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12 members (!shiloh!, CreekCrosser, Ron A., Jwbfx4, Gobl4me, Etyson, jake5050, dtmwtp, Mike32, CatHeadBiscuit, 2 invisible),
1,177
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Key:
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Global Mod,
Mod
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Joined: Jul 2020
Posts: 8,865 Likes: 1
14 point
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14 point
Joined: Jul 2020
Posts: 8,865 Likes: 1 |
My two boys are 17 and 11. I am scared to death at what they are going to financially face in their lifetimes. Living with your parents after HS or college used to be viewed dimly back when I was getting put of all that in the 90s. I'm thinking that it may be more of a survival tactic now and in the future. This is where I stress too. Mine are 16 and 18. The 18 was all set to do fireman, and then balked. Said he didn't want a 3 year commitment to the fire dept that pays him to go to school. I tried to explain to him he could work 20 years there, retire and take a job with a different fire dept, retire in 20 years and have 2 pensions, plus SSI and what he saved. Oh no, they are going to make him a manager trainee at the carwash. And he wants me to co-sign a loan for him on a 21K Audi. I said the pmt will be $500+ a month. That's only 2 weeks pay he says. Well insurance is another $200 a month. He has no clue what so ever. Zero. I have spent hours of my life explaining to him. Doesn't get it. Just doesn't. He just doesn't want to work for anything. And his GF doesn't push him either. It's sad. All he needs now is to get her preggo. My younger one will probably fare better. But I just don't see how they buy a house in this economy.
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Joined: Dec 2014
Posts: 8,409
14 point
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14 point
Joined: Dec 2014
Posts: 8,409 |
"I dont quit.. And ill fight alone if i have to"
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Joined: Jul 2005
Posts: 19,319
Old Mossy Horns
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Old Mossy Horns
Joined: Jul 2005
Posts: 19,319 |
I hadn't saved or invested much until about 7 years ago at age 48, but I didn't have debit other than a mortgage . Had traded up homes several times and captured really good equity. Always strategic with spending so hadn't been loaded with financial baggage.
We got serious about retirement planning 5 years ago using real estate and infinite banking concepts for a 15-20 year plan to be able to choose to retire between age 65-70. I may work longer if my business stays strong.
Rental income from buy and hold property
Distribution profits from syndication multi family investments
Cash profits from a couple of flips per year
Being our own bank for a good chunk of that.
Sell off properties as needed in retirement and/or use income for expenses.
Wish I had sacrificed and planned better in my 20s-40s. Paying the price for that now.
"The grass withers, the flower fades, But the word of our God stands forever." Isaiah 40:8
"Neither the wisest constitution nor the wisest laws will secure the liberty and happiness of a people whose manners are universally corrupt.� Samuel Adams
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Joined: Jul 2001
Posts: 5,442
12 point
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12 point
Joined: Jul 2001
Posts: 5,442 |
I could retire right now and enjoy live very comfortably but Dan the insurance will kill ya. Only reason I’ve not done so yet.
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Joined: Apr 2010
Posts: 3,309
10 point
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10 point
Joined: Apr 2010
Posts: 3,309 |
I could retire right now and enjoy live very comfortably but Dan the insurance will kill ya. Only reason I’ve not done so yet. Truth
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Joined: Aug 2016
Posts: 3,445
10 point
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10 point
Joined: Aug 2016
Posts: 3,445 |
One good thing I have is a VEBA account with enough to pay my insurance from 55-65
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Joined: Aug 2015
Posts: 1,222
8 point
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8 point
Joined: Aug 2015
Posts: 1,222 |
Just for the wife and I to go from 62 - 65 looks like it would be ~ $1000/mo each.
Do the rest of the math and that's a chunk of change for 3 yrs.
No debt, properties, and investments we're ok financially, but damn it buying health insurance or an event without it would be tough for those years.
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Joined: Nov 2011
Posts: 2,260
8 point
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8 point
Joined: Nov 2011
Posts: 2,260 |
Having a job and career you enjoy is almost worth more than a retirement. I have been in IT for 25 years and have no desire to quit. I was an independent contractor for the past 7 years but like everyone says.. the insurance was just eating me up. And realized when someone is not matching your 401k, you also have to dump a large chunk into investments. So last year I hooked up with a company as an employee.
Insurance is the biggest factor that is forcing us to be slaves to our jobs.
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Joined: Dec 2007
Posts: 4,577
10 point
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10 point
Joined: Dec 2007
Posts: 4,577 |
Insurance is the biggest factor that is forcing us to be slaves to our jobs.
You are correct sir. Insurance and folks living beyond there means to finance a lifestyle they really can't afford.
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Joined: Jul 2010
Posts: 9,858
14 point
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14 point
Joined: Jul 2010
Posts: 9,858 |
Like I mentioned earlier.... are you going to retire and move down to your $1 million dollar lake house or are you going to retire and drive around your house on a should have stayed dirt road in Greene County?
Big differences are present when you hear anyone say I did all the right things and I can retire. There is no right or wrong answer but the frame of reference is certainly relevant.
I'm going to be working for a while. You'll get all your crap stole if it ain't bolted down in Greene County.
No government employees were harmed in the making of this mess.
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Joined: Aug 2016
Posts: 3,445
10 point
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10 point
Joined: Aug 2016
Posts: 3,445 |
One good thing I have is a VEBA account with enough to pay my insurance from 55-65
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Joined: Jan 2012
Posts: 10,250
Booner
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Booner
Joined: Jan 2012
Posts: 10,250 |
Insurance is the biggest factor that is forcing us to be slaves to our jobs.
You are correct sir. Insurance and folks living beyond there means to finance a lifestyle they really can't afford. Obama’s greatest accomplishment in destroying the middle class.
"The Heavens declare the glory of God;and the firmament sheweth his handiwork" Pslam 19:1
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Joined: Feb 2007
Posts: 5,446
12 point
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12 point
Joined: Feb 2007
Posts: 5,446 |
Insurance is the biggest factor that is forcing us to be slaves to our jobs.
You are correct sir. Insurance and folks living beyond there means to finance a lifestyle they really can't afford. Fortunately I don't have to worry about the insurance part. Doing my 20 year active military duty solved that problem for me and the wife. Insurance for life.
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Joined: Jun 2015
Posts: 14,393
Booner
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Booner
Joined: Jun 2015
Posts: 14,393 |
Insurance is the biggest factor that is forcing us to be slaves to our jobs.
You are correct sir. Insurance and folks living beyond there means to finance a lifestyle they really can't afford. Fortunately I don't have to worry about the insurance part. Doing my 20 year active military duty solved that problem for me and the wife. Insurance for life. Pretty wild to think that someone could go in at age 18, serve 20 and retire at 38 and if they lived modestly and did some seasonal type work would never have to have a job again.
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Joined: Feb 2007
Posts: 5,446
12 point
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12 point
Joined: Feb 2007
Posts: 5,446 |
Insurance is the biggest factor that is forcing us to be slaves to our jobs.
You are correct sir. Insurance and folks living beyond there means to finance a lifestyle they really can't afford. Fortunately I don't have to worry about the insurance part. Doing my 20 year active military duty solved that problem for me and the wife. Insurance for life. Pretty wild to think that someone could go in at age 18, serve 20 and retire at 38 and if they lived modestly and did some seasonal type work would never have to have a job again. Possible? Yes, but really not doable. I retired at 38 with 20yrs as an E-8. I get 50% of the base pay of an E-8. That's $3224/month gross. Not enough to live on, but it definitely will keep a roof over my head the rest of my life!
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Joined: Nov 2012
Posts: 1,539
8 point
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8 point
Joined: Nov 2012
Posts: 1,539 |
I made a lot of dumb mistakes with money. The most my dad ever made a year was $37k as a teacher.
Those mistakes cost me a lot of money. I made sure all of my kids know about money.
Every year I did a year end financial statement to show them the concepts of Assets, Liabilities and Net Worth.
Opened a Fidelity youth account. They match the $50 to open and had them invest in the S&P 500 index fund.
We opened youth ROTH IRAs and matched what they made as teenagers as much as we could. It motivated them to work hard knowing we were putting money into it for them. Our son made too much money as a Senior, so we told him we couldn't match it all.
By the time they graduated high school with investments making money - they each has $6k with me managing where to invest the money.
We showed them compound interest calculations at age 17 to 67. If they never put another dime in it when they retire, assuming 6% interest earned per year - they would have $110,521 tax free for retirement.
If they contributed a lump sum of $1,200 a year for 50 years at 6% interest, they would have $458,942 tax free for retirement.
If they contributed a monthly sum of $100 a month for the $1,200 a year for 59 years at 6% interest, they would have $498,335 tax free. If they earned 10% interest per year, they would have $2,604,659 tax free.
TIME is the crucial key. Start your kids young educating them. Avoid credit cards explain why they enslave them. The best part about doing this is my kids were earning like $.01 interest on their bank savings. They moved half of it to a Fidelity money market account and they make 4.95% interest with the money just sitting there.
My daughter took personal finance in high school. The teacher asked the class with 35 kids in it, "How many of you know what a ROTH IRA is?"
My daughter was the only one who raised her hand. She explained it to the class and the teacher told her afterwards that she was impressed that we had educated her on it.
Folks, even if you start out doing $10 a month, it helps your kid learn.
You can buy real estate, crypto currency, invest in the stock market, if the company you work for offers employees stock - own it in the ROTH IRA if they will let you. You want your retirement money there so when you retire you can take money out and it is tax free income.
Just my $.02.
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Joined: Jan 2017
Posts: 4,727
10 point
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10 point
Joined: Jan 2017
Posts: 4,727 |
I made a lot of dumb mistakes with money. The most my dad ever made a year was $37k as a teacher.
Those mistakes cost me a lot of money. I made sure all of my kids know about money.
Every year I did a year end financial statement to show them the concepts of Assets, Liabilities and Net Worth.
Opened a Fidelity youth account. They match the $50 to open and had them invest in the S&P 500 index fund.
We opened youth ROTH IRAs and matched what they made as teenagers as much as we could. It motivated them to work hard knowing we were putting money into it for them. Our son made too much money as a Senior, so we told him we couldn't match it all.
By the time they graduated high school with investments making money - they each has $6k with me managing where to invest the money.
We showed them compound interest calculations at age 17 to 67. If they never put another dime in it when they retire, assuming 6% interest earned per year - they would have $110,521 tax free for retirement.
If they contributed a lump sum of $1,200 a year for 50 years at 6% interest, they would have $458,942 tax free for retirement.
If they contributed a monthly sum of $100 a month for the $1,200 a year for 59 years at 6% interest, they would have $498,335 tax free. If they earned 10% interest per year, they would have $2,604,659 tax free.
TIME is the crucial key. Start your kids young educating them. Avoid credit cards explain why they enslave them. The best part about doing this is my kids were earning like $.01 interest on their bank savings. They moved half of it to a Fidelity money market account and they make 4.95% interest with the money just sitting there.
My daughter took personal finance in high school. The teacher asked the class with 35 kids in it, "How many of you know what a ROTH IRA is?"
My daughter was the only one who raised her hand. She explained it to the class and the teacher told her afterwards that she was impressed that we had educated her on it.
Folks, even if you start out doing $10 a month, it helps your kid learn.
You can buy real estate, crypto currency, invest in the stock market, if the company you work for offers employees stock - own it in the ROTH IRA if they will let you. You want your retirement money there so when you retire you can take money out and it is tax free income.
Just my $.02. Good advice!! The only thing that may derail the plan is the government deciding to tax the withdrawal of the Roth IRA's in the future. The way our country is going, it is a given that things they don't tax now will be taxed in the future, if you have been a good saver, you will be penalized with not receiving or greatly reduced or being heavily taxed on Social Security, Medicare etc..... Just saw where one of the "Platforms" in Kamala Harris's plan just released is a:
25% tax on UNREALIZED CAPITOL GAINS" An example of this: If you bought your home for $200,000 ten years ago and it is now valued at $300,000. The government will tax the $100,000 gain at 25% NOW, so you will owe $25,000 NOW even though you haven't sold your home. Their plan is to do this on everything you own including stock you have bought and are holding and haven't sold yet!!
"It is the mark of an educated mind to be able to entertain a thought without accepting it"
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Joined: Nov 2008
Posts: 10,667
Booner
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Booner
Joined: Nov 2008
Posts: 10,667 |
They tax the money you take out of a Roth IRA as income if I understand correctly.
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Joined: Jul 2005
Posts: 3,796
10 point
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10 point
Joined: Jul 2005
Posts: 3,796 |
They tax the money you take out of a Roth IRA as income if I understand correctly. No, it’s already been taxed when you put it in and grows tax free, unless you withdraw it early.
Last edited by CD; 08/22/24 09:15 AM.
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Joined: Feb 2015
Posts: 7,628 Likes: 1
14 point
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14 point
Joined: Feb 2015
Posts: 7,628 Likes: 1 |
Just saw where one of the "Platforms" in Kamala Harris's plan just released is a:
25% tax on UNREALIZED CAPITOL GAINS" An example of this: If you bought your home for $200,000 ten years ago and it is now valued at $300,000. The government will tax the $100,000 gain at 25% NOW, so you will owe $25,000 NOW even though you haven't sold your home. Their plan is to do this on everything you own including stock you have bought and are holding and haven't sold yet!!
It doesn't apply to those with less than $100 million in wealth. While I don't agree with taxing unrealized gains, at least know who they are going to tax. ps. You already pay a tax on unrealized capital gains. It is called a property tax.
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