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Key:
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Joined: Dec 2014
Posts: 9,111 Likes: 35
14 point
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14 point
Joined: Dec 2014
Posts: 9,111 Likes: 35 |
Im 24 years old and i hope the good lord comes back before i have to work for the next 50 years just to get to retirement.
"I dont quit.. And ill fight alone if i have to"
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Joined: Dec 2009
Posts: 9,375
14 point
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14 point
Joined: Dec 2009
Posts: 9,375 |
Hopefully with my 14% and company matching with 5% and my pension I will be able to retire in 9 years. If I don't get to spend a bunch of it, my daughters will have some money to fall back on. This is one thing I'm NOT going to do. I'll be damn if I'm going to work my ass off all my life and leave a bunch of money for my kids to piss away. They can work and save like I did and my mom and dad did. How loving . Call it what you want. I intend leave just enough to bury me. That what's wrong wth the world now. Kids have everything handed to them. Mine can work and save like I did. I wouldn't say that's what's wrong with the world. I would say continuing to give to your kids leading them to destruction is. I just don't see leaving them with an inheritance as a bad thing unless there is a special circumstance where it just wouldn't be smart (they're on drugs or something like that). Continuing to give/support (financially) children who are adults and leaving an inheritance to your children are on two opposite sides of the spectrum. The first is what's wrong with a lot of kids today. The second is not. I'm not rich, maybe upper middle class according to our income. I grew up in the same type of home where money was not ever really an issue (within reason). I went to college, received two degrees, and worked my way up through a company for 14 years in order to obtain a 6 figure income. Last summer that company decided to cut our entire department. So I went to work for Dads company and initially took a pay cut. Every day Dad takes a little farther step towards retirement and I take a little more responsibility. With that being said I've worked my butt off to get where I am today and continue to work my butt off in my new job. I couldn't, in good conscious, accepted the job working for Dad and then expect him to do all the work. I was taught better and he wouldn't put up with it. Leaving an inheritance, or a company in my example, to a child is NOT A BAD thing at all. I hope to pass this company on to my kids when they get older. Snuffy, if you want to point fingers then point them at the parents who raised the entitled kids, not the ones who were taught respect, work ethic, etc.
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Joined: Nov 2011
Posts: 22,606 Likes: 22
Freak of Nature
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Freak of Nature
Joined: Nov 2011
Posts: 22,606 Likes: 22 |
Im 24 years old and i hope the good lord comes back before i have to work for the next 50 years just to get to retirement. Retirement is a relatively new phenomenon (that I'm aware of). In biblical times, I don't think many 55 year olds were posted up by the Sea of Galilee drinking wine all day and playing bocce ball. Just a thought. I could be dead wrong. And yes, the "average" age was in the 30's due to infant mortality, not because folks died in their 30's and 40's regularly. Common misperceptions.
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Joined: Nov 2002
Posts: 7,039 Likes: 5
14 point
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14 point
Joined: Nov 2002
Posts: 7,039 Likes: 5 |
Thank you Steve that's exactly what I'm trying to tell these knuckleheads. I have a farm and a nice home my kids will inherit. Truth is it will probably sell before my wife and I are cold in the ground. They WILL NOT inherit a pile of cash.
If you always do what you've always done you always get what you've always got
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Joined: Sep 2015
Posts: 9,541
14 point
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14 point
Joined: Sep 2015
Posts: 9,541 |
Thank you Steve that's exactly what I'm trying to tell these knuckleheads. I have a farm and a nice home my kids will inherit. Truth is it will probably sell before my wife and I are cold in the ground. They WILL NOT inherit a pile of cash. What's the difference?
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Joined: Jun 2016
Posts: 2,644
10 point
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10 point
Joined: Jun 2016
Posts: 2,644 |
Thank you Steve that's exactly what I'm trying to tell these knuckleheads. I have a farm and a nice home my kids will inherit. Truth is it will probably sell before my wife and I are cold in the ground. They WILL NOT inherit a pile of cash. Nothing wrong with that. I'll inherit a lot of rental properties and money. But, I also have a masters degree and work my butt off. My brother has a PhD. Our parents have no problem leaving us something because they know we aren't going to piss it away. For the record, I wasn't criticizing you, just stating my point.
I hope we have once again reminded people that man is not free unless government is limited. There�s a clear cause and effect here that is as neat and predictable as a law of physics: as government expands, liberty contracts. � Ronald Reagan
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Joined: Dec 2014
Posts: 9,111 Likes: 35
14 point
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14 point
Joined: Dec 2014
Posts: 9,111 Likes: 35 |
Im 24 years old and i hope the good lord comes back before i have to work for the next 50 years just to get to retirement. Retirement is a relatively new phenomenon (that I'm aware of). In biblical times, I don't think many 55 year olds were posted up by the Sea of Galilee drinking wine all day and playing bocce ball. Just a thought. I could be dead wrong. And yes, the "average" age was in the 30's due to infant mortality, not because folks died in their 30's and 40's regularly. Common misperceptions. i just looked up this bocce ball that you speak of..it is a very old game apparently, intresting id never heard of it before.
"I dont quit.. And ill fight alone if i have to"
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Joined: Jan 2016
Posts: 4,753
10 point
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10 point
Joined: Jan 2016
Posts: 4,753 |
I'm 56 and Mrs. Irish is 54. We started dating about 10 years ago and we got married 9 years ago. When married we both had good jobs, but she had a townhouse that she was upside down in and we couldn't sell it so she let the bank have it. We both had debt. I was paying $1000 a month in alimony (Long story) She didn't get child support. We had 3 teenagers living with us and a 9 year old in a blended family. We had virtually no savings or retirement.
Fast forward to now and we have built up our 401k plans to about 1/4 of a million, we have a nice savings for emergencies, we have beach property and mountain property that are both paid for and we are in the process of building our mountain retirement home and paying for it as we go along with no debt.
We currently each put 14% of each paycheck before tax into our 401k plans and that number goes up 1% or more per year depending on what kind of raise we get.
If the Lord keeps blessing me and I am fortunate to keep my current job I plan on retiring in 9 years at 65. I do have a pension that I am vested in but it's not enough to live off of, but that combined with my S.S., a little each month from the 401k and I plan on doing some handyman stuff on other folks cabins for something to do and a little extra spending money we should be alright.
My point is this: Even though it may seem difficult and next to impossible to overcome your current set of circumstance, it is possible. You have to focus and set your priorities. I drive used vehicles that I buy cheap, fix up, take good care of and when I sell them I usually either break even or actually make money off of them. Irish Jr. has been driving a 1999 Mazda Protege for the last 2 years that we bought for $2500. Mrs. Irish put 250k miles on her 2003 GMC Envoy before we sold it to our oldest son for $3500 and then we actually splurged on a new Mazda CX-5 for her, but she will drive that car until the wheels fall off. It is the only depreciating asset that we have purchased since we got married.
Our house is furnished with unique finds that we bought a yard sales, and it looks damn good. We take inexpensive vacations, and stay in quirky, locally owned, but nice and clean places. We bring our own food and cook when we go to the beach. We take our lunches almost every day to work. So does Irish Jr. When we do go out to eat, we like to go to places that have great food, but reasonable prices.
We love comfortably, but we also live frugally and we put as much as possible in our long term savings. We've never bought a new boat, new motorcycle, new 4 wheeler, only one car, and that car was only $20k.  This is good.
A mans got to know his limitations.
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Joined: Jan 2016
Posts: 4,753
10 point
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10 point
Joined: Jan 2016
Posts: 4,753 |
IrishGuy,
We should hold courses for millennials on prudent financial planning and money management. I am AMAZED how they just don't get it. I read aricles the other day that said 80% can't buy a house don't have $1000 I the bank. One reason rental market is good; but I don't have the patience for that.
They have terrible priorities( cars, internet, TV, and other crap) and no vision for the future and what is possible. Even worse; their children are learning these same bad lessons. Easy now! I'm 28, technically a millenial, and I own a house. Started my 401k two years ago too! I guess driving a 20 year old vehicle helps too, but I wouldn't have it if I could afford a newer truck.
A mans got to know his limitations.
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Joined: Jan 2001
Posts: 14,908 Likes: 92
Booner
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Booner
Joined: Jan 2001
Posts: 14,908 Likes: 92 |
IrishGuy,
We should hold courses for millennials on prudent financial planning and money management. I am AMAZED how they just don't get it. I read aricles the other day that said 80% can't buy a house don't have $1000 I the bank. One reason rental market is good; but I don't have the patience for that.
They have terrible priorities( cars, internet, TV, and other crap) and no vision for the future and what is possible. Even worse; their children are learning these same bad lessons. Easy now! I'm 28, technically a millenial, and I own a house. Started my 401k two years ago too! I guess driving a 20 year old vehicle helps too, but I wouldn't have it if I could afford a newer truck. Congrats on starting out right
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Joined: Jan 2016
Posts: 4,753
10 point
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10 point
Joined: Jan 2016
Posts: 4,753 |
Nope cause most will just piss it away . Sounds like a problem with their raising perhaps. Teach them not to do that. Seems like a simple fix THIS
A mans got to know his limitations.
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Joined: Sep 2014
Posts: 3,126
10 point
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10 point
Joined: Sep 2014
Posts: 3,126 |
IrishGuy,
We should hold courses for millennials on prudent financial planning and money management. I am AMAZED how they just don't get it. I read aricles the other day that said 80% can't buy a house don't have $1000 I the bank. One reason rental market is good; but I don't have the patience for that.
They have terrible priorities( cars, internet, TV, and other crap) and no vision for the future and what is possible. Even worse; their children are learning these same bad lessons. Easy now! I'm 28, technically a millenial, and I own a house. Started my 401k two years ago too! I guess driving a 20 year old vehicle helps too, but I wouldn't have it if I could afford a newer truck. Oh yea? well I started putting money into my Roth IRA two years ago and drive a crappy vehicle so humphf. I'm 24.
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Joined: Nov 2002
Posts: 7,039 Likes: 5
14 point
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14 point
Joined: Nov 2002
Posts: 7,039 Likes: 5 |
Thank you Steve that's exactly what I'm trying to tell these knuckleheads. I have a farm and a nice home my kids will inherit. Truth is it will probably sell before my wife and I are cold in the ground. They WILL NOT inherit a pile of cash. What's the difference? The difference is IF the nursing home doesn't get everything I've worked for. (The nursing home took EVERYTHING my mom and dad worked for) They MIGHT actually work and save and build a house. They will have a parcel of land to build on. It's just to easy to piss away money. I don't care how well you raise them. Throw a free 500k at them and the next thing you know it's gone and there's nothing to show for it.
If you always do what you've always done you always get what you've always got
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Joined: Jan 2001
Posts: 14,908 Likes: 92
Booner
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Booner
Joined: Jan 2001
Posts: 14,908 Likes: 92 |
Thank you Steve that's exactly what I'm trying to tell these knuckleheads. I have a farm and a nice home my kids will inherit. Truth is it will probably sell before my wife and I are cold in the ground. They WILL NOT inherit a pile of cash. What's the difference? The difference is IF the nursing home doesn't get everything I've worked for. (The nursing home took EVERYTHING my mom and dad worked for) They MIGHT actually work and save and build a house. They will have a parcel of land to build on. It's just to easy to piss away money. I don't care how well you raise them. Throw a free 500k at them and the next thing you know it's gone and there's nothing to show for it. But; you can assume the best as your going down and never know the difference
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Joined: Oct 2008
Posts: 31,586 Likes: 140
Grumpy Old Man
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Grumpy Old Man
Joined: Oct 2008
Posts: 31,586 Likes: 140 |
My grandfather deeded his land and house to my dad before he got in bad health. This was to keep a nursing home or any govment outfit from taking it. My parents will do the same before (if) they need long term care.
If you have elderly parents with considerable assets you better make a similar plan.
I hate making a good first impression. There’s no way I can keep that shit up.
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Joined: Aug 2014
Posts: 14,395 Likes: 4
Gary's Fluffer
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Gary's Fluffer
Joined: Aug 2014
Posts: 14,395 Likes: 4 |
Thank you Steve that's exactly what I'm trying to tell these knuckleheads. I have a farm and a nice home my kids will inherit. Truth is it will probably sell before my wife and I are cold in the ground. They WILL NOT inherit a pile of cash. What's the difference? The difference is IF the nursing home doesn't get everything I've worked for. (The nursing home took EVERYTHING my mom and dad worked for) They MIGHT actually work and save and build a house. They will have a parcel of land to build on. It's just to easy to piss away money. I don't care how well you raise them. Throw a free 500k at them and the next thing you know it's gone and there's nothing to show for it. Throw me $500k and I'll show you hundreds of people that I personally know that would prove you wrong.
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Joined: Sep 2015
Posts: 9,541
14 point
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14 point
Joined: Sep 2015
Posts: 9,541 |
I meant land and house that you say they will immediately sell vs cash.
Sounds like both end in cash
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Joined: Sep 2012
Posts: 17,217 Likes: 24
Old Mossy Horns
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Old Mossy Horns
Joined: Sep 2012
Posts: 17,217 Likes: 24 |
Throw me 500K and I'll make it Rain....  Money aint got nothing to do with happiness  But I"d like to give it a try.... 
Did you know that Beer Nutz are over a Dollar...and Deer Nutz are under a Buck...
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Joined: Nov 2002
Posts: 7,039 Likes: 5
14 point
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14 point
Joined: Nov 2002
Posts: 7,039 Likes: 5 |
My grandfather deeded his land and house to my dad before he got in bad health. This was to keep a nursing home or any govment outfit from taking it. My parents will do the same before (if) they need long term care.
If you have elderly parents with considerable assets you better make a similar plan. Better do it now. It has to be out of your mom and dads name 5 years or they will get it from YOU.
If you always do what you've always done you always get what you've always got
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Joined: Jan 2001
Posts: 14,908 Likes: 92
Booner
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Booner
Joined: Jan 2001
Posts: 14,908 Likes: 92 |
Throw me 500K and I'll make it Rain.... Be a hell of a party; count me in. Better than Snuffy wasting it on his kids
Last edited by wew3006; 08/15/17 12:41 PM.
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