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(Time)   How much money you should have saved by ages 15, 25, 35, and 50. In this economy, though?   (moneyland.time.com) divider line 256
    More: PSA, Oregon Trail  
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26340 clicks; posted to Main » on 01 Oct 2012 at 3:01 AM (1 year ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2012-10-01 06:24:27 AM
I don't understand how people claim they "can't" save money if they make 30k plus. I will grant leeway for those who are genuinely hovering around the poverty line because that's a tough situation.

I am really curious as to how everyone manages to not have any money what so ever to put into a savings/retirement account? I have a mid 40s/year job with 80k in student loans, live by myself and own things that I would consider luxuries (tablet pc, gaming pc, ps3, internet service, etc.) as well as a 401k that is currently at about 90% of my yearly salary at the age of 31 (modest mid 40k range).

I also am capable of putting away 100 bucks a month into a rainy day/bill payoff type fund that also serves as overdraft for my checking account which I am currently using due to bills incurred from being hospitalized for 2 weeks in August.

I've still got a lot of student debt and am far from comfortable but I really don't understand how people are in such a terrible place financially that they have absolutely zero money to put away for themselves. I really would just like to hear people's stories as most people I know who claim "no money" also are wearing a new pair of shoes every time I see them or spend 300 bucks a month on eating out or buy every new blu ray released or whatever their pleasure is. Just curious I guess.
 
2012-10-01 06:26:10 AM
I can't save any money because my greedy, selfish coont of a mother is too good to work for a living and instead expects to mooch off of me for the rest of her life, and I am far too polite to slit her throat in her sleep.
 
2012-10-01 06:33:19 AM

wademh: sidcart42: P.S. From the article:

"If a wagon train averages 10 miles a day for the first half of the Oregon Trail, how fast does it have to travel the second half to average 20 miles a day for the entire journey?"

The knee-jerk response is, naturally, 30 miles a day. But, as you might imagine, that wouldn't be worth writing about and isn't even close to correct. The blog continues:

"If the trail is 2,000 miles long, to average 20 miles a day you would have to travel the entire trail in 100 days. But if you averaged 10 miles a day traveling the first 1,000 miles, you would have already used up 100 days. You would then have to travel the second thousand miles instantly to overcome your slow start."

That might be apparent to a mathematician.


My knee-jerk response was that the problem presented had none of the information necessary to answer it. Something I'd imagine would be as apparent to a mathematician as some random blogger.

It had everything you needed to answer it.

If you spend If you want to average some velocity, but you travel at half that speed for half the trail, you will have consumed your total time. Velocity is Distance over Time If your target velocity is X/Y but you travel at 0.5 of X/ Y for 0.5 Y you take X time. A modestly intelligent 7th grader should be able to answer that.


dude there is no total time to consume
the time to complete the action and actualize a desired result is in no way fixed
am I missing something here?
 
2012-10-01 06:34:18 AM

Bigdogdaddy: I don't have a lot of adice on saving, but one thing I did learn (at a loss of $30K) is do NOT just put your money in a 401k or IRA and expect some nucklehead to earn you money with it. Once they have your money, they don't give a good goddam. Harass the shiat out of them and keep an eye on what you have.

/scum
//all financial planners


Let me guess, you sold at the bottom and locked in your losses against the advise of your financial planner.
 
2012-10-01 06:36:35 AM

RexTalionis: Bontesla: I'm 27 and this is the first time that I earn enough to invest substantially. I'm ridiculously thrifty but every time I manage to save a few thousand dollars, I was laid off for several months. I simply could not get ahead.

Now - I have the option to: start a family, plan for retirement, or invest in my home. I don't have the option to do more than one of those things.

Fark you article.

Lawyer, right? Power to you, the economy is rough on new attorneys.


Cost Analyst, actually. I started out as a minimum wage paralegal because I was pre-law but ultimately decided against it. I ended up working for a company that compensated very poorly (despite 13 promotions, I was making literally half of what other cost analysts make). But without that experience - I never would have landed my current job and it's my dream job.
 
2012-10-01 06:44:00 AM
never mind
i got it
I'm stupid

the comparison still seems weird to me
 
2012-10-01 06:46:33 AM

noneyourbase: OK, wise Farkers -

I'm a grad student. I'd like to open a mutual fund, because the $0.25 interest rate just isn't cutting it, frankly. What should I read? How do I start?


I opened a Roth account with Charles Schwab. When you purchase stocks - they kill you with transaction fees (at almost 9 bucks a pop, it's one of the more expensive options). However, I wasn't charged a single fee for any of my mutual funds and they're performing quite well.

Schwab is great for stock and bond selections - they have both domestic and foreign options. Their filtering and search system is pretty terrific. It was free to create my account and I haven't paid any annual fees.

But their reporting tools exclude the transactional fees so they tend to overstate your actual profits. A simple Excel sheet helps me calculate my actual profits and allows me to calculate how many stocks I need to purchase to cover the $20 I will spend in order to cover the transaction fees (I always assume a conservative increase of 5% at its highest point).
 
2012-10-01 06:46:45 AM
i had a nice 401k till my divorce. it got lost.
then i rebuilt it, and then had to go back to court. lost it again.

3 years ago i moved to switzerland and got on board my company's fantastic pension scheme, and dribble into the US IRA a bit at a time. Saves about 2k a month. Socked away as much as the other two pt together.

here i get 80% of my salary if i get laid off for up to a year, i dont worry as much about what happens if i get laid off. this means i dont keep as much cash on hand because getting 7k unemployment a month were it to occur here in zurich vs 450 a week in California is a slight difference.

isnt it awesome how the american system has put all the burden of everything onto the workers?

You get fired? too bad. no liveable unemployment for you, you lazy socialist.
You wanna retire didnt save with discipline on your own in a crazy unstable american stock market? Too bad, you lazy socialist.
 
2012-10-01 06:47:48 AM
what can people do to save in their current situation?

There's actually a really easy step to take - cohabitate. During my first job, I made about 30,000 after taxes. I found a large townhouse, and went on Craigslist to find roommates. When you split your rent 2 or 3 ways, it's amazing how much extra money you end up having lying around at the end of each month. I managed to pay off my car in 1 year, and still save a few thousand dollars out of an already small income. If you have a family, you'll have to go with something bigger, probably a 4-5 bedroom single family home, and you'll have to look for roommates that are OK with that (might look at other families in similar circumstances), but it's worth the trouble.

Cohabitating isn't glamorous, but it saves you SO MUCH MONEY. Suck up your pride, restrain your urge to be a typical American and spend on things you don't need, and save oodles of money.


THIS. Used to be the norm, back in the day: renting a room when you were just starting out in life, renting out extra rooms when you needed income. DIL and son are renting an extra house we own. We save $$ by not paying management fees, they get a nicer place to live than they could ever afford on their own. It's a 5 bedroom house, so they rented out 2 of the extra bedrooms, and that pays their entire rent to US, leaving them only utilities, (and they are ahead in that too, as their "room rental" pays towards utilities, too). The kids have paid off every debt they owed, finished grad school, saved well over their combined incomes, and now that they have great jobs, refuse to kick out the renters, because they are now their 'house family'. I recommend it to everyone.
 
2012-10-01 06:48:27 AM
I work at a factory that actually has a very skilled labor force that they cannot Readily replace and they know that. They take pretty good care of us considering. Promote from within before hiring from outside for high paying salary jobs and have pretty decent benefits, and we have extensive retirement and investment plans available to us. They make sure we know at every quarterly benefits meeting to take advantage of the match up to 6 percent on 401k and stock options.
 
2012-10-01 06:52:53 AM

noneyourbase: OK, wise Farkers -

I'm a grad student. I'd like to open a mutual fund, because the $0.25 interest rate just isn't cutting it, frankly. What should I read? How do I start?


buy a bunch of guns.

guns are awesome investments. they never lose value. i have a rifle and militaria collection (helmets bayonets swords uniforms a few medals..) and the value of this stuff has WAY out performed the 401k. And if you get a divorce your ex wont want it. :)
 
2012-10-01 06:55:25 AM
I invested in Magic: The Gathering cards from pre-4th Edition, rare video games and consoles and Marvel comics from 1988 to before.

Apparently, I was smarter than those doorknobs on Wall Street.
 
2012-10-01 07:07:33 AM

zepillin:
dude there is no total time to consume
the time to complete the action and actualize a desired result is in no way fixed
am I missing something here?


Apparently. You are given some constraints. You have to travel some distance, call it X in some time, call it T.

You have to travel it at some velocity V. The convention is that the average travel speed (V) is X/T.
You can travel faster or slower some days but ultimately you have to get there in time T.

You are told that you travelled the first half of the distance at 0.5V. This allows you to calculate home much time you have taken so far on your trip. You have travelled 1/2 X at 1/2 V.
The answer should be obvious but let me make it more obvious. If you travelled at half of the target velocity for the whole distance, you obviously would have taken twice the target time. You only travelled have the distance though so instead of twice the target time you have consumed .... the whole target time.
 
2012-10-01 07:09:15 AM

Bontesla: I'm 27 and this is the first time that I earn enough to invest substantially. I'm ridiculously thrifty but every time I manage to save a few thousand dollars, I was laid off for several months. I simply could not get ahead.

Now - I have the option to: start a family, plan for retirement, or invest in my home. I don't have the option to do more than one of those things.

Fark you article.


Same here, I'm 31 and finally make enough to put in to a 401K (let alone have a job good enough to match a contribution) and I finally opened a savings account. Before I was active duty Army (and not smart with money) then in college and then graduated right as the economy took a nosedive. I was almost homeless, saving 20% of my income was not an option. I'm doing better now but I don't plan on retiring unless I get a federal job with a retirement plan.
 
2012-10-01 07:11:33 AM
I was hoping Obama would implement those death panels so I wouldn't have to save for retirement.
 
2012-10-01 07:12:15 AM
Once again, the conservative, sandwich-heavy portfolio pays off for the hungry investor!

/oblig
 
2012-10-01 07:17:49 AM
Remember, it's a Long Con.
Got to keep the goalposts motorized and keep that carrot stick fresh and long.

In a country where half the people make $35K or less, how reasonable, realistic, or even practical is this?
Here's a hint: IT'S BULL SHIAT. There's your answer.

You've been robbed and bamboozled, people.
 
2012-10-01 07:17:55 AM

noneyourbase: noneyourbase: OK, wise Farkers -

I'm a grad student. I'd like to open a mutual fund, because the $0.25per year interest rate just isn't cutting it, frankly. What should I read? How do I start?

FTFM


look into no-load, indexed mutual funds.

/Bill Silber called index funds a financial innovation that has actually benefited society
 
2012-10-01 07:25:36 AM
I'm not on track. But I'm not enthused about retiring at 65 or 67. Most of my family dies at 70. Why save save save just for 3 years of golden years.
 
2012-10-01 07:27:44 AM

noneyourbase: OK, wise Farkers -

I'm a grad student. I'd like to open a mutual fund, because the $0.25 interest rate just isn't cutting it, frankly. What should I read? How do I start?


70% of mutual funds underperform the S&P 500 (and charge much more for the privilege.) Just buy a cheap (in terms of management fees) index fund and call it a day. VTI would be a good choice, as it gives you broad exposure to pretty much everything. Try setting up a Sharebuilder account and just throwing in whatever you can realistically afford out of each paycheck. Have it set to buy a chunk whenever you have $400 in the account so the commissions are minimal.
 
2012-10-01 07:29:23 AM
noneyourbase
OK, wise Farkers -
I'm a grad student. I'd like to open a mutual fund, because the $0.25 interest rate just isn't cutting it, frankly. What should I read? How do I start?

Read A Random Down Wall Street 
Open an Account at any brokerage. If you don't have the minimum (say $2500), look around for a brokerage that will waive the minimum for students.
Buy an index fund.
 
2012-10-01 07:29:33 AM
My 401k is with Vanguard. Those guys are always making these wild assumptions and using savings models that encourage you to invest more with them (they call it saving). Vanguard shaves quite a lucrative cut off all your investments (around 2.5% per fund), so the more you invest, the more they make. If you lose, they win. If you win, they win bigger. So when it comes time to gamble, they gamble big.

With your money.

/Don't worry muppet, they have your best interests at heart.
 
2012-10-01 07:31:19 AM

Lt_Ryan: trying to live like someone on TV


You could have just written that and have nailed The American Problem.
Life isn't teevee. But most of us think it is.
 
2012-10-01 07:35:53 AM
So if you live like a pauper, you can retire like one too!

30 years of tickle down rules!
 
2012-10-01 07:36:16 AM

noneyourbase: OK, wise Farkers -

I'm a grad student. I'd like to open a mutual fund, because the $0.25 interest rate just isn't cutting it, frankly. What should I read? How do I start?


Start by not getting financial advice from an internet message board. I would especially avoid putting all of your money into firearms, but then again I'm an anonymous poster just like everybody else.
 
2012-10-01 07:38:43 AM
My retirement plan. Three quarters of the way there, if I may boast.

√ Birth
√ School
√ Work
Death

/if boasting is not allowed, please disregard
 
2012-10-01 07:42:45 AM

BMFPitt: noneyourbase: OK, wise Farkers -

I'm a grad student. I'd like to open a mutual fund, because the $0.25 interest rate just isn't cutting it, frankly. What should I read? How do I start?

70% of mutual funds underperform the S&P 500 (and charge much more for the privilege.) Just buy a cheap (in terms of management fees) index fund and call it a day. VTI would be a good choice, as it gives you broad exposure to pretty much everything. Try setting up a Sharebuilder account and just throwing in whatever you can realistically afford out of each paycheck. Have it set to buy a chunk whenever you have $400 in the account so the commissions are minimal.


This is generally good advice, but you want to get some exposure outside the US and at your age you should be overweight the riskier sectors of the world economy, think small capitalization stocks (Russell 2000 index) and emerging/frontier markets. An allocation to commodities and junk bonds wouldn't be a a bad idea either.
 
2012-10-01 07:47:26 AM

BlackDebbie: I don't understand how people claim they "can't" save money if they make 30k plus. I will grant leeway for those who are genuinely hovering around the poverty line because that's a tough situation.

I am really curious as to how everyone manages to not have any money what so ever to put into a savings/retirement account? I have a mid 40s/year job with 80k in student loans, live by myself and own things that I would consider luxuries (tablet pc, gaming pc, ps3, internet service, etc.) as well as a 401k that is currently at about 90% of my yearly salary at the age of 31 (modest mid 40k range).

I also am capable of putting away 100 bucks a month into a rainy day/bill payoff type fund that also serves as overdraft for my checking account which I am currently using due to bills incurred from being hospitalized for 2 weeks in August.

I've still got a lot of student debt and am far from comfortable but I really don't understand how people are in such a terrible place financially that they have absolutely zero money to put away for themselves. I really would just like to hear people's stories as most people I know who claim "no money" also are wearing a new pair of shoes every time I see them or spend 300 bucks a month on eating out or buy every new blu ray released or whatever their pleasure is. Just curious I guess.


Well, I can give you an old friend's story for example, what you'll make of it I don't know.

He had income and student loans and lifestyle similar to yours, was being fairly sensible and had some savings (more the rainy-day variety than retirement funds I believe). But then his employer went under, he depleted savings and got into credit card debt while unemployed, got a new job and spent his money trying to get out from under the credit cards while the car broke down and his pet incurred nasty vet bills, then got laid off and with minimal savings was in worse shape than the first time out of work. Rinse and repeat. Health problems and shiatty insurance didn't help. Nor did living in an expensive city. Is more or less back to even, I gather, but it's pretty late in the game now.

/after all, you're capable and fortunate and still in negative territory
 
2012-10-01 07:49:01 AM

stuhayes2010: I'm not on track. But I'm not enthused about retiring at 65 or 67. Most of my family dies at 70. Why save save save just for 3 years of golden years.


I think I've had less than five people in my family tree that have lived to retirement age. We die very young. And given my plethora of health problems (I actually should have died five years ago), I'm more of the "quality over quantity" type.

But really, proving my doctors wrong each year is worth more than any dollar amount.

/never mind that I can't work
 
2012-10-01 07:49:41 AM

xl5150: browntimmy: Let the people working for you know how little you think of them and let's see what happens to you.

Oooooh, what are they going to do? Quit and look elsewhere for a $7-an-hour job? When your job can also be done by a monkey, you don't get the luxury of dignity. You have to take what you can get because you're unskilled.

I mentioned on a thread recently that I'd fired my personal assistant. It happened on Labor Day, so the irony makes it stick out in my mind. He asked me for a raise so I fired him. Within a few days I had a new personal assistant who is just as good as the old guy and I'm paying him $50 less a week. That's just how it works when there are a lot of other people out there who can do your job as well as you can and they're willing to do it for less money. I think I did a good job of letting the people working for me know how I feel there, and you can see how it worked out for me--I have an additional $50 in my pocket each week. Not too shabby.

I know you unskilled workers always look toward that scene in Fight Club where the unskilled workers give the big speech to the upper-class guy about how they do all the dirty work and how he shouldn't mess with them. Well, guess what--that's a movie. We live in the real world, and in real life, when there are many more people able and willing to do the exact unskilled job that you're performing, then you don't get to biatch about it because it's easy to replace you.


I didn't realize trolling paid so well, that you could hire an assistant. I would suggest that you make sure to save up all you can, from the quality of your work, you will need that money to pay for your Keystone light supply.
 
2012-10-01 07:54:32 AM

Generation_D: These charts got completely destroyed in the 2008 meltdown. I know people who lost over 100K off their 401(k) in 3 months. Not to mention equity off property bought years before.

In short, steady state investment sounds nice til we let the criminals run the investment firms.


This happened to me. ( well, slightly under $100K). I also got laid off that year, after 15 years of solid, full-time employment.

/ still haven't forgiven the Bush administration for f**king things up domestically...
 
2012-10-01 07:58:34 AM
That might be apparent to a mathematician.

Anyone with a high school education should be able to figure it out. Should.

Start at age 15, and you need to save 8% of annual income for life.

Dude, when I was a teenager I was still mowing lawns and washing cars. I don't think saving ANY of the several hundred bucks I'd earn in any given year would've made much of a long-term difference. And what sort of investment returns are they assuming here? Do they account for the fact that the banks halve your net worth every decade?

The point isn't so much the precise nature of the savings rates cited, but how delaying even as little as five years changes the calculus.

Note to thread: Don't listen to someone who has no idea what calculus is.

Tat'dGreaser: I'm doing better now but I don't plan on retiring


I hear that a lot. Here's some advice. Just before you start a workday, have a strong buddy whack your knees -- both of them, as hard as he can -- with a metal bat. Repeat until you hear your kneecaps crack. Then one more blow to the back of the head. Bonus if you black out. As soon as you come around, immediately go do your 9-to-5 or 8-to-6 or 7AM-to-midnight or whatever. No painkillers; that's cheating. If you think that sucks, you're not ready to work when you're old. Retirement isn't a choice. Before FDR's Social Security Act, with very few lucky exceptions, old people would die miserably in inescapable poverty because they were unable to work. The body and mind start to break down until you can't get hired at any price.

stiletto_the_wise: Don't fall for that stock or mutual fund crap. Here is the voodoo they give you: "just keep handing us your money, and ONE DAY the magic of COMPOUND INTEREST will start happening!" Well, I've been saving for about twenty years and, added up, still have little more than what I put into it.


Same here. They do absolutely nothing to protect you from those downturns that wipe out your investment accounts. If anything, those downturns are when they soak you so they can get out with their own bags of money. Don't be seduced by the word "professional". You wouldn't hire a "professional" thief to watch your hard-earned money, but that's basically what you do when you buy a managed fund.

My generic advice -- keep it simple. Don't try to outsmart a rigged game. Sure there are ways to invest like a pro, but if you're not going to do your own gallbladder surgery, don't try to get rich by pretending you have expertise. Sure you can make a lot of money quickly, but you can also LOSE a lot of money quickly. Recently I saw a guy try to make $200k out of $1500 in a few weeks by day trading. He blogged about it. Lost 2/3 of what he started with on his first day. Good luck with that.

Without hands-on financial coaching, I can only advise people to plan and stick to a budget, pay off your debts, and if you have money left over, use a very simple "counterflow" strategy. When you hear the media rave about how the price of X (could be almost anything but real estate was the last one) will "go up forever" and there are reality TV shows being contracted by the truckload on how to get rich instantly by playing in X market, GET THE FARK OUT and buy gold (unless "X" IS gold, in which case proceed to the next step). When the market collapses and people start talking about the End of America and Worst Recession Evar, get out of gold and throw everything back in the index fund until the blind optimism returns. This way you really only need to update your portfolio about twice a decade with plenty of warning, and you'll do a lot better than if you try to get fancy. Just don't try to finesse the timing. It's better to switch early and lose 5-10% over the course of a few months than lose 50-80% of everything you own if you wait too long. This is pretty much how Wall Street cleans out retirement accounts.
 
2012-10-01 07:59:12 AM
Silly poor people!
MONEY IS FOR RICH PEOPLE!!!
 
2012-10-01 08:03:33 AM
An illness in my family has wiped out every last penny of my savings. I'll have to go with the work-till-I-die retirement plan.
 
2012-10-01 08:10:05 AM
if i don't have enough money to retire when i'm 70, i'll just rob a few banks or something. if i get away with it then i'll be set for retirement. if they catch me they'll send me to jail, but i'll be 70 years old so what do i care?
 
2012-10-01 08:10:14 AM
I like how Mitt Romney has a $100 million IRA fund.

That's a hell of a retirement cushion. He may even be able to squeak by on that in his old age.
 
2012-10-01 08:12:37 AM

Private_Citizen: My 401k is with Vanguard. Those guys are always making these wild assumptions and using savings models that encourage you to invest more with them (they call it saving). Vanguard shaves quite a lucrative cut off all your investments (around 2.5% per fund), so the more you invest, the more they make. If you lose, they win. If you win, they win bigger. So when it comes time to gamble, they gamble big.

With your money.

/Don't worry muppet, they have your best interests at heart.


Did someone say muppet?
 
2012-10-01 08:13:54 AM

itsdan: "Saving 100% of your lifestyle sounds impossible, but it is not. If you earn $100,000 after taxes, you must limit your lifestyle to $50,000 and save the remainder. This strategy will allow you to retire at age 65 with a lifestyle of $50,000."

And if you make $50,000 or less to begin with, as most people do?


Hire yourself out as a servant to the wealthy during retirement for a glass of water and crust of bread.
 
2012-10-01 08:16:46 AM

xl5150: itsdan: And if you make $50,000 or less to begin with, as most people do?

Then you should be working at making yourself more marketable so that you can develop a skillset in which you can charge more for your services.


Yep, because there are just so many $100,000 a year jobs floating around out there, right? I mean, if everyone just wasn't so lazy, we could all be millionaires!

You're a farking tool.
 
2012-10-01 08:17:32 AM

FishyFred: itsdan: "Saving 100% of your lifestyle sounds impossible, but it is not. If you earn $100,000 after taxes, you must limit your lifestyle to $50,000 and save the remainder. This strategy will allow you to retire at age 65 with a lifestyle of $50,000."

And if you make $50,000 or less to begin with, as most people do?

Yeah, I clicked on the article forgetting that people have disparate incomes and retirement goals. But 10 percent starting in your 20s is pretty reasonable.

Unpopular opinion: More people should screw around in the stock market. Don't just buy mutual funds. Set aside a little to play around with.


.

It's unpopular because its stupid. The vast vast vast majority of people have no clue about how to judge a companies worth or where it is going, and they certainly have almost no control of emotional impulses.
 
2012-10-01 08:20:44 AM
Im just going to enjoy life, and die young and happy.
 
2012-10-01 08:28:21 AM

evilbryan: xl5150: browntimmy: Let the people working for you know how little you think of them and let's see what happens to you.

Oooooh, what are they going to do? Quit and look elsewhere for a $7-an-hour job? When your job can also be done by a monkey, you don't get the luxury of dignity. You have to take what you can get because you're unskilled.

I mentioned on a thread recently that I'd fired my personal assistant. It happened on Labor Day, so the irony makes it stick out in my mind. He asked me for a raise so I fired him. Within a few days I had a new personal assistant who is just as good as the old guy and I'm paying him $50 less a week. That's just how it works when there are a lot of other people out there who can do your job as well as you can and they're willing to do it for less money. I think I did a good job of letting the people working for me know how I feel there, and you can see how it worked out for me--I have an additional $50 in my pocket each week. Not too shabby.

I know you unskilled workers always look toward that scene in Fight Club where the unskilled workers give the big speech to the upper-class guy about how they do all the dirty work and how he shouldn't mess with them. Well, guess what--that's a movie. We live in the real world, and in real life, when there are many more people able and willing to do the exact unskilled job that you're performing, then you don't get to biatch about it because it's easy to replace you.

I didn't realize trolling paid so well, that you could hire an assistant. I would suggest that you make sure to save up all you can, from the quality of your work, you will need that money to pay for your Keystone light supply.


I'd be willing to bet his 'personal assistant' is his mommy bringing him cookies and milk.
 
2012-10-01 08:31:36 AM
They face an almost impossible task and are destined to downsize their expectations.
And if you have no expectations after the bankers sodomized your accounts well, what then?

crickets

Or, like Mom, save ever spare nickel you can and retire at 65 then die TWO years later from lung cancer.
Thank you, Tobacco Industry

Drink? Smoke? Don't bother saving too too much unless you want to pass it on to your heirs.
 
2012-10-01 08:31:58 AM
1) get raped up the ass every day at work
2) don't smoke smokings bad
3) don't binge drink
 
2012-10-01 08:32:00 AM
"Saving 100% of your lifestyle sounds impossible, but it is not if you earn shiat-loads. If you don't earn shiat-loads, then yes, it's impossible."

/FTFY
 
2012-10-01 08:41:39 AM
Todays MSNBC Money page note. "as gloom pervades economic outlook"


Face it. If you are fairly young in the workforce


....you're gonna retire poor
 
2012-10-01 08:43:32 AM
From the Dilbert guy:

Everything you need to know about financial planning*

Make a will.
Pay off your credit cards.
Get term life insurance if you have a family to support.
Fund your 401(k) to the maximum.
Fund your IRA to the maximum.
Buy a house if you want to live in a house and you can afford it.
Put six months' expenses in a money market fund.
Take whatever money is left over and invest 70% in a stock index fund and 30% in a bond fund through any discount broker and never touch it until retirement.

If any of this confuses you, or you have something special going on (retirement, college planning, tax issues) hire a fee-based financial planner, not one who charges a percentage of your portfolio.
 
2012-10-01 08:48:36 AM

StrangeQ: xl5150: itsdan: And if you make $50,000 or less to begin with, as most people do?

Then you should be working at making yourself more marketable so that you can develop a skillset in which you can charge more for your services.

Yep, because there are just so many $100,000 a year jobs floating around out there, right? I mean, if everyone just wasn't so lazy, we could all be millionaires!

You're a farking tool.


actually, there are. there are loads of jobs like this in the bay area and in los angeles, in technology.

learn to be a project manager if you cant code. Start as a web producer at 65-80k, learn the ropes, get promoted once or twice and jump a few companies and give yourself a 10k raise each time.
 
2012-10-01 08:50:22 AM

dragonchild: Dude, when I was a teenager I was still mowing lawns and washing cars. I don't think saving ANY of the several hundred bucks I'd earn in any given year would've made much of a long-term difference. And what sort of investment returns are they assuming here? Do they account for the fact that the banks halve your net worth every decade?


It's the power of COMPOUND INTEREST!!! See, starting at age 8, You take $500 a year and put it into a savings account that gives a return of say a modest 8% (some market accounts give 10-15%! !!). After 40 years you will have $150,000!! It's so easy, it's a wonder everyone doesn't do it.
 
2012-10-01 08:57:43 AM

xl5150: itsdan: And if you make $50,000 or less to begin with, as most people do?

Then you should be working at making yourself more marketable so that you can develop a skillset in which you can charge more for your services.


Only a minority will make it, so try to be in the minority, and fark everybody else, right? I want the country to be okay. How do we do that?
 
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