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1/25/2018 7:38:29 AM
Posted: 10/27/2001 3:29:10 PM EST
Link Posted: 10/27/2001 3:43:21 PM EST
i contribute the max on my 401k.....all i really have the money to do right now....after my jeep and my bushy get here im going to start doing monthly contributions to my portfolio. its crazy cause i work for a mutual fund servicing company (we do accounting and shareholder servicing for mutual funds) and some folks drop like 5-10k a month into their accounts [shock]
Link Posted: 10/27/2001 3:46:15 PM EST
[Last Edit: 10/27/2001 3:40:38 PM EST by M4Madness]
Link Posted: 10/27/2001 3:49:28 PM EST
Most of my friends are young (under 30) and we all seem to save like the dickens. I typically put 10% into 401k, 5% into corporate stock purchase, and 10% into a savings account automatically. After that, everything else is MINE!!!! This is probably due to the fact that most of the people I know work in the computer technical field, and life has been very good for the past 5 years. But I still plan on saving like that as long as I can. I have other friends.. most of them older, who never got in the habit. They still dont... and I worry about them in the future. The bottom line, tho... is trying to get in a position where you own as much as possible, and owe as little as possible. I try not to carry a balance on credit cards (when possible) and pay off my cars, then continue to drive them. I try to look at it like, if my income stopped TODAY, what would I have? I never want to be in a position where I have nothing... another reason I buy guns! It adds up fast!
Link Posted: 10/27/2001 4:20:35 PM EST
[Last Edit: 10/27/2001 4:16:19 PM EST by ckapsl]
I started saving 25% as soon as I started working 6 years ago. I did well in the last few good years. I put all my money into mutual funds, into 401(k) funds and Roth IRAs. By the way, my bible for saving and investing was: The Wealthy Barber - David Chilton http://[url]www.amazon.com/exec/obidos/ASIN/0761513116/qid=1004231553/sr=1-1/ref=sr_1_6_1/104-7893877-5559914[/url] My bro-in-law introduced me to it, and I highly recommend it - it has really worked for my wife and me. I think that this book should be required reading for every American kid entering high school.
Link Posted: 10/27/2001 4:22:47 PM EST
I save the maximium in my 401K as does my wife. Although because of the stock market, I actually lost more value in the plan than I put in for the quarter, guess I need to find safer mutual funds.
Link Posted: 10/27/2001 4:25:16 PM EST
I put 25% of my take-home income directly into the market. Another 50% is earmarked for a CD which is renewed every 3 months. In a year's time, the cd will be cracked for law school expenses. But, the money in the market is STAYING there unless there's a legitimate emergency. (Medical, financial... NOT for guns unless I can get 5,000 prebans @ $1.00 each.) [:)] Mike
Link Posted: 10/27/2001 5:16:10 PM EST
Link Posted: 10/27/2001 5:35:57 PM EST
Just figured it out, 12.748% of gross salery goes into mutual funds. Of which I now have less value than the dollers I've contributed over the past 9 years!!!!!!!!!
Link Posted: 10/27/2001 5:36:49 PM EST
I personally put $500 into a credit union a week and $200 into a mutual fund that isn't doing much these days and then i put $200 into a savings account and the rest into the checking account.and then i have my penson fund so in about 30 years i should be alright and i'm looking into a few new investments
Link Posted: 10/27/2001 5:39:39 PM EST
When I get a couple of bucks ahead, I buy another gun! I have a real problem! (but a nice collection)
Link Posted: 10/27/2001 5:54:56 PM EST
I put in 11% into my 401 and the Govt adds another 5% for me. [:D] I've been putting the max in for all the years I have worked, 10. I also have mutual funds and some stock funds. Lately I've been spending all my other money on guns and ammo. M16 here, supressor there. lol. Next is a 50 or two. I'd be saving more if it wasn't for the gawd damn taxes we have to pay. [b]Tax Freedom Day to be this Thursday, May 3 2001[/b] Just think about it. All the money you earn from Jan 1 till May 3 goes to the Govt. What a f'n crock.
Link Posted: 10/27/2001 6:03:44 PM EST
When you guys get a little further along, it's a good idea to diversify into real estate. We saved up enough for the down payment and bought a rental house right on the same street as our own home. The rent nicely balances the monthly payments. Of course, investing in real estate is a huge subject by itself. It can take a while to save up the cash for the down payment, but I think it's a prudent thing to do to hedge against the ups and downs of the stock market.
Link Posted: 10/27/2001 6:03:49 PM EST
[Last Edit: 10/27/2001 6:10:32 PM EST by lordtrader]
Well I was saving money. I did not start seriously until about 4yrs ago though. I dabbled before that, but nothing constant or with any type of discipline. However, after taking a paycut to come to TX and being un-employed, I depleted my savings. I don't mean bank acct. savings, I don't have that rates are too damn low. I mean investment wise. I took a distribution out of my IRA rollover. I sold my mutual funds(part of which was suppose to go towards my MP5 once I established residency here in TX) I even had to borrow from my life insurance. And that was only being un-employed for 5 mos. Looks like I'll be behind the 8ball for the next 6mos or so. Lesson learned: Always, always research the company you are gonna be working for. Never move outta state and take a pay cut when you have bills that matches your current lifestyle and income. Never quit your job until you get another one.
Link Posted: 10/27/2001 6:11:29 PM EST
[Last Edit: 10/27/2001 6:07:05 PM EST by pogo]
I put away 166.00 a month into an IRA. Used to put 1K a month into mutual funds that are worthless now. Edit: Company doesn't have a 401 plan as we are considered temporary employees after several years, or I would max out on that as well :(. Instead, I am hell bent to pay off a student loan, truck, etc., everything but the house. Plan B's are alot easier without bills. The problem is that I have to have that lathe & milling machine, those deals I find all the time, etc. Even still, I am making good progress on bills.
Link Posted: 10/27/2001 6:15:02 PM EST
Originally Posted By pogo: I put away 166.00 a month into an IRA. Used to put 1K a month into mutual funds that are worthless now.
View Quote
Stock markets golden rule: [i]BUY LOW, SELL HIGH[/i] [b]not, repeat not;[/b] [i]BUY HIGH, SELL LOW or BUY HIGH, FORGET IT WHEN ITS LOW.[/i]
Link Posted: 10/27/2001 6:18:06 PM EST
it sounds to me that some of you happy gun owners can live and collect guns on 1/4 of your monthly saleries or 1/2 of your income. wow either you guys live in a tent or you gots the bucks. good luck on your retirement. plan to be working and shooting for the rest of my life.
Link Posted: 10/27/2001 6:47:49 PM EST
If every thing goes as planned(and we all know it seldom does) I'm retiring at 45-50. In a worst case I'll work until 55, noway I'm working after that. The thing about compound intrest is it's great when it's working for you, but really sucks when it's against you. I've tried my best to get and stay out of debt, and have done so for the last 2 years. The house will be paid off in 12 years at that time I'll be 38(however I'm thinking more like 8). I've contributed to the 401k sense I was 20, at the current time I put in 6% and the company kicks in another3%. I have a little in a Roth, I wish I could put in more and earn that tax free growth, but things have been tight sense my son was born and the ol lady is a full time mom. Sometimes I see people I went to school with and wonder how they live the lifestyle they do, most of them live beyond thier means and will have to work until thier 60 or later, and with the bills one speed bump in the road of life and they'll be sweating bullets. No thanks I don't need that kind of stress.[uzi]
Link Posted: 10/27/2001 7:14:19 PM EST
Link Posted: 10/27/2001 7:27:40 PM EST
Link Posted: 10/27/2001 7:44:50 PM EST
I put in 4% of my salary to my 401K, and my company matches it. So far I have about $8000 saved. Not very much considering that I am 27, but it is a start. I don't believe that social security will be around when I reach retirement. So I am just planning on working until I am dead. I would like to change careers later on. Maybe build custom .45's or AR's. I am not that good with machining or gunsmithing right now, but I am a quick learner. Live Free
Link Posted: 10/27/2001 7:50:48 PM EST
Link Posted: 10/27/2001 8:10:41 PM EST
$1K a month into either gold or silver. Physical bullion. Whichever is cheaper at the time. Extra $200 a month on the mortgages. Yes, I have a rental property that I bought after working overseas for 4 years with nothing to spend it on (crappy place to live, with company paid housing and travel). Company puts 25% of my salary into a profit sharing plan. I pay nothing. Sometimes I like working at a family-owned company, with the boss's daughter working there the benefits are for personal reasons, but all the non-family employees get them too. (Great medical too!) Hoping to retire by 50.
Link Posted: 10/28/2001 3:33:41 AM EST
have been putting 20% away in the 401 k for the last 10 years. 10 pre tax, 10 post tax. always take my bonus and income tax return and buy and sell stock. thats where i get the money to buy all the nice things in life!(guns and ammo) [beer]
Link Posted: 10/28/2001 4:40:31 AM EST
I had a plan but my wife's health insurance quit her. Said plan is now gonzo and I'm trying to get her stuff each month. Month to month. Stay safe.
Link Posted: 10/28/2001 4:55:09 AM EST
Instead of loosing 50% of my value in the market, I have been putting all of my money into Corvettes and guns.
Link Posted: 10/28/2001 4:56:34 AM EST
Just got laid off. Wife is still working. Healthy chunk in savings, could carry us for about a year without hurting, long as she doesn't lose her job. Virtually all our other money is tied up in 401k funds that have taken a SERIOUS dump. Life is peachy in the Desert Rider household. WHERE ARE ALL THE DAMN JOBS!?!?
Link Posted: 10/28/2001 5:04:59 AM EST
She who must be obeyed and I are each putting 5%pretax into our respective 401ks. Wooohooo. We've got some gold($3000 in $20 Eagles) and 125 acres of land. We're in our late 40s.[:I]
Link Posted: 10/28/2001 6:50:05 AM EST
I poured a major windfall into tech stocks, big mistake, got greedy. Let's see, I will retire by the time I turn 80 or so. In today's market I am lucky to have a good paying profession.
Link Posted: 10/28/2001 7:00:15 AM EST
Ckapsl recommends a great book. The Wealthy Barber is a great start; if you don’t have it, get it. Motley Fool is good exposure as well. Suze Orman writes well and has some good ideas. Most people refuse to believe they have the ability or the resources to amass wealth. Personally, the most important thing books such as these do is change attitudes; the financial planning information is secondary IMHO. In general people just plain don’t save. I don’t care the excuse; they just don’t think they can do any good. All it takes is 50 bucks a week. That’s all. You laugh. So did I. My Grandfather harped on saving, - pick an amount and be consistent. Hammered on me constantly. Interest and time were his mantra, as he worked in banking. So when I graduated high school in 1986 I took his advice seriously. He said something that floored me. I settled on $50/week since its round and I could afford it, and because of something he said. Barely sometimes, missed some payments to myself, made most up. Sucked when I was bringing home $500 a month in college, but I stayed on it. So what’s 50 bucks a week worth after a little more than 15 years? Roughly $92k. That’s a 10.20% yield net, ballpark. Will this ROI continue? I have no idea, and really I don’t care. Ill keep making contributions - that I can control. When I started 1yr CD’s were in the 8.5% range. I hoped to get 9%, so far so good. Current interest rates are dismal (great if you’re buying real estate though), but they wont stay that way. There are other options than the local bank. Im much more savvy than I was when I started my first savings plan, invested in my first mutual fund, or dumped my first mess on my accountants desk. Bluntly, I didn’t know my ass from a hole in the ground when I started. But that’s the beauty, you learn. I still fund my simple 1986 savings plan, with little modification. Why? It lets me do things with other money I’d not feel comfortable doing without my base. That 50 bucks is security. What did my grandfather say to me that got my attention. “You piss away money….You ever think about not worrying about money? Would a million dollars be enough?” Then he showed me what I needed to do. Impress this on your kids, your nieces and nephews, whomever. Save, and if you start at 17, by 57 you can have a lot of money in the bank. $50/week for 40 yrs @ 9% net yield~$1,000,000. Kinda thought he was full of crap. When he died, I got an inkling he was not. 10 years later, Im a believer. Luck Alac JSS – just save something
Link Posted: 10/28/2001 10:05:56 AM EST
$0! I've seen a few of you guys mention investing in 401K's. I don't have anything like that, but instead, I've been investing in family. I was born near the start of the depression, so I can remember what it was like to not only be hungry, but to live in a town where most didn't have enough to eat. Sending my money elsewhere to buy pieces of paper (stock) has never appealed to me. Instead, 100% of my money either goes into what little I need to live (and about $10 set aside per week for ammo), and the rest is given away. My sister-in-law gets about $300 per month to cover the difference between social security and what her nursing home costs. I'm helping to put two great-nephews through law school. I'm helping four great-nieces and -nephews with books and car payments so that they can get to/from work and college. I'm making lease payments on restaurant equipment for my nephew. A couple of months ago, I sold what little property I owned, besides my house, so that I could help my niece with a downpayment on a house so that her new twins wouldn't have to grow-up in an apartment. While you guys are talking about the value of your accounts going up or down, I'm looking at, for example, my niece's beautiful twins happy and playing in their own home in their own bedroom. Some of you guys just don't get it.z
Link Posted: 10/28/2001 10:42:15 AM EST
zoom, With all due respect, I do get it. What you have chosen to do with your money is commendable in my book. The philosophy of taking care of your own and leaving a legacy of generosity for your kin to remember you by I believe is worth more than a diversified and successful portfolio. You CAN'T take it with you. Sure, the more wealth you accumilate can definitely provide a more cushy life, but I've never had that anyway. I didn't have much growing up. Let's just say that my dad didn't make very sound career/financial decisions, but he did the best he could for us and would give the shirt off his back to anyone who needed it. I started working at a young age to support my own habits (dirt bikes, not drugs) and taught myself to save and live within my means. I am teaching my son to save right now and I just hope that he makes the right decisions in his life.
Link Posted: 10/28/2001 11:55:48 AM EST
zoom, I do get it. I salute you for helping your family out. We will eventually give away most of our money, to people who deserve it and will make wise use of it. However, this will happen in our later years. I want to first make sure that we can support ourselves into our old age, and can live comfortably. Comfort means different things to different people. For some people, it means lots of toys. For us, it means the necessities of life, and a little luxury without having to worry about the future. The important thing about saving early is that it gives you [b]options[/b] and [b]choices[/b] in the future. I have slept soundly for the last few years knowing that I will have no financial worries. That sort of peace of mind is priceless.
Link Posted: 10/28/2001 1:16:09 PM EST
I would if I could. Xerox is not going to hire me permanently. These lousy contract wages only pay me enough to pay my bills.
Link Posted: 10/28/2001 1:34:06 PM EST
i'm doin' allright, i'm gettin' good grades. my future's so bright, i gotta wear shades! the farm's paid off. work is still there, even in this crappy economy. my 401k is tanked. my '89 s-10 has a full tank of gas in it...and i'm happy as a lark!
Link Posted: 10/29/2001 3:42:09 AM EST
Ckapsl - Dead on mate. To help others financially, you must have the ability. Imagine what you can do if you if you have the resources. The best thing you can give your family is the benefit of your experience. Most Americans have a negative net worth. The avg debt owed to credit card companies is roughly $7k. About half are counting on social security for a majority of their retirement income, which is insane. With a little bit of guidance, your children and grandchildren can avoid getting pinned down with debt and be financially aware . They wont get the idea on their own, and they won’t get taught at school; it’s up to you. They need to learn and internalize the importance of saving over consumerism. They have to be able differentiate luxuries from real necessities; to forgo the former in order to build security. It has to start early. Start in high school, its helluva lot harder to catch up at 35. Not impossible at all, just not as easy. It’s not about driving Mercedes or retiring to Monaco. It’s about ensuring that my children and grandchildren will have the knowledge and resources to be self reliant and secure. Whether I’m around or not. Luck Alac
Link Posted: 10/29/2001 7:46:45 AM EST
DesertRider wrote:
zoom, With all due respect, I do get it.
View Quote
Sorry DesertRider. My "some of you guys don't get it" comment wasn't meant to be taken literally. It was hyperbole. I was lazy, and I used one of the cheapest literary tools available. Sometimes, I forget that because this is a text medium, we can't as effectively use certain forms of expression, like sarcasm. I, obviously, didn't intend to insult every single person that saves money. I was exaggerating to (weakly) support my claim that it is possible to save too much. Often, it's better to spend money to invest in family than it is to put it in the bank. I think I was more clear that time. ckapsl wrote:
The important thing about saving early is that it gives you options and choices in the future.
View Quote
That is a very good point about giving yourself options and choices. At this point in my life, I don't feel as if I have any choices left in life. My wife and I have spent our savings, and I've sold most things of value that I can live without (except for my AR-15!), so I have to keep working. There are several relatives depending on me to help them out each month, and if I was unable to work, they'd sink with me. It's a constant pressure to know I'm responsible for them too, and it's getting to me. The responsibility I incurred when I signed the mortgage on my house, about 45 years ago, kept me sleepless for months. Now, the stakes are greater, and I'm even more tightly wound.z
Link Posted: 10/29/2001 8:21:11 AM EST
I don't have a savings plan in effect. What should I be doing at this time to start saving a nest egg?
Link Posted: 10/29/2001 8:31:32 AM EST
I cant save a thing. The last 2 companies I worked for moved to Mexico. A new job every 16 months kinda puts a dent in your savings plan. Go NAFTA!!!!!!!!
Link Posted: 10/29/2001 8:54:19 AM EST
My wife and I are trying to eliminate all debt besides our mortgage, and we make an extra payment or two on that every year. Aside from that, we have savings and investments that we pay every month, plus my 401(k).
Link Posted: 10/29/2001 10:58:31 AM EST
Originally Posted By Smeghead: I don't have a savings plan in effect. What should I be doing at this time to start saving a nest egg?
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Smeghead, that really depends on your personal circumstances and your age. There are some general guidelines but no one plan works for everyone. I recommend getting a copy of the Wealthy Barber and reading it from cover to cover. After that, your options will become a lot more clear.
Link Posted: 10/29/2001 12:13:03 PM EST
Originally Posted By FirefighterEd: Just figured it out, 12.748% of gross salery goes into mutual funds. Of which I now have less value than the dollers I've contributed over the past 9 years!!!!!!!!!
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I'm the same way, except I have only been doing it for 4 years. Still, I've taken a huge loss in the market. Fortunately, I'm still in my 20's so I can shrug it off. However, I have not been able to save since I got laid off. Now that we're back in the black, I'm going to start saving 10% from each paycheck again. The only problem is that my savings account is at the building of my former employer. Kind of hard to go back once they've let you go. God Bless Texas
Link Posted: 10/29/2001 12:21:10 PM EST
I'm doing the 401(k) thing
Link Posted: 10/29/2001 12:26:01 PM EST
Also, being laid off ate up what little savings my wife and I did have. Fortunately, we've incurred very little credit car debt, and I've told her to get rid of all the little ones and keep the big one for rainy days and emergencies, especially since we don't have medical insurance anymore. God Bless Texas
Link Posted: 10/29/2001 2:11:24 PM EST
I recall LT posted some hot stock picks about a year or so ago, with the promise of hot returns 90 days to 6 months down the road. These stocks are, or were when I stopped tracking them, worth cents on the dollar. He seemed to give worse advise than my own broker. Never should have listened to my broker in the first place. Best I got from him is his agreement that I would rather be debt free except for my house before investing. Nearly there! Originally Posted By pogo: I put away 166.00 a month into an IRA. Used to put 1K a month into mutual funds that are worthless now. Originally posted by LordTrader Stock markets golden rule: BUY LOW, SELL HIGH not, repeat not; BUY HIGH, SELL LOW or BUY HIGH, FORGET IT WHEN ITS LOW.
Link Posted: 10/29/2001 3:28:45 PM EST
I really hate to say this but I've always contributed to the old 401K. I was told a while ago that I should put it into pharmaceuticals and health care. An aging population don't you know. Been good to me even in these most recent of hard times.
Link Posted: 10/29/2001 7:10:50 PM EST
Interesting topic, it's always neat to do a peer review and see where you're at on the bell curve. I'm 31 and started out 5 years ago putting 6% of my salary into my 401k plan which didn't hurt too much after getting by on student wages for a couple of years. Each year after starting each time I got a raise, I would just put the additional money into the 401k so I didn't 'get used' to living on the extra income. So now the last two years I have been putting 20% of the salary from my day job into 401k plan, which maxes out the allowable contribution. The only problem with this strategy is that for the last couple of years, the value of that account has been going down as I add money...so that's pretty depressing. Otherwise, everything is paid off except for the house so I've started putting about 18% of after tax money from the day job into a money market account as emergency funds. As a part time and evening job, I've been doing pretty well as an adult webmaster so about 85% of all the proceeds from my take in that business has been going straight towards extra principal payments on the mortgage. I figure it's not going to last forever, so there's no reason to get used to living on it. Besides...after losing a fair amount of money on my own, I found out that I'm not a very savvy investor in the stock market. Been listening to Dave Ramsey on talk radio for a few months... so now I'm concentrating getting the house paid off (5 more years if things keep going well and I can keep making the extra payments) then hopefully the wife and I can start putting that mortgage money away for ourselves and early retirement sort of stuff. But with the way things are going in the world, who knows...maybe I should just blow it on other stuff? The most depressing thing I've found is that with your own business you finally understand how much of your money is just disappearing into taxes. (Mainly since you get stuck with the entire SS tax) Having been a W-2 person most of my adult life, now that I'm finally having to write those quarterly checks to the Treasury is an eye-opening experience...one that really sucks too! Touching on what zoom said, some people are doing better than I am and some people are doing worse. I don't really get too worked up about it. Concentrate on things that are important to you and help you meet your goals whatever they may be. I think the main thing is to set a target you can meet, and then once you get there just revise it a little and start again. Good luck to all! Observer
Link Posted: 10/30/2001 6:38:27 AM EST
My paycheck (60%) pays the bills, my wife's (40%) goes into savings. We have no auto debt,no credit card debt and only a few thousand in remaining college debt (2 years out of college), and are prepaying on that. I haven't bothered with a 401k, which seems to be a good decision in retrospect, in that my co-worker's plans have all lost money or had minimal growth over the past year. I figure that for now, paying off debt and creating liquid savings for a house fund is a better alternative for me than dedicated retirement investment. That way, I can get a house sooner, in turn taking the mortgage interest deduction sooner. Priorities, priorities....
Link Posted: 10/30/2001 6:47:31 AM EST
I am maxing out my 401-k and purchasing as many firearms as possible.
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