rojo wrote:
Richer than most wrote:
My wife and I are 50. Our net worth is $3M even though we never made more than $150k in a year. We have 3 in college that have no loans. You are terrible at saving.
You then got REALLY lucky. Your combined salary for the last 20 years is only 3 million and yet you somehow have all of that saved?
Yet another Ivy League special
I am Sam wrote:
rojo wrote:
You then got REALLY lucky. Your combined salary for the last 20 years is only 3 million and yet you somehow have all of that saved?
Yet another Ivy League special
Lol. Yea, not sure how he got REALLY lucky making around $150K/year with diligent saving and bull market run for over a decade now.
Oh Please wrote:
My wife and I have an average age of 50, household income 225k in a "fly over state." We save very little in the way of cash, instead choosing to max each of our 401k. That's 39k a year plus another 10k to 15k in employer match between the two of us. If 54k a year in 401k isn't going to be enough once we are retired, then I guess I'll be in a tiny house in some wilderness area.
The plan is about another 15 years working, and in the meantime, to have purchased and paid off some land in an area we like, and building our "final" home with cash as we have it.
Unless something dreadful happens with the market, we should easily have 2 to 3 million in 401k, and we both have pensions on top of that. We should be able to live off of that on paid of land quite easily.
In the meantime, we have very nice cars (and payments), and a nice downtown condo with a view, and formally lots of travel. COVID stuck a nail in that one for the time being.
Did you not save much when you’re younger? Or, did your income increase to $225k/year recently? It’s odd that you would need to still put $54k/year for another 15 years for you to have $2-3million when you’re around 65.
It sucks that you’d need to live much more frugally when you’re retired than now.
Saving $20k per year is not that hard if a large portion is pretax. Assuming a 5% match on a salary of $150k provides another $7500 per year. Investing that amount over 30 years at a 10% rate of return results in a total $5M.
True. If $1M saved to date and they save $54k per year for another 15, they will have closer to $6M.
First and foremost, invest in yourself.
Live below your means, enjoy what you have, be involved in your finances and investments, and live your life.
Or don't.
But that would be my advice.
Measurer of everything wrote:
It is not a surprise that the best cross country teams normally are in wealthier communities. Being able to see long term results of hard work are traits of good long distance runners. They also are traits of wealthy people who can see that years of hard work to acquire advanced degrees followed by years of saving will provide great benefits in the future. The type of people who are financially successful as well as successful in running are those who are disciplined. They enjoy the journey.
No it 's not a surprise. Wealthier people tend to raise kids who are too soft to succeed at the most popular sports in the US - football, baseball, basketball and hockey. They gravitate towards fringe sports where they come up against equally soft kids - tennis, golf, swimming, XC, crew, riding, etc. Some are in fact capable of competing athletically, but they'd rather participate in fringe sports in order to backdoor their way into elite, expensive colleges. The day XC offers the opportunity for large numbers of people to turn pro and make a good living is the day that people from wealthier communities will see the number of sports they can be competitive at shrink even further.
Baseball?!
If you are under 40, whatever you have whether it's 2K, 10K, 50K or more put it in Palantir, PLTR. Thank me in 5 years.
I'm already up $350K since buying most of my 25,000 shares 4 weeks ago at average price of 11.50.
But I'm 67yo and had about $300K just sitting around.
nobodywouldbelieve` wrote:
My wife and I made 300k last year collectively and have saved very little but that's what happens when you are paying straight up for two kids at the most expensive colleges in the country.
Biden's gonna show you to be a chump for actually paying for your kids college.
Not Jim cramer wrote:
If you are under 40, whatever you have whether it's 2K, 10K, 50K or more put it in Palantir, PLTR. Thank me in 5 years.
I'm already up $350K since buying most of my 25,000 shares 4 weeks ago at average price of 11.50.
But I'm 67yo and had about $300K just sitting around.
?
I spent my entire annual bonus on PLTR on day of its IPO
Wanted to reopen this thread to point out that Small Cap Index Funds earned 25% over the past 12 months. So for someone who has been socking their money away into their 401k over the past 25 years, they would have had about $1M at the start of the year and they would have earned $250k just this year had they been heavy into a Small Cap Fund.