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  1. #61
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  2. #62
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    Originally Posted by SpeedCheeser View Post
    You're 25. It is absolutely a good time to start investing in the market. The key is that when the inevitable crash happens, you continue investing in the market.
    there was a graphic on Reddit I believe that showed if you lump summed invested in the s&p the day before major crashes ('87,'01,'08) your returns would still be phenomenal
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  3. #63
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    Originally Posted by MousePad View Post
    I’ve been utilizing the DRIP in my Roth IRA however since I can’t touch that until quite some time (26 now). I just recently opened up an individual tax account so it can actually supplement my income when it gets highs enough..

    The current career path I am on right now I cannot retire until I am 50 if I want that state pension. I do enjoy what i do and don’t plan on “leaving early” however, My goal is to have enough FI And supplemental income to where if I wanted to quit whenever I wanted to I could.

    And like other people said I just want to be able to handle whatever life throws at me without issue, if I want to go buy a brand new sports car or tuck one day I can just do it without having to look back and think or re arrange some finances.

    Currently the only major debt I have is my somewhat high interest rate car payment (under 10k used car, first time getting from dealer, NEEDED the car within a few days so I didn’t look at interest rate) now I owe about 5k left and I pay more than the monthly minimum each month to boost the process.

    I pay off my credit card 100% each month. I do need to start keeping It at home though because I get carried away with eating out.

    Currently shopping for a house. (Most likely single family now, living for a few years/ repairs if need to and selling for a profit or using as a rental)
    retiring at 50 is extremely early by every metric.

    If you have a job that allows you to comfortably retire at 50 hang on to it. That pension plan is invaluable.
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  4. #64
    It's all about Rapport Mook1e's Avatar
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    Originally Posted by Frank Drebin View Post
    retiring at 50 is extremely early by every metric.

    If you have a job that allows you to comfortably retire at 50 hang on to it. That pension plan is invaluable.
    My current plan is to retire at 50. I'm 44 now with no debts, about $300k in assets, and I'm already drawing my pension of $72K a year after taxes. I'm working my second career with another pension eligible after 5 years. I could retire at 47, since all of my kids will be through High School and finishing college by then. I'll probably just stay on for the second pension. It's a great feeling. Gotta invest smarter for this last stretch, though.
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  5. #65
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    Originally Posted by Mook1e View Post
    My current plan is to retire at 50. I'm 44 now with no debts, about $300k in assets, and I'm already drawing my pension of $72K a year after taxes. I'm working my second career with another pension eligible after 5 years. I could retire at 47, since all of my kids will be through High School and finishing college by then. I'll probably just stay on for the second pension. It's a great feeling. Gotta invest smarter for this last stretch, though.
    oh wow, were you in the military?
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  6. #66
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    Yep
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  7. #67
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    Originally Posted by Frank Drebin View Post
    retiring at 50 is extremely early by every metric.

    If you have a job that allows you to comfortably retire at 50 hang on to it. That pension plan is invaluable.
    I don’t plan on leaving any time soon. I love my job and don’t plan on leaving. I’ve heard good things about the state pension plan but other people Say it’s not 100% guaranteed with future voted changes in contract / union stuff. Who knows.
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  8. #68
    Registered User yeshli2nuts's Avatar
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    Originally Posted by Frank Drebin View Post
    there was a graphic on Reddit I believe that showed if you lump summed invested in the s&p the day before major crashes ('87,'01,'08) your returns would still be phenomenal
    Of course. All you have to do is look at the all time graph. All of the indices are FAR higher in the past year or so than ever in history. The 1987 crash was a tiny blip in the graph which recovered in about 2 years. The 2001 crash took about 7 years to recover and the 2008 crash took about 6 years to recover. If you're not planning to retire within 5-10 years, stock market crashes should not bother you at all. If you're planning to retire within 5-10 years, your money should be in a less risky investment such as bonds.

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  9. #69
    Registered User Cuchulainn's Avatar
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    Originally Posted by Frank Drebin View Post
    there was a graphic on Reddit I believe that showed if you lump summed invested in the s&p the day before major crashes ('87,'01,'08) your returns would still be phenomenal
    Generally speaking, time in the market > timing the market.

    https://awealthofcommonsense.com/201...-market-timer/
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  10. #70
    Registered User Cuchulainn's Avatar
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    Originally Posted by Frank Drebin View Post
    retiring at 50 is extremely early by every metric.

    If you have a job that allows you to comfortably retire at 50 hang on to it. That pension plan is invaluable.
    Retirement is a number not an age. Once your investments are 25x (or greater) than your annual expenses you can retire.

    http://www.mrmoneymustache.com/2012/...ly-retirement/

    http://www.mrmoneymustache.com/2012/...or-retirement/
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  11. #71
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    Originally Posted by Cuchulainn View Post
    Retirement is a number not an age. Once your investments are 25x (or greater) than your annual expenses you can retire.

    http://www.mrmoneymustache.com/2012/...ly-retirement/

    http://www.mrmoneymustache.com/2012/...or-retirement/
    cool, I've never thought of it that way but I suppose 25x is simply the inverse of the 4% rule.

    Most of us are relying somewhat on government assistance to supplement our income which in most countries doesn't start till 60 at the earliest.

    Which means retiring before 60 is extremely rare today.
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    Posted a thread in the main misc but no replies, wondering if any of you guys have experienced post accomplishment depression? The wife and I have focused basically for the past decade on paying off the mortgage, and I've accomplished a couple medium term (2-3 year) career goals in the meantime.

    Now that these goals are achieved I expected a sense of elation and satisfaction, yet I feel more empty and unfulfilled than before.

    I think the journey is more fun than the destination. I might have to teach myself how to lose money in the stock market for fun.
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  13. #73
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    Sounds like it's just time to set the next goal to achieve.
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  14. #74
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    Subbed!

    Currently 25 with very little savings at the moment. Will post updates occasionally and hopefully make this year successful!
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    Registered User iloveus's Avatar
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    Originally Posted by EliteGambler View Post
    Subbed!

    Currently 25 with very little savings at the moment. Will post updates occasionally and hopefully make this year successful!
    Better get on that.







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  16. #76
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    Originally Posted by EliteGambler View Post
    Subbed!

    Currently 25 with very little savings at the moment. Will post updates occasionally and hopefully make this year successful!
    Good stuff, keep us posted. The earlier you start the better off youll be. Stop wasting money on stupid stuff.
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    Everyone here paying off loans.

    You really should not be paying off low interest loans if you can earn higher interest elsewhere.

    Also, you are missing out on a lot of money and credit score if you aren't using credit cards.

    6% on gas, 3% groceries, 5% amazon, etc.

    If you aren't responsible enough to only take on as much debt as you can pay off every month then there really is nothing that can help you.
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    Originally Posted by Frank Drebin View Post
    Posted a thread in the main misc but no replies, wondering if any of you guys have experienced post accomplishment depression? The wife and I have focused basically for the past decade on paying off the mortgage, and I've accomplished a couple medium term (2-3 year) career goals in the meantime.

    Now that these goals are achieved I expected a sense of elation and satisfaction, yet I feel more empty and unfulfilled than before.

    I think the journey is more fun than the destination. I might have to teach myself how to lose money in the stock market for fun.
    I'm not retired, but I understand what you're saying. For anyone that plays video games with a story, it's like when you finish the game, and are ecstatic for a while, then don't know what to do next. Or if you binge-watch a show, then finish it.

    I don't have the answer, and as far as I can tell no one has a definite answer. There's a lot written about this, and it's worth reading other people's opinions about it. Really the best way to deal IMO is to have goals to accomplish. But finding things to pursue can be a difficult if you feel like you've accomplished everything already.
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    Originally Posted by romajc View Post
    Everyone here paying off loans.

    You really should not be paying off low interest loans if you can earn higher interest elsewhere.

    Also, you are missing out on a lot of money and credit score if you aren't using credit cards.

    6% on gas, 3% groceries, 5% amazon, etc.

    If you aren't responsible enough to only take on as much debt as you can pay off every month then there really is nothing that can help you.
    What are your thoughts on this?

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    Originally Posted by iloveus View Post
    What are your thoughts on this?

    DR is to debt addiction as AA is to alcoholics. You wouldn't tell an alcoholic that drinking is fine in moderation. If he doesn't reject credit cards outright it contradicts his message. He makes a fair point about people spending more with cards vs cash but if you have a bit of discipline using CCs can have great benefits. CC companies make their money on people that carry a balance and from merchant fees, responsible users benefit.
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    Originally Posted by iloveus View Post
    What are your thoughts on this?

    Like he said^. Yeah, maybe 80% of people don't have the discipline to not spend more on credit cards than they would with cash. That being the case, Ramsey's general advice to the financial newbs who look for him to advice would be don't use credit cards. 2/3 of Americans are overweight or obese, and my guess is 9/10 of Americans don't lift. I'm fit and I lift, because I have discipline. Same for credit card spending. I 100% DO NOT spend more money because I use credit cards. If you have discipline, using credit cards is free money back in your pocket.
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    I agree.

    While Ramsey has a point with impulse buys, if you use the CC to pay for stuff that you're going to pay for anyway ( i.e. bills, gas, scheduled purchases ), then it is free money in your pocket.

    It's even more money back if you have business expenses to write off, or work related expenditures that you get reimbursed for.
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    The secret to being Wealthy is buying Real Estate Cheap doing quality Remodeling and then renting out for life, continue to buy more real estate and follow the same process you will be a Mougal in no time with recession Proof cash flow.

    Are any of you guys investing with applications like Acorns, Robinhood, We Bull, M1 Finance, Money Lion? What type of stocks are you getting into?
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    Originally Posted by DoragonKingu View Post
    The secret to being Wealthy is buying Real Estate Cheap doing quality Remodeling and then renting out for life, continue to buy more real estate and follow the same process you will be a Mougal in no time with recession Proof cash flow.

    Are any of you guys investing with applications like Acorns, Robinhood, We Bull, M1 Finance, Money Lion? What type of stocks are you getting into?
    why remodel nice if you're just going to rent it out ?
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    26 y/o, 27 in June. I can tell you that if there's one thing about, it's what this thread entails. I know Reddit is a chithole but check out /r/FinancialIndependence and/or /r/FatFIRE if your funds and lifestyle desire are higher.

    I'm fortunate enough to have realized already that, beyond being able to comfortably pay your basic bills, money sure doesn't mean much. It's typically not worth all the stress and time people pour in to it for a few extra bucks.

    That being said I love entrepreneurship and of course I want to succeed with what i do, it's what makes a successful entrepreneur. and i'm not set for life, but yeah, for my age, compared to everyone else I know, I'm....doing just fine. for now. But the freedom....to work anywhere; when you want; skip days if you want......to travel.....to chill when everyone's at work on the weekdays and traffic is minimal.....it's invaluable
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    Originally Posted by Zere0wn View Post
    why remodel nice if you're just going to rent it out ?
    You remodel to maximize appeal and quality which in turn generates higher rent. You don't have to go crazy just modernize in order to entice people to move in.
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    Originally Posted by tunafish01 View Post
    Any of you brah looking for financial independence? What routes do you take? There is nothing Id want more in life than to travel the world, and coach soccer on the side.

    Steps Im taking to get there:
    -I am 27 and live a frugal lifestyle. A very want vs need type of way.
    -Any excess money goes in a Vanguard account with the Total US Stock (VTSAX) and Total International Stock Market (VTIAX). I have around 40k in those. My goal is to let it ride until im 40, then start withdrawing.
    -I also have a Roth IRA through Vanguard with about 20k in there. I maxed it out the last 3 years and will probably max out for another 5 before putting less in.
    -Through work I have a Simple IRA which is matched. Although the fees are high so I just put the minimum match in it.
    -My next venture is Real Estate. Ive spent countless hours on podcasts and videos. I have an external Goldman Sachs account that yields 1.5% interest (not bad for a savings). Have around 30k in it. My goal is to buy my frist rental by the end of the year.
    -Side businesses. Have one producing a measley $200 per month. Not bad hoping to scale it.

    I dont even make much, which sucks. Im only bringing in 3k a month.

    Were all gonna make it brahs.

    Here are some books and podcasts ive enjoyed reading/listening to

    Books:
    Rich Dad Poor Dad. Such simple yet amazing advice
    ABCs of Real Estate Investing.
    The Millionaire Booklet. 45 pages or straightforward information on the thought process you need to have

    Podcasts:
    Gary Vee Show
    Grant Cardone
    Bigger Pockets
    Pillars of Wealth Creation
    The Side Hustle Show

    Brahs, start listening to podcasts instead of music. Life Changing.
    Wanted to bump my OP since its been 2 years and a lot has changed.

    My house I live in still has friends in it. They have been paying 1200 the last 18 months. My mortgage is 1234, so I am spending just $34 to live in my place.

    Comes July, the bf gf will move out and I have another guy that wants to move in. I will charge him $450 with the other one also paying $450. This means I will have to pay $334 to live, however I will refinance to lower that.

    My portfolio through Vanguard has 135k in it during this down market. Goal is to keep investing in the SP500 index.

    I still want to retire when I turn 40.

    I have my RE license so I want to do that full time in the coming years.
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    Why will you be getting less rent? Is the market rate not $600 and you were just over charging before?
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    Originally Posted by Gronnie View Post
    Why will you be getting less rent? Is the market rate not $600 and you were just over charging before?
    I have a 3 bed/2 bath place.

    Currently I take one room, my friend takes one for $500, and the master has a bf/gf paying $700. When they move out I have another coach that wants to move in. Ill take the master and this coach will pay $450. Most likely will lower my original $500 guy to $450 also since Ive known him for years, he pays on time, and helped me find the other guy (another soccer coach) moving in.

    Heres another curveball. I have yet another coach looking to move in also in August. I would offer him the master bed for $550 and I would move back with my parents until December, then hopefully with an anticipated correction, get another place.
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    Originally Posted by tunafish01 View Post
    I have a 3 bed/2 bath place.

    Currently I take one room, my friend takes one for $500, and the master has a bf/gf paying $700. When they move out I have another coach that wants to move in. Ill take the master and this coach will pay $450. Most likely will lower my original $500 guy to $450 also since Ive known him for years, he pays on time, and helped me find the other guy (another soccer coach) moving in.

    Heres another curveball. I have yet another coach looking to move in also in August. I would offer him the master bed for $550 and I would move back with my parents until December, then hopefully with an anticipated correction, get another place.
    Where do you live? I'm not so sure we are going to get the correction we are all looking for in real estate. I'm under contract to sell one of my properties that got multiple offers over asking price. IMO i would rent out the other bedroom in August and begin searching for another property. Any duplexes in your area? Live in one side and rent out the other, you can put as little as 3.5% down with an FHA loan although banks may be tightening their standards.

    edit: 3/2 houses are renting for $2000-2500 in my area. You may be surprised at what yours will rent for and what people are willing to pay
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