Blues Man
Diamond Member
- Aug 28, 2016
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$5 a day. 150 a month
150 a month saved for 20 years earning a conservative ROR of 8% is $85373
Lost opportunity costs a lot more than the coffee
Do you have Earning Assets?
- Thread starter sealybobo
- Start date
150 a month saved for 20 years earning a conservative ROR of 8% is $85373
Lost opportunity costs a lot more than the coffee
You put HALF of that into an IRA calculator, and I bet you would come up with reasonably nice retirement fund. Maybe not enough, but a significant amount. .
- Thread starter
- #43
Because of you guys, today I just got a $2 medium instead of $2.50 xl coffee. I just took my last sip. Even if I just cut back like this the savings will add up.
And this weekend my millionaire buddy and I went out on our Ebike ride. We stopped for lunch. Each time we stop I tip over 20% and he tips 20%. So I decided from now on, I'm tipping 20% no more. Unless they are exceptional or super cute. Otherwise, why should I over tip? This is probably how he saved so much.
And he still goes on snowmobile trips, golf's all the time, etc. So he does spend A LOT. Just where he can, he saves. I have had the best job of my life the last 7 years so I haven't been frugal. I'm maxing out my 401K and I save an additional $20,000 a year in stocks but beyond that I haven't been watching my spending. I've had some bad years and I need to make up for lost time. I keep telling myself how much more money I will have in 10 years if I stop smoking but I haven't been able to kick the habit yet. So not only am I shortening my life, I'm adding to the amount of years I have to work. Now that's stupid.
1. Playing catch up I understand.
2. You are still smoking? Your number one priority has to be to stop immediately.
3. BUT, don't go crazy. Enjoy your life now. Don't plant to start living when you retire.
Blues Man
Diamond Member
- Aug 28, 2016
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I was hoping you would say you bought $20 coffee maker and a travel mug.
- Thread starter
- #46
I have a great life and don't mind working really. Of course like everyone, I wake up and wish I didn't have to. But when you don't have to anymore, maybe you don't want to retire because you want a little cushion just in case.
One reason I'll probably work a little longer than I HAVE TO is I'm going to either want to buy an RV or a condo in Florida. If it weren't for that I could retire sooner. Or when my family goes to Greece because one of my nephews is getting married in Greece, I don't want to be the guy who says I can't afford it.
I live on a lake. I work from home. I get to get off early almost whenever I want. I can work from Florida or up north or anywhere I have internet connection. I have an Ebike every Sunday I go on these cool rides. So I'm having a great time. And to be honest, I need to stop wishing my 50's away and looking forward to being 62 when I can retire. Fuck that right? It's better to have a job you like and be 50 than it is to be 62 and retired. IMO.
On another note, a week ago my one nephew went back up at Michigan State. Parents dropped him off at his new apartment with 3 roommates. He's in a frat. OMG I was so jealous. Same day his 16 year old brother brought a bunch of friends on my boat and they had cute girls with them. I couldn't decide who I'd rather be. Then I decided I'd rather be the younger one. Because he is only 16, having a blast, and soon he will be in college. So if I had to pick, I'd pick the younger one who's still having a great childhood and in a few years he will be in college too so he's got it all.
- Thread starter
- #47
Not yet but I'm going to.
MarathonMike
Diamond Member
sealybobo Awesome! Once you get a mindset of "paying yourself" instead of paying the coffee shop or the tobacco barn or whatever you are well on your way. And certainly for your health kicking the smoking habit is huge beyond how expensive cigarettes are. What good is wealth if are chained to an oxygen bottle?
- Thread starter
- #49
One time I started rolling my own cigarettes. Saves a lot of money but they suck. But yes, I need to quit.
My dad tried that too, to save money.
I would not say that he died young, but he certainly died badly.
I can count on one hand the number of cigarettes I have smoked. And have several fingers left over for a number of obscene gestures (if needed).
Anathema
Crotchety Olde Man
You’re right that it’s not hard. However, some of us don’t plan to ever retire, but be carried out of our jobs feet first; so it’s a waste to put that money away for a future that will never come.
MarathonMike
Diamond Member
I get that, there are many people who enjoy what they do and/or the structure that work provides for their life. It definitely has taken me a couple years to adjust to a non-scheduled life but it suits me. My wife on the other hand will be climbing the walls (and probably driving me nuts) when she retires!
Anathema
Crotchety Olde Man
Someone once asked me what size retirement house I wanted. “72 square feet” I told him. He looked surprised. “a 3 foot by 4 foot by 6 foot coffin” I explained.
Crepitus
Diamond Member
- Mar 28, 2018
- 94,237
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Of course. It's the only way anyone can really retire.Earning assets include stocks, bonds, income from rental property, certificates of deposit (CDs) and other interest or dividend earning accounts or instruments. They can provide a steady income, which makes particularly useful for long-term goals such as retirement planning.
The sad truth is that "building asset wealth is currently unattainable for the majority of Americans,” the report stated.
Wealth Income Gap Widens In U.S. Communities With Jackson Hole At The Top
More Americans need a "seat at the table" of the U.S. economy, urges troubling new report by the Economic Innovation Group.www.huffpost.com
Earning assets include stocks, bonds, income from rental property, certificates of deposit (CDs) and other interest or dividend earning accounts or instruments. They can provide a steady income, which makes particularly useful for long-term goals such as retirement planning.
The sad truth is that "building asset wealth is currently unattainable for the majority of Americans,” the report stated.
Wealth Income Gap Widens In U.S. Communities With Jackson Hole At The Top
More Americans need a "seat at the table" of the U.S. economy, urges troubling new report by the Economic Innovation Group.
Yes. I have rental property. My 401K gets a few K in dividends every quarter to add to the eventual kitty per my statements. I own some government bonds I bought when I was a babe in the woods only because I haven't figured out my username and password at treasury direct to cash them out.
