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Lifetime Income Store ?

Started by woodrow hog call, April 10, 2017, 01:10:49 pm

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TheJoeyBucketz

Quote from: woodrow hog call on April 19, 2017, 06:35:27 pm

Just know that my question and reason for the thread was legitimate, I had been told about that meeting and I can't be wasting my time with nonsense.

You guys have answered my questions in the past so I brought this up here,
I have no connection to this company at all, and don't plan to.
Wasn't coming after you at all. You did some due diligence, which puts you ahead of the majority of people!
Dominic Fletcher following his homerun against Texas Tech in Omaha, "I thought they said this park was big?!"

PorkSoda

it is kind of funny,

Its the same when the 401k people come by and talk about how much money for retirement you will have then calculate out a 10% return every year for 40 years.

that just isn't reality that I have ever seen, not to mention that once you account for inflation and fees it better be returning 6-8% a year just to break even.

I agree its important to invest for retirement, but don't believe the hype.
"I became insane, with long intervals of horrible sanity." ― Edgar Allan Poe
"If quantum mechanics hasn't profoundly shocked you, you haven't understood it yet. Everything we call real is made of things that cannot be regarded as real." – Niels Bohr
"A mind stretched to a new idea, never returns to its original dimensions" ~ Oliver Wendell Holmes
Quote from: PonderinHog on August 07, 2023, 06:37:15 pmYeah, we're all here, but we ain't all there.

 

HiggiePiggy

Quote from: PorkSoda on April 19, 2017, 09:12:19 pm
it is kind of funny,

Its the same when the 401k people come by and talk about how much money for retirement you will have then calculate out a 10% return every year for 40 years.

that just isn't reality that I have ever seen, not to mention that once you account for inflation and fees it better be returning 6-8% a year just to break even.

I agree its important to invest for retirement, but don't believe the hype.

Yeah. It was funny listening to the person talking to me about 401k. I pretty much take what he said and cut it in half and that will probably be closer to correct. I am doing 10% on 401k until I get bills paid off then I will go up to 25% plus I am also putting 50 a week into stock for myself to play with every week. 
If a man speaks and no woman is around to hear him, is he still wrong?

TheJoeyBucketz

Quote from: HiggiePiggy on April 21, 2017, 06:31:06 pm
Yeah. It was funny listening to the person talking to me about 401k. I pretty much take what he said and cut it in half and that will probably be closer to correct. I am doing 10% on 401k until I get bills paid off then I will go up to 25% plus I am also putting 50 a week into stock for myself to play with every week.
Be aware that the max contribution is 18k/yr unless you're over 50 (then it's 24k). Don't know how much cheddar you make, but I had to mention it.
Dominic Fletcher following his homerun against Texas Tech in Omaha, "I thought they said this park was big?!"

HiggiePiggy

Quote from: golf2day on April 21, 2017, 06:42:57 pm
Be aware that the max contribution is 18k/yr unless you're over 50 (then it's 24k). Don't know how much cheddar you make, but I had to mention it.

Yeah I know that.  I won't hit that. I work in factory.  I am lucky to make 45k a year.
If a man speaks and no woman is around to hear him, is he still wrong?

Vantage 8 dude

Quote from: HiggiePiggy on April 22, 2017, 11:18:05 am
Yeah I know that.  I won't hit that. I work in factory.  I am lucky to make 45k a year.
The real important point is that you save whatever you can. I once had a client who never made more than $50,000 a year. However, he was extremely diligent and "paid himself first" by saving money automatically from his pay check . He told me that while at times it was tough, especially when he was tempted to buy the latest "gadget", he figured that if he never saw the money he would never really miss it. Interestingly enough over time and with good investment sense (from his advisor of course  ;)) he was able to accumulate over $1.5 million at retirement. Not bad for an "every day joe" who just went to work, saved for the future, and relied on a sound investment portfolio to help him once he decided to call it quits.

HiggiePiggy

That is what I am hoping to do. I may never hit 50k a year. If I do it won't be very much over it, but I am 36 and hope to have both houses paid off by 44 while continuing to put 10% into my 401k and 50 a week into My robinhood account. I should have about 15 to 20 years where I have no bills if things keep going the way they are.
If a man speaks and no woman is around to hear him, is he still wrong?

Vantage 8 dude

Quote from: HiggiePiggy on April 22, 2017, 05:38:34 pm
That is what I am hoping to do. I may never hit 50k a year. If I do it won't be very much over it, but I am 36 and hope to have both houses paid off by 44 while continuing to put 10% into my 401k and 50 a week into My robinhood account. I should have about 15 to 20 years where I have no bills if things keep going the way they are.
Good for you! Keep up the good work. I agree that if possible pay off the home(s) when you can. While I realize that a lot of folks may not necessarily agree, primarily due to mortgage interest write off, having your home paid off and not owning the bank (or whomever) and not using monies for interest payments can put you in a great position.

One last thing when it comes to investing: Plan your work and work your plan.

woodrow hog call

My problem is not having patience, I'm contributing to my 401K, (Fidelity) which is doing pretty good I guess?
Beginning Balance as of 01/01/2017 $7,946.23
Employee Contributions $1,384.62
Exchange In $8,279.38
Exchange Out -$8,279.38
Fees -$5.09
Change in Market Value $877.32
Current Balance as of 05/10/2017 $10,203.08
Vested $10,203.08
Personal Rate of Return from 01/01/2017 to 05/10/2017. 10.46%

Then I have an IRA that has a much higher balance but, it's doing 5.87% YTD. I have a hard time not rolling the IRA over to the 401K because of ytd earnings, but I'm not sure if that's enough time for a good indicator.

"I hate rude behavior in a man, I won't tolerate it"

HawgWild

Woodrow, not sure what your age is but I do know you can't go back in time and make those balances bigger. Respect the power of compounding. Patience is a virtue, don't try to hit a home run. You've not yet experienced a market downturn; it's going to happen. I'm guessing you'll be fine if you continue to contribute at current levels and more as your situation permits.

woodrow hog call

Yeah I have ten years before I can think about retirement, if the good Lord continues to bless me with the health, that is.

I need to raise my contribution to 10%, and forget about it I guess.
"I hate rude behavior in a man, I won't tolerate it"

HawgWild

Definitely take full advantage of your employer's plan. And, if you have money left, do the Roth IRA.

Vantage 8 dude

Quote from: woodrow hog call on May 11, 2017, 10:47:44 am
My problem is not having patience, I'm contributing to my 401K, (Fidelity) which is doing pretty good I guess?
Beginning Balance as of 01/01/2017 $7,946.23
Employee Contributions $1,384.62
Exchange In $8,279.38
Exchange Out -$8,279.38
Fees -$5.09
Change in Market Value $877.32
Current Balance as of 05/10/2017 $10,203.08
Vested $10,203.08
Personal Rate of Return from 01/01/2017 to 05/10/2017. 10.46%

Then I have an IRA that has a much higher balance but, it's doing 5.87% YTD. I have a hard time not rolling the IRA over to the 401K because of ytd earnings, but I'm not sure if that's enough time for a good indicator.
Well for just think of it this way (if you haven't already) every dollar your employer contributes/matches is in a real sense FOUND MONEY. It can also be looked at as adding an actual return to your overall portfolio. When I was in the investment business I was constantly reminding my clients that as long as they could afford it one of the best ways to pay themselves first was to have an automatic draft or whatever arranged to take money out of the paycheck and have it deposited into a retirement savings plan. Many later came back to me and said that it was the easiest/most effective way for them to save; if they didn't see the monies to begin with they weren't tempted to possibly spend it.

Last thing: like many in many other aspects in life patience is a true and lasting virtue. That's particularly true when it comes to the markets and investing.