401K millionaires post balances on social media

[dishdude]

Originally Posted By: fdcg27
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.


Great post.

 

[aquariuscsm]

Originally Posted By: madRiver
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.


^^This

Enjoy life while you're young,healthy,and fit. Money and possessions come and go,health and youth doesn't. Life is short,and like madRiver said,you can't take it with you. Life has an expiration date,enjoy it while you're here.

 

[dishdude]

Originally Posted By: aquariuscsm
Originally Posted By: madRiver
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.


^^This

Enjoy life while you're young,healthy,and fit. Money and possessions come and go,health and youth doesn't. Life is short,and like madRiver said,you can't take it with you. Life has an expiration date,enjoy it while you're here.



Another good post, I missed this one too.

 

[xfactor9]

As long as the post was anonymous, I don't see any security risk to doing that. It'd require more effort for a hacker to trace them down on the internet and hack into their 401k than to simply drive to some random house in a rich area and rob a random person. Around here, there are many neighborhoods where everyone has an 8-figure or higher net worth, and they aren't getting kidnapped left and right.

The bigger risk is when an idiot posts with their real FB account about their new $10k watch or Hermes handbag... Then a week later posts that they're currently on vacation in Hawaii. Might as well just say "Hey come rob me now"

 

[DoubleWasp]

That's my deal right there. Spent most of my 20s living in a closet and working like a slave to build businesses and investments. Kinda wish I would have spent more time just being young. Had my fair share of adventures and travel, but kinda wish I would have just taken a year to say F-it and just do whatever the heck I wanted.

Oh well. I reap the benefits now.

 

[Mr Nice]

Originally Posted By: dishdude
Originally Posted By: fdcg27
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.

Great post.


The guy on Reddit probably had a discussion about retirement 401K balance and some people probably didn't believe him so he posted screenshot as proof. As long as he stays anonymous it really doesn't matter if he posted his balance.

Now if he posted pictures of his Gulfstream private jet..... then he is bragging and being snobby.

 

[javacontour]

When people are offered company stock, I suggest they take the company match in stock and use their contributions to invest in other issues, such as an S&P 500 index fund if offered.

That's where the Enron employees went wrong. I believe their match was in Enron stock, but many put all their eggs in the Enron basket.

I have about 1/2 in S&P 500, another 20-25 percent in international issues, similar in others stocks to get that large, mid and small diversity, and about 5% in precious metals. I fiddle with the amounts in my birth month and again in December to make sure my asset allocations are where I want them to be after 6 months of market activity.

No need, nor desire to look at it every day.

Originally Posted By: Mr Nice
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.

 

[02SE]

Originally Posted By: Mr Nice
Originally Posted By: dishdude
Originally Posted By: fdcg27
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.

Great post.


The guy on Reddit probably had a discussion about retirement 401K balance and some people probably didn't believe him so he posted screenshot as proof. As long as he stays anonymous it really doesn't matter if he posted his balance.

Now if he posted pictures of his Gulfstream private jet..... then he is bragging and being snobby.



I see lists of vehicles in signatures, and pictures of members vehicles/possessions posted here regularly. Where is the line between sharing, and "bragging and being snobby"?

 

[Vuflanovsky]

While I think that putting your 401K balance on social media is both not smart and particularly bad form, I think having a 17 year old vehicle in your signature is more the BITOG version of "bragging and being snobby" so I'm not sure if the comparison holds. If it doesn't have direct injection, a catalytic converter, or even seat belts...it's a "bragger" on here...

 

[fdcg27]

Originally Posted By: Vuflanovsky
While I think that putting your 401K balance on social media is both not smart and particularly bad form, I think having a 17 year old vehicle in your signature is more the BITOG version of "bragging and being snobby" so I'm not sure if the comparison holds. If it doesn't have direct injection, a catalytic converter, or even seat belts...it's a "bragger" on here...


This is a car guy site.
I include our family DDs in my signature simply to show what were driving, how many miles we've driven them and what oil they're running on.
I don't intend this as bragging nor does anyone else.
Anyway, anyone who has a really old and high miles DD probably has some bragging rights in that they either selected a really good car, they took meticulous care of it or they've enjoyed exceptionally good luck.
Good for them, I would say.
I guess you could apply the same three possibilities to investment results.

 

[jeepman3071]

Originally Posted By: Vuflanovsky
While I think that putting your 401K balance on social media is both not smart and particularly bad form, I think having a 17 year old vehicle in your signature is more the BITOG version of "bragging and being snobby" so I'm not sure if the comparison holds. If it doesn't have direct injection, a catalytic converter, or even seat belts...it's a "bragger" on here...


I think many here just post that as an example of the vehicles they own and service. How would a 17 year old vehicle be a brag?

Posting any personal information on social media is a VERY bad idea. I did an internship at a police department with the detective, and it was very obvious how many criminals took advantage of social media. Not just for seeing when you are away from your home and what valuables you may have, but predators as well. I know on the college campus, people advertising parties where users could say they were "attending" was a very popular target for rapists and other predators targeting young women or drunk individuals.

 

[Leo99]

Originally Posted By: DoubleWasp
That's my deal right there. Spent most of my 20s living in a closet and working like a slave to build businesses and investments. Kinda wish I would have spent more time just being young. Had my fair share of adventures and travel, but kinda wish I would have just taken a year to say F-it and just do whatever the heck I wanted.

Oh well. I reap the benefits now.

Nothing wrong with that.

My in-laws always wanted to go to Italy. They kept putting it off. Now, they say they're too old to go. No Italy for them. I took my wife to Italy a couple years ago. We're not that old but we had a great time!

Something not expressed in this thread that I've seen is that old habits die hard. People don't scrimp and save and become millionaires from very little and then enjoy their money when it's appropriate. They get used to scrimping and saving and driving old cars and living austere lives. Then they die. Their kids enjoy the money. To Hades with that. I save it, I'm enjoying it. I'd rather spend some now and spend a little later than save it all now and be sitting on a lot of money when I'm old and sickly.

Enjoy the fruits of your labors, my friend!

 

[Mr Nice]

Leo99,

I agree. If there is any money left, it will be split evenly for the adult children.

 

[Astro14]

Originally Posted By: Leo99
Originally Posted By: DoubleWasp
That's my deal right there. Spent most of my 20s living in a closet and working like a slave to build businesses and investments. Kinda wish I would have spent more time just being young. Had my fair share of adventures and travel, but kinda wish I would have just taken a year to say F-it and just do whatever the heck I wanted.

Oh well. I reap the benefits now.

Nothing wrong with that.

My in-laws always wanted to go to Italy. They kept putting it off. Now, they say they're too old to go. No Italy for them. I took my wife to Italy a couple years ago. We're not that old but we had a great time!

Something not expressed in this thread that I've seen is that old habits die hard. People don't scrimp and save and become millionaires from very little and then enjoy their money when it's appropriate. They get used to scrimping and saving and driving old cars and living austere lives. Then they die. Their kids enjoy the money. To Hades with that. I save it, I'm enjoying it. I'd rather spend some now and spend a little later than save it all now and be sitting on a lot of money when I'm old and sickly.

Enjoy the fruits of your labors, my friend!


I'm not certain that your observation about habits is universally applicable...

If you go back and read my anecdotes, "Joe", who sold his wife's car while she was hospitalized (a cash flow crunch if there ever was one), was awfully tight at one point, had to be, but now he owns an airplane and flies his wife wherever she likes, and in fact, for her 50th, he chartered a private jet, and flew his wife, and her best friend, to the Caribbean for a vacation.

That's my point about balance - save and invest for the future, while enjoying today.

I've certainly seen examples of folks who live in the moment, and wake up at 50+ with the ugly realization that they can't retire by the time they're 70, even. I've seen examples like yours: scrimp and save, putting off enjoying the moment, until they realize it's too late.

But while the former (live now, fail to plan) is quite common, the latter is quite rare. Most of the people I know who've planned, and saved, for the long run, have enjoyed life along the way.

If you're not enjoying your life, while planning and saving for the future, I think you're doing it all wrong...

 

[fdcg27]

You make an excellent point.
Enjoy your life now while also setting enough aside to be comfortable in retirement.
One should enjoy nice vacations and weekend trips now and then. It isn't that expensive to do so and the enjoyment factor is huge.
Buy that new car once a decade. It will amortize itself nicely over time.
You can and should spend some money on enjoyment now, just not every spare penny.
We all know people who retired with substantial net worth too infirm to enjoy any of their accumulated wealth.
There is also considerable research to support the notion that experiences, like travel or live theatre provide considerably more lasting satisfaction in memories of them than do things purchased.
One should bear this in mind when deciding whether to blow a grand on a new handset or a weekend getaway with the wife.

 

[demarpaint]

IMO people bragging about their alleged wealth and financial success on social media are usually insecure and lying. There are certain things that should be kept off of social media, bragging about wealth is one. Opinions vary......

 

[Silverado12]

Originally Posted By: Leo99
Originally Posted By: DoubleWasp
That's my deal right there. Spent most of my 20s living in a closet and working like a slave to build businesses and investments. Kinda wish I would have spent more time just being young. Had my fair share of adventures and travel, but kinda wish I would have just taken a year to say F-it and just do whatever the heck I wanted.

Oh well. I reap the benefits now.

Nothing wrong with that.

My in-laws always wanted to go to Italy. They kept putting it off. Now, they say they're too old to go. No Italy for them. I took my wife to Italy a couple years ago. We're not that old but we had a great time!

Something not expressed in this thread that I've seen is that old habits die hard. People don't scrimp and save and become millionaires from very little and then enjoy their money when it's appropriate. They get used to scrimping and saving and driving old cars and living austere lives. Then they die. Their kids enjoy the money. To Hades with that. I save it, I'm enjoying it. I'd rather spend some now and spend a little later than save it all now and be sitting on a lot of money when I'm old and sickly.

Enjoy the fruits of your labors, my friend!


I had to almost force myself to buy my latest Challenger R/T because I didn't think I deserved something that nice (my wife and a friend talked me into it). I drove truck for over 20 years, now part time and enjoying life. I didn't get to see my kids grow up and feel really bad for that. I did save and invest a decent amount of money, but like you said, you can't take it with you.

 

[SteveSRT8]

Originally Posted By: demarpaint
IMO people bragging about their alleged wealth and financial success on social media are usually insecure and lying. There are certain things that should be kept off of social media, bragging about wealth is one. Opinions vary......


Exactly. Whatever happened to being a bit more discreet?

 

[raytseng]

its the internet, nobody's forcing you to read their posts. People are dumb. the internet mskes it seem like 1 dumb person is 1000 dumb people.

Its only really meta posts like this whose only purpose is so you can smh about others and feel better avout yourself is the msin product over what the original story.

 

[demarpaint]

Originally Posted By: SteveSRT8
Originally Posted By: demarpaint
IMO people bragging about their alleged wealth and financial success on social media are usually insecure and lying. There are certain things that should be kept off of social media, bragging about wealth is one. Opinions vary......


Exactly. Whatever happened to being a bit more discreet?


I'm not sure, maybe it's generational, or insecurity, or just plain stupid? I often wonder.........