When did you start to care about money?

fsdfsdfsdf wrote:

Flagpole wrote:

Seriously? You could take 3.5% of that 3 million beginning year one and have an income of $105,000. You could easily buy a decent home somewhere nice for about $200,000 and pay for it on that income and live a fun life; certainly not a pauper. When taking only 3.5% each year, you are very likely to give yourself a raise most years as you should be able to make more than 3.5% on that invested money. Then, when he's 62 he can take SS also and up it to 4% withdrawal at that point if he wants

I guess if living on $105,000 is your idea of retirement...

Not my idea of retirement which is why I haven't retired yet, but it is crazy to say that living today on $105,000 would be living like a pauper. Average household income was $67,565 in 2015; so this is almost $40,000 a year more than that. You do realize that when you retire you don't have to live in a very expensive part of the country, right? In most of the country, you can have a decent house for $200,000.

$105,000 a year goes a long way in most of Arizona, New Mexico, Florida, Georgia, North Carolina, South Carolina, Tennessee, Texas, and a lot of other states.

Flagpole wrote:

fsdfsdfsdf wrote:

I guess if living on $105,000 is your idea of retirement...

Not my idea of retirement which is why I haven't retired yet, but it is crazy to say that living today on $105,000 would be living like a pauper. Average household income was $67,565 in 2015; so this is almost $40,000 a year more than that. You do realize that when you retire you don't have to live in a very expensive part of the country, right? In most of the country, you can have a decent house for $200,000.

$105,000 a year goes a long way in most of Arizona, New Mexico, Florida, Georgia, North Carolina, South Carolina, Tennessee, Texas, and a lot of other states.

And plenty of retirees live comfortably on less than that in the NYC area.

fsdfsdfsdf wrote:

3 mil in the bank wrote:

for as long as I can remember. both my parents grew up relatively poor and ended up well educated with secure jobs and pensions and retired in their early 50s. it rubbed off on me. I'm 35 and can retire right now if I wanted.

Um.... $3 mil isn't quite enough for a 35 year old to retire. Sorry.

admittedly I would have to downgrade my lifestyle from comfortably upper middle class to merely comfortably middle class but as others have pointed out, 3 mil is plenty.

when I do actually retire at 40 I'll be able to live upper middle class in perpetuity.

Precious Roy wrote:

When I had kids. I really do not car about getting rich, but want to provide for my kids, eat at a nice restaurant now and then, have a few decent vacations with my kids and retire with a few bucks.

I can't believe how long it took to get to this post. To me it was all about kids, and I expect that's the same for a lot of people.

race_races wrote:

Precious Roy wrote:

When I had kids. I really do not car about getting rich, but want to provide for my kids, eat at a nice restaurant now and then, have a few decent vacations with my kids and retire with a few bucks.

I can't believe how long it took to get to this post. To me it was all about kids, and I expect that's the same for a lot of people.

+1

Buying a house and having kids were eye-opening. It's not the materialistic side of me that cares about money. It's the side of me that wants to do lots of fun stuff with my family.

I believe in the old saying: "Do what you love, and the money will follow." Of course, it helps if you love to study merger and acquisition strategies and the funding thereof with structured debt products.

Flagpole wrote:

fsdfsdfsdf wrote:

I guess if living on $105,000 is your idea of retirement...

Not my idea of retirement which is why I haven't retired yet, but it is crazy to say that living today on $105,000 would be living like a pauper. Average household income was $67,565 in 2015; so this is almost $40,000 a year more than that. You do realize that when you retire you don't have to live in a very expensive part of the country, right? In most of the country, you can have a decent house for $200,000.

$105,000 a year goes a long way in most of Arizona, New Mexico, Florida, Georgia, North Carolina, South Carolina, Tennessee, Texas, and a lot of other states.

But this is LRC, where an average guy could run 15:xx for 5k.

What did you do to earn it?

fsdfsdfsdf wrote:

Flagpole wrote:

Seriously? You could take 3.5% of that 3 million beginning year one and have an income of $105,000. You could easily buy a decent home somewhere nice for about $200,000 and pay for it on that income and live a fun life; certainly not a pauper. When taking only 3.5% each year, you are very likely to give yourself a raise most years as you should be able to make more than 3.5% on that invested money. Then, when he's 62 he can take SS also and up it to 4% withdrawal at that point if he wants

I guess if living on $105,000 is your idea of retirement...

Why do you think $105k wouldn't be a nice retirement? What do you spend so much money on?

lost my innocence wrote:

When did you all start to care about money?

When I started losing it?

The older I get the more I realize that money doesn't matter. I cared way too much about money in college & through my 20s and 30s. There are far more important things. You penny pinchers will learn someday that things find a way of taking care of themselves. Life is very very short. Put your thoughts & energy elsewhere.

TAA wrote:

fsdfsdfsdf wrote:

I guess if living on $105,000 is your idea of retirement...

Why do you think $105k wouldn't be a nice retirement? What do you spend so much money on?

A good trolling motor and battery so I can keep going all. day. long.

Hi, TAA!

I've mainly worked in finance (wall st trading desks), though a bit in tech as well. Right now my household income is about 650K (me 475 + wife 175).

I was very concerned with money from a very young age, much like Flagpole. I had no allowance other than a few bucks I was paid for chores, which was way less than minimum wage, and my parents didn't really buy me things I didn't need. I'm extremely grateful for that upbringing. It helped me make a lot of responsible decisions, and now I'm quite comfortable and secure, so I don't really think about money much anymore.

my wisdom wrote:

The older I get the more I realize that money doesn't matter. I cared way too much about money in college & through my 20s and 30s. There are far more important things. You penny pinchers will learn someday that things find a way of taking care of themselves. Life is very very short. Put your thoughts & energy elsewhere.

funny with my dad approaching retirement, with very little saved he says the exact opposite. wishes he focused on savings more. often says he wished he had me to manage his finances when he was younger.

my wisdom wrote:

The older I get the more I realize that money doesn't matter. I cared way too much about money in college & through my 20s and 30s. There are far more important things. You penny pinchers will learn someday that things find a way of taking care of themselves. Life is very very short. Put your thoughts & energy elsewhere.

Easy to say money doesn't matter when you have enough of it. If you've ever not had enough to pay for food and shelter, believe me, it matters.

Captain Ovour wrote:

my wisdom wrote:

The older I get the more I realize that money doesn't matter. I cared way too much about money in college & through my 20s and 30s. There are far more important things. You penny pinchers will learn someday that things find a way of taking care of themselves. Life is very very short. Put your thoughts & energy elsewhere.

Easy to say money doesn't matter when you have enough of it. If you've ever not had enough to pay for food and shelter, believe me, it matters.

He will realize that once he is trying to survive on meager social security payments in his 70s.

People act like saving money takes a lot of time and effort. I guess it can if you are always pinching pennies, clipping coupons, or whatever. My money goes straight into my 401K and I never even see it. Takes no time or energy at all to save for retirement.

Captain Ovour wrote:

my wisdom wrote:

The older I get the more I realize that money doesn't matter. I cared way too much about money in college & through my 20s and 30s. There are far more important things. You penny pinchers will learn someday that things find a way of taking care of themselves. Life is very very short. Put your thoughts & energy elsewhere.

Easy to say money doesn't matter when you have enough of it. If you've ever not had enough to pay for food and shelter, believe me, it matters.

It depends on what terms you want to use. Obviously if you don't have enough money to live you're going to care about it. But he's saying that once he didn't care about money as long as he had enough to live and now thinks about money more than he once did.