34 years old and $100K in the 401K am I on track

I am 42 yrs old and have no 401k, but I do own 41 houses here in Southern California, and have a side business that generates a little more than 2.3 mil per year. My main job is building new houses and selling them, to which I am now building a track of 82 houses. So if you are interested in buying a new home in So. Cal let me know. Who said we needed a College degree to have success?

Why would you use a screen name like "Ego killer" if you weren't trying to make it a competition?

the ego killer wrote:

My post was not meant to point out moneymaking as a competition, just that when one looks at it like a competition one will find that (like running) there is always someone who can kick your ass.

Rono fan... wrote:

stats show that people are working longer, not retiring early. Nothing to do with money or lack of it, (for most of them), people just don't want to retire and are working into their late 60s and 70s. My grandfather didn't retire until he was 75. My dad died at 69 and still working, by choice. When you get to 60, I have a feeling that you might feel differently. Time will tell; but, like you said, it's nice to be in a postion to not HAVE to work unless you choose to.

Your post was thoughtful, purposeful, yet respectful to those who might be coaches, teachers, etc., making 30k a year; unlike some of these "I'm better than you" posters

1) You are correct that many people choose to work longer than they need to. My father-in-law who just turned 65 (and eligible for full Social Security retirement benefits), who is for sure the "Millionaire Next Door" and told me 12 years ago he could have stopped working then (when he took an early retirement package from another company), has decided not to retire and wants to continue working. Some people need that.

2) You're also right I could get to 60 (actually 59 1/2) and decide I don't want to retire. I HIGHLY doubt it though. I have too many interests I'd rather be doing during the day instead of working. Also, I have the personality type that is most suitable for people who will be happiest in retirement -- ISFJ.

3) You're right also that if I get to 60 and want to continue working that it will be nice that it's a choice and not a "have to". Actually, my attitude is that it's more than nice. It IS the situation I want for myself and have built so I can make that decision then.

4) Glad to see you recognized my respectful tone reagarding this all. That is how I meant it to be. (though your example about teachers is a bit off -- they make enough and have a decent enough pension that if they do things right, they can retire at 60 with a very nice retirement nest egg; my opinion that "underpaid teachers" is not a reality.)

I'm 27 years old, and I have $50 in my savings account.

I run for a living. A 401k is a lot of laps around the track. Could cause injury. Be careful.

I think everyone is oversimplifying this discussion. You would need to understand his current expenses, current retirement savings, and expected retirement age to even begin gauging whether or not this is enough money. My opinion based upon the limited data provided, he has some catching up to do. A million+ dollars in 2035 isn't going to go as far as you would think. Even adding in some social security his current savings plan might not be sufficient. FYI - I am a financial planner.

Balance is the key to life--balance in finances, relationships, running, training, etc. Nothing is truly secure except your beliefs, and those can be changed or influenced, but not taken away from you.

After being bankrupt at the age of 26, my wife and I had saved 1.6 million and we were on our way to my goal of $2.5 million by the age of 50(i am 46 now). Now after being told she never loved me over the last 27 years and 3 kids that are no longer in the house, I have to start over rebuilding the dream for the future and what it holds, along with half of the assets there were "ours".

My suggestion is to have balance in your life. Save, give, spend, believe, but experience the most life has to offer. All of it can be taken away--that is except your experiences and beliefs. Nothing else is secure.

Who gives a s*it? Why don't you just look at yourself in the mirror some more while you talk about how awesome your new wingtips are?

Mr. Price wrote:

Who gives a s*it? Why don't you just look at yourself in the mirror some more while you talk about how awesome your new wingtips are?

funny....and the bmw

Know this! wrote:

I do own 41 houses here in Southern California

You better sell them soon!

" I don't want to work in a rubber dogshit factory until I'm 70, someday I want to own the rubber dogshit factory, get it?"

that is so spot on for my goals too. I want to be self employeed. And working for a corporation doesn't always help me to meet my goal of financial independence, and ultimately just be a real estate investor like my parents. In my case they aren't dying anytime soon (69 and going strong), so I will have to fend for myself. They also didn't have a job for me (in thier home run office) when I was out of a job (it's just the two of them).

They worked for companies, invested wisely, and didn't have my sister untill they were 36/37. I think they were fully self employed by they were 40, though my dad had started when he was mid 30s being a commercial real estate broker and owner/manager of apartment buildings in Chicago.

I set a goal for 2007 for thinking more about ways to self-employment, though I admit I have not done enough....ideas were to get real estate broker's license, think about a new t-shirt & swimsuit clothing line, running/tri gear, etc.

all best of luck.

A goal to be self-employed in a year is not a specific enough goal. Unless you have a specific plan, you are bound for failure and living in your parents house until your 45.

I'm 22 and have $390k. How much can I be worth?

bigGuy wrote:

I'm 22 and have $390k. How much can I be worth?

390k

I am the original poster... this is the type of stuff i wanted to read.. i wanted to see how others are doing and learn from different experiences.i do give to charity.

"A goal to be self-employed in a year is not a specific enough goal. Unless you have a specific plan, you are bound for failure and living in your parents house until your 45.

"

well first off I don't live at home any more.

Yes not having a plan is not the way to go.

I'd like to get advice about pursing a self-employment goal, when currently tied to a professional job...add to that running, grad school at night, and traveling on the weekends.

that is my situation.