you will learn the hard way exactly what is the point.
Arrogant as ever.
I doubt you've lived a hard day in your life, let alone a year or 18 months. Look around the streets of your city, try to count the young down and out people. Many of them may be in the last year of their life too.
Who is spending $10000 a month making their last year enjoyable? Who is doing their frigging hair? What an insufferable latte-lib. Get used to having your head bit off when you talk down.
I am not clear on the dichotomy you are presenting.
As you said earlier regarding spending money on elderly in assisted living facilities: "No quality of life, what's the point?"
What are you proposing? Seriously, how would that work? Is your vision of bridging the wealth inequality gap supposed to be voluntary or would it involved income limits or what?
If we follow your reasoning, let's stop spending money on exorbitant medicine to keep some alive (?). Do we stop life-saving medical treatments that are really really expensive but extend someone's life by a year or two?
Or do we just feel ashamed and guilty for spending the money people have set aside to maintain some dignity and comfort in their final months of life?
I suspect you often post in a bombastic manner to evoke responses, and perhaps with a degree of facetiousness. Fine. But I really hope this is an example of this in this case, because this is a very serious matter and perhaps one that some people have not fully thought out or prepared for. I think we would be doing this a real disservice to joke it away.
-How much do you wish you had saved? Would it have possible for you to do so?
-What did you do with the money you would have saved? vacations/parties/family? was it worth it?
-Do you worry about money? Do you have to scale back your lifestyle? How so?
- Do you regret not saving enough?
age: 43
net worth: ~$50m
how much do I wish I’d saved: n/a, no changes
do I worry about money? constantly, I don’t know why.
One regret I have is that I’ve been very conservative with my personal assets and generally invested them in ways that were extremely tax inefficient (too much trading, too many bonds). I have a hard time getting excited about the stock market, valuations are historically high (though less high after this year!). I’ve been considering retirement because I no longer enjoy my job, but my expensive lifestyle, long runway given my age, and my belief that longer term [forward looking] returns on financial assets aren’t going to be great give me pause.
One of the questions was about what people would have changed. The poster mentioend hiding his money so that he didn't have to pay full fare at an Ivy League school. I second that becuase my daughter is attending a highly selective school next year and we will have to pay $70K per year due our significant savings even though our income is not high. We always maxed out retirement savings and we paid off our house and cars. The only other recommendation that the school made was to invest in something that they don't track such as artwork.
Savers get royally screwed when it comes time for paying for college.
NW: ~$2.6 million ($700k of that in house, rest in cash, stocks, mutual funds, 401k)
No kids.
I've got way too much tied up in RSUs so need to fix that. Not planning on having kids at this point so that will save me a bunch. Hoping to retire by 50 but will depend on market and investments I guess.
I live super frugally and always have. Biggest expenses are running-related (travel, race fees, fixing my body). Drive an old beat up car, live in a small and older house.
I also don't trust anything that people say on this board so you probably shouldn't trust me either.
Have not saved enough here in mid 60s. However, income is good between a small biz, social security and ownership of a rental property. The rental we own outright, the primary residence with only a small mortgage. As for details, it's none of your bizness.
Why worry? Hava Nagila, the only time is Now! Now! Now!
Merry Xmax, Kwanza, Hanukah, Turn it up, Hail Satan and a Happy New Year.
What is enough? Enough is not having to sell primary residence and enough is having money for 24/7 in home nursing care. Considering what "enough" really means, over 99% of u.s. citizens can't afford to retire.
There are a few caveats to this
- long term care insurance is possible, and therefore you don't necessarily have to pay for 24/7 nursing out of pocket if you are insured for it
- plenty of people are fine selling their primary residence if they need 24/7 nursing. You don't have to pass down your house to your kids if you don't want to or can't
But your point that people don't factor medical/care costs when retiring is an important point.
What is enough? Enough is not having to sell primary residence and enough is having money for 24/7 in home nursing care. Considering what "enough" really means, over 99% of u.s. citizens can't afford to retire.
There are a few caveats to this
- long term care insurance is possible, and therefore you don't necessarily have to pay for 24/7 nursing out of pocket if you are insured for it
- plenty of people are fine selling their primary residence if they need 24/7 nursing. You don't have to pass down your house to your kids if you don't want to or can't
But your point that people don't factor medical/care costs when retiring is an important point.
LTC has a cap on what it will cover and for how long. And it is wasted $$ if you don't use it (and the majority of people spend little or no time in a nursing facility).
One of the questions was about what people would have changed. The poster mentioend hiding his money so that he didn't have to pay full fare at an Ivy League school. I second that becuase my daughter is attending a highly selective school next year and we will have to pay $70K per year due our significant savings even though our income is not high. We always maxed out retirement savings and we paid off our house and cars. The only other recommendation that the school made was to invest in something that they don't track such as artwork.
Savers get royally screwed when it comes time for paying for college.
Send the kids to Europe or Canada and save oodles on college costs.
US and Canada are Top study destinations. They offer various Bachelor's and Master's Degree programs with differing fee structures and higher education
No way. Most doctors don’t even start getting paid until 30yo+. After that, it’s $300k+ in school loans to pay off, house note, car note, kids school, etc.
right but when you're making $500k a year that makes up for a lot. $300k in loans paid off in a handful of years or less, car paid with cash, large house down payment saved in 1-2 years, kids school paid in cash, all while saving $50k a year or more for retirement
Doctors do not make $500k. Unless they’re some kind of neurosurgeons or other unique specialty. Most PCPs don’t make more than $250k and that’s in a metro area. Not sure where you’re getting your facts from. Wall st or corporate mid-upper mgt make way more than MDs in today’s world
You will find a very wide range of incomes among physicians. Making a lot of money isn’t just limited to neurosurgeons and orthopedics, etc. I’m in a medical sub specialty that is traditionally thought of as not making very much money. I make significantly more than 500k per year.
You will find a very wide range of incomes among physicians. Making a lot of money isn’t just limited to neurosurgeons and orthopedics, etc. I’m in a medical sub specialty that is traditionally thought of as not making very much money. I make significantly more than 500k per year.
I read this book years ago, I think it was The Millionaire Next Door, and it painted docs as a profession that tended to be wrapped up with the concerns of running their practice and consequently were more prone to entrust their retirement savings in very safe investments that they wouldn't have to monitor, and since they tended to be too unconcerned with aggressive saving/investing, they errored on the site of being underinvested and in way too conservative investments. As a result, they didn't do nearly as well in the final analysis as one might have thought, given their incomes.
I don't know how true that is but it makes for a good story.
- long term care insurance is possible, and therefore you don't necessarily have to pay for 24/7 nursing out of pocket if you are insured for it
- plenty of people are fine selling their primary residence if they need 24/7 nursing. You don't have to pass down your house to your kids if you don't want to or can't
But your point that people don't factor medical/care costs when retiring is an important point.
LTC has a cap on what it will cover and for how long. And it is wasted $ if you don't use it (and the majority of people spend little or no time in a nursing facility).
That is correct and is true about most catastrophic insurances, some do not have a $ cap, but they are expensive, and as you say most people never claim.
Age 50 with net worth about $5M. Retired last year to travel to meets to watch my 2 children who are D1 runners. Probably wouldn't have done much different other than to have hidden money better so that kids could have gotten college discount. Even with no income, one is paying full price at Ivy.
Similar.
Stopped day to day at 54. Chased three kids around to meets and games. Still doing so six years later and loving it.
Worked hard, gained experience, parlayed that into owning a business, became an angle investor, worked with great people, treated people well, was lucky in that regard, received bad health news, was able to cut out, still kicking and enjoying the adventure of life.
Not bragging.
Dream big, learn from everything you do, build your key competencies, help people and others will help you, take reasonable risks, invest diligently for retirement and in yourself but most of all be present in the lives of those whom you love.
One of the questions was about what people would have changed. The poster mentioend hiding his money so that he didn't have to pay full fare at an Ivy League school. I second that becuase my daughter is attending a highly selective school next year and we will have to pay $70K per year due our significant savings even though our income is not high. We always maxed out retirement savings and we paid off our house and cars. The only other recommendation that the school made was to invest in something that they don't track such as artwork.
Here’s a concept. How about don’t send your kid to a liberal arts school?
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