Cancan
@Cancan26
9 Years5,000+ Posts
Comments: 605 · Posts: 5516 · Topics: 158
How to be rich!
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I am currently thinking week to week.. lol but I have some goals sent for the end of the year/early january
hm I don't know about that, cancan...
I think it depends on what kind of job/salary you have and work place.
I mean if you're working as a waitress, there's not much to do but maybe after years, try for assistant management.
or working in a store, you can climb up the ladder though and make it to night manager or something like that.
also same thing in working at McDonald,s many start there and after several years if you're ambitious and want to work longer hours, you get to work as assistant manager, then manager of the store but it takes awhile.
I think it depends on what kind of job/salary you have and work place.
I mean if you're working as a waitress, there's not much to do but maybe after years, try for assistant management.
or working in a store, you can climb up the ladder though and make it to night manager or something like that.
also same thing in working at McDonald,s many start there and after several years if you're ambitious and want to work longer hours, you get to work as assistant manager, then manager of the store but it takes awhile.
http://www.forbes.com/sites/elizabethmacbride/2014/06/27/think-like-a-rich-person-four-habits-of-mind-to-build-wealth/#682d6b7469ce
it says you have to have to have the ability to "focus"...
it says you have to have to have the ability to "focus"...
Posted by ParisianCappyme too! ...I just don't know ...how to do it? any tips?
i want to build an empire
Posted by lisabethur8well...the thinking is in general....not necessarily specific to your job ...for example if you are a waitress ..a year to year type of thinking would be going to school ....even though it might be hard and inconvenient in the short term it would be beneficial in the long run ..its about learning how to think ahead for the future ...in order to build wealth
hm I don't know about that, cancan...
I think it depends on what kind of job/salary you have and work place.
I mean if you're working as a waitress, there's not much to do but maybe after years, try for assistant management.
or working in a store, you can climb up the ladder though and make it to night manager or something like that.
also same thing in working at McDonald,s many start there and after several years if you're ambitious and want to work longer hours, you get to work as assistant manager, then manager of the store but it takes awhile.
Posted by rabidtalkerthis is cool ...what are your goals? do you think you will be able to achieve those goals by January
I am currently thinking week to week.. lol but I have some goals sent for the end of the year/early january
Posted by ParisianCappyyeah its not the lottery. lolPosted by lisabethur8its not about winning money, is more about to get money
hm I don't know about that, cancan...
I think it depends on what kind of job/salary you have and work place.
I mean if you're working as a waitress, there's not much to do but maybe after years, try for assistant management.
or working in a store, you can climb up the ladder though and make it to night manager or something like that.
also same thing in working at McDonald,s many start there and after several years if you're ambitious and want to work longer hours, you get to work as assistant manager, then manager of the store but it takes awhile.click to expand
ok how about winning the lottery 😄
Posted by tizianican you elaborate ...how did you narrowed down the delay?
I'd say I'm week to week right now. The best thing is I'm able to get paid near-instantly, which is a massive change this year. Before I was very reliant on bigger, third parties to handle my transactions. But I've narrowed down that delay. Personally, I think that's been really powerful for me.
Posted by bumboklattyou gotta look form the top, not admire from the bottom ...what does that mean?
RICH is an attitude and a mindset, most of the wealthy people I've met look and dress normal but they just keep investing and traveling, its how they feel fulfilled and have fun
and im not talking about buying expensive things cause thats just an image
businessmen are players and thats what keeps them RICH
once they stop and admire their possessions then thats when they lose them
you gotta look from the top, not admire from the bottom
Posted by Rommythis is great..and exactly what I am talking about ...switching my thinking from short term to long term ...soooo it sounds like your the one that is the closest to thinking from generation to generation ...what things do you daily that would make your ambitions possible? do you have any tips?
I have to say I think generationally. I think I was taught this. It didn't come naturally but I think it's a progression of influences all combined into a mature condenses that what I do effects my future and my choices made now are made for my future children and our success.
When I put money aside I'm not thinking that it's for a trip or buying some material possession. I literally save with the mentality that it's for my future. The type of home I'm gearing up to pay for would be a generational home or at least an impressive home that can be upgraded and sold so I can purchase a generational home.
I've always been a long term thinker. It's why I find choosing a partner hard. I think of their genetics, education, temperament, cleanliness and bad habits.
I could possibly be a doomed cat lady but I'm holding out on my cooking skills and good financial sense luring in a keeper ??
I think realistically I can thank both my parents for my financial sense. They've always been honest with me about money. What their finances are and how we spent money as a family. I knew the cost of a family trip and I knew our obligations.
This is an important aspect children need to be taught.
Posted by tizianioh wow!!! you have a business thats really cool! ...did you have a business plan? how did you make that happen?Posted by Cancan26My clients and customers now pay me as directly, coming to me to buy, rather than me being paid as an agent or reseller on a bigger platform like Amazon or Google.Posted by tizianican you elaborate ...how did you narrowed down the delay?
I'd say I'm week to week right now. The best thing is I'm able to get paid near-instantly, which is a massive change this year. Before I was very reliant on bigger, third parties to handle my transactions. But I've narrowed down that delay. Personally, I think that's been really powerful for me.
click to expand
(sorry the other post I hid was just a double post lol )
lol 😆 I love how this thread is filled with cardinal signs 😄 😄 😄 with the exception of my buddy bumbo 😆
Almost every wealthy person I have known or heard about (not seriously rich but people like medium to large business owners), people who built their own wealth from the ground up, were perpetually frugal. Drive average cars, wear average clothes. Don't spend extravagantly, but sometimes would splurge if the budget allowed. They invest in real estate or the stock market, are conservative with their investments, but take risks that they know they can afford if they lose.
Living below their means. So they may have a 60K car, but they earn 600K + a year.
My dad retired "wealthy" but not rich. I think they had more than 1M in retirement funds when he retired at 60. Never owned a new car, rarely went out to dinner, lived in the same house for 50 years, sold it @100% profit, and now live in a modest $ 1400/mo apartment.
They live on their investment income.
I can honestly say that I don't have that mindset. I try to live within my means but the financial situation these days is such that my expenses are sometimes more than my income. I would like to think and plan for years out and 10 years ago, I used to be able to. Now, it's pretty much month to month.
Living below their means. So they may have a 60K car, but they earn 600K + a year.
My dad retired "wealthy" but not rich. I think they had more than 1M in retirement funds when he retired at 60. Never owned a new car, rarely went out to dinner, lived in the same house for 50 years, sold it @100% profit, and now live in a modest $ 1400/mo apartment.
They live on their investment income.
I can honestly say that I don't have that mindset. I try to live within my means but the financial situation these days is such that my expenses are sometimes more than my income. I would like to think and plan for years out and 10 years ago, I used to be able to. Now, it's pretty much month to month.
I think you have to be very very smart in business to be wealthy like that Bill Gates. and the top billionaires in the world.
it's not something you can just "get"....that's why it's only a handful and billions of other people are poor/ middle class.
it's not something you can just "get"....that's why it's only a handful and billions of other people are poor/ middle class.
Posted by sultrykitty
Almost every wealthy person I have known or heard about (not seriously rich but people like medium to large business owners), people who built their own wealth from the ground up, were perpetually frugal. Drive average cars, wear average clothes. Don't spend extravagantly, but sometimes would splurge if the budget allowed. They invest in real estate or the stock market, are conservative with their investments, but take risks that they know they can afford if they lose.
Living below their means. So they may have a 60K car, but they earn 600K + a year.
My dad retired "wealthy" but not rich. I think they had more than 1M in retirement funds when he retired at 60. Never owned a new car, rarely went out to dinner, lived in the same house for 50 years, sold it @100% profit, and now live in a modest $ 1400/mo apartment.
They live on their investment income.
I can honestly say that I don't have that mindset. I try to live within my means but the financial situation these days is such that my expenses are sometimes more than my income. I would like to think and plan for years out and 10 years ago, I used to be able to. Now, it's pretty much month to month.
I try to increase my income and keep cost low , I am also a month to month thinker ...trying to get out of that mind set...I have started investing ...in quality companies that I think have potential ...but its kind of hard ..cause I don't know much about it? do you know anything about investing?
click to expand
I expected this thread to be stupid but its fairly accurate.
I don't think of it as generation to generation. More so how do I raise a family normally without a life style creep. I want my future kids to earn their own money and learn the value of hard work, so hiding wealth from them will be challenging.
Right now we are consulting with a tax, estate, and commercial lawyers. I've been learning a lot about low taxed portfolios and early retirement.
I don't think of it as generation to generation. More so how do I raise a family normally without a life style creep. I want my future kids to earn their own money and learn the value of hard work, so hiding wealth from them will be challenging.
Right now we are consulting with a tax, estate, and commercial lawyers. I've been learning a lot about low taxed portfolios and early retirement.
Donald trump has something on this, how he got rich (although wasn't he from wealth anyway)?? 😕
but I guess he worked his way too. His family gave him the tools.
but I guess he worked his way too. His family gave him the tools.
Posted by bawlikestogomooI have had a 401k for two years...I"m still my 20's late 20's ....but my question how much money do you put into your 401k ...I put back 10% of my income ...my company that I work for matches 3 percent and I put back 7 percent out of my check? is that enough for early retirement?
I expected this thread to be stupid but its fairly accurate.
I don't think of it as generation to generation. More so how do I raise a family normally without a life style creep. I want my future kids to earn their own money and learn the value of hard work, so hiding wealth from them will be challenging.
Right now we are consulting with a tax, estate, and commercial lawyers. I've been learning a lot about low taxed portfolios and early retirement.
Posted by lisabethur8I'm unsure that this would be helpful for me ....and I will tell you why ...donald trump had a father that thought generation to generation ...he had money when he came into the world..he has never had to adjust his thinking ...I really would like to speak with people who were born in the middle class or poor ...and built their way to wealth ...
Donald trump has something on this, how he got rich (although wasn't he from wealth anyway)?? 😕
but I guess he worked his way too. His family gave him the tools.
Posted by ParisianCappyDitto.
i want to build an empire
I have had hard times financially and very good times. Even when my lights were about to be turned off and I had no food I never worried. I knew that I would get by and I always did. I somehow fell into a business by accident and I make a decent income plus I work at a casino part time and seasonal. That is another job that dropped in my lap and the pay is well above average for no stress work. I defend definitely have some luck in the financial department that I sometimes take for granted.
My spending habits are impulsive. I always put off savings for next week. That is a huge weakness.
My spending habits are impulsive. I always put off savings for next week. That is a huge weakness.
Posted by lisabethur8I believe that personally ...the poor and the middle class do not think the way the rich does ...whether it is because they don't have the education or they weren't taught by their family ..
I think you have to be very very smart in business to be wealthy like that Bill Gates. and the top billionaires in the world.
it's not something you can just "get"....that's why it's only a handful and billions of other people are poor/ middle class.
Posted by Cancan26Posted by sultrykitty
Almost every wealthy person I have known or heard about (not seriously rich but people like medium to large business owners), people who built their own wealth from the ground up, were perpetually frugal. Drive average cars, wear average clothes. Don't spend extravagantly, but sometimes would splurge if the budget allowed. They invest in real estate or the stock market, are conservative with their investments, but take risks that they know they can afford if they lose.
Living below their means. So they may have a 60K car, but they earn 600K + a year.
My dad retired "wealthy" but not rich. I think they had more than 1M in retirement funds when he retired at 60. Never owned a new car, rarely went out to dinner, lived in the same house for 50 years, sold it @100% profit, and now live in a modest $ 1400/mo apartment.
They live on their investment income.
I can honestly say that I don't have that mindset. I try to live within my means but the financial situation these days is such that my expenses are sometimes more than my income. I would like to think and plan for years out and 10 years ago, I used to be able to. Now, it's pretty much month to month.I don't. Sadly, a week before my dad was going to give me lessons in investing (he never hired anyone to manage his money, just learned by listening and trying things out), he had a massive heart attack and suffered severe and permanent brain damage. It's why he retired. I was 30 and just starting to really want to invest in my future. He had invested some money for me years earlier and the stocks never went down. I wanted to know how he did it.
I try to increase my income and keep cost low , I am also a month to month thinker ...trying to get out of that mind set...I have started investing ...in quality companies that I think have potential ...but its kind of hard ..cause I don't know much about it? do you know anything about investing?
click to expand
Posted by sultrykittyPosted by Cancan26Posted by sultrykittythats terrible...i"m sorry hear that .... 😢
Almost every wealthy person I have known or heard about (not seriously rich but people like medium to large business owners), people who built their own wealth from the ground up, were perpetually frugal. Drive average cars, wear average clothes. Don't spend extravagantly, but sometimes would splurge if the budget allowed. They invest in real estate or the stock market, are conservative with their investments, but take risks that they know they can afford if they lose.
Living below their means. So they may have a 60K car, but they earn 600K + a year.
My dad retired "wealthy" but not rich. I think they had more than 1M in retirement funds when he retired at 60. Never owned a new car, rarely went out to dinner, lived in the same house for 50 years, sold it @100% profit, and now live in a modest $ 1400/mo apartment.
They live on their investment income.
I can honestly say that I don't have that mindset. I try to live within my means but the financial situation these days is such that my expenses are sometimes more than my income. I would like to think and plan for years out and 10 years ago, I used to be able to. Now, it's pretty much month to month.I don't. Sadly, a week before my dad was going to give me lessons in investing (he never hired anyone to manage his money, just learned by listening and trying things out), he had a massive heart attack and suffered severe and permanent brain damage. It's why he retired. I was 30 and just starting to really want to invest in my future. He had invested some money for me years earlier and the stocks never went down. I wanted to know how he did it.
I try to increase my income and keep cost low , I am also a month to month thinker ...trying to get out of that mind set...I have started investing ...in quality companies that I think have potential ...but its kind of hard ..cause I don't know much about it? do you know anything about investing?
click to expand
Poor people think about what they can buy with their 9-5 paycheck. They work so that they can spend.
Rich people think about how they can make their money work for them. They spend so that they don't have to work.
Passive income is the way to financial freedom imo.
Rich people think about how they can make their money work for them. They spend so that they don't have to work.
Passive income is the way to financial freedom imo.
Posted by Cancan26Posted by sultrykittyPosted by Cancan26Posted by sultrykittythats terrible...i"m sorry hear that .... 😢
Almost every wealthy person I have known or heard about (not seriously rich but people like medium to large business owners), people who built their own wealth from the ground up, were perpetually frugal. Drive average cars, wear average clothes. Don't spend extravagantly, but sometimes would splurge if the budget allowed. They invest in real estate or the stock market, are conservative with their investments, but take risks that they know they can afford if they lose.
Living below their means. So they may have a 60K car, but they earn 600K + a year.
My dad retired "wealthy" but not rich. I think they had more than 1M in retirement funds when he retired at 60. Never owned a new car, rarely went out to dinner, lived in the same house for 50 years, sold it @100% profit, and now live in a modest $ 1400/mo apartment.
They live on their investment income.
I can honestly say that I don't have that mindset. I try to live within my means but the financial situation these days is such that my expenses are sometimes more than my income. I would like to think and plan for years out and 10 years ago, I used to be able to. Now, it's pretty much month to month.I don't. Sadly, a week before my dad was going to give me lessons in investing (he never hired anyone to manage his money, just learned by listening and trying things out), he had a massive heart attack and suffered severe and permanent brain damage. It's why he retired. I was 30 and just starting to really want to invest in my future. He had invested some money for me years earlier and the stocks never went down. I wanted to know how he did it.
I try to increase my income and keep cost low , I am also a month to month thinker ...trying to get out of that mind set...I have started investing ...in quality companies that I think have potential ...but its kind of hard ..cause I don't know much about it? do you know anything about investing?
click to expand
Well it was 16 years ago and now he's healthy as a horse, just confused most of the time. The dad I knew died that day, but what I miss most is his incredible intelligence and how much more he could have taught me. Virgo sun/Aqua moon/Cap mars.
In retrospect, what's so impressive to me is how well he set them up for such a situation as that. You never know what's coming and if it weren't for his planning, she would have lost everything. As it was, his short term and long term care was provided, she was able to keep and maintain the house (until it got too much for her to physically handle), and they have enough income/money to cover any further expenses they need (including memory care homes and retirement facilities when they're ready).
My folks thought generationally. My dad came here with NOTHING at age 17. They want to hand us kids (4) down the money when they pass, but none of us really wants it if they have to scrimp to give it to us.
Posted by Cancan26Depends how you plan to spend your retirement.Posted by bawlikestogomooI have had a 401k for two years...I"m still my 20's late 20's ....but my question how much money do you put into your 401k ...I put back 10% of my income ...my company that I work for matches 3 percent and I put back 7 percent out of my check? is that enough for early retirement?
I expected this thread to be stupid but its fairly accurate.
I don't think of it as generation to generation. More so how do I raise a family normally without a life style creep. I want my future kids to earn their own money and learn the value of hard work, so hiding wealth from them will be challenging.
Right now we are consulting with a tax, estate, and commercial lawyers. I've been learning a lot about low taxed portfolios and early retirement.click to expand
Are you going to relax at home or do you want to globetrot? Factor in inflation and potential health costs.
I love this thread. Very motivating
Posted by Deedee86Same here, I like thinking about finances.
I love this thread. Very motivating
Main reason I miss CC, her financial woe-are-me threads gave me life.
Posted by bumboklattDon't be intimidated by anyone. Rich doesn't make anyone better. They are still just people.Posted by Cancan26it means you gotta take charge and deal with the big boys and not just admire themPosted by bumboklattyou gotta look form the top, not admire from the bottom ...what does that mean?
RICH is an attitude and a mindset, most of the wealthy people I've met look and dress normal but they just keep investing and traveling, its how they feel fulfilled and have fun
and im not talking about buying expensive things cause thats just an image
businessmen are players and thats what keeps them RICH
once they stop and admire their possessions then thats when they lose them
you gotta look from the top, not admire from the bottomclick to expand
I struggle with impulsively spending, Aries moon 2nd house. But financial freedom has always been my main goal.
Short term I would like to have rental properties that I flip and sell or have as long term investments. Passive income.
Long term I want to build a customized pre-fab house with a killer view and lap pool and space for an ample garden. A space I could work in and bring clients to. My outdoor landscape would feature different zones, style s of plantings, and materials to help them imagine their own outdoor paradise.
I'm on track to purchasing my first rental property in the next year to 18months.
Short term I would like to have rental properties that I flip and sell or have as long term investments. Passive income.
Long term I want to build a customized pre-fab house with a killer view and lap pool and space for an ample garden. A space I could work in and bring clients to. My outdoor landscape would feature different zones, style s of plantings, and materials to help them imagine their own outdoor paradise.
I'm on track to purchasing my first rental property in the next year to 18months.
Right now, where I am in my life, I expect that Mr and Aqua and I will be comfortable but not wealthy in retirement, or at least old age (since I don't think full retirement will be possible for us). He has a share of the proceeds from the sale of his grandmother's house that will happen in a year. I may have him speak with my mom's financial planner (who has his own inbestment radio program) to guide him as to the best way to maximize that money. I have the house we're in now that when we're ready, I will sell. We've been in it for 11 years and it has fully recovered its value from the crash in 2010, but I would like to have more equity before I sell. We may even just rent it out when we're ready to move. Our next property will be our last, will likely have acreage, and we'll likely pay cash for it with the money from grandma's house and mine. Old house or no house, possibly remodel or new build.
I don't have kids, he has a daughter so very little in the way of any generational considerations. We haven't talked about his daughter's inheritance. He wasn't ever given a huge presence in her life (he wasn't married or even committed to her mom when she got pregnant) but I think he would just want to give her his property and belongings (he has some very high dollar-value possessions) to keep or sell.
Ideally, I would like our living arrangements to have no out of pocket costs, and those that do exist would be handled with whatever income we have or whatever retirement funds we have available from my 401K amd his business (which he can continue until he's physically unable).
I don't have kids, he has a daughter so very little in the way of any generational considerations. We haven't talked about his daughter's inheritance. He wasn't ever given a huge presence in her life (he wasn't married or even committed to her mom when she got pregnant) but I think he would just want to give her his property and belongings (he has some very high dollar-value possessions) to keep or sell.
Ideally, I would like our living arrangements to have no out of pocket costs, and those that do exist would be handled with whatever income we have or whatever retirement funds we have available from my 401K amd his business (which he can continue until he's physically unable).
I say mantras and work towards my goals every single day. I literally do something everyday to work towards my future. But, I haven't seen any changes in my life. I dream big and have always sowed, but never reap. I'm currently struggling through a tooth ache and $ 600 away from a root canal. I wake up in pain, go to work in pain, come home in pain, and go to sleep in pain. Sometimes I think I was a horrible person in a past life, cause I can't find any other explanation for the unfair things that constantly take place in my life.
So, in my opinion, the poor are poor because they were meant to be poor and the rich are rich because they were meant to be rich. Thoughts and hard work can not change destiny.
So, in my opinion, the poor are poor because they were meant to be poor and the rich are rich because they were meant to be rich. Thoughts and hard work can not change destiny.
Posted by Cancan26rich people really are different than poor/middle class.Posted by lisabethur8I believe that personally ...the poor and the middle class do not think the way the rich does ...whether it is because they don't have the education or they weren't taught by their family ..
I think you have to be very very smart in business to be wealthy like that Bill Gates. and the top billionaires in the world.
it's not something you can just "get"....that's why it's only a handful and billions of other people are poor/ middle class.click to expand
and it depends, you're right, on what type of rich. they could be inherited, and some people who inherit throw away all their inheritiances. spending like crazy.
it's because, if you have an education, you will get paid HIGHER, salary, for example if you go to school to be a doctor.
it's just fact.
unless you get wealthy by talent, ie, Michael Jackson and many performers ect.
http://www.marketwatch.com/story/why-i-think-the-top-01-are-looting-the-economy-2014-02-21
"A handful of people are getting fabulously wealthy, while hundreds of millions are running as fast as they can just to stand still. Many are falling further behind. Although opportunities to move up the income ladder may not be disappearing as some have feared, there is no evidence that those who are being left behind have greater opportunities than in the past to reach that exalted place at the top of the heap."
this is also interesting:
"Why are the incomes of the very rich so high? Noted Harvard economist Gregory Mankiw gave the conventional answer last week: They earn every penny. The rich are rich because what they do is so valuable. For instance, Robert Downey Jr. makes a lot of money because people pay to see his movies.
However, most of the very rich aren’t actors, or athletes, doctors, or even small businessmen. For the most part, the top 0.1% are executives of financial firms, corporate executives in other sectors, or lawyers in the service of those corporations."
I think you got to go to school, further your education if you want to climb the ladder of success. or go talent.
Posted by LadyNeptune
I struggle with impulsively spending, Aries moon 2nd house. But financial freedom has always been my main goal.
Short term I would like to have rental properties that I flip and sell or have as long term investments. Passive income.
Long term I want to build a customized pre-fab house with a killer view and lap pool and space for an ample garden. A space I could work in and bring clients to. My outdoor landscape would feature different zones, style s of plantings, and materials to help them imagine their own outdoor paradise.
I'm on track to purchasing my first rental property in the next year to 18months.
I just saw on this site some ads on "passive income" ...maybe some of you all could check it out or something if that'll help some of you.
Posted by Cancan26Early retirement is money you save outside of your 401k for withdrawal without penalty. If you want to retire early, you will need at least 1M. You'll also need a pretty good 401k so that when your money gets close to running out, your 401k + SS kicks in.Posted by bawlikestogomooI have had a 401k for two years...I"m still my 20's late 20's ....but my question how much money do you put into your 401k ...I put back 10% of my income ...my company that I work for matches 3 percent and I put back 7 percent out of my check? is that enough for early retirement?
I expected this thread to be stupid but its fairly accurate.
I don't think of it as generation to generation. More so how do I raise a family normally without a life style creep. I want my future kids to earn their own money and learn the value of hard work, so hiding wealth from them will be challenging.
Right now we are consulting with a tax, estate, and commercial lawyers. I've been learning a lot about low taxed portfolios and early retirement.click to expand
Posted by bawlikestogomoo@Cancan26Posted by Cancan26Early retirement is money you save outside of your 401k for withdrawal without penalty. If you want to retire early, you will need at least 1M. You'll also need a pretty good 401k so that when your money gets close to running out, your 401k + SS kicks in.Posted by bawlikestogomooI have had a 401k for two years...I"m still my 20's late 20's ....but my question how much money do you put into your 401k ...I put back 10% of my income ...my company that I work for matches 3 percent and I put back 7 percent out of my check? is that enough for early retirement?
I expected this thread to be stupid but its fairly accurate.
I don't think of it as generation to generation. More so how do I raise a family normally without a life style creep. I want my future kids to earn their own money and learn the value of hard work, so hiding wealth from them will be challenging.
Right now we are consulting with a tax, estate, and commercial lawyers. I've been learning a lot about low taxed portfolios and early retirement.
click to expand
Roth IRA's are great for that. I had one once upon a time.
http://www.bankrate.com/finance/retirement/advantages-of-roth-iras-1.aspx
Posted by ParisianCappyPosted by Impulsvi've already prepared the contrat but the devil never came, now i get back to work 😢
Sell ur soulclick to expand
😆
Posted by sultrykittyRoth IRAs are still penalized if you withdraw it early. I'm referring to a low taxed/ETF/Bond portfolio that is taken out before your retirement.Posted by bawlikestogomooRoth IRA's are great for that. I had one once upon a time.Posted by Cancan26Early retirement is money you save outside of your 401k for withdrawal without penalty. If you want to retire early, you will need at least 1M. You'll also need a pretty good 401k so that when your money gets close to running out, your 401k + SS kicks in.Posted by bawlikestogomooI have had a 401k for two years...I"m still my 20's late 20's ....but my question how much money do you put into your 401k ...I put back 10% of my income ...my company that I work for matches 3 percent and I put back 7 percent out of my check? is that enough for early retirement?
I expected this thread to be stupid but its fairly accurate.
I don't think of it as generation to generation. More so how do I raise a family normally without a life style creep. I want my future kids to earn their own money and learn the value of hard work, so hiding wealth from them will be challenging.
Right now we are consulting with a tax, estate, and commercial lawyers. I've been learning a lot about low taxed portfolios and early retirement.
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Posted by bawlikestogomooNo they're not, if you withdraw less than your annual contribution every year.Posted by sultrykittyRoth IRAs are still penalized if you withdraw it early. I'm referring to a low taxed/ETF/Bond portfolio that is taken out before your retirement.Posted by bawlikestogomooRoth IRA's are great for that. I had one once upon a time.Posted by Cancan26Early retirement is money you save outside of your 401k for withdrawal without penalty. If you want to retire early, you will need at least 1M. You'll also need a pretty good 401k so that when your money gets close to running out, your 401k + SS kicks in.Posted by bawlikestogomooI have had a 401k for two years...I"m still my 20's late 20's ....but my question how much money do you put into your 401k ...I put back 10% of my income ...my company that I work for matches 3 percent and I put back 7 percent out of my check? is that enough for early retirement?
I expected this thread to be stupid but its fairly accurate.
I don't think of it as generation to generation. More so how do I raise a family normally without a life style creep. I want my future kids to earn their own money and learn the value of hard work, so hiding wealth from them will be challenging.
Right now we are consulting with a tax, estate, and commercial lawyers. I've been learning a lot about low taxed portfolios and early retirement.
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Much better than a traditional IRA. What you're taking about is just a passive income generator that you can do regardless of retirement planning, like a MMA. Still, those are better tools than just a checking/savings account.
omg this is so true about middle class versus RICH...
*smh*
we are all striving here and comfortable. lol
http://www.lifehack.org/articles/money/10-differences-between-middle-class-and-rich-people.html
1. The middle class live comfortably, the rich embrace being uncomfortable
2. The middle class live above their means, the rich live below
3. The middle class climb the corporate ladder, the rich own the ladder
omgosh....it's the middle class working from McDonalds to night shift manager, to store manager in 10 years.
well it's still good to be middle class and working. 🙂
*smh*
we are all striving here and comfortable. lol
http://www.lifehack.org/articles/money/10-differences-between-middle-class-and-rich-people.html
1. The middle class live comfortably, the rich embrace being uncomfortable
2. The middle class live above their means, the rich live below
3. The middle class climb the corporate ladder, the rich own the ladder
omgosh....it's the middle class working from McDonalds to night shift manager, to store manager in 10 years.
well it's still good to be middle class and working. 🙂
Posted by LadyNeptunesooo how can I generate passive income? can you give some examples?
Poor people think about what they can buy with their 9-5 paycheck. They work so that they can spend.
Rich people think about how they can make their money work for them. They spend so that they don't have to work.
Passive income is the way to financial freedom imo.
Posted by LadyNeptuneI just want to relax at home 😄 ...and as far as inflation and potential health cost...—? I dunno ... 😢 like anything about how to even begin to calculate that?Posted by Cancan26Depends how you plan to spend your retirement.Posted by bawlikestogomooI have had a 401k for two years...I"m still my 20's late 20's ....but my question how much money do you put into your 401k ...I put back 10% of my income ...my company that I work for matches 3 percent and I put back 7 percent out of my check? is that enough for early retirement?
I expected this thread to be stupid but its fairly accurate.
I don't think of it as generation to generation. More so how do I raise a family normally without a life style creep. I want my future kids to earn their own money and learn the value of hard work, so hiding wealth from them will be challenging.
Right now we are consulting with a tax, estate, and commercial lawyers. I've been learning a lot about low taxed portfolios and early retirement.
Are you going to relax at home or do you want to globetrot? Factor in inflation and potential health costs.
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Posted by sultrykittyPosted by Cancan26Posted by sultrykittyI"m trying to think like your dad ...I hope that I have something to leave to my little one when its time for me to go?Posted by Cancan26Posted by sultrykittythats terrible...i"m sorry hear that .... 😢
Almost every wealthy person I have known or heard about (not seriously rich but people like medium to large business owners), people who built their own wealth from the ground up, were perpetually frugal. Drive average cars, wear average clothes. Don't spend extravagantly, but sometimes would splurge if the budget allowed. They invest in real estate or the stock market, are conservative with their investments, but take risks that they know they can afford if they lose.
Living below their means. So they may have a 60K car, but they earn 600K + a year.
My dad retired "wealthy" but not rich. I think they had more than 1M in retirement funds when he retired at 60. Never owned a new car, rarely went out to dinner, lived in the same house for 50 years, sold it @100% profit, and now live in a modest $ 1400/mo apartment.
They live on their investment income.
I can honestly say that I don't have that mindset. I try to live within my means but the financial situation these days is such that my expenses are sometimes more than my income. I would like to think and plan for years out and 10 years ago, I used to be able to. Now, it's pretty much month to month.I don't. Sadly, a week before my dad was going to give me lessons in investing (he never hired anyone to manage his money, just learned by listening and trying things out), he had a massive heart attack and suffered severe and permanent brain damage. It's why he retired. I was 30 and just starting to really want to invest in my future. He had invested some money for me years earlier and the stocks never went down. I wanted to know how he did it.
I try to increase my income and keep cost low , I am also a month to month thinker ...trying to get out of that mind set...I have started investing ...in quality companies that I think have potential ...but its kind of hard ..cause I don't know much about it? do you know anything about investing?
Well it was 16 years ago and now he's healthy as a horse, just confused most of the time. The dad I knew died that day, but what I miss most is his incredible intelligence and how much more he could have taught me. Virgo sun/Aqua moon/Cap mars.
In retrospect, what's so impressive to me is how well he set them up for such a situation as that. You never know what's coming and if it weren't for his planning, she would have lost everything. As it was, his short term and long term care was provided, she was able to keep and maintain the house (until it got too much for her to physically handle), and they have enough income/money to cover any further expenses they need (including memory care homes and retirement facilities when they're ready).
My folks thought generationally. My dad came here with NOTHING at age 17. They want to hand us kids (4) down the money when they pass, but none of us really wants it if they have to scrimp to give it to us.
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Posted by Deedee86me too! I feel like I'm getting a lot of actual help and motivation 😄
I love this thread. Very motivating
Posted by LadyNeptune😆Posted by Deedee86Same here, I like thinking about finances.
I love this thread. Very motivating
Main reason I miss CC, her financial woe-are-me threads gave me life.click to expand
Posted by bumboklattlol 😆 okay I can do thatPosted by Cancan26it means you gotta take charge and deal with the big boys and not just admire themPosted by bumboklattyou gotta look form the top, not admire from the bottom ...what does that mean?
RICH is an attitude and a mindset, most of the wealthy people I've met look and dress normal but they just keep investing and traveling, its how they feel fulfilled and have fun
and im not talking about buying expensive things cause thats just an image
businessmen are players and thats what keeps them RICH
once they stop and admire their possessions then thats when they lose them
you gotta look from the top, not admire from the bottomclick to expand
Posted by Deedee86Posted by bumboklattDon't be intimidated by anyone. Rich doesn't make anyone better. They are still just people.Posted by Cancan26it means you gotta take charge and deal with the big boys and not just admire themPosted by bumboklattyou gotta look form the top, not admire from the bottom ...what does that mean?
RICH is an attitude and a mindset, most of the wealthy people I've met look and dress normal but they just keep investing and traveling, its how they feel fulfilled and have fun
and im not talking about buying expensive things cause thats just an image
businessmen are players and thats what keeps them RICH
once they stop and admire their possessions then thats when they lose them
you gotta look from the top, not admire from the bottom
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😄 😄 😄
truth
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Thoughts?
i read an article about how fuck boys attract fuck girls but honestly i think there are many different reasons.
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poor people think day to day: how will I eat to today....where will I sleep today...how will I get by today
middle class people think month to month: how will I pay rent this month ...how will I buy food this month..
wealthy people think year to year: how will get a better car this year..how will I get a better job this year...
RICH people think generation to generation: how can I build this business for my family...how can I get a home that my grand kids can enjoy...etc ...
so my question is how do you think? and if you think generation to generation ...how do you break that down into everyday activities ...if you think year to year are you wealthy? got any business tips
I think somewhere between month to month and year to year ...I think about how I will pay my monthly bills and also set goals for myself at the beginning on the year ...I had a goal to get a raise this year ...and I did ...😄