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 Post subject: Re: Retire in ten years
PostPosted: Wed May 27, 2020 2:10 pm 


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We made these retirement plans 13 years ago. :D

Just curious, any of us had been retired by now? :)
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 Post subject: Re: Retire in ten years
PostPosted: Wed May 27, 2020 3:30 pm 


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Methinks that just the notion of earning 60K a year by itself, let alone being able to save and invest 50K of it, would make most folks' eyes pop right out of their heads.
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 Post subject: Re: Retire in ten years
PostPosted: Wed May 27, 2020 9:07 pm 



Joined: 20 Apr 2018
Posts: 242
Location: St Louis, IL, USA
SAM wrote:
We made these retirement plans 13 years ago. :D

Just curious, any of us had been retired by now? :)


Interesting bump. I wasn't here 13 years ago, but I can tell you I joined the military after high school and did live "poverty" like for about 10 years. I was fine though as the military provided food, housing, and travel!

Since I wasn't killed (close a time or two), I WAS able to save up a ton going after my plan of making a million, but then life happened.

At a certain point, it's too boring to live like that. If you have money, why hoard it? So you can slowly spend it in your twilight years? Nah.

I'm spending it now, buying all the PCBs I've always wanted or have an interest in now. Also taking even more trips and doing stuff like buying house(s).

On the flip side of things, had I spent all my money in the first 10 years on PCBs, I'd actually be able to sell them all now and make like 10000% back as a ROI. Damn.

The best way to get rich and enjoy life is to be born rich. The other way, is to make a lot of money. Scrimping and saving for a golden day pay off is no way to live for 10 years.


Last edited by XtraSmiley on Thu May 28, 2020 1:01 pm, edited 1 time in total.

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 Post subject: Re: Retire in ten years
PostPosted: Wed May 27, 2020 11:59 pm 


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SAM wrote:
We made these retirement plans 13 years ago. :D

Just curious, any of us had been retired by now? :)


Holy smokes, you're still around! :shock:
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 Post subject: Re:
PostPosted: Thu May 28, 2020 12:26 am 


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The original plan by Neon is not very workable. I did make up my version of the plan 13 years ago:
SAM wrote:
The yield of bond is too low, you won't have so large an income to save up a million with that in 10 years.

You need something something that have a larger yield (12 to 15% p.a.) and bit longer time (15 yrs).

My idea is to invest in blue chips stock that give very little dividend and have a large growth rate. e.g. AIG or Manulife or Berkshire Hathaway (B shares) This would save you money in dividend tax. (you need to reinvest the dividend anyway, so why don't choose a company which would simply retain it.)

When you save enough worth of asset i.e. a million, you simply switch to stock which is safe and pay more dividend (public service company, like power station, etc.) or bonds. You still need to pay capital gain tax, but at least you delay the payment to have grown more money.

I suggest you go to AIG / Manulife 's website take a look at their historical price (be careful with share splits) and earning. Then do some maths with Excel, and you would see what I am talking about.


I did try to execute it, but then AIG got.... and my money went with it...

Although I am "retire" now, but that is another story.
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 Post subject: Re: Retire in ten years
PostPosted: Thu May 28, 2020 1:08 am 


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Nice thread, nice DEL avatar.
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 Post subject: Re: Retire in ten years
PostPosted: Thu May 28, 2020 3:51 am 


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Main problem is that 5% interest rate was a wildly optimistic assumption. Still, anyone who saved some money before now is likely glad they did.


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 Post subject: Re: Retire in ten years
PostPosted: Thu May 28, 2020 4:27 am 


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A weird trip down memory lane this thread is.
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 Post subject: Re: Retire in ten years
PostPosted: Thu May 28, 2020 8:01 am 


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I got really nostalgic thinking about pre-2008 interest rates


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 Post subject: Re: Retire in ten years
PostPosted: Thu May 28, 2020 5:17 pm 


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My bank was giving 5% on its best savings accounts. Immediately petered to 1% or less.

... and they're now spending all of my money on ads in the mail and youtube instead of putting it into my account like you would think a supposed non-corporate exchange would want. Democracy doesn't work...

... just checked it. 0.05% for those under $10,000. 0.79% for one million or more. It used to be ~3.5, and 5 if you could get above $30,000 (you get 0.16% currently if you meet this threshold). It's fucking outright theft now. Damnit I'm tired of moving my money. Why can't an asteroid just wipe us out already?


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 Post subject: Re: Retire in ten years
PostPosted: Thu May 28, 2020 11:45 pm 


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BryanM wrote:
Why can't an asteroid just wipe us out already?


This is the funniest thing I've read all day. Sadly, I agree with it.

:lol:
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 Post subject: Re: Retire in ten years
PostPosted: Fri May 29, 2020 12:50 am 



Joined: 20 Apr 2018
Posts: 242
Location: St Louis, IL, USA
BryanM wrote:
My bank was giving 5% on its best savings accounts. Immediately petered to 1% or less.

... and they're now spending all of my money on ads in the mail and youtube instead of putting it into my account like you would think a supposed non-corporate exchange would want. Democracy doesn't work...

... just checked it. 0.05% for those under $10,000. 0.79% for one million or more. It used to be ~3.5, and 5 if you could get above $30,000 (you get 0.16% currently if you meet this threshold). It's fucking outright theft now. Damnit I'm tired of moving my money. Why can't an asteroid just wipe us out already?


I have to ask, you understand that a "savings" account is the worst way to make money off interest right? If you really want to bring in 7-14% you need to invest that into stocks and/or mutual funds. An IRA etc.

A bank savings account is just basically where you park money temporally so it's not under your mattress.


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 Post subject: Re: Retire in ten years
PostPosted: Fri May 29, 2020 1:26 am 


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XtraSmiley wrote:
I have to ask, you understand that a "savings" account is the worst way to make money off interest right? If you really want to bring in 7-14% you need to invest that into stocks and/or mutual funds. An IRA etc.

A bank savings account is just basically where you park money temporally so it's not under your mattress.


This is only applicable to corporations that are designed to protect capitalism. My bank is, in theory, supposed to be owned collectively by its users. I have a vote on leadership and such. All the profit that would be flowing into upper management and shareholders should, in theory, be going back to us. The interest rates we had were substantially higher than ghouls like Bank of America or Citigroup. That's going back decades. The very idea of having a $million+ bracket would have been absolutely ludicrous - only the upper echelons of the enlisted paychart could amass that much with a family's expenses.

It was taken over. Membership was opened to everyone, advertisements have been pumped out the ass like its a freakin' iPhone now. Just a couple years after I joined them. I've gotten tons of solicitations to get a VISA™ brand credit card, but not any ballots on leadership since the change, mysteriously. Stock value is more than double what it was the previous recession, we haven't seen a cent of it.


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 Post subject: Re: Retire in ten years
PostPosted: Fri May 29, 2020 5:22 am 


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BryanM wrote:
XtraSmiley wrote:
I have to ask, you understand that a "savings" account is the worst way to make money off interest right? If you really want to bring in 7-14% you need to invest that into stocks and/or mutual funds. An IRA etc.

A bank savings account is just basically where you park money temporally so it's not under your mattress.


This is only applicable to corporations that are designed to protect capitalism. My bank is, in theory, supposed to be owned collectively by its users. I have a vote on leadership and such. All the profit that would be flowing into upper management and shareholders should, in theory, be going back to us. The interest rates we had were substantially higher than ghouls like Bank of America or Citigroup. That's going back decades. The very idea of having a $million+ bracket would have been absolutely ludicrous - only the upper echelons of the enlisted paychart could amass that much with a family's expenses.

It was taken over. Membership was opened to everyone, advertisements have been pumped out the ass like its a freakin' iPhone now. Just a couple years after I joined them. I've gotten tons of solicitations to get a VISA™ brand credit card, but not any ballots on leadership since the change, mysteriously. Stock value is more than double what it was the previous recession, we haven't seen a cent of it.


That was a very long way to say "No".
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 Post subject: Re: Retire in ten years
PostPosted: Fri May 29, 2020 12:56 pm 



Joined: 20 Apr 2018
Posts: 242
Location: St Louis, IL, USA
BryanM wrote:
XtraSmiley wrote:
I have to ask, you understand that a "savings" account is the worst way to make money off interest right? If you really want to bring in 7-14% you need to invest that into stocks and/or mutual funds. An IRA etc.

A bank savings account is just basically where you park money temporally so it's not under your mattress.


This is only applicable to corporations that are designed to protect capitalism. My bank is, in theory, supposed to be owned collectively by its users. I have a vote on leadership and such. All the profit that would be flowing into upper management and shareholders should, in theory, be going back to us. The interest rates we had were substantially higher than ghouls like Bank of America or Citigroup. That's going back decades. The very idea of having a $million+ bracket would have been absolutely ludicrous - only the upper echelons of the enlisted paychart could amass that much with a family's expenses.

It was taken over. Membership was opened to everyone, advertisements have been pumped out the ass like its a freakin' iPhone now. Just a couple years after I joined them. I've gotten tons of solicitations to get a VISA™ brand credit card, but not any ballots on leadership since the change, mysteriously. Stock value is more than double what it was the previous recession, we haven't seen a cent of it.


Dude, I hope you are not talking about USAA, because I can tell you, as a member for over 26 years, it's one of the best banks out there, and the savings account is still shit. If you are talking about a Credit Union, well, same answer.

You need wake up and invest your money. And I'm not saying this in a mean way, I'm trying to help you. You won't even beat inflation the way you're saving your money.


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 Post subject: Re: Retire in ten years
PostPosted: Fri May 29, 2020 1:02 pm 



Joined: 20 Apr 2018
Posts: 242
Location: St Louis, IL, USA
ED-057 wrote:
Main problem is that 5% interest rate was a wildly optimistic assumption. Still, anyone who saved some money before now is likely glad they did.


What did I miss on this? Just investing in something like the S&P index would have netting a lot more than 5% over the last 10 years.

I understand finance isn't everyone's knowledge base, but like the concept of 1CC a game, you guys need to start somewhere and read about saving and investing to learn. Everyone needs to start somewhere, but ignorance and staying ignorant will only lead to a decade of missed opportunity. Don't let the next 10 years be the same.


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 Post subject: Re: Retire in ten years
PostPosted: Fri May 29, 2020 1:12 pm 


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Quote:
You need wake up and invest your money.


I already did. In this thing called a house. I know it's crazy when it's much more fun to gamble on worthless imaginary tokens.

GaijinPunch wrote:
That was a very long way to say "No".


You know well that there's an enormous difference between owning your bank and being openly robbed by them. Ya don't have to bother spreading their propaganda, they already own everything and gave you your small cut of the loot.


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 Post subject: Re: Retire in ten years
PostPosted: Fri May 29, 2020 1:28 pm 


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GaijinPunch wrote:

That was a very shmups farm way to say "No".


Fixed.

Love it tho.
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 Post subject: Re: Retire in ten years
PostPosted: Fri May 29, 2020 3:40 pm 


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The current run on refinancing in America is a beautiful time to be in the banking business. The Fed is loaning money for free and money is available from other sources for almost nothing. That can be turned around into a tidy profit at the Fed's expense.

Capital owners win. Millinneals get the check.
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 Post subject: Re: Retire in ten years
PostPosted: Fri May 29, 2020 4:36 pm 


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I want to know where OP was paying $400 a month rent 13 years ago.

Hahahahaha.
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 Post subject: Re: Retire in ten years
PostPosted: Fri May 29, 2020 5:15 pm 


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GaijinPunch wrote:
That was a very long way to say "No".


:lol:
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 Post subject: Re: Retire in ten years
PostPosted: Fri May 29, 2020 5:20 pm 


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You could get a studio or 1 bedroom for about that where I lived at the time. But in Shitsville, Missouri, not the rest of the U.S.

I didn't read the rest of this ancient post until now. This dude must have been pretty young and delusional to think you can just get a trucking job "out the gate" and save 50K a year, lol. Or just "go to college and get a cushy job", because as we all know, college is 100% free and all degrees are equal and you just get a job automatically once you complete it. Or the best one, "If you have a good personality get a job bartending and meet people "till you get offered one". LOL. Oh hey there, you've got quite a personality and this Long Island tastes great. Want to make 60K a year in 2005 easy?


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 Post subject: Re: Retire in ten years
PostPosted: Fri May 29, 2020 8:08 pm 



Joined: 11 Sep 2012
Posts: 552
orange808 wrote:
The current run on refinancing in America is a beautiful time to be in the banking business. The Fed is loaning money for free and money is available from other sources for almost nothing. That can be turned around into a tidy profit at the Fed's expense.

Capital owners win. Millinneals get the check.


There has never been a problem that the Boomers weren't willing to kick the can on and let Millennials bear the cost.
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 Post subject: Re: Retire in ten years
PostPosted: Fri May 29, 2020 9:12 pm 



Joined: 20 Apr 2018
Posts: 242
Location: St Louis, IL, USA
BryanM wrote:
Quote:
You need wake up and invest your money.


I already did. In this thing called a house. I know it's crazy when it's much more fun to gamble on worthless imaginary tokens.

GaijinPunch wrote:
That was a very long way to say "No".


You know well that there's an enormous difference between owning your bank and being openly robbed by them. Ya don't have to bother spreading their propaganda, they already own everything and gave you your small cut of the loot.


No way man, I think a house a great investment, much better than letting your money sit in a savings account, even if you "own" the bank.

Bottom line, I wasn't trying to attack you, but just pointing out that trying to save money via a savings account won't work, no matter what decade it is.

Also, if you think investing is "gambling on imaginary tokens" I guess you'll never actually invest like that, maybe you should keep doing the property angle.


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 Post subject: Re: Retire in ten years
PostPosted: Fri May 29, 2020 9:15 pm 



Joined: 20 Apr 2018
Posts: 242
Location: St Louis, IL, USA
To Far Away Times wrote:
orange808 wrote:
The current run on refinancing in America is a beautiful time to be in the banking business. The Fed is loaning money for free and money is available from other sources for almost nothing. That can be turned around into a tidy profit at the Fed's expense.

Capital owners win. Millinneals get the check.


There has never been a problem that the Boomers weren't willing to kick the can on and let Millennials bear the cost.


As a Gen X'er, I can't say I disagree with you too much, but the reality is millennials are starting to turn 40, it's probably time to stop giving a fuck what Boomers did or didn't do and make the world theirs. After all, as weird as it may seem, Gen Z'ers are the ones holding the bag now (soon).


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 Post subject: Re: Retire in ten years
PostPosted: Fri May 29, 2020 10:15 pm 


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Posts: 172
Location: NYC
BryanM wrote:
XtraSmiley wrote:
I have to ask, you understand that a "savings" account is the worst way to make money off interest right? If you really want to bring in 7-14% you need to invest that into stocks and/or mutual funds. An IRA etc.

A bank savings account is just basically where you park money temporally so it's not under your mattress.


This is only applicable to corporations that are designed to protect capitalism. My bank is, in theory, supposed to be owned collectively by its users. I have a vote on leadership and such. All the profit that would be flowing into upper management and shareholders should, in theory, be going back to us. The interest rates we had were substantially higher than ghouls like Bank of America or Citigroup. That's going back decades. The very idea of having a $million+ bracket would have been absolutely ludicrous - only the upper echelons of the enlisted paychart could amass that much with a family's expenses.

It was taken over. Membership was opened to everyone, advertisements have been pumped out the ass like its a freakin' iPhone now. Just a couple years after I joined them. I've gotten tons of solicitations to get a VISA™ brand credit card, but not any ballots on leadership since the change, mysteriously. Stock value is more than double what it was the previous recession, we haven't seen a cent of it.


Which credit union was this?


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 Post subject: Re: Retire in ten years
PostPosted: Sat May 30, 2020 3:06 am 


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XtraSmiley wrote:
What did I miss on this? Just investing in something like the S&P index would have netting a lot more than 5% over the last 10 years.

That's investment, not interest.
Quote:
I understand finance isn't everyone's knowledge base, but like the concept of 1CC a game, you guys need to start somewhere and read about saving and investing to learn. Everyone needs to start somewhere, but ignorance and staying ignorant will only lead to a decade of missed opportunity. Don't let the next 10 years be the same.

Cool it, champ. I'm glad you made a killing on Wall Street but there's no need to go around calling people ignorant.
Quote:
No way man, I think a house a great investment, much better than letting your money sit in a savings account, even if you "own" the bank.

My house is a good investment in the sense that I get to sleep here and store all of my stuff, but it's never going to yield a profit. I've already paid for it once, and I'm half way to paying for it a second time via property taxes. Speculating on real estate doesn't work here, but at least property taxes are still considerably less than paying rent.


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 Post subject: Re: Retire in ten years
PostPosted: Sat May 30, 2020 4:11 am 



Joined: 20 Apr 2018
Posts: 242
Location: St Louis, IL, USA
ED-057 wrote:
Cool it, champ. I'm glad you made a killing on Wall Street but there's no need to go around calling people ignorant.


Ignorant as in unknowledgeable, not stupid. Maybe the word is too polarizing.

Sorry and no offense intended. I mean, judging by your immediate negative response to "investing in stocks", I sense you may have a different opinion on how to save and make money.

I haven't made a "killing" on Wall St like I'm some pro-investor. But honesty, some of the posts in here about putting money in a savings account, or only making 5% over the last 10 years seem crazy.

The most basic of investing strategies, put money in a mutual fund once a month for 10 years, would have yielded anyone on these forums thousands, if not tens of thousands of dollars in a decade.

I'm just sad you guys seem so against it. But no one is dead yet, you've got your next decade ahead of you and the one after that. And this isn't a dig at anyone, like save 90% of your income for Wall St. But maybe $100 a month? $50? It adds up!


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 Post subject: Re: Retire in ten years
PostPosted: Sat May 30, 2020 5:47 am 


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BryanM wrote:
You know well that there's an enormous difference between owning your bank and being openly robbed by them. Ya don't have to bother spreading their propaganda, they already own everything and gave you your small cut of the loot.


What in the fuck are you actually talking about? A very simple math equation with like 100 years of data to back it up was presented to you. Obviously nobody has a crystal ball but the gubment can declare eminent domain and take your house, too.
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 Post subject: Re: Retire in ten years
PostPosted: Sun May 31, 2020 4:45 am 


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I see numerous truck drivers on my current job all day, every day and majority of them looks older than I to me. Just saying. Sure enough, my money does not equal your money; all I'm saying is that whenever I save up some dough - it's with something like a dentist taking care of my spooky tooth soon in mind.
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