i retired in my early 40s and now a fulltime daddy now i 47 year old
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The RETIREMENT thread
- Thread starter Leongsam
- Start date
Hey... you compare your job to a prostitute a couple of times ..I don't really think you enjoy your job which is your life literally since you don't do much for fun outside work.
Yes I dont enjoy my job at all. But it pays well.
I do ski, ice skate, hike, bike. That is in addition to the usual movies, TV, shopping, restaurants.
Just went out to get skis and skates for my two year old today.
Richard your classmate?!?! you in the same batch as him?
Regardless of the comments from those who have not met you, I believe that the health care / medical professionals in Canada are reasonably compensated.
Above all, I believe that you lead a balanced and enjoyable lifestyle, with skiing and skating, in "Wild Rose Country" (Alberta, Canada).
For those who have yet to travel, hike, and be captivated by the picturesque alpine scenery, mountains, glacial lakes and trails in Alberta (especially Banff, Lake Louise and Jasper, and as well as the area between Banff and Jasper), [nayr69sg] lives in one of the best parts of Canada.
If everyone lived by doing the following :
1) Only do work they LIKE.
2) Spend most of the day with their loved ones
3) Spend most of their time traveling to see the world
The world as we know it would not exist.
If you look at the 3 above - it would mean traveling around the world with loved ones most of the time and only choosing to do work that you LIKE.
Wow. That is pretty luxurious don't you think?
Who will run hotels? Clean toilets?
Who will fly planes to bring people around the world? Or sail boats?
Who will drive truck to transport food and goods?
Who will run hospitals and ERs?
Only people who like to do it?
Not to mention whether people who like to do certain things are even qualified to do it. It is one thing to like doing something but the process of gaining qualifications for it might not be something the like.
Yes I understand that regrets and all that. But it isn't practical. And this is why it hasn't changed forever and will never change.
Because if it did change and most people lived like that, then there will be WAY MORE PROBLEMS for everyone!
I hate these idealistic almost SJW bullshit slogans and memes.
https://www.kijiji.ca/v-buy-sell-ot...DPMkdssqSeNhNd77d1HvHX5NhXWTo2H2kvQyuieHfr3w0
That's how you can have people advertising Wanted Free house and money!
KNN if people try to forcefully change it rike Very Kind Lady walking out of office in style and do the suck cock job they rike will end up to be a imh patient KNN
How I made my first million: People focused on saving are doing it wrong, says Toss Grumley
Anuja Nadkarni04:59, Feb 08 2020
Toss Grumley says investing is the best way to become wealthy.
Stuff's series How I Made My First Million talks to millionaires about how they got there. This week, it's business adviser Toss Grumley.
How did you make your first $1m, how old were you?
I put a large amount of hard work and effort into starting and building up my own businesses and growing them. My capital has been generated by investing in my own businesses and growing them.
It was a combination of my stakes in businesses that I had started growing in value and increasing my equity in property.
The timing is hard to gauge as it's based on unrealised gains at the time...maybe 27.
READ MORE:
* How I made my first million: 'Getting financially successful requires risk and hard work', Ray White chief executive says
* How I made my first million: 'You can't save yourself to riches'
* Five things I wish I could tell my 20-year-old self about building wealth
Do you follow any personal finance rules?
I'm a big believer in using salaries and business profits for different things.
I've set the businesses and my shareholdings up in a way where I get a good salary as a director that we can live off, and use the business profits to invest in assets to build our family's future wealth.
I also put a focus on planning and improving every year and that's centred on the businesses performance and our personal situation and investments.
What are two money tips you'd give to a 20-year-old who wants to become a millionaire?
I've generated the majority of my wealth through creating companies with little to no capital and putting in the time and work to make them worth something.
If you are starting with no capital you need to find a way to create income as quickly as possible so that you can begin investing in assets, (shares, businesses and property) which are the real ways you get wealthy over time.
Any financial myths you think must be busted?
I see a lot of people thinking they are going to build wealth through scrimping.
While you should always be careful around spending and not live beyond your means, I think it's easier to put effort into making more money than worrying about saving on small things and sacrificing your lifestyle.
Do you weigh more importance to saving or investing?
Investing always.
When your money is in things it's working for you and making you money, that compounds and gets you somewhere. Especially over long periods of time.
SUPPLIED Business adviserory Toss Grumley reinvested profits from his business into property at a young age.
What was the worst financial decision you made?
I invested in a start-up that didn't work out.
It was the only money I've ever lost on something. Even though that wasn't pleasant, there were so many good lessons.
It changed my outlook and how I invest in people and businesses now.
Do you feel rich?
I don't know if anyone ever really feels rich, it's such a sliding scale. There is always someone down the road with more.
I do however feel very comfortable and grateful for the position I'm in.
I live a really great life but that's across having a good family grounding, feeling fulfilled in what I do each day and having the ability to fund the lifestyle I want.
Can money buy happiness?
It definitely helps.
Life is always going to be a bit nicer when you're not worried about where the next meal is coming from or how to pay a bill.
However, even some of the most wealthy people are unhappy. Happiness is a mindset achievable for anyone, no matter their financial situation.
Do you think there is such a thing as reaching optimum wealth? If so, have you reached this point?
I think there is a level where you have the ability to stop worrying about small things and money comes off the table for most decisions.
We are lucky enough to be in a position where if we are discussing a household purchasing decision from a money perspective it's usually something substantial.
And when we are making a general decision it's based on what's best from a holistic perspective, with price not being the core deciding factor.
What is your advice to people to stay wealthy - getting rich is one thing, is staying rich just as difficult?
Keep the income coming in and only stop the income when your assets are at a level they can sustain your lifestyle.
Lots of people sell up and don't realise that the returns on their assets can't support how they have been living, then you start chewing through capital, not a good place to be!
Stuff
Anuja Nadkarni04:59, Feb 08 2020
Toss Grumley says investing is the best way to become wealthy.
Stuff's series How I Made My First Million talks to millionaires about how they got there. This week, it's business adviser Toss Grumley.
How did you make your first $1m, how old were you?
I put a large amount of hard work and effort into starting and building up my own businesses and growing them. My capital has been generated by investing in my own businesses and growing them.
It was a combination of my stakes in businesses that I had started growing in value and increasing my equity in property.
The timing is hard to gauge as it's based on unrealised gains at the time...maybe 27.
READ MORE:
* How I made my first million: 'Getting financially successful requires risk and hard work', Ray White chief executive says
* How I made my first million: 'You can't save yourself to riches'
* Five things I wish I could tell my 20-year-old self about building wealth
Do you follow any personal finance rules?
I'm a big believer in using salaries and business profits for different things.
I've set the businesses and my shareholdings up in a way where I get a good salary as a director that we can live off, and use the business profits to invest in assets to build our family's future wealth.
I also put a focus on planning and improving every year and that's centred on the businesses performance and our personal situation and investments.
What are two money tips you'd give to a 20-year-old who wants to become a millionaire?
I've generated the majority of my wealth through creating companies with little to no capital and putting in the time and work to make them worth something.
If you are starting with no capital you need to find a way to create income as quickly as possible so that you can begin investing in assets, (shares, businesses and property) which are the real ways you get wealthy over time.
Any financial myths you think must be busted?
I see a lot of people thinking they are going to build wealth through scrimping.
While you should always be careful around spending and not live beyond your means, I think it's easier to put effort into making more money than worrying about saving on small things and sacrificing your lifestyle.
Do you weigh more importance to saving or investing?
Investing always.
When your money is in things it's working for you and making you money, that compounds and gets you somewhere. Especially over long periods of time.
SUPPLIED Business adviserory Toss Grumley reinvested profits from his business into property at a young age.
What was the worst financial decision you made?
I invested in a start-up that didn't work out.
It was the only money I've ever lost on something. Even though that wasn't pleasant, there were so many good lessons.
It changed my outlook and how I invest in people and businesses now.
Do you feel rich?
I don't know if anyone ever really feels rich, it's such a sliding scale. There is always someone down the road with more.
I do however feel very comfortable and grateful for the position I'm in.
I live a really great life but that's across having a good family grounding, feeling fulfilled in what I do each day and having the ability to fund the lifestyle I want.
Can money buy happiness?
It definitely helps.
Life is always going to be a bit nicer when you're not worried about where the next meal is coming from or how to pay a bill.
However, even some of the most wealthy people are unhappy. Happiness is a mindset achievable for anyone, no matter their financial situation.
Do you think there is such a thing as reaching optimum wealth? If so, have you reached this point?
I think there is a level where you have the ability to stop worrying about small things and money comes off the table for most decisions.
We are lucky enough to be in a position where if we are discussing a household purchasing decision from a money perspective it's usually something substantial.
And when we are making a general decision it's based on what's best from a holistic perspective, with price not being the core deciding factor.
What is your advice to people to stay wealthy - getting rich is one thing, is staying rich just as difficult?
Keep the income coming in and only stop the income when your assets are at a level they can sustain your lifestyle.
Lots of people sell up and don't realise that the returns on their assets can't support how they have been living, then you start chewing through capital, not a good place to be!
Stuff
Dear @Leongsam
i think i need help, I have alot more money when i was younger than i have now. I reckon i must have neglected my business and became a lazy bum when i move to OZ, Should i move back to sg and start working hard again? but i am not confident i can start all over again in sg. i am old and lazy now. can u give me a kick in my butt or provide some useful advice. thank you.
i think i need help, I have alot more money when i was younger than i have now. I reckon i must have neglected my business and became a lazy bum when i move to OZ, Should i move back to sg and start working hard again? but i am not confident i can start all over again in sg. i am old and lazy now. can u give me a kick in my butt or provide some useful advice. thank you.
Dear @Leongsam
i think i need help, I have alot more money when i was younger than i have now. I reckon i must have neglected my business and became a lazy bum when i move to OZ, Should i move back to sg and start working hard again? but i am not confident i can start all over again in sg. i am old and lazy now. can u give me a kick in my butt or provide some useful advice. thank you.
You should move back to SG because the country is run by an inspirational, aspirational and motivating government that always takes care of your back.
The PAP will ensure that you are successful in your endeavors and that you are the best that you can be!
Why in Oz cannot work hard? Must go Singapore then can work hard?Dear @Leongsam
i think i need help, I have alot more money when i was younger than i have now. I reckon i must have neglected my business and became a lazy bum when i move to OZ, Should i move back to sg and start working hard again? but i am not confident i can start all over again in sg. i am old and lazy now. can u give me a kick in my butt or provide some useful advice. thank you.
KNN of course he say this KNN he needs those people to contribute to his wealth KNN if everyone use savings to be rich he also lan lan will need to follow suit KNNHow I made my first million: People focused on saving are doing it wrong, says Toss Grumley
Anuja Nadkarni04:59, Feb 08 2020
Toss Grumley says investing is the best way to become wealthy.
Stuff's series How I Made My First Million talks to millionaires about how they got there. This week, it's business adviser Toss Grumley.
How did you make your first $1m, how old were you?
I put a large amount of hard work and effort into starting and building up my own businesses and growing them. My capital has been generated by investing in my own businesses and growing them.
It was a combination of my stakes in businesses that I had started growing in value and increasing my equity in property.
The timing is hard to gauge as it's based on unrealised gains at the time...maybe 27.
READ MORE:
* How I made my first million: 'Getting financially successful requires risk and hard work', Ray White chief executive says
* How I made my first million: 'You can't save yourself to riches'
* Five things I wish I could tell my 20-year-old self about building wealth
Do you follow any personal finance rules?
I'm a big believer in using salaries and business profits for different things.
I've set the businesses and my shareholdings up in a way where I get a good salary as a director that we can live off, and use the business profits to invest in assets to build our family's future wealth.
I also put a focus on planning and improving every year and that's centred on the businesses performance and our personal situation and investments.
What are two money tips you'd give to a 20-year-old who wants to become a millionaire?
I've generated the majority of my wealth through creating companies with little to no capital and putting in the time and work to make them worth something.
If you are starting with no capital you need to find a way to create income as quickly as possible so that you can begin investing in assets, (shares, businesses and property) which are the real ways you get wealthy over time.
Any financial myths you think must be busted?
I see a lot of people thinking they are going to build wealth through scrimping.
While you should always be careful around spending and not live beyond your means, I think it's easier to put effort into making more money than worrying about saving on small things and sacrificing your lifestyle.
Do you weigh more importance to saving or investing?
Investing always.
When your money is in things it's working for you and making you money, that compounds and gets you somewhere. Especially over long periods of time.
SUPPLIED Business adviserory Toss Grumley reinvested profits from his business into property at a young age.
What was the worst financial decision you made?
I invested in a start-up that didn't work out.
It was the only money I've ever lost on something. Even though that wasn't pleasant, there were so many good lessons.
It changed my outlook and how I invest in people and businesses now.
Do you feel rich?
I don't know if anyone ever really feels rich, it's such a sliding scale. There is always someone down the road with more.
I do however feel very comfortable and grateful for the position I'm in.
I live a really great life but that's across having a good family grounding, feeling fulfilled in what I do each day and having the ability to fund the lifestyle I want.
Can money buy happiness?
It definitely helps.
Life is always going to be a bit nicer when you're not worried about where the next meal is coming from or how to pay a bill.
However, even some of the most wealthy people are unhappy. Happiness is a mindset achievable for anyone, no matter their financial situation.
Do you think there is such a thing as reaching optimum wealth? If so, have you reached this point?
I think there is a level where you have the ability to stop worrying about small things and money comes off the table for most decisions.
We are lucky enough to be in a position where if we are discussing a household purchasing decision from a money perspective it's usually something substantial.
And when we are making a general decision it's based on what's best from a holistic perspective, with price not being the core deciding factor.
What is your advice to people to stay wealthy - getting rich is one thing, is staying rich just as difficult?
Keep the income coming in and only stop the income when your assets are at a level they can sustain your lifestyle.
Lots of people sell up and don't realise that the returns on their assets can't support how they have been living, then you start chewing through capital, not a good place to be!
Stuff
i living in Australia since 2010 and i just bought another house for investment property and rent it out for $1500 a month and every month i top up $300
That is not a positive cash flow rental property. You are basically subsidizing your tenant to stay at your house.
He will reap the capital gains.
That's of course what you want. However, if you put the bar higher and look for properties which have positive cash flow it works better.
Sometimes the property market does go in a downward trend. As it is in Calgary right now. Rent rates drop. So then your "top up" is higher.
It is a bit like if you bought a stock and hope to reap capital gains. But Stock A gives dividends quarterly. Cash in your pocket. You can reinvest if you want. Stock B asks you to pay an extra $30 a month. There is less incentive to buy Stock B naturally.
Last edited:
https://www.cnbc.com/2020/02/26/cal...o-retire-comfortably-based-on-age-income.html
This calculator tells you how much money you need to retire comfortably, based on age and income
Published Wed, Feb 26 20209:43 AM EST
Kiersten Schmidt@SCHMIDTKIERSTEN
Twenty20 | Leontina
The idea of becoming a millionaire may seem daunting, but based on Grow calculations, a million dollars or more is what most 25-year-olds today may need to retire comfortably.
The good news is, getting there may be easier than you think, especially if you start saving and investing in your 20s.
The sooner you begin, the easier it is to build wealth for the future. That’s thanks to the power of compound interest, which means your money grows at a faster rate because you earn interest on your savings as well as interest on the interest you’ve earned.
If you haven’t already begun saving and investing, the time to start working toward that goal is now. Because of the power of compounding, putting away even a small amount each month can have a large impact over time.
We’ve put together a tool that can help you estimate how much you’ll need to be comfortable later on and can help you get started on a plan.
More from Grow:
6 facts you should know about banks (but probably don’t)
3 ways to do your taxes for free—it can save you up to $250
5 money lessons everyone should know by age 30
Follow along and enter your information below to get a personalized savings goal. If you are planning for yourself and a partner, you may want to input household numbers rather than individual ones.
Basic information
To begin, we need to know how old you are now and at what age you plan to retire, so we can calculate how long you’ll have to save.
Current age
While the current average retirement age among retirees is about 60 years old, that’s expected to increase for younger generations. Other common retirement ages include 62 (when you can first access partial Social Security benefits), age 65 (when you can enroll in Medicare), and 67 (when Americans born after 1960 can earn full Social Security benefits). Some experts recommend holding off on retiring until age 70 because Americans are living longer, meaning your savings need to last longer. Those extra years let you maximize Social Security benefits and give your savings more time to grow.
If you’re not sure what to choose, consider going with the default age of 67.
5062656770
Income
How much money you make will determine how much you’ll need to maintain your standard of living in retirement, as well as how much of your income you should contribute to a 401(k) or other investment vehicle.
Current income
Savings & growth
Do you currently have savings in any retirement accounts?
YESNO
Over time you should see an average annual growth of 5%-10%, adjusted for inflation. Some experts advise you to use a conservative estimate of 5%-6% since it’s better to end up with too much money than too little. Others say you can safely use 8%, which has been roughly the compound annual growth rate of the S&P 500 since 1980.
Your rate of return will also depend on the makeup of your retirement portfolio. Investments with lower risk, such as Treasury bonds, will provide lower returns. Experts recommend to make sure your portfolio is diversified and includes both stocks and bonds.
Would you like to play it safe with a conservative estimate, take a chance on a more optimistic outlook, or use the historical average return?
Expected annual growth
CONSERVATIVEAVERAGEOPTIMISTIC
How much you need
Now comes the tricky part: figuring out how much you’ll need to save to live comfortably in retirement. Some experts say you’ll need 70% to 80% of your income each year to maintain your standard of living, while others say you’ll need 80% to 90%.
Lifestyle factors and preferences will affect how much you spend during your retirement. If you’re hoping to live a more active lifestyle and travel often, experts say add six percentage points to your annual budget.
70%75%80%85%90%
SUBMIT
Notes: This calculator makes a few estimates for future earnings and growth. It assumes annual 3% salary increases until age 54 and annual 1.5% increases from age 55 to retirement, based on historical wage growth. Following the “60-40 rule,” annual growth is based on a portfolio made up of 60% stocks and 40% bonds. Rates used for annual growth are: 6.4% (conservative), 7.4% (average), and 8.4% (optimistic), based on long-term historical returns, and are compounded monthly. This annual growth is calculated until retirement age. During retirement, rate of return used is 4% to account for a more conservative portfolio. Social Security and pension payments are not factored into the results. Selected retirement ages are based on Social Security milestones. The age of 50 is included to allow for a greater range of results. Results are based on a life expectancy of 90.
This calculator tells you how much money you need to retire comfortably, based on age and income
Published Wed, Feb 26 20209:43 AM EST
Kiersten Schmidt@SCHMIDTKIERSTEN
Twenty20 | Leontina
The idea of becoming a millionaire may seem daunting, but based on Grow calculations, a million dollars or more is what most 25-year-olds today may need to retire comfortably.
The good news is, getting there may be easier than you think, especially if you start saving and investing in your 20s.
The sooner you begin, the easier it is to build wealth for the future. That’s thanks to the power of compound interest, which means your money grows at a faster rate because you earn interest on your savings as well as interest on the interest you’ve earned.
If you haven’t already begun saving and investing, the time to start working toward that goal is now. Because of the power of compounding, putting away even a small amount each month can have a large impact over time.
We’ve put together a tool that can help you estimate how much you’ll need to be comfortable later on and can help you get started on a plan.
More from Grow:
6 facts you should know about banks (but probably don’t)
3 ways to do your taxes for free—it can save you up to $250
5 money lessons everyone should know by age 30
Follow along and enter your information below to get a personalized savings goal. If you are planning for yourself and a partner, you may want to input household numbers rather than individual ones.
Basic information
To begin, we need to know how old you are now and at what age you plan to retire, so we can calculate how long you’ll have to save.
Current age
While the current average retirement age among retirees is about 60 years old, that’s expected to increase for younger generations. Other common retirement ages include 62 (when you can first access partial Social Security benefits), age 65 (when you can enroll in Medicare), and 67 (when Americans born after 1960 can earn full Social Security benefits). Some experts recommend holding off on retiring until age 70 because Americans are living longer, meaning your savings need to last longer. Those extra years let you maximize Social Security benefits and give your savings more time to grow.
If you’re not sure what to choose, consider going with the default age of 67.
5062656770
Income
How much money you make will determine how much you’ll need to maintain your standard of living in retirement, as well as how much of your income you should contribute to a 401(k) or other investment vehicle.
Current income
Savings & growth
Do you currently have savings in any retirement accounts?
YESNO
Over time you should see an average annual growth of 5%-10%, adjusted for inflation. Some experts advise you to use a conservative estimate of 5%-6% since it’s better to end up with too much money than too little. Others say you can safely use 8%, which has been roughly the compound annual growth rate of the S&P 500 since 1980.
Your rate of return will also depend on the makeup of your retirement portfolio. Investments with lower risk, such as Treasury bonds, will provide lower returns. Experts recommend to make sure your portfolio is diversified and includes both stocks and bonds.
Would you like to play it safe with a conservative estimate, take a chance on a more optimistic outlook, or use the historical average return?
Expected annual growth
CONSERVATIVEAVERAGEOPTIMISTIC
How much you need
Now comes the tricky part: figuring out how much you’ll need to save to live comfortably in retirement. Some experts say you’ll need 70% to 80% of your income each year to maintain your standard of living, while others say you’ll need 80% to 90%.
Lifestyle factors and preferences will affect how much you spend during your retirement. If you’re hoping to live a more active lifestyle and travel often, experts say add six percentage points to your annual budget.
70%75%80%85%90%
SUBMIT
Notes: This calculator makes a few estimates for future earnings and growth. It assumes annual 3% salary increases until age 54 and annual 1.5% increases from age 55 to retirement, based on historical wage growth. Following the “60-40 rule,” annual growth is based on a portfolio made up of 60% stocks and 40% bonds. Rates used for annual growth are: 6.4% (conservative), 7.4% (average), and 8.4% (optimistic), based on long-term historical returns, and are compounded monthly. This annual growth is calculated until retirement age. During retirement, rate of return used is 4% to account for a more conservative portfolio. Social Security and pension payments are not factored into the results. Selected retirement ages are based on Social Security milestones. The age of 50 is included to allow for a greater range of results. Results are based on a life expectancy of 90.
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