401K millionaires post balances on social media
- Thread starter Mr Nice
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Originally Posted By: Win
Originally Posted By: Donald
Good way to get your children kidnapped while the criminal forces you to withdraw from your 401k.
Meh. Real estate records are public; in most places you can see who owns what, what the county says it's worth, without leaving the comfort of your easy chair. And unlike social media, it's real and the incentive is to undervalue.
Haven't heard of anyone's kids being snatched. Not since Lindbergh.
That said, I would still agree that kind of public overshare of private information is ill thought out, at best.
Yeah, it's just not that popular anymore, but there was just a movie out, it's the Getty kidnapping and that was in 1973 so there has been more recent ones. Course you could be like Getty and just not pay for 5 months.
Originally Posted By: Donald
Good way to get your children kidnapped while the criminal forces you to withdraw from your 401k.
Meh. Real estate records are public; in most places you can see who owns what, what the county says it's worth, without leaving the comfort of your easy chair. And unlike social media, it's real and the incentive is to undervalue.
Haven't heard of anyone's kids being snatched. Not since Lindbergh.
That said, I would still agree that kind of public overshare of private information is ill thought out, at best.
Yeah, it's just not that popular anymore, but there was just a movie out, it's the Getty kidnapping and that was in 1973 so there has been more recent ones. Course you could be like Getty and just not pay for 5 months.
Zzman,
Anyone with a 401K would be doing really well if they just put it in an SP500 fund over the past 10 years.
Like what Astro said..... it's the effects of compounding over a 20-30 year timeframe that will make one million dollars in a 401K easily obtainable.
Anyone with a 401K would be doing really well if they just put it in an SP500 fund over the past 10 years.
Like what Astro said..... it's the effects of compounding over a 20-30 year timeframe that will make one million dollars in a 401K easily obtainable.
Just going off the S&P500, with a 1.09% drop today, that's 10,900 on a $1M portfolio.
Of course, if you are still buying, today you could buy stuff for about 1%-2% less on average.
Those who are retiring next week would feel it more than those retiring in 20 years.
Of course, many panic. When everyone was losing their minds in the 2008 market correction, I increased my monthly contributions as it was like a Black Friday sale in the market.
You only lose money when you lock in the losses with a sale
Originally Posted By: ZeeOSix
I think a few lost "millionaire" status due to the close of the DOW today.
Of course, if you are still buying, today you could buy stuff for about 1%-2% less on average.
Those who are retiring next week would feel it more than those retiring in 20 years.
Of course, many panic. When everyone was losing their minds in the 2008 market correction, I increased my monthly contributions as it was like a Black Friday sale in the market.
You only lose money when you lock in the losses with a sale
Originally Posted By: ZeeOSix
I think a few lost "millionaire" status due to the close of the DOW today.
Since 80 percent of all mutual funds can't beat the S&P 500 and usually charge higher fees for that result, I'm a big fan of slow and stead S&P500 index funds over the long term.
Originally Posted By: Mr Nice
Anyone with a 401K would be doing really well if they just put it in an SP500 fund over the past 10 years.
Like what Astro said..... it's the effects of compounding over a 20-30 year timeframe that will make one million dollars in a 401K easily obtainable.
Originally Posted By: Mr Nice
Anyone with a 401K would be doing really well if they just put it in an SP500 fund over the past 10 years.
Like what Astro said..... it's the effects of compounding over a 20-30 year timeframe that will make one million dollars in a 401K easily obtainable.
Java,
A colleague of mine put all his 401K money in company stock about a year ago. It's down approx 50% and I had warned him about needing to diversify (large, mid , small cap and international fund) and really lost his [censored] on his silly idea.
I explained the risks and he still went ahead. Now when I see him I tell him our company stock needs to drop another 50%.
Your daughter is smart to be funding her 401K at her age.
A colleague of mine put all his 401K money in company stock about a year ago. It's down approx 50% and I had warned him about needing to diversify (large, mid , small cap and international fund) and really lost his [censored] on his silly idea.
I explained the risks and he still went ahead. Now when I see him I tell him our company stock needs to drop another 50%.
Your daughter is smart to be funding her 401K at her age.
Originally Posted By: Mr Nice
Zzman,
Anyone with a 401K would be doing really well if they just put it in an SP500 fund over the past 10 years.
Like what Astro said..... it's the effects of compounding over a 20-30 year timeframe that will make one million dollars in a 401K easily obtainable.
Please give me examples of how easy it is for the average middle class or low income person can do it even with years and compound interest.
Zzman,
Anyone with a 401K would be doing really well if they just put it in an SP500 fund over the past 10 years.
Like what Astro said..... it's the effects of compounding over a 20-30 year timeframe that will make one million dollars in a 401K easily obtainable.
Please give me examples of how easy it is for the average middle class or low income person can do it even with years and compound interest.
Mr Nice,
If you start early enough, it's under $5/day.
https://www.simplemost.com/heres-much-mo...tm_content=KNXV
If you wait until you are 50, then you need to put away nearly $75/day and probably more as the scenario is both optimistic and many will need more than $1 million to retire in the next generation.
If you start early enough, it's under $5/day.
https://www.simplemost.com/heres-much-mo...tm_content=KNXV
If you wait until you are 50, then you need to put away nearly $75/day and probably more as the scenario is both optimistic and many will need more than $1 million to retire in the next generation.
Originally Posted By: javacontour
Mr Nice,
If you start early enough, it's under $5/day.
https://www.simplemost.com/heres-much-mo...tm_content=KNXV
If you wait until you are 50, then you need to put away nearly $75/day and probably more as the scenario is both optimistic and many will need more than $1 million to retire in the next generation.
But, but, but...I NEED that $5 for my daily, barista crafted, latte!
I DESERVE that latte!
And I deserve my new BMW, those shoes, and this new cell phone, oh, and gym membership, cable package, fabulous vacation, and, of course, eating out for lunch...brown bag is so gauche...
Mr Nice,
If you start early enough, it's under $5/day.
https://www.simplemost.com/heres-much-mo...tm_content=KNXV
If you wait until you are 50, then you need to put away nearly $75/day and probably more as the scenario is both optimistic and many will need more than $1 million to retire in the next generation.
But, but, but...I NEED that $5 for my daily, barista crafted, latte!
I DESERVE that latte!
And I deserve my new BMW, those shoes, and this new cell phone, oh, and gym membership, cable package, fabulous vacation, and, of course, eating out for lunch...brown bag is so gauche...
Originally Posted By: ZZman
Originally Posted By: Mr Nice
Zzman,
Anyone with a 401K would be doing really well if they just put it in an SP500 fund over the past 10 years.
Like what Astro said..... it's the effects of compounding over a 20-30 year timeframe that will make one million dollars in a 401K easily obtainable.
Please give me examples of how easy it is for the average middle class or low income person can do it even with years and compound interest.
A person has a full time job at 25 years old and retires at 60 years old. That's 35 years of 401K contributions, company match, reinvestment of dividends (DRIP) and growth of SP500 fund. 7% average returns over a 35 year period really adds up if you stay disciplined and contribute to a 401K.
Even the military has a Thrift Savings Plan that you can contribute to at 18 years old for low rank enlisted folks making not a lot of money.
Originally Posted By: Mr Nice
Zzman,
Anyone with a 401K would be doing really well if they just put it in an SP500 fund over the past 10 years.
Like what Astro said..... it's the effects of compounding over a 20-30 year timeframe that will make one million dollars in a 401K easily obtainable.
Please give me examples of how easy it is for the average middle class or low income person can do it even with years and compound interest.
A person has a full time job at 25 years old and retires at 60 years old. That's 35 years of 401K contributions, company match, reinvestment of dividends (DRIP) and growth of SP500 fund. 7% average returns over a 35 year period really adds up if you stay disciplined and contribute to a 401K.
Even the military has a Thrift Savings Plan that you can contribute to at 18 years old for low rank enlisted folks making not a lot of money.
Originally Posted By: Astro14
Originally Posted By: javacontour
Mr Nice,
If you start early enough, it's under $5/day.
https://www.simplemost.com/heres-much-mo...tm_content=KNXV
If you wait until you are 50, then you need to put away nearly $75/day and probably more as the scenario is both optimistic and many will need more than $1 million to retire in the next generation.
But, but, but...I NEED that $5 for my daily, barista crafted, latte!
I DESERVE that latte!
And I deserve my new BMW, those shoes, and this new cell phone, oh, and gym membership, cable package, fabulous vacation, and, of course, eating out for lunch...brown bag is so gauche...
My wife keeps driving her old Rav4 and figures she can afford coffee and shoes.
We put $75 a day towards retirement.
Originally Posted By: javacontour
Mr Nice,
If you start early enough, it's under $5/day.
https://www.simplemost.com/heres-much-mo...tm_content=KNXV
If you wait until you are 50, then you need to put away nearly $75/day and probably more as the scenario is both optimistic and many will need more than $1 million to retire in the next generation.
But, but, but...I NEED that $5 for my daily, barista crafted, latte!
I DESERVE that latte!
And I deserve my new BMW, those shoes, and this new cell phone, oh, and gym membership, cable package, fabulous vacation, and, of course, eating out for lunch...brown bag is so gauche...
My wife keeps driving her old Rav4 and figures she can afford coffee and shoes.
We put $75 a day towards retirement.
Originally Posted By: Leo99
Originally Posted By: Astro14
Originally Posted By: javacontour
Mr Nice,
If you start early enough, it's under $5/day.
https://www.simplemost.com/heres-much-mo...tm_content=KNXV
If you wait until you are 50, then you need to put away nearly $75/day and probably more as the scenario is both optimistic and many will need more than $1 million to retire in the next generation.
But, but, but...I NEED that $5 for my daily, barista crafted, latte!
I DESERVE that latte!
And I deserve my new BMW, those shoes, and this new cell phone, oh, and gym membership, cable package, fabulous vacation, and, of course, eating out for lunch...brown bag is so gauche...
My wife keeps driving her old Rav4 and figures she can afford coffee and shoes.
We put $75 a day towards retirement.
That's GREAT!
You've "broken the code", my friend...
My "tongue in cheek" examples are simply many luxuries that folks take for granted, when they should be examined in light of the total expenditures and savings. My wife has a six-figure income, and a Captain's pension from the US Navy.
She drives a 16 year old Volvo (which she bought 11 years ago for cash) and takes her lunch to work....she doesn't need to do either, but instead chooses to economize in those ways to free up the cash for other priorities...in our case, those priorities have included 5 college educations (to date, my youngest starts college this fall), two weddings, some home improvements, and some much-needed repairs (new roof, new HVAC, last year).
She would rather brown bag her lunch and drive her old car so that this summer, she can fund some landscaping improvements, a new deck, and a few other things that she's got her eye on.
All while meeting our savings/investment targets.
Originally Posted By: Astro14
Originally Posted By: javacontour
Mr Nice,
If you start early enough, it's under $5/day.
https://www.simplemost.com/heres-much-mo...tm_content=KNXV
If you wait until you are 50, then you need to put away nearly $75/day and probably more as the scenario is both optimistic and many will need more than $1 million to retire in the next generation.
But, but, but...I NEED that $5 for my daily, barista crafted, latte!
I DESERVE that latte!
And I deserve my new BMW, those shoes, and this new cell phone, oh, and gym membership, cable package, fabulous vacation, and, of course, eating out for lunch...brown bag is so gauche...
My wife keeps driving her old Rav4 and figures she can afford coffee and shoes.
We put $75 a day towards retirement.
That's GREAT!
You've "broken the code", my friend...
My "tongue in cheek" examples are simply many luxuries that folks take for granted, when they should be examined in light of the total expenditures and savings. My wife has a six-figure income, and a Captain's pension from the US Navy.
She drives a 16 year old Volvo (which she bought 11 years ago for cash) and takes her lunch to work....she doesn't need to do either, but instead chooses to economize in those ways to free up the cash for other priorities...in our case, those priorities have included 5 college educations (to date, my youngest starts college this fall), two weddings, some home improvements, and some much-needed repairs (new roof, new HVAC, last year).
She would rather brown bag her lunch and drive her old car so that this summer, she can fund some landscaping improvements, a new deck, and a few other things that she's got her eye on.
All while meeting our savings/investment targets.
I, uh, timed the market and dumped about half of my S&P index 500 fund yesterday.
I stuffed money into my IRA back in 2011. Back then there were tax credits for a person of my poorness to do just that, to reinvigorate Wall St. The trick is to keep cash fluid for when there's a correction/downturn.
I'm not really investing in my kids' college funds. I can withdraw from my IRA anyway for that, and IMO the schools will just look at the 529 balances and say, yoink, that's all mine.
I anticipate that in future economic downturns "they" will make it even easier to raid one's IRA, to "spur the economy with a cash infusion." I would rather save money there than in a taxed account.
My trick is to live like a pauper and stay out of the big city... the higher cost of everything means a slightly higher income but all sorts of taxes and leechers-on to that bit of money. The $4k or $5k or whatever annual contribution limit is a bigger deal in my rural town. "If you take care of the pennies, the dollars take care of themselves."
I stuffed money into my IRA back in 2011. Back then there were tax credits for a person of my poorness to do just that, to reinvigorate Wall St. The trick is to keep cash fluid for when there's a correction/downturn.
I'm not really investing in my kids' college funds. I can withdraw from my IRA anyway for that, and IMO the schools will just look at the 529 balances and say, yoink, that's all mine.
I anticipate that in future economic downturns "they" will make it even easier to raid one's IRA, to "spur the economy with a cash infusion." I would rather save money there than in a taxed account.
My trick is to live like a pauper and stay out of the big city... the higher cost of everything means a slightly higher income but all sorts of taxes and leechers-on to that bit of money. The $4k or $5k or whatever annual contribution limit is a bigger deal in my rural town. "If you take care of the pennies, the dollars take care of themselves."
Originally Posted By: Mr Nice
A person has a full time job at 25 years old and retires at 60 years old. That's 35 years of 401K contributions, company match, reinvestment of dividends (DRIP) and growth of SP500 fund. 7% average returns over a 35 year period really adds up if you stay disciplined and contribute to a 401K.
Even the military has a Thrift Savings Plan that you can contribute to at 18 years old for low rank enlisted folks making not a lot of money.
Absolutely. If you get a match or decent match. Also if you don't do what many do and jump jobs and spend your 401k. But it still boils down to income. A person with 100,000 in income can potentially save or invest 150.00 a month far easier than someone making 50,000. For most Americans their investment is their house.
And discipline is often hard to master....
A person has a full time job at 25 years old and retires at 60 years old. That's 35 years of 401K contributions, company match, reinvestment of dividends (DRIP) and growth of SP500 fund. 7% average returns over a 35 year period really adds up if you stay disciplined and contribute to a 401K.
Even the military has a Thrift Savings Plan that you can contribute to at 18 years old for low rank enlisted folks making not a lot of money.
Absolutely. If you get a match or decent match. Also if you don't do what many do and jump jobs and spend your 401k. But it still boils down to income. A person with 100,000 in income can potentially save or invest 150.00 a month far easier than someone making 50,000. For most Americans their investment is their house.
And discipline is often hard to master....
Originally Posted By: Astro14
Originally Posted By: Donald
Good way to get your children kidnapped while the criminal forces you to withdraw from your 401k.
I was thinking the same thing....
I don’t want people knowing: my net worth, how much cash I’ve got, how much ammo, how many guns I own, or where I’m keeping any of that stuff...
In fact, when I was still driving my 1990 4Runner, it was a great “operational deception” vehicle. People would make all kinds of assumptions about me, and my net worth, or cash situation...
I agree.
As for the old vehicle, (I still own an old 4Runner) it is amusing how many people make often incorrect assumptions about others, based on the vehicle they might be driving at that moment. As the recent 'qualifying for a vehicle test drive' thread illustrated so well.
Originally Posted By: Donald
Good way to get your children kidnapped while the criminal forces you to withdraw from your 401k.
I was thinking the same thing....
I don’t want people knowing: my net worth, how much cash I’ve got, how much ammo, how many guns I own, or where I’m keeping any of that stuff...
In fact, when I was still driving my 1990 4Runner, it was a great “operational deception” vehicle. People would make all kinds of assumptions about me, and my net worth, or cash situation...
I agree.
As for the old vehicle, (I still own an old 4Runner) it is amusing how many people make often incorrect assumptions about others, based on the vehicle they might be driving at that moment. As the recent 'qualifying for a vehicle test drive' thread illustrated so well.
Among properly raised folks, it's considered very poor manners to brag about how much one is worth.
Seven figures of net worth is probably pretty common among two income families post children and mortgage.
Not that hard to get there even with no more than decent incomes. It hasn't been at all hard to get there.
Eight figures would be in the low foothills of real money.
It also matters where you are in life. Stupid spending and investments are much easier to recover from when you're forty than would be the case at the 60+ my wife and I now find ourselves at.
Anyone ill-mannered enough to brag about money they think they have is nobody I would choose to associate with.
They'll also get a hard lesson in reality with the next prolonged market crash.
Seven figures of net worth is probably pretty common among two income families post children and mortgage.
Not that hard to get there even with no more than decent incomes. It hasn't been at all hard to get there.
Eight figures would be in the low foothills of real money.
It also matters where you are in life. Stupid spending and investments are much easier to recover from when you're forty than would be the case at the 60+ my wife and I now find ourselves at.
Anyone ill-mannered enough to brag about money they think they have is nobody I would choose to associate with.
They'll also get a hard lesson in reality with the next prolonged market crash.
Sam_Julier
$50 Site Donor 2024
Originally Posted By: Astro14
Originally Posted By: ZZman
Must be nice. The top 10-20% are doing great.
Perhaps you mean the “over age 50” are doing great?
It doesn’t take big bucks to get to a million, it takes TIME...and lots of it.
I’ve been investing for thirty years...I’ve been working for over forty.
May I ask how old you are, and how long you’ve been investing?
I would also like to point out that over the duration of my investing experience, there have been several big market corrections. Periods during which the value of my investments lost large percentages. There have also been lots of mistakes, like buying shares in a fund just before annual distributions. In that case, the fund lost money, but I still had to pay taxes on the distributed gains. I turned a $5,000 Investment into $4,000 but had to pay taxes on the gains anyways...Nueberger Berman “Guardian” fund...what a dog...I will never forget that lesson...
Point is this: it takes time. Time during which you’ll make mistakes. Time during which markets will correct, or even crash.
But time during which you must absolutely remain firmly committed to a plan for your Long-range future.
Commitment, over time, equals wealth.
“Sour grapes”, complaints, envy, and other wastes of your time will never get you there.
Never.
Amen.
Sam
Originally Posted By: ZZman
Must be nice. The top 10-20% are doing great.
Perhaps you mean the “over age 50” are doing great?
It doesn’t take big bucks to get to a million, it takes TIME...and lots of it.
I’ve been investing for thirty years...I’ve been working for over forty.
May I ask how old you are, and how long you’ve been investing?
I would also like to point out that over the duration of my investing experience, there have been several big market corrections. Periods during which the value of my investments lost large percentages. There have also been lots of mistakes, like buying shares in a fund just before annual distributions. In that case, the fund lost money, but I still had to pay taxes on the distributed gains. I turned a $5,000 Investment into $4,000 but had to pay taxes on the gains anyways...Nueberger Berman “Guardian” fund...what a dog...I will never forget that lesson...
Point is this: it takes time. Time during which you’ll make mistakes. Time during which markets will correct, or even crash.
But time during which you must absolutely remain firmly committed to a plan for your Long-range future.
Commitment, over time, equals wealth.
“Sour grapes”, complaints, envy, and other wastes of your time will never get you there.
Never.
Amen.
Sam
I think life is about balance. Definitely save some for future, emergency and play money.
Life is short and having a million at retirement is great you enjoy life when you are younger. You can’t take it with you so savor all moments and balance is key.
My friends father who is absolute cheap skate and multi millionaire is about to die of cancer age 66. I guess she gets it but he rarely took vacation , drove plebeian cars and wore cheap clothes. I am guessing the funeral will be nice.
Life is short and having a million at retirement is great you enjoy life when you are younger. You can’t take it with you so savor all moments and balance is key.
My friends father who is absolute cheap skate and multi millionaire is about to die of cancer age 66. I guess she gets it but he rarely took vacation , drove plebeian cars and wore cheap clothes. I am guessing the funeral will be nice.
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