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Thread: Richness?

  1. #21
    Administrator dodint's Avatar
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    I should note that I don't plan to ever 'retire' in the sitting on the porch sipping a beer watching sunsets kind of way. Retirement for me means quitting my 'corporate' gig and working for myself in a way that I can dictate my workload. Whether that is a small boutique law firm or a race car rental agency, who knows for now. I have about 20 years to figure it out.

    I can't just do nothing, I would go insane.

  2. #22
    Jedi Cam's Avatar
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    Art.

  3. #23
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    Quote Originally Posted by Leon View Post
    I managed to do that okay, given that I've never been on a very good money. But I'm 46 knocking on 47 now.

    Though, to be fair, I'm not sure why I'm bothering given that I reckon it'd take a miracle of some variety for me to get past 65 anyway Old age doesn't usually run in my family.
    Same boat. Never made good money, never saved well, but socked 15% into my 401K for most of my 25 years at the same job And it's been that 401K that's done wonders. And the super shit thing is, in 2009 when the economy collapsed I was supporting my dad in Zimbabwe and my brother who was my roomate and had been laid off, and lowered my 401K contributions to ZERO, when the company stock was super cheap. I would have been buying 5 shares a paycheck at 15% (company stock,) but I was trying to be a responsible adult. Then, I only realised about 4 years later that my 401K contribution rate was 4%. Da fuq? It was only 4% because I had set it to 1% auto increase every year, and it had saved my butt a little bit. I jacked that shit back up to 15% quickly but by then the stock was healthy.
    Now I can't even buy one share a paycheck it's gone up so much. December '18 to December '19 it went up 50%.

    And my brother reminded me of my mortality, even though theoretically I should outlive him (i eat healthy and exercise. He, ... um, ... doesn't.) Came home on night from one of my 30 mile bicycle rides, sweat gleaming on my skin, hormones coursing through my body, feeling good with that slight high that exercise gives you. I was taking off my gear (2 bachelors in one apartment; the bicycles lived in the dining room and there was no dining table) and trying to get him to change his behaviour and exercise and eat better and trying to explain how great I was feeling and of course there is the sense of accomplishment because riding 30 miles/ 50km isn't a walk in the park, and how he was leading himself to an early grave, and so on and so on, and he was sitting on the couch munching on a giant burrito from a nearby 24 hour fast food joint. He waits for me to finish, continuing to eat his heart attack in a tortilla (yeah, that's how he made em, all meat and cheese or soemthing) and then says " you ride your bike on public roads 3- 4 times a week, you play rugby, you're always out and about. you could be hit by a bus tomorrow and be dead, while I continue to live until i'm seventy! You could break your neck tackling someone and be a vegetable for the rest of your life, while i'm a fattie walking around for the next thirty years."

    Shut me down completely.

    But, I decided then and there that I would enjoy one thing everyday. Even if it was a small thing like a slice of cake. Everyday, enjoy one thing. Because life isn't promised.

    Anyway, regardless of your family history, you have to plan as though you will live past expectations, and live as though you may not.

  4. #24
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    Quote Originally Posted by dodint View Post
    I should note that I don't plan to ever 'retire' in the sitting on the porch sipping a beer watching sunsets kind of way. Retirement for me means quitting my 'corporate' gig and working for myself in a way that I can dictate my workload. Whether that is a small boutique law firm or a race car rental agency, who knows for now. I have about 20 years to figure it out.

    I can't just do nothing, I would go insane.
    Travel. I'm doing what I can now, but man if I had nothing to do, and money, i'd almost never be home.

  5. #25
    Administrator dodint's Avatar
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    Yeah. That's what's appealing about the solo firm or race car thing. Seasonal-type work where I can dictate my own schedule.

  6. #26
    Senior Member Leon's Avatar
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    Yup, I'd consider having a hobby-business, rather than doing nothing, once I hit retirement age (and assuming I actually retire at that point).

    But for now, I really need to keep being a grown up, and trying to put money away, so that I'm not on the bones of my bum, come retirement age*

    *unless I die disclaimer goes here.

  7. #27
    What does the Bat say? Jason's Avatar
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    My hope for retirement is to go off into the mountains and live/hike/wander there as much as my body will let me. But considering my joints are already falling apart, I'm not really sure what my future holds there :/

  8. #28
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    Quote Originally Posted by neanderthal View Post
    Anyway, regardless of your family history, you have to plan as though you will live past expectations, and live as though you may not.
    Wise and very agreeable advice. Very rare that we agree...

    Still, I think IMOA has planned out his life the best so far!

    I also agree with the general sentiment of kissing traditional retirement good bye. Ideally, we can find stuffs that interest us and continue to not only make ourselves useful but also be able to enjoy them.

    Who cares about being Rich? Who wants to be speedpimp anyways?
    Last edited by Crazed_Insanity; February 22nd, 2020 at 05:35 PM.

  9. #29
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    Quote Originally Posted by Jason View Post
    My hope for retirement is to go off into the mountains and live/hike/wander there as much as my body will let me. But considering my joints are already falling apart, I'm not really sure what my future holds there :/
    They're doing really fantastic stuff with stem cells, for hips and knees. I first heard about it a few years ago as an experimental study in Australia. They're doing it here now but it's generally not covered by health insurance as it's still not FDA approved (is it FDA?) and considered experimental medicine. $3000 a knee.

    Seriously, look into medical tourism. India has fantastic medical facilities at 1/10th the price you'd pay here (of course you have to fly to India, but they put you up in a 5 star hotel with assistance, for recovery) and of course right now with corona virus ... Maybe make a 5 year plan to get both knees done by then? I assume it's your knees coz you used to hoop a lot.

    My buddy was talking to me about this yesterday! He's got really jacked up knees and it's getting worse. He has to strap up like a mummy when he wants to play soccer.

  10. #30
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    Quote Originally Posted by IMOA View Post
    I have three main pillars to retirement planning

    1 - Superannuation (tax effective retirement saving so kinda sorta like 401k). I was a bit slack earlier in life but catching up now and aiming to have about 2m Aussie in this when I retire, thats my main vehicle for retirement saving. For kiwi, just save early, save often and shove it into growth funds. Don’t try to pick stuff, you’ll cock it up more than you’ll get it right

    2 - GT Porsches. Over 20 years these increase in value and are tax free. And fun. Wooooooo

    3 - Girlfriend is 20 years younger than me. By the time I retire she’ll be in peak earning phase and I can be a kept man with GT Porsche’s to play with and enough income to buy the drinks.

    I can’t see what could possibly go wrong
    Super is compulsory here, your employer plays in, but you can add extra. I have a decent one (but not 2M!)
    My Porsche is holding value - maybe even better than the GT4. But Im using it and adding miles - probably more so than any other Spyder in the country and Id guess a lot more than IMOAs GT4 (he who is never in the country!)

    I live cheaply (tyres and brake pads aside) - and have a small part time job to help my retirement, although its mostly about getting me out of the house.

    In the end - its nice to have "comfortable" amount of money, but dont sacrifice too much of the "here and now" just to have a few extra dollars later. You might not last that long or might not be able to enjoy it how you wont.
    Conversely - dont spend it all now and go "Ill worry about that later" - you dont want to be forced to work into your 60s just to stay alive.

    Enjoy today, but make sure you can also enjoy tomorrow.

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