum you should have an Roth if you qualify or traditional IRA that you can dump some money into annually. like @Cdog mentioned VTSAX is a great fund to start with.

There are so many resources out there for investing and retirement. If you like books or Audio books " The simple path to wealth " by J.L. Collins is a great book about stock market investing. It really is a simple path that we don't need to over complicate.

Love the idea about talking with a group of people and sharing ideas. I might have a good grasp on the debt free, retirement and investing ideas but I have a lot to learn on the entrepreneurial skills and hustle of getting a business going.

FYI I am not a CPA/CFP and do not sell any financial products. I just have a passion for personal finance, debt freedom and eary retirement etc.

I am the opposite.. Incan start businesses all day long and make them fly.. Stacy says I should start businesses and sell them to the people living to Havasu who don’t know what they want to do.. or possibly coach people into what they could do.

I have always been able to look at someone’s program and see it like a chessboard and know what would or wouldn’t work for them. Etc..
 

RiverDave

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I like Ramsey but find myself not agreeing with him more and more..

For example a little while back I bought a lot here in Havasu. I paid cash for it, kept it three months and sold it for 50k more than I paid for it.

The smarter move would have been to get a lot loan put 10-15% down and then sold it later and kept my money and used it to do other things rather than tying it up.

Friend of mine bought a building recently. He put 50k down financed it, did some paint work and sold it for 250 more than he bought it for.. he only put out 50 and leveraged 450..

That was eye opening.
 

rmarion

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I like Ramsey but find myself not agreeing with him more and more..

For example a little while back I bought a lot here in Havasu. I paid cash for it, kept it three months and sold it for 50k more than I paid for it.

The smarter move would have been to get a lot loan put 10-15% down and then sold it later and kept my money and used it to do other things rather than tying it up.

Friend of mine bought a building recently. He put 50k down financed it, did some paint work and sold it for 250 more than he bought it for.. he only put out 50 and leveraged 450..

That was eye opening.
10/4..

playing devils advocate...

that will work all day long, when you are not over extended. Which you where not.

but let's say, its 2007 again... you put 15/20 down on a property... the market drops... that property is now worth 50% less...

Ramsey belief of Cash Rich is because he went Bankrupt in in his 20's when he was a millionaire with numerous properties purchased with minimal down....
one bank called in the note, then bank #2, bank #3... he lost everything....
starting living on beans and rice, rice and beans...

many ways to make $$$$ and I'm not the person to listen to...LOL

I purchased property in Yucca Valley to build and flip in 2007..LOL

I just wish I had a crystal ball...
 

badgas

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If you guys think your new worth is safe
Think again
In a matter of a few months 1/2 or more could disappear

Prove me wrong .
It happened to us 2 years ago .
It was a blessing that we kept any of it
We thought middle 7 figures was gone with the wind .

if you think the net worth you built up and maybe your kids will inherit it.
Think again
this current group of commies will do whatever it takes to take it from you and your family
Or over tax it
That your kids couldn’t afford to pay the tax on it .

My point =nothing is certain .
Correct !

Material wealth can be taken in a moment but you still have to have a plan not to eat dog food and live in a trailer when you are old and done working.
 

Your ad here

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It really depends on when you want to retire and your monthly overhead at that time along with lifestyle . I can get by on a lot less than 2M but my choices are slim, no new vehicles or major toys but I live in a nice home in a nice neighborhood, have a few toys and can still do pretty much want I want. But it would be nice to hit the lottery
First thing I thought of when I read the first sentence was property tax. When my parents moved they got a better house and $10K a year raise because of the property tax difference between states. What's Riverside county at now for property tax? 2%? 2.5%?
 

Flatsix66

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First thing I thought of when I read the first sentence was property tax. When my parents moved they got a better house and $10K a year raise because of the property tax difference between states. What's Riverside county at now for property tax? 2%? 2.5%?
.95%
 

LargeOrangeFont

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It’s literally me repeating what he basically told me when I asked politely about who had the longest travel in a rzr thread.

Literally basically huh?

Why don’t you post the dialogue from that thread then so we can all see what you “literally, basically” repeating me looks like? 😂
 

pronstar

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What works for one, may not work for another.

If I have assets that kick off cash in perpetuity, and my asset column outweighs my liabilities column, then I don’t need to worry about payments.

If inflation is higher than interest, it makes sense to use OPM and finance at a fixed rate over a long term. I’m getting paid to borrow that money.

Some folks like stocks.
Some folks like mutual funds.
Some folks like 401k.
Some folks like to let others manage their money.
Some folks plan to be poor in retirement…”I’ll be in a lower tax bracket!”

I’m not some folks LOL. I want control.I want to avoid taxes.

But you might be some folks, and if it works for you, great…nothing wrong with that at all.

There are millions of ways to get ahead.
Best to study as many of them as you can, and find the path that’s right for you.
 

clarence

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FWIW, Buffett's net worth at 40 was only ~$30M.
 

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Singleton

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Well does anyone have a sound financial advisor that can set a life plan? Because I don’t have one and would be open to talking to someone.

I have one, but the only way I have access to him is due to my dad. The guy controls my dads investments and grandfathered me and my sisters in. Without my dad, I would have to have over 250k (excluding the 401k) available for investment activities to have access to him. He gets paid a % of earnings on the accounts. Account has a loss, he gets 0.
 

Uncle Dave

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Somebody here said it but net worth is not a great indicator of what constitutes a "successful" retirement.

Never been a fan of turning everything over to some guy regardless of where he works, but thats a path many take and some guys are by invitation only and worthwhile, and others not so much.

I liked working with a mentor/ smart CPA (who is also your tax guy) to outline a number of paths and manage it myself.
 

bentprops

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This may have been already said but Im not going to read 6 pages to find out.

Net worth is a terrible way to judge your financial health. I don't care if you have 50mil in the bank, if we have a real bout of inflation it can be gone in months. With inflation @ 7% you are losing 50% every 10 years.“id argue its closer to 20% puts at 50% every 3.5 years” Of coarse anyone with enough knowledge to amass such wealth would never keep that kinda currency in the bank.

A better way to look at this is as such, If you quit your job how long can you live your current life style on your money saved/ invested. Being able to retire is easier than you would think. If you have 1, 1 million $ investment that cash flows 10k per month. (Very easy to find) and your monthly nut is less than 10k you can technically retire. With inflation that investments value will increases and so should the cash flow.

Wan-a get rich? Who doesn’t. Only takes 3 simple steps. Most can’t make it past step 1. Can you?

Step 1, LIVE BELOW YOUR MEANS!

Step 2, Invest those means into assets that put $ in your pocket.

Step 3, Repeat steps 1 & 2 until you reach desired result.

Your home is not a asset! but a"house" could be if its a rental.
Your boat is not a asset! unless your a pro bass fisherman or have a boat rental buisness
You baller truck is not a asset! unless you "have to have" it for your buisness

Assests put money in your pocket liabilities take it out.

Focus on assets, when you reach desired result than go buy the liabilities.
 
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Englewood

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This may have been already said but Im not going to read 6 pages to find out.

Net worth is a terrible way to judge your financial health. I don't care if you have 50mil in the bank, if we have a real bout of inflation it can be gone in months. With inflation @ 7% you are losing 50% every 10 years.“id argue its closer to 20% puts at 50% every 3.5 years” Of coarse anyone with enough knowledge to amass such wealth would never keep that kinda currency in the bank.

A better way to look at this is as such, If you quit your job how long can you live your current life style on your money saved/ invested. Being able to retire is easier than you would think. If you have 1, 1 million $ investment that cash flows 10k per month. (Very easy to find) and your monthly nut is less than 10k you can technically retire. With inflation that investments value will increases and so should the cash flow.

Wan-a get rich? Who doesn’t. Only takes 3 simple steps. Most can’t make it past step 1. Can you?

Step 1, LIVE BELOW YOUR MEANS!

Step 2, Invest those means into assets that put $ in your pocket.

Step 3, Repeat steps 1 & 2 until you reach desired result.

Your home is not a asset! but a"house" could be if its a rental.
Your boat is not a asset! unless your a pro bass fisherman or have a boat rental buisness
You baller truck is not a asset! unless you "have to have" it for your buisness

Assests put money in your pocket liabilities take it out.

Focus on assets, when you reach desired result than go buy the liabilities.
Where is it “very easy” to find a 10% return on $1m?
 

farmo83

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I like Ramsey but find myself not agreeing with him more and more..

For example a little while back I bought a lot here in Havasu. I paid cash for it, kept it three months and sold it for 50k more than I paid for it.

The smarter move would have been to get a lot loan put 10-15% down and then sold it later and kept my money and used it to do other things rather than tying it up.

Friend of mine bought a building recently. He put 50k down financed it, did some paint work and sold it for 250 more than he bought it for.. he only put out 50 and leveraged 450..

That was eye opening.

I couldn't agree with this more. I think Ramsey is great for people that don't have financial intuition.

I do agree with Dave you have to live within your means. If you go through life going from payment to payment to payment you'll never really get anywhere.

In the last two years I made more in the market then my wife and I did working and we have good jobs, had I followed Dave's teachings I would have saved myself around 20k in interest charges.
 

Raffit78

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This may have been already said but Im not going to read 6 pages to find out.

Net worth is a terrible way to judge your financial health. I don't care if you have 50mil in the bank, if we have a real bout of inflation it can be gone in months. With inflation @ 7% you are losing 50% every 10 years.“id argue its closer to 20% puts at 50% every 3.5 years” Of coarse anyone with enough knowledge to amass such wealth would never keep that kinda currency in the bank.

A better way to look at this is as such, If you quit your job how long can you live your current life style on your money saved/ invested. Being able to retire is easier than you would think. If you have 1, 1 million $ investment that cash flows 10k per month. (Very easy to find) and your monthly nut is less than 10k you can technically retire. With inflation that investments value will increases and so should the cash flow.

Wan-a get rich? Who doesn’t. Only takes 3 simple steps. Most can’t make it past step 1. Can you?

Step 1, LIVE BELOW YOUR MEANS!

Step 2, Invest those means into assets that put $ in your pocket.

Step 3, Repeat steps 1 & 2 until you reach desired result.

Your home is not a asset! but a"house" could be if its a rental.
Your boat is not a asset! unless your a pro bass fisherman or have a boat rental buisness
You baller truck is not a asset! unless you "have to have" it for your buisness

Assests put money in your pocket liabilities take it out.

Focus on assets, when you reach desired result than go buy the liabilities.


Please share your knowledge. I don’t know any “easy” source to net me 10k a month for my 1 mill.
 

hallett21

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Please share your knowledge. I don’t know any “easy” source to net me 10k a month for my 1 mill.
A lot of S&P index funds perform at or above that number long term.

This article shows last years return but you can look up any of these funds and zoom out 5-10 years.

 

badgas

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I couldn't agree with this more. I think Ramsey is great for people that don't have financial intuition.

I do agree with Dave you have to live within your means. If you go through life going from payment to payment to payment you'll never really get anywhere.

In the last two years I made more in the market then my wife and I did working and we have good jobs, had I followed Dave's teachings I would have saved myself around 20k in interest charges.
It's all good in bull market, it feels like we can do no wrong.

Warren Buffet says "when the tide goes out you can see who's skinny dipping"

There was a lot skinny dipping in 2008

I do agree you can move beyond Ramsey's teaching and be a little " intuitive " just remember when things correct that leverage that everyone loves quickly becomes an anchor.
 

Englewood

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A lot of S&P index funds perform at or above that number long term.

This article shows last years return but you can look up any of these funds and zoom out 5-10 years.

That's a big difference. Average vs. Guarantee. 10% guarantee is not easy to find unless you have big big $$$.
 

farmo83

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It's all good in bull market, it feels like we can do no wrong.

Warren Buffet says "when the tide goes out you can see who's skinny dipping"

There was a lot skinny dipping in 2008

I do agree you can move beyond Ramsey's teaching and be a little " intuitive " just remember when things correct that leverage that everyone loves quickly becomes an anchor.
Agree there is definitely risk vs reward. Leveraged trading is too risky for me. In my case if I had any money left over at the end of the month I bought TSLA instead of whacking away at my 2.5% house note.

My out look in 2020 and now is also from Buffet.

"Whan others are greedy, be fearful, when others are fearful, be greedy"
 

Ouderkirk

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Agreed, but just wanted to hear thoughts, planning and experiences.

I guess it would depend on your education, motivation, and just plain old dumb luck.

At age 40, I was worth over 2 million. 6 years later it was down to 300K and nothing had changed except Jack Welch retired and Jeff Immelt drove GE into the ground. I gambled on a few stocks (WNC specifically) that had cratered with GE in 2009, and subsequently outperformed GE on the rebound. I had to work (day trade) my way back to the previous high, which took nearly another 6 years.
 

Willie B

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… At 40 I had done my utmost to be broke… then I became a kept man…(I will never do that again)…
… I thought I was still broke now… But when I did the math …I’m not broke..: no clue as to how that happened???…
 

TPC

Wrenching Dad
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At 40 a person should be 2/3 way to retirement.

Excluding home equity you should be worth close to liquidating $2 million by now in order to live a RDP standard of lifestyle.
Your home should be paid off by 50.

Used to be ya needed 3 million in investment but with this super inflation your investments principal should be flirting with $4 million.

I’ve been retired 15 years and have burned through 1.7 never touching any principal.

We bank most the wife’s earnings and all. inheritance.
 

DUNEFLYER

The original DUNEFLYER of RDP 😁
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At 40 a person should be 2/3 way to retirement.

Excluding home equity you should be worth close to liquidating $2 million by now in order to live a RDP standard of lifestyle.
Your home should be paid off by 50.

Used to be ya needed 3 million in investment but with this super inflation your investments principal should be flirting with $4 million.

I’ve been retired 15 years and have burned through 1.7 never touching any principal.

We bank most the wife’s earnings and all. inheritance.
So what your saying is you can live a RDP standard of lifestyle on 113k a year?
Do you spend more or less than you had planned during your retirement?
 

RiverDave

In it to win it
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Where is it “very easy” to find a 10% return on $1m?

So I’m one of those guys that doesn’t know a lot about money. I have never saved, or had a savings account. That’s not to say I haven’t had some sums in checking..

I have always had the ability to “make money” even when I was a kid. The idea of working a steady job and collecting a steady check is incredibly foreign to me. Historically I’d go get machining jobs and quote them and if I needed more I’d work harder (or in reality find better work). Typically worked sales for most of my adult life and was never driven to be “ahead” but to be comfortable.

Long story short nobody ever taught me anything about money..

I recently walked into the bank and the main guy introduced himself. I told him about something I wanted to do financially and wasn’t sure how I was gonna do it without Just buying it outright.

He walked me over to the other side of the bank, and I learned more in ten minutes than I ever knew in my whole life.

I took a portion of my funds and transferred it over to the “investment” side of the bank. That said you don’t have to invest anything if you don’t want too. If the money is on that side I can borrow against my own money at prime or sub prime rates.. I sat down with a nice guy that is self described as very financially conservative and he put together a package that he monitors and it will (should) provide around 10% (or in reality more) a year and I can change that around to more aggressive (higher risk) less aggressive (lower risk) or jump out at anytime I feel like and leave it in the account.

The whole borrowing against my own money deal is crazy to me, abd something I wish I knew about years and years ago.

Want a 3% loan for a truck and have 100k in the bank? (Borrow up to 70% of my own money) Where was that in my 20’s and 30’s..

I am sure everyone else already knew about all this stuff but I sure as shit didn’t.

Feel free to call me if ya want to talk about it.. 949-678-8369
 

185EZ

Takin it EZ
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Please share your knowledge. I don’t know any “easy” source to net me 10k a month for my 1 mill.
Mine was EZ. Fidelity contrafund. I was actually more than double that per month.
I didn't even add anything
Your Rate of Return23.64%
 

EmpirE231

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So I’m one of those guys that doesn’t know a lot about money. I have never saved, or had a savings account. That’s not to say I haven’t had some sums in checking..

I have always had the ability to “make money” even when I was a kid. The idea of working a steady job and collecting a steady check is incredibly foreign to me. Historically I’d go get machining jobs and quote them and if I needed more I’d work harder (or in reality find better work). Typically worked sales for most of my adult life and was never driven to be “ahead” but to be comfortable.

Long story short nobody ever taught me anything about money..

I recently walked into the bank and the main guy introduced himself. I told him about something I wanted to do financially and wasn’t sure how I was gonna do it without Just buying it outright.

He walked me over to the other side of the bank, and I learned more in ten minutes than I ever knew in my whole life.

I took a portion of my funds and transferred it over to the “investment” side of the bank. That said you don’t have to invest anything if you don’t want too. If the money is on that side I can borrow against my own money at prime or sub prime rates.. I sat down with a nice guy that is self described as very financially conservative and he put together a package that he monitors and it will (should) provide around 10% (or in reality more) a year and I can change that around to more aggressive (higher risk) less aggressive (lower risk) or jump out at anytime I feel like and leave it in the account.

The whole borrowing against my own money deal is crazy to me, abd something I wish I knew about years and years ago.

Want a 3% loan for a truck and have 100k in the bank? (Borrow up to 70% of my own money) Where was that in my 20’s and 30’s..

I am sure everyone else already knew about all this stuff but I sure as shit didn’t.

Feel free to call me if ya want to talk about it.. 949-678-8369

But most banks offer 3% or better rates for trucks all day long, without you having to put any of your money at risk?

am I missing something? I see this making sense is you have a lot of cash sitting around, but have bad credit? or maybe in the situation of buying something where loans are not readily available?
 
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