View Poll Results: Do save money and plan for the future?

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  • I'm under 30 and it's too early to worry about it.

    3 12.00%
  • I'm under 30 and I save money like a fiend.

    4 16.00%
  • I'm over 30 and it's too late to worry about it.

    4 16.00%
  • I'm over 30 and I know what I want and I'm working my plan.

    14 56.00%
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Thread: Retirement- Are you thinking about?

  1. #1
    was here.. LordLatch's Avatar
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    Retirement- Are you thinking about?

    My sister is 19 and I asked her if she was thinking about retiring. She looked at me like I was stupid. She already is pretty good at saving money and being cheap to that end and that's why I asked her.Sometimes you can randomly end up where you want to be but most of the time you have to be thinking about where you're going to to get there.

    Here's a retirement calculator where you can play with the numbers based on your age to see if you will die in pallid impoverished squalor like my mother did. I left my age and some numbers in there so you can see that even at my age with no retirement I can turn it around for a paltry $50 a week.

    Someone younger like my sister can easily obtain wealth by retirement age even working at say McDonalds. See her numbers here with her saving on $25 a week and her account tops out at half a million dollars when she's 66.

    Of course during all of your savings you will be watching for better investment opportunities which fall within your risk tolerance such as starting a business, buying properties, etc. That will dramatically increase your net worth.

    Are you thinking about where you're going financially?

    If you aren't, post your excuses below.

    Bonus for those who like self improvement assessment tests.
    Last edited by LordLatch; 04-28-2014 at 04:31 AM.
    This just in: I'm accepting all friend requests too unless you're a fricken jerk and I can't stand your existence and inane drivel. If that's the case, then I'll accept your friend request so I can keep an eye on your ass unless you don't hold any interest for me; then only the threat of keeping my eye on you stands. feces

  2. #2
    DOA Space Invaders Champion Neville's Avatar
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    No. I'll be dead long before then.

  3. #3
    a fool on a journey pensive_pilgrim's Avatar
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    I'm exactly 30 and I need a job first. Then I'll need to pay off my student loans. Then I'll start saving. I should have tons of working ahead of me though, I mean it would be cool to become financially independent I guess but it's not something I really want to work toward.

  4. #4
    dormant jigglypuff's Avatar
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    i pool my money with others and i tend to be frugal with my purchases, so i feel OK as long as that number's going up and not down. i have enough for like one emergency. thinking about retirement now wouldn't help me.

  5. #5
    <3 gator's Avatar
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    Yes, in two senses.

    One is that I don't much enjoy working full-time and I'd much prefer to work part-time as a consultant, contractor or artisan. So to that end I sock away money in the hopes I'll have enough to be able to take that leap and live comfortably.

    The other is that I'm not confident that my parents will be able to support themselves so I feel like I'm saving for their retirement too.

    At the moment thanks to tuition exemptions and RRSP contributions my taxable income for the past few years has been nil. That has allowed me to dump my entire tax return into my RRSP each year which in turn causes me to not have to pay tax the following year. I suppose when I move to the UK I'll have to start paying taxes like a responsible adult, at which time I will reassess how much I am able to sock away into retirement savings. But let's cross that bridge when we come to it.

  6. #6
    was here.. LordLatch's Avatar
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    Quote Originally Posted by gator View Post
    The other is that I'm not confident that my parents will be able to support themselves so I feel like I'm saving for their retirement too.
    You're amazing.
    This just in: I'm accepting all friend requests too unless you're a fricken jerk and I can't stand your existence and inane drivel. If that's the case, then I'll accept your friend request so I can keep an eye on your ass unless you don't hold any interest for me; then only the threat of keeping my eye on you stands. feces

  7. #7
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    Quote Originally Posted by gator View Post
    The other is that I'm not confident that my parents will be able to support themselves so I feel like I'm saving for their retirement too.
    This is something that is also on the back of my mind. They tell me it won't be an issue, but they've said that about other things, too. It's more like I see myself as taking pressure off of them, though. I should talk to them too, more, I suppose.

  8. #8
    <3 gator's Avatar
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    Quote Originally Posted by latch View Post
    You're amazing.
    On the whole they've been pretty good to me. They deserve a comfortable existence as much as that is possible.

    I'd love to learn more about investing though. I'm very good at not spending money. I'm not very good at knowing what to do with it after that. If anyone knows of good resources to check out I'm all ears.

  9. #9
    Minister of Love Roger Mexico's Avatar
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    Well, I turn 31 in like a week and still feel like I'm circling around waiting for my shot at genuinely entry-level work in a profession I came somewhat late to, so honestly my future-planning is mostly focused on periods like the next 5 years. I need to be making money before I can worry about saving it.
    Quote Originally Posted by Ptah View Post
    No history, no exposition, no anecdote or argument changes the invariant: we are all human beings, and some humans are idiots.

  10. #10
    Tawaci ki a Gnaska ki Osito Polar's Avatar
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    I started "planning" for retirement when I was 24. The company I worked for at the time was willing to match all of my contributions (up to 15% of my salary) to a 401k, so I took them up on that. I did that in kind of a half-assed way just leaving it all alone in low-risk long term investments. It took a small hit over the years but it's done well enough. I put most of my non-retirement savings into paying off education loans and then buying more education. That seems like it's worked out more or less neutral salary-wise at least at this stage but maybe in the longer term it'll pay off. Mostly I think that was an investment in my personal sense of accomplishment, and the experience of spending a few years doing something I enjoyed a lot.

    Right now I'm contributing to my 401k still but not nearly as aggressively as I did when I was younger. It's not something I'm stressing about a great deal, looking at what I've accumulated thus far and how my income seems to be steadily going up as I grow older.

    If people are thinking about investing, consider first what your goals are. For myself I'd divide it into a couple of categories:

    1. Classic retirement investing. Super low-risk, long-term investments. These should be at least partially things that you almost cannot lose. Money in a convertible deposit or U.S. treasury bills are good examples of extremely low risk investments that provide more return that just putting money in a savings account. The Dogs of the Dow are a very safe diversified stock investment. The more diversified to the market the better.

    2. Real estate. Buying the home you live in is usually considered a safe investment. Market conditions where you live might not hold true to this for example if you were living in Florida, Nevada or parts of California in the mid-00s.

    3. Buying assets that create income. Investing your time/money in creating a side business that produces income. Buying a house that you rent to other people -- do you want the headache of being a landlord?

    4. Investing in yourself. Personally, I like education for its own sake but it's also not a bad investment if you approach it as such - pure dollars in, dollars out return on investment. Things that improve your mind, body or skills and keep you sharp.

    George Soros is a good read if you're looking for someone with a coherent philosophy of investing. You can agree with him or disagree but he's at least readable and something to stimulate your thinking.

    Goals-wise -- do you just want to leave this capital alone and let it slowly build itself up, relying on compound interest to eventually make you rich? Do you want to actively risk your capital in a business you own? Do you want to make your labor a more marketable commodity which you intend to sell? Do you want to invest in a physical asset that returns value? Is it acceptable if your investment is also something that demands your time to maintain it?
    Last edited by Osito Polar; 04-28-2014 at 05:09 AM.
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