Guest ChrisHarvard Posted November 6, 2014 Report Share Posted November 6, 2014 How have you grown to be more fiscally sound since your 20's? How have your priorities changed since your 20's? How has your budget changed since your 20's? As a kid it used to be, payday was money to burn, time to party... now it's family first. When you were in your 20's did you see yourself where you are at now? What age did you quit smoking weed, and why? Because you wanted to get serious with your life and no good job is going to take a hop head? What about 401k and IRA? How is that coming? What is the advice on the matter? We have a lot of "thousandaires" on TGF, so I would love some advice. Quote Link to comment Share on other sites More sharing options...
milwaukee mike Posted November 6, 2014 Report Share Posted November 6, 2014 save save save max out 401k while you're in a high tax bracket, when you take it out you can go 10-20k/year and not pay tax on it. another thing people don't think about when they go the roth ira route instead (no immediate tax deduction) is that they might move to a state with no income tax. so joe public in wisconsin puts money into roth instead of traditional ira/401k, costing himself the immediate 32% or so savings. now he retires to florida and takes it out "tax-free" when it was going to be tax-free to the state anyway, and maybe he would pay 10-15% on the federal... the people that don't care about small amounts of money never end up with big amounts of money. if you make 50k, find a way to save 10k of it. if you make 100k save 20-30k of it. might make the difference between working until 70 and retiring at 55... Quote Link to comment Share on other sites More sharing options...
KingRevolver Posted November 6, 2014 Report Share Posted November 6, 2014 Unfortunately, I haven't. Quote Link to comment Share on other sites More sharing options...
milwaukee mike Posted November 6, 2014 Report Share Posted November 6, 2014 Unfortunately' date=' I haven't.[/quote'] you can always start today! we can't change the past but we can change the future Quote Link to comment Share on other sites More sharing options...
Dingo Posted November 6, 2014 Report Share Posted November 6, 2014 yes yes didn't really grow up till I was 27 still smoke weed i live in British Columbia i think its the law always saved for my retirement automatic withdraw monthly don't even miss the money like mike said its the little things that kill your cash bring a lunch to work,pay your bills on time,fix or do whatever you can yourself instead of paying someone to do it. Goodluck Quote Link to comment Share on other sites More sharing options...
FISHHEAD Posted November 6, 2014 Report Share Posted November 6, 2014 No Had life by the balls at 21........now my balls are killing me. Quote Link to comment Share on other sites More sharing options...
WVU Posted November 6, 2014 Report Share Posted November 6, 2014 I don't have a huge 401k (less than 100k) but my retirement savings are healthy in the form of real estate and precious metals (silver). In my twenties I was making and spending. In my 30s I was making even more and spending even more. Now in my 40s I am making less than my 30s but also spending way less. I don't see myself retiring earlier than 50-55, but I do see myself changing careers when my kids graduate college in 4 years. Quote Link to comment Share on other sites More sharing options...
BigBill365 Posted November 6, 2014 Report Share Posted November 6, 2014 Well i havent i wont have a good job like that probally never.Im stuck being a entrepenuer for now.I may have to try getting into insurance sales.Im trying to get a apartment but its hard i think im gona just take my money and travel this winter and go on some sking trips living in a shitty apartment isnt that awsome anyway.I think that life is for someone that has no ambitions or drive in the world Quote Link to comment Share on other sites More sharing options...
sugardaddy Posted November 6, 2014 Report Share Posted November 6, 2014 Love the topic. Quote Link to comment Share on other sites More sharing options...
Chickadee Posted November 6, 2014 Report Share Posted November 6, 2014 I don't need many material things to be happy. It has simplified life a lot for me. Quote Link to comment Share on other sites More sharing options...
Hangover Posted November 6, 2014 Report Share Posted November 6, 2014 No longer feeling the need to go out and get banged up every weekend has definitely helped the bankroll. Less drunken stupid bets and dont miss the $400 bar tabs from drinking $10 beers and $15 drinks...fucking Meatpacking District. Also sucks balls trying to bet football during the day on Sat/Sun with a raging hangover. Quote Link to comment Share on other sites More sharing options...
maron Posted November 7, 2014 Report Share Posted November 7, 2014 I don't need many material things to be happy. It has simplified life a lot for me. This is understated..BIG Time When I worked for other people as a skilled tradesman...the work was a ton for months/years on end and then nothing for a while. You hardly felt human working all those hours...find yourself spending money on things that were just so wasteful because you wanted to break the rut. Then when the lulls came..you could not relax because you gripped after two weeks about when it would end. Now I do what I like and live a lot more frugally...acquired skills for SHTF and just enjoy a lot more... besides one divorce can wipe out all that hard earned money Quote Link to comment Share on other sites More sharing options...
Guest ChrisHarvard Posted November 7, 2014 Report Share Posted November 7, 2014 Love the topic. Thank you, buddy I appreciate that. I try to contribute to the forum. That is basically what TGF is all about and what sets this forum apart from others. When I am not posting sports plays, I'm hoping to talk about money (and personal growth) in one way or another. We are a community; we all want to win. Quote Link to comment Share on other sites More sharing options...
Sol Diabler Posted November 7, 2014 Report Share Posted November 7, 2014 Sat/Sun with a raging hangover. You were doing it wrong. PM King Kolzig for great tips on how to avoid these situations in the future. All while still being able to get blasted out of your mind the evening before. Quote Link to comment Share on other sites More sharing options...
Guest ChrisHarvard Posted November 8, 2014 Report Share Posted November 8, 2014 yes yes didn't really grow up till I was 27 still smoke weed i live in British Columbia i think its the law always saved for my retirement automatic withdraw monthly don't even miss the money like mike said its the little things that kill your cash bring a lunch to work,pay your bills on time,fix or do whatever you can yourself instead of paying someone to do it. Goodluck Thanks dingo. I will think it over. Quote Link to comment Share on other sites More sharing options...
Guest ChrisHarvard Posted November 8, 2014 Report Share Posted November 8, 2014 save save save max out 401k while you're in a high tax bracket, when you take it out you can go 10-20k/year and not pay tax on it. another thing people don't think about when they go the roth ira route instead (no immediate tax deduction) is that they might move to a state with no income tax. so joe public in wisconsin puts money into roth instead of traditional ira/401k, costing himself the immediate 32% or so savings. now he retires to florida and takes it out "tax-free" when it was going to be tax-free to the state anyway, and maybe he would pay 10-15% on the federal... the people that don't care about small amounts of money never end up with big amounts of money. if you make 50k, find a way to save 10k of it. if you make 100k save 20-30k of it. might make the difference between working until 70 and retiring at 55... Solid too! Quote Link to comment Share on other sites More sharing options...
joeybagadonuts Posted November 8, 2014 Report Share Posted November 8, 2014 No. I might be worse at an older age. I'm horrible with money. I like spending it much more than saving it. Quote Link to comment Share on other sites More sharing options...
tripp Posted November 8, 2014 Report Share Posted November 8, 2014 I've never been good at saving, like going out and spending too much. Never even bothered opening up a TFSA till this year. Trying to be a little more responsible in terms of looking towards the future. I'm still young though, something like retirement is the last thing on my mind Quote Link to comment Share on other sites More sharing options...
Guest ChrisHarvard Posted November 8, 2014 Report Share Posted November 8, 2014 I recall hearing at age 22 someone putting away just 1k/year could retire rather early with 1 million clams. Not too shabby. Quote Link to comment Share on other sites More sharing options...
joeybagadonuts Posted November 8, 2014 Report Share Posted November 8, 2014 I recall hearing at age 22 someone putting away just 1k/year could retire rather early with 1 million clams. Not too shabby. Lol. No. You really should change your name to "highschooldroppoutchris" Quote Link to comment Share on other sites More sharing options...
Guest ChrisHarvard Posted November 8, 2014 Report Share Posted November 8, 2014 Lol. No. You really should change your name to "highschooldroppoutchris" I didn't even give an age, I said "rather early"... Joey, is there anything you are good at besides being a fucking prick? Quote Link to comment Share on other sites More sharing options...
Guest ChrisHarvard Posted November 8, 2014 Report Share Posted November 8, 2014 It's certainly not sports gambling. All you do is spew hate and bullshit. Just shut your mouth. Quote Link to comment Share on other sites More sharing options...
joeybagadonuts Posted November 8, 2014 Report Share Posted November 8, 2014 No offense , pal , but you know nothing at sports betting. Ok, ill humor you. If you were to save $1k a year for 40 years even with an 8% par you'd still only have $300k. At 10% you hit around half a mill. Mind you this is after 40 years. So not exactly an early retirement Quote Link to comment Share on other sites More sharing options...
Dingo Posted November 8, 2014 Report Share Posted November 8, 2014 20 dollars a week for a year(1040.00)@ 5 % would equal 131,913.00 in 40 years Quote Link to comment Share on other sites More sharing options...
Guest ChrisHarvard Posted November 8, 2014 Report Share Posted November 8, 2014 No offense , pal , but you know nothing at sports betting. Ok, ill humor you. If you were to save $1k a year for 40 years even with an 8% par you'd still only have $300k. At 10% you hit around half a mill. Mind you this is after 40 years. So not exactly an early retirement If I'm wrong, I'm wrong. No need to be a fucking asshole. Joey, I want to be your friend, don't be a dick. Obviously, if I knew the right path for retirement I would not have asked the community. Quote Link to comment Share on other sites More sharing options...
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