I hope those young folks are listening, good advice. Some more advice I gave to my kids, don't go in debt bigtime early in your adult life. Once you get dug in a hole of debt it's hard to dig out.

2dogs anther I noticed with young people today is they want to jump in and have the best of everything. Like homes, use to be people got married got a starter home would do some upgrades on it then down the road usually when they had kids then up grade or bigger house. Now days they have to keep up with the Jone's and get home in the biggest neighborhood. Same thing with cars.

My parents did this. Bought a house in 1972 for $11,000. Paid it off in 20 years and 3 additions/renovations later it's worth about $200,000.

Man, teachers make really good money in Indiana.....

Yep, that's what I'm talking about. Right off the start entering the adult/working world , big new house, 2 autos, boat, SxS , on and on. The deeper they dig that hole , harder it is to get out.

I guess age matters... I am 41

Yep, all well and good if you live long enough. I know a guy who's wife died of cancer 6 months before he retired with over $500k in his 401k. I'm betting he wishes some of that had been spent on good vacations with her instead when she was healthy.

I have another friend who saved 50 cents out of every dollar, complaining to his wife about how much she spent on groceries so much that he took over all the shopping. Several years later she got tired of not having things and they divorced. She got the house, alimony, and child support.

No doubt you need to save but there has to be balance. Enjoy life along the way.

We had a girl like that at school to. Husband had lock on heat and air so she wouldnt raise or lower it. Looked at grocery reciepts every time made her use groupon. She finally got tired of the crap and divorced him.

I bet there’s 100 people that save $0 for every person that saves too much.

I think about this all the time too. I’ve hit the point where I will continue to save but also enjoy life and do things. If I have enough then great. I see too many time where people die before their time and I want to enjoy life and have no regrets. To each their own.

Worst case I will be a door greeter at Hobby Lobby when I’m 80. A lot of great scenery there.

Worked with a feller who wouldn't retire . Always said he was gonna retire in a few months, wanted to add to his 401k and SSI . We stayed after him trying to get him to retire, before he knew it he was flirting with 70. He went home from work one afternoon , wasn't at work next morning, he had a killer heart attack mowing his yard.

Trying to save enough to retire some day, but I got 25 years or so yet to go. Don't have plans of being the richest guy in the grave yard though.

Nothing wrong with that

I guess not. He wanted to retire , tend his farm and cattle, just never would pull the trigger.

My parents have always pinched pennies, saved skimped and made whatever junk they had work, bought a boat one time sold it after a year because it was too expensive, sane with a camper. Never did anything nice for themselves or had anything really nice. They had big dreams of retirement and buying a motor home and traveling together. Well my mom passed away 3 years ago at 47 years old. Now he wishes he didn’t have a pot to piss in because he did all that sacrificing for nothing. I have paid off nice vehicles, healthy 401k and enough savings for 6 months. When I pay my house off I’ll buy some land so I can leave my kids something. I can promise it won’t take a big hole to bury me and what money I have left.I plan to leave this world with not much more than what I came in it with I refuse to not make a memory or take a trip or buy a toy because I should “save” it for later. Don’t care what others do but knowing what my dad is going through with his regrets makes me sick when I hear people treat their family shitty over a dollar.

That's why I take a couple trips a year with family...kids will be on there own soon and if something happens to me or wife I won't have regrets about not going places...I really dont need to go all the time but who wants to wait till they old to go places even if u do make it to old age

Agreed. And we are approaching 28 trillion. We are spending our grand children's money that haven't earned yet.

Part of our retirement plan is at age 65 to have enough passive income from real estate investments to generate $10,000 per month in net cash flow minimum. Hopefully more, but that is the minimum goal. That equates to 35-40 units averaging $250-$300 net, after expenses, cash flow each. Not 100% passive but it's pretty hands off when using a management company..we self manage right now but by June everything will be though a management company. The beauty in income generating assets is as residential properties with 15-20 year mortgages and commercial properties with shorter loan terms start being paid off, then that cash flow will increase yearly and continue to increase in subsequent years.

By June 1st I will have 11 units that are cash flowing nicely and my portfolio leverage will be roughly 60%....so 40% equity position. June 2021 will be 2 years doing real estate as a side hustle business. I'm age 51. 25% to my 15 year goal in 2 years. Simple dedicated, focused hard work and a lot of God going before us helping make wise decisions. I'm not bragging because I have been helped along the way by numerous mentors and very wise and accomplished investors/business people. I'm just following a solid plan that is tried and tested and proven. Some economic disaster could happen and wipe it out...that is a risk of a leveraged position. But I'm not over leveraged so hopefully it will work out.

I did not heed the wise advice I had been given when I was younger so I was very very late in starting any retirement savings of any substance. I'd rather base it off of a performing asset rather than the stock market anyway. So I'm doing both.

My Father in Law is still working at 85 years old and can't retire. He made a lot of bad choices and continues to do so. He didn't get into the state retirement because he listened to bad advice from relatives who told him that he wouldn't live long enough to collect it! He has been working at the same place for sixty four years. Sad!

Amen.