Living for today or investing in the future...any words of advise ?

33 comments

• mark94

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  6 years ago

  Einstein reportedly said that compound interest is the eight wonder of the world. One dollar saved at the age of 25 will be worth $16 at 65. If you save $5 per day throughout your 20s, you will have over $250,000 at retirement. Skip Starbucks, brew your own, retire comfortably.
• ime

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  6 years ago

  Juice here is your plan to be a millionaire. Follow it for $10 you will be a millionaire. Spend $10 on knee pads. Then. Suck 100,001 dicks for $10 a piece and you are a millionaire. Let us know how it goes Juice
• JuiceBox69

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  6 years ago

  Yes I'm looking Hard into compounding well
• realDougster

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  6 years ago

  @Juice - you are on the right track, now just follow the ideal PL glide path: 20's - Sow your wild oats, have fun and be stupid, live in a van by the river 30's- Buckle down at work, get married, have kids, buy a house, start saving and investing, too busy to club 40's - Laser focus on career and family, increase savings and investments. too busy to club 50"s - Peak earning years, put kids through college, pay off mortgage, maximize savings and investments, too busy to club 60's - Retire financially independent, get bored, go to strip club for first time in years, fall in love with coked-up stripper, blow your life savings on her, wife divorces you and takes house, kids disown you, go bankrupt, move into van by the river
• RandomMember

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  6 years ago

  ^^LOL
• RandomMember

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  6 years ago

  The circle of life
• Mate27

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  6 years ago

  Definitely the best retirement plan out there is to live healthy. I consider clubbing a component of health to wind down, relax, and enjoy the fruits of my labor. It’s why I don’t fall in love with them and stay out of VIP and treat the LDqueens nicely for repeat business. Under $100 per visit 3-4 times monthly is good value for my entertainment budget. Since I have no health issues, I balance tomorrow’s obligations by having a little fun today. I also drive a 14 year old vehicle that was paid off years ago and drives like new, clip coupons like I was in college, and have the bare amount of insurNce to keep me alive hence anyone things about knocking me off one day. All things in moderation and you shall be around long enough to get where you’re going.
• Mate27

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  6 years ago

  Oh! One more thing, Juice. Don’t do anything stupid like buy rental properties and hope to grow rich like “Rich Dad, Poor Dad”. The problems that come with being a landlord will drive you to an early death. Did you hear that married men live longer? Not really, it just seems that way.
• san_jose_guy

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  6 years ago

  Invest in your own doings! Don't use your hard earned money to help underwrite the top 1% and the Dougsters. That kind of stuff is just glorified gambling. It is also a very unfair gov't entitlement program, funding the stock market with deficit spending and gutting progressive income tax. SJG Ray Bradbury [view link] Second Amendment was included in the Constitution at the insistence of "Southern senators so they could ward off slave uprising." King's comments come days after former Supreme Court Justice John Paul Stevens, a Republican, wrote in The New York Times that anti-gun violence advocates and those who want stricter gun laws should push lawmakers for a repeal of the Second Amendment. [view link] Derek And The Dominos - Let It Rain [view link]
• mark94

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  6 years ago

  Here’s the flip side. Buy ( or lease) a nice new car every 2 years during your 20s and 30s, versus keeping a cheap Japanese compact for 10 years ( and investing the difference). It will cost you the equivalent of $1M at age 65.
• galiziabob.sabbatical

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  6 years ago

  From age 30 to age 60, if you were to put $300 a month into mutual funds, you would have $5.9 million by age 60. Mutual funds have averaged 13% return on investment since the great depression, the best investment over the last century. Who here can afford the average car payment like $300? That doesn't include adding more $ the older you get, based on potential pay increases or promotions.
• shailynn

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  6 years ago

  I'm playing on hitting the lottery for over $500 million on Friday, in that case, this question won't be an issue. [view link]
• FTS

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  6 years ago

  All of life is yin and yang. Black in white, and White in black. The appeal of that which is disdainful, and the ugliness of that which is beautiful. The way I see it is to become the master of the black in the white, and the white in the black. To be able to transition between the two quickly, frequently, and effortlessly. Either that, or stay in the white, or the black, and never transition, and find happiness where you are.
• JuiceBox69

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  6 years ago

  Lots of great advise to consider thanks to everyone
• Cashman1234

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  6 years ago

  If someone dies in their 60’s it’s considered young now. Think about life expectancy for the average American dirtbag currently - as it’s quite long. Investing is very important. If you want to enjoy life like it’s going to be over soon - that’s cool. But try to remember - everyone is living longer - and nobody has pensions anymore.
• geunther

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  6 years ago

  Make sure to pay yourself every paycheck. I saved something out of every dime I have ever earned. Started at age 21. By the time I was 50, I had enough put back to relax and enjoy. At 51 I retired. I don't drive a new car, only had one in my entire life, what a waste. I paid an extra 10% on every house payment, and paid it off in 17 years instead of 30. Didn't waste money on stupid shit (Boats, ATVs, Cigarettes, Drugs). Did waste too much money golfing, bowling, gambling and other pursuits. Still made sure to pay myself before all others (some into 401(k), some into investment account(always re-invest dividends). Relax and let the money work for you. If you don't know enough to invest it, find a local financial planner willing to help. Conservative is the path forward. Lastly, Avoid giving all of your money to strippers, some is ok, but keep it in moderation. Don't worry too much about expenses past 70 or so. By then you will not be interested in most of the things you think are so great right now. After 70 or perhaps 75, you only need to cover the monthly bills and your medications. Your'e not going to be spending 5 days a week in the SC, you just wont have the interest.
• Salty.Nutz

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  6 years ago

  if you are worried about spending 5 bucks at star bucks you have an income problem not a savings problem.
• RandomMember

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  6 years ago

  College kids are more worried about paying for tuition, room, board which is in the range of $100K to $250K over 4 yrs. Paying for Starbucks is in the noise level.
• gawker

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  6 years ago

  I worked hard for 40 years and set up a government pension which pays me $80,000 a year for life with s small cola. I also saved into a 403B. The savings were in an S & P index fund which did well during the 80's & into the 90's. In my 60's I worked part time consulting making about $50,000 a year. Then my wife got sick and I met my ATF. In my 50's I spent $250,000 on my kids' education. They now each make at least $150,000. Now I'm in my 70's, have a mortgage, credit card bills (about $35000) and nursing home expenses after my wife's passing. I'm not worried about leaving my kids anything - their education is their legacy. I'm considering bankruptcy which may leave me enough for a couple of good trips per month, but really I could drop dead tomorrow - I've abused my body mercilessly - diabetes, quadruple bypass, smoker, a little drug use, etc. I usually had 2 nice cars and could have/should have saved more, cold have gotten more involved in investments for a better return, but always tried to find a balance. When my wife was diagnosed with Alzheimer's we traveled - 2 weeks in Tuscany, 2 weeks in Hawaii, a tour of the Canadian Rockies, Aruba, Mexican Beaches, etc. we both played golf and would winter in our golf condo in S.Carolina. I've got no regrets.
• JAprufrock

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  6 years ago

  Difficult to give advice without knowing a lot more facts about your situation (age, income, amount saved, expenses in retirement, how much money you think you'll need in retirement, plan on leaving any money behind for anyone, etc.) I got a late start in investing in a 401k, at around age 33, but have managed to save quite a bit in 20 years, weathering two major market downturns, which were great buying opportunities and helped me reach this stage.I didn't start mongering until about a year ago, which was a few years after my marriage fell apart (took me a couple of years to stop wishing I was dead and start enjoying life again). I don't monger much, budget about $3,000 to $5,000 a year, mostly for two trips to Tijuana. I do plan on increasing that budget, maybe significantly, in about six years when I can access the 401k. I plan on working until I'm no longer physically able or can't get the kind of job I want, which I'm expecting to be into my late 60s or early 70s. That will keep a steady flow of income and keep me busy, since it's not like I have a family or significant other to come home to. But I also plan on leaving a significant portion of my money and assets to my children. So the only advice I can give is for you to find a comfortable balance between having some fun now but also preparing for your retirement.
• twentyfive

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  6 years ago

  Find something you like to do, then do it well . That way you will never have a job you hate, instead you will enjoy doing what you spend the most time with. Have children and make them the focus of your life, if you do it right you'll have no regrets. Don't pay attention to anyone who tells you that money will make you happy.
• mark94

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  6 years ago

  There’s a book, “ Your money or your life” , that might be worth considering. It encourages readers to consider their life decisions in terms of how much time is required to support their lifestyle. For example, consider that that cost of buying a new car is a delay in your retirement of a year or two. If people follow the book’s advice, they will not need to budget since the thought process will result in living a simpler, less stressful, life and investing more.
• PeterEaster

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  6 years ago

  "I plan on working until I'm no longer physically able or can't get the kind of job I want, which I'm expecting to be into my late 60s or early 70s. There's a guy in his 70's in our office. He's retired from the company, but came back to work as a "consultant." He comes and goes as he pleases, often comes in at 10 am unshaved and looking like he just got out of bed. However, he's the organization's single expert on a highly exoteric technical area. If you ask him a question he launches into a long winded explanation so that people get bored, give up and leave him alone. It would probably take 6 months to a year to spin someone else up to his level, plus no one wants to do it anyway, so he can work here as long as he likes. I want to be that guy when I'm his age, lol.
• Cashman1234

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  6 years ago

  I agree with PeterEaster. That would be a great spot to have in an office. When they actually end up letting him go - he will probably get a nice severance package too. So it will be a “happy ending” - or so to speak - for him! Lol.
• vincemichaels

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  6 years ago

  We should know by this point in our lives that you can't take it with you. Bearing that in mind, think about what you want. I agree that cars are not investments for the most part. But come on, you have to admit the pleasure one has when one is not constantly putting money in for repairs. Repairs are necessary, but I value pleasing oneself. I drive a 2002 Pontiac Grand AM with over 193,000 miles on it. Looks like shit, the frame is pretty much rusted bad from Michigan winters with salt, but it runs like it's brand new. I've owned 2 Mustang 5.0's, both LX models, it saves money on insurance, but were equally fast as the GT's. I owned 2 Vettes, the last one a 97 in a very striking green metallic paint (factory original) that made it rare, that's what sold me on it. Fun cars, I've met a lot of neat people. Think about pleasure versus realities of life, you've been married, that's one on me, I have never been married, so I didn't have to think about putting my family first, it made me what I am. I've enjoyed my life, I live simply for the most part now on my Social Security retirement benefits. I think I will live as long as I can, but when my terminal illness takes me, it takes me. I have no illusion left. I don't club as I used to, partly as I see it, when you've seen one set of tits, you've seen most of them. It's people I value most. I cherish my friends, friends make life an adventure, they help when you are down, and the joys of life you share are incomparable. I met you, Juice, only but the once, I look forward to seeing you again in mid April when I return down South again. I value the lessons I learn from friends and enemies. We'll never agree with everyone all the time. Value things learned in life. Be happy. It lengthens one's life and gives others reasons to emulate you.
• san_jose_guy

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  6 years ago

  Replying mostly to Mark94's post. But there are better things to put your money into than either conspicuous consumption, or the glorified gambling and government entitlement program known as 'investments'. You can put your money into things you do, ventures, enterprises, and undertakings which you and circle of associates undertake. The purpose of life cannot be just to impress people, or to accumulate money. SJG Lady Fantasy - Camel [view link]
• san_jose_guy

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  6 years ago

  Mark94, mentioned “ Your money or your life”. By Joe Dominquez and Vicki Robin. I recommend this book too. There is also another book written by a couple who followed the plan. I do not live like that. But I still say the books are very worthwhile because they make you think and decide for yourself. SJG
• Uprightcitizen

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  6 years ago

  All work and no play makes Jackie a dull boy!
• JAprufrock

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  6 years ago

  @san Jose guy: “Government entitlement plan known as investments.” I hope no one listens to some of the crap your spew.
• Cashman1234

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  6 years ago

  JAprufrock I agree. Hopefully everyone knows to not take investment advice from the guy living in his moms basement!
• realDougster

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  6 years ago

  "Hopefully everyone knows to not take investment advice from the guy living in his moms basement!" For your information, sir, many successful Bitcoin investors live in their Mom's basement
• san_jose_guy

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  6 years ago

  JAprufrock and Cashman, what do you think has led to the stock market bubble of the last 30 years, other than the gutting of progressive income tax while generally continuing spending. SJG
• JuiceBox69

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  6 years ago

  Well said Vince....looking forward to seeing you again as well