Retirement plans

PabloLerntKochen said:
Retirement plans are really fascinating. The older generation told me to start as early as possible and this year I'm doing it. One big part of my savings will be invested in the stock market and another big part will go into the house of my mother. 40 years to go, as I'm 27 right now and I'm optimistic, yes it almost makes me happy to have one more goal to reach in live
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Stock market is big-time scary these days.

When will it stop crashing? maybe today? maybe today is the time to start investing.

.....and it's gone! (that's a meme reference)
 
Everything I've learned about investing so far, don't spend money you currently need to survive, don't get emotional attached to your money when it's already invested, trust the stock market even if you're losing some money as it should be save over the long term run of 40 years and always be relaxed. But the meme is quite cool
 
Had an appointment today for a zoom meeting, to get a personal financial advisor. He's around my age, does know a lot about money and seems pretty nice, hopefully we can get along.
Has somebody tipps, how to find out if I'm just a money cow for him or a customer, who'll actually get what he wants?
 
PabloLerntKochen said:
Had an appointment today for a zoom meeting, to get a personal financial advisor. He's around my age, does know a lot about money and seems pretty nice, hopefully we can get along.
Has somebody tipps, how to find out if I'm just a money cow for him or a customer, who'll actually get what he wants?
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I was head of a function in Credit Suisse FX and Equity derivatives. One thing I learned is that if personal financial advisors were any good with the money they wouldn't be working as Financial Advisors, they would instead be far wealthier and working with the Ultra High Net Worth individuals instead, or working in a family office managing a family fortune.

FA's are like pension fund advisors, unhelpful and they'll suck you dry with their fees. Just like Robo Advisors do.
Do you know the myth, that the Innuit people have ninety words for snow? well in CS we had thirty words for "fee"

Although what I'm about to say might be mistakenly seen as nasty, let me say this.
Would you take career advice from a high-school career counselor? A person who has a fairly respectable but ultimately ho-hum job?
It's like asking a person who has never owned, never driven, never even been inside a sports car, about sports car ownership.

I don't mean to come across as snobby, but I'm trying to help guide you by influencing how you think.

Although I've learned from past experiences that the road to hell is paved with good intentions.

Check our Bogle and Fire on Reddit about early retirement and transitioning from wage-slavery to true financial independence.
 
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Thank you very much for your thoughts. I think that I understand very well, what you're saying. There are just two things I can say, first: when I can’t afford someone, who is normally working with ultra rich people, then I'll go to the next possible person.

Second: PA is not like a restaurant, you just can't go to the next one, when your current one is bad and you don't even realize it right? They're working with so many personal informations, like how is your health, or how stable is your income, to create your very best financial/retirement plan, in a network full of fees and accommodations, to gain and keep customers, for their own business.

It's just crazy to think about how many years, I've been totally deaf to economy, when it's absolutely necessary to be wealthy.
 
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karadekoolaid said:
Retire??
I just hit 70 and I´ve got loads of plans still to fulfill!
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That's great! Unfortunately we can't predict what our situation will be at 65 or 70. I never anticipated I'd be a full-time carer, for example. I'm lucky, I have a reasonable pension from working in the University sector. I also got a large lump sum when I retired as I was on an executive salary. That paid off the mortgage on the house. So, I don't have money worries - but unfortunately, what I can now do with the money is limited!
 
PabloLerntKochen said:
Thank you very much for your thoughts. I think that I understand very well, what you're saying. There are just two things I can say, first: when I can’t afford someone, who is normally working with ultra rich people, then I'll go to the next possible person.

Second: PA is not like a restaurant, you just can't go to the next one, when your current one is bad and you don't even realize it right? They're working with so many personal informations, like how is your health, or how stable is your income, to create your very best financial/retirement plan, in a network full of fees and accommodations, to gain and keep customers, for their own business.

It's just crazy to think about how many years, I've been totally deaf to economy, when it's absolutely necessary to be wealthy.
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Dude, you totally get my message!

But here comes the great news, you've had the realization that you've been deaf to economy/investing. Here's the good news, you are aware. Here's bad news, because real money wizards are incredibly expensive, you don't have access to them, and you probably never won't. Insert sad face.

But but but, you are intelligent and have the ability to learn and research.

We live in interesting times. Google and Apples are down 25%, these are real companies run by professionals, these companies make money and are so embedded in government they aren't going to be allowed to disappear. On the other end of the spectrum, we have Netflix down 75%. This all happened in the last six months. Do we buy now? do we wait? Do you "save" and let inflation which is really at 25% eat your money like mice would if you stored it in an old mattress. Or do you put it into the market, where it might grow in VOO, following the stock market. The problem with VOO is that it tracks 500 companies, many of which are bags of shit.

Vanguard 500 Index Fund ETF
NYSEARCA: VOO is down 25%.

I bulk buy VOO and BTC monthly. I'm playing the long game, just shovel money into the economy and pray it doesn't shit the bed when the time comes to cash out.

Pray the stock market doesn't become a money-burning furnace as it did in 1928
 
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Good luck on your investments, my strategy will be very generic. Start with MSCI world, earn more money, get an emerging market ETF, adjust it properly, stick to the rules.

As I'm still 27 the volatility can be higher.
 
TastyReuben said:
Oh, what a subject. I can (and have) blabbed about this before on here goes:

I've been working for some kind of actual paycheck (probably illegally) since I was 9yo. You read that right. At 9, I started weekend work at a tree nursery, worked about 15 hours over the weekend, and starting in the Spring, I began working 20-25 hours a week. That was in addition to the work around our little farm, and schoolwork, and then my dad hired me out for a lot of odd jobs. My parents believed that a busy kid was a kid who wouldn't find trouble, so they worked us kids like indentured servants.

At 19, started regular adult full-time work. I've been downsized twice, for less than a month each time, I've always been salaried, and I've worked about every situation, from corporate, government, self-employed, to startup, consultant, contractor.

I hate work. I can't overstate that enough. If I could murder work in its sleep, it would be dead and buried, then I'd dig it back up and murder it again.

People always say, "You just need to find a job you like," but that's not it. No matter what the job, I hate the idea that my time belongs to somebody else, or is driven by something else. If I want to get up and do eff-all all day, that's what I want, and even if I'm Chief SuperModel Naughty Bits Inspector, I'm going to resent having to get up and be at the office at 9AM to inspect those bits.

Retirement:

I'm 55, my wife is 58. Her health isn't great, as I've detailed before, and judging from her family history, she's also on the fast-track to dementia. She already requires a certain level of caregiving. Healthcare figures prominently in our retirement plans, both funding it and procuring it.

Our plan is to retire at 59...60 at the very latest, only because I reach 20 years with my current employer five weeks after my 60th birthday, and there may be some incentive to officially retiring from my employer, as opposed to just taking my pension and 401(k) savings as a lump sum at 19.5 years.

My wife, due to her health, is self-employed, but didn't/doesn't earn much - she's one of those who works for the love of it. I think maybe she's an alien or something. 👽

Even though we've discussed plans around activities and locations, we're still up in the air, as the last couple of weeks have made clear. We're going to Florida next month to scope out a retirement area, as MrsT has waxed poetic about the advantages of a warm weather 55+ community lifestyle (something I strongly oppose, but when has that ever mattered? :laugh:). Then, a couple of weeks ago, she said she thought she'd rather retire to rural Pennsylvania (ancestral home of her family), and then this weekend, she said she'd hate giving up all the German fests here, so she'd be just happy to stay put where we are, and today...she doesn't want rural, she wants to move into town.

So who knows at this point? Florida in July, and we were supposed to check out North Carolina in December, but then she changed that to Pennsylvania in November.

Either way, wherever we end up, the plan is to spend our time traveling (mainly Europe) as much as we can afford. Right now, projections suggest that we could probably fund 3-4 months in Europe a year, as long as we're not trying to hang out with the Windsors at Sandringham or Balmoral. :laugh:

We'd either do that in one shot, or break it into two, though I like the idea of one plane ride over. Some years, we'd probably go somewhere stateside, or Canada, or a Mediterranean cruise, that sort of thing. If everything holds steady, we should be financially comfortable, though by no means wealthy.

That's Retirement Part 1. Retirement Part 2 is when we get too old/feeble/cranky to travel much, and then we'll just ride out our days wherever we are, going to the diner for the 4PM Early Bird Special, and boring younger people with our, "You know, in our day, we..." stories.
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You will not like Florida, it's too hot. Stick with Pennsylvania. If she is getting dementia, she won't remember where she said she wants to move when it's all said and done. And I am so sorry that her mind is going.
 
FoodFighter said:
Dude, you totally get my message!

But here comes the great news, you've had the realization that you've been deaf to economy/investing. Here's the good news, you are aware. Here's bad news, because real money wizards are incredibly expensive, you don't have access to them, and you probably never won't. Insert sad face.

But but but, you are intelligent and have the ability to learn and research.

We live in interesting times. Google and Apples are down 25%, these are real companies run by professionals, these companies make money and are so embedded in government they aren't going to be allowed to disappear. On the other end of the spectrum, we have Netflix down 75%. This all happened in the last six months. Do we buy now? do we wait? Do you "save" and let inflation which is really at 25% eat your money like mice would if you stored it in an old mattress. Or do you put it into the market, where it might grow in VOO, following the stock market. The problem with VOO is that it tracks 500 companies, many of which are bags of shit.

Vanguard 500 Index Fund ETF
NYSEARCA: VOO is down 25%.

I bulk buy VOO and BTC monthly. I'm playing the long game, just shovel money into the economy and pray it doesn't shit the bed when the time comes to cash out.

Pray the stock market doesn't become a money-burning furnace as it did in 1928
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I am buying the dip a little, I think a bottom is coming soon. I firmly believe that 2023 is going to skyrocket. As it is, I am still way ahead from where I bought back in 2016 when I first started investing in the stock market. I still think that individual stock-picking is a great way to achieve wealth.
 
JAS_OH1 said:
I am buying the dip a little, I think a bottom is coming soon. I firmly believe that 2023 is going to skyrocket. As it is, I am still way ahead from where I bought back in 2016 when I first started investing in the stock market. I still think that individual stock-picking is a great way to achieve wealth.
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You just can't beat time-in-the-market, the longer the better.
 
Have read that sentence many times but why is it like that? Is it the personal relationship/friendships with other investors, the mental reaction that changes over time or even because stock market was intentionally invented to be something good in general?
 
PabloLerntKochen said:
Have read that sentence many times but why is it like that? Is it the personal relationship/friendships with other investors, the mental reaction that changes over time or even because stock market was intentionally invented to be something good in general?
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Hi Pablo, it's got to do with the 7th wonder of the world, compounding interest and reinvesting that interest. Also, over the long time, stocks generally appreciate in value, and they crash regularly also, but the market always recovers. Some crashes take longer to recover than others, sometimes it's a year, sometimes it's ten years. But good stocks, and don't ever sell because of fear.
 
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FoodFighter said:
Hi Pablo, it's got to do with the 7th wonder of the world, compounding interest and reinvesting that interest. Also, over the long time, stocks generally appreciate it value, and they crash regularly also, but the market always recovers. Some crashes take longer to recover than others, sometimes it's a year, sometimes it's ten years. But good stocks, and don't ever sell because of fear.
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I love my Apple, Microsoft, General Mills, Goldman Sachs, and JP Morgan. I have quite a few others as well, but I am way up on the aforementioned stocks in particular. I have several others that aren't doing so well right now (here's looking at you, Target and Southwest, LOL).
 
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