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08-28-2024, 07:08 PM | #89 | ||
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My now-former employer has a third-party financial/retirement consulting company on retainer for free consultations, in addition to the retirement fund's agents. When I met with the consultant in June and asked what I should do differently, he advised me to leave everything as-is because my return is on par with their canned recommendations.....
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08-29-2024, 12:00 PM | #90 | |
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I do like the idea of managing some of my retirement savings independently and will have a chance to do more of that once my wife and I have our vehicles paid off in about a year. Until then we are aggressively throwing dollars at our loans to avoid as much interest as possible while in parallel we have our employer 401K's maxed out. I hope to never have a car loan again after this but it's pretty nice having the vehicles we have.
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08-29-2024, 12:23 PM | #91 | |
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In general I think it is a bad idea to mix any business with friends/family (new roof, taxes, bathroom remodel, whatever), decent chance you will end up with a problem, then if it's a random person you can just walk away, may not want to lose a friend this way. On the other hand, if it works out, maybe it is someone you can trust more than a random person. Just knowing them doesn't make them a problem. I agree it hard to judge what they do objectively. If you have a 401k & you decide where the money goes you are already managing your money. Not completely independent but you make choices.
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JMcLellan2674.50 |
08-29-2024, 12:26 PM | #92 | |
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My own attempts at playing the market always seemed to net me some leaders and some losers, with the average being lower than an index fund (your FA is going to be different, and probably better than my own skills). But it's the overall totals that really count for me, and not the bragging rights of getting lucky with one stock. If I want to "be more safe" then I put more of my money into money funds (I'm retired, I do need to get cash out once in a while), but I don't adjust the rest of my assets. |
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08-29-2024, 12:49 PM | #93 | |
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If you had $1 million, got 10% returns each year (taking out $100k a year), each year your balance and what you took out would effectively be smaller. It's why the 4% rule has you taking out $40k and adjusting for inflation each year (if $40k this year and inflation is 3%, you can take out $41,200 next year). My goal is to retire before I take Social Security (plan to wait until 70 to take it), when I retire early take out 5%, possibly aggressive but I will have the added paycheck of SSI coming in the future so I don't need to take out 5% the rest of my life. Many say the 4% is conservative but hard for an expert to tell you to go aggressive and hope for the best.
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08-31-2024, 07:41 AM | #94 | |
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Bought the van for my daily driver. My other car was a 2018 Hellcat. Drove the van a couple of years and put 20K miles on it. But M-B dealer service went terrible and I decided to get rid of the van. I traded it in for a 2022 MINI S and got $27,000 trade in allowance for the van. (The van was in excellent condition, not even scratched on the painted steel cargo floor.) $27K! Just what I paid for it two years prior. And in Arkansas the $27K trade in value lowered the amount of sales tax I would pay for the new MINI. |
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08-31-2024, 07:52 AM | #95 | |
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A family member retired. Had a 401(k). Rolled it over into an IRA at Schwab. She chose a managed fund. The returns were ok. About equal to my self managed fund invested in an S&P 500 index fun. But for $1000 month in her pocket she was paying a management fee of around $600 a month. Then COVID hit and my fund value dropped. No surprise. But so to did her managed fund. We talked. I pointed out both her managed fund and mine did about the same when the market was good. A rising tide raises all boats. But in a down turn her managed fund did no better. What exactly was she getting for her $600/month? After some thinking the family member switched from the managed fund to a self managed fund in an S&P 500 index fund. She's earning about the same but she is able to get more money in her pocket because she's not paying that $600/month management fee. |
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08-31-2024, 10:22 PM | #96 | |
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Vehicles that can and are used by people for their work hold their value extremely well.
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2017 M240i: 25.9K, 28.9 mpg, MT, Sunroof Delete, 3,432#, EB, Leather, Driving Assistance Package, Heated Front Seats | Sold: E12 530i, E24 M635CSi, E39 520i, E30 325is, E36 M3 (2)
TC Kline Coilovers; H&R Front Bar; Wavetrac; Al Subframe Bushings; 18X9/9½ ARC-8s; 255/35-18 PS4S (4); Dinan Elite V2 & CAI; MPerf Orange BBK; Schroth Quick Fit Pro; Full PPF |
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09-01-2024, 01:25 PM | #97 |
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I bought my 2006 Ram/Cummins 6MT/4x4 for $19.5K in 2008, and sold it in 2022 for $19K after putting another 103K miles on the odometer.....
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09-01-2024, 02:10 PM | #98 |
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Investing for a lot of us is, as above, pretty serious business.
However, I spend too luxuriantly on vehicles. But, I love what I love. Shawn |
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09-01-2024, 04:41 PM | #99 |
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My situation is kind of weird because I don't know when I'm going to retire. Could be in 20 years or could be tomorrow. Since I became self-employed around 2016, I decided I will never go back to a regular job. Luckly the business has done well, and I have been saving most of the money. If/when this business is no longer viable, I need to be ready to retire. Until then I have no issue doing this indefinitely.
However, because I don't know when that day will come, I feel like I have way too much cash. Then when I finally decide to move some more into my investment account I feel the market is crazy and going to crash any minute. I do have it set to move a certain amount automatically every week or so, but still would take a looong time to move a significant amount. If this crazy market ever goes down I plan to up that significantly. |
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09-02-2024, 08:19 AM | #100 | |
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If you want to be in the market, just increase those weekly withdrawals so that you're in the market, say in a year. Imagine all the money you haven't made while waiting for the market to go down (which by the way it did a couple weeks ago). |
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09-02-2024, 08:43 AM | #101 | |
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09-02-2024, 10:24 AM | #102 |
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I have 5% with a matching 5% from my company, I have an existing pension and I might receive SS benefits as I will retire just before all the money is depleted. I'd rather not get into how much I despise our gov't sometimes.
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09-02-2024, 02:39 PM | #104 | |
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I’m definitely not someone to take out my money when the market goes down or anything like that. I usually buy more, which I did increase my transfer when it crashed a little bit a couple weeks ago. I was hoping it would continue. I think I need to have a written plan like have this much cash, this much stock etc and just stick to that… add it to the list of things I need to do. |
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09-02-2024, 03:17 PM | #105 |
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09-02-2024, 05:25 PM | #106 |
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I don't know if they still do it or not, but some of the oil majors used to match 2:1 or 3:1.
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2017 M240i: 25.9K, 28.9 mpg, MT, Sunroof Delete, 3,432#, EB, Leather, Driving Assistance Package, Heated Front Seats | Sold: E12 530i, E24 M635CSi, E39 520i, E30 325is, E36 M3 (2)
TC Kline Coilovers; H&R Front Bar; Wavetrac; Al Subframe Bushings; 18X9/9½ ARC-8s; 255/35-18 PS4S (4); Dinan Elite V2 & CAI; MPerf Orange BBK; Schroth Quick Fit Pro; Full PPF |
09-02-2024, 05:39 PM | #107 |
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Market should keep going up leading up to red election landslide
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09-03-2024, 07:44 AM | #108 | |
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The "if it ever goes down I plan to...." ---unlikely to be a good strategy as when it drops some you will still be waiting for a further drop or you jump in mid drop, or it takes a significant amount of time for the drop to happen and the drop puts us where we are now, or..... The possibilities are endless with the end result - swings will happen, unlikely to guess correctly and the market will continue on with long term gains. I put my total HSA in the market each year in the 1st month or 2, I have the majority of my 401k money put in the beginning of the year, dropping to the match amount after I get to a certain point. My 1st quarter HSA/401k money has my take home not enough to live on. Math shows that on average the faster you invest money the higher the overall returns. Market continues to go up, getting in as quickly as possible normally increases your returns. There's a chance I will front load my HSA/401k and it will be the wrong time to invest. Do the same thing over a decade and chances of coming out behind are tiny.
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Last edited by David70; 09-03-2024 at 07:51 AM.. |
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09-03-2024, 08:45 AM | #109 |
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I don’t remember who exactly, but some work colleague talked to me about this new savings vehicle called a 401k. He said I should contribute. I guess I thought he was smarter than me and therefore knew what he was talking about so I did as I was told. I’m sure glad I did.
I started saving into a 401k as soon as it was made available. Over the years I contributed more and more until at some point I reached a maximum amount allowed. Luckily, I was able to retire early. I read statistics that show the average and median savings of 401K by age group and it just does not seem to me to be enough. If I can give those younger than me some “old man advise”, it would be to talk to a professional financial planner or your HR/Payroll professionals and start a savings vehicle earlier rather that later. Take advantage of the company match if it is offered (its free money) and remember it’s also in pretax dollars. As an example, if you put $100 into a 401K plan, that might only represent a $60-80 reduction in your paycheck. Talk to your Payroll department to find out your actual values. If you do a percentage base deduction, every time you get a raise, so does your 401k. Save early and often, your older self will thank you. |
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09-03-2024, 12:14 PM | #110 | |
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When I change jobs I move my 401k balance to an IRA so I'm now 54 (6 months into a job) and my 401k balance is roughly $8k. My 401k balance looks like I am in dire straights yet I have been contributing to different 401k accounts for over 30 years.
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