Retire a millionaire!

I plan to start real estate school soon. Look in your area there might be evening classes you can attend. My friends that got laid off 4 years ago are now well established agents and are making more than they did in pharma. Now that the market has come back this may be a good choice. Set aside money to live on now because the first two years can be tough.

 

First of all, you have a silly goal. You should be preparing for better things in life than retirement, like where you will spend eternity.

But, now that you asked, here are some tips:

1. DON'T buy anything, especially a house.

2. Pay off all your debt only after you have about 50k in cash for emergency, as you know it is easy to get downsized in this industry.

3. Stop contributing to 401k, etc. Get that 50k first, then pay off all your debt.

4. Live well below your means. NO going out to eat, and maybe 1 vacation a year, but that is probably too much too. Wait until you get that 50k in cash before you do a vacation.

5. Look for market opportunites, buying at all time lows. The stock market, for example, is a terrible investment right now. Its too high.

6. Once you are out of debt and are in a strong cash position, then consider a condo or starter home FOR CASH ONLY, and a low property tax area.

7. Inflation and taxes are going to wipe you out, so you should just make better goals for yourself, like finding a wise spouse or helping the poor and needy.

Get your priorites in order, man.

Good luck!

 

You've already made a HUGE, huge mistake by piling up a ridiculously high college debt. You made the same mistake as the guy in the post above. Don't buy that crap about having a degree from a private college means more, at least not in pharma sales. And don't say the debt was because you paid your own way through college. I did too, and I had two jobs, and I ran on the college track team. So it can be done without building up a lot of debt. You don't need to get a degree from a private school to get a great paying job. You can go to a state school for around $8,000 a year and save that money you wasted on a private school. The high tuition of private schools just pays for scholarships for "underprivileged" students so they can get a free ride that you helped provide. You'll be paying off that debt for years now.

As someone else said, you'd better plan on having at least $3 million by the time you retire. live below your means and become debt free as soon as you can(because of your college choice this is a long way off, though).

One more thing...stop talking publicly so much about your plans. Because of what you posted we already know how old you are, how long you've been with the company, and the fact you have another income on the side. Don't assume everyone will be so pleased at your success with your side business. Managers expect you to be focused on this job only. If you want to keep your present job, you'd better stop blabbing about these things or eventually a manager will get wind of it and look for a reason to get rid of you.

Good luck, Grasshopper.

 

Good post.
But, 3 million is going to look like 3k when that guy retires. Hard assets are a much better, like physical gold, real estate, farming land, art work, etc.

Best move is to set up a business like remodeled surgical equipment, something like that. But, most of you are too lazy and dumb to do it. So, stick with your corporate Pfizer job (yes, I worked for you pukes for 2 years and left, thank God), and save up because you are going to get downsized eventually.

Good luck!

 

I have been investing in real estate for years and have always told my direct manager. Years ago at a meeting I was approached by my managers manager wanting to know if my real estate was taking away from Pfizer. I said no and in so many words told me to stop buying homes or my job is in jeopardy. I told him I was investing and if my job is in jeopardy you need to find out if any other reps in Pfizer have real estate investments or invest in the stock market. He said why. I responded their jobs need too be in jeopardy too. Never heard another word about it and 6 years and 12 properties later my investments make me a lot of money.

 

Puke company w puke people.

Why you have stayed so long says something about your character. If you left and did the real estate full time, you would make more and get your character back.

Pfizer sucks the life out of us normal people.

 

It's not about character it is about money.

 

Thanks for the verification.

Problem is your/my money is going to be useless soon, with digital currency coming, increased taxes, and death.

You will never get it because your mind is stuck in reverse.

 

Reverse? You work at Pfizer for money, right? When I have enough money I can leave Pfizer. My life becomes better. I get to vacation 10 weeks a year and leave the USA to a place my money made with Pfizer goes much further. 90% of the people reading this will work for a corporation beyond 60 years old. I no longer need to and I am in my 40's.

 

What??? You got lucky with saying that to your manager. Another one may not be so understanding. Go ahead and keep blabbing about how your time and energies are spent making you money outside of Pfizer. In fact, brag to your manager's manager about how you'll soon be making more than him. He'll love to hear that. Just don't let your numbers ever dip below a level they expect from you, or you'll be gone and you'll know why. You gave them the information to hang you. Keep bragging to anyone that will listen... after all, who doesn't like to hear someone talk about how wonderful they are?

 

Young man you lack strategy in your state school education. If they fire me they will need to fire everyone else who owns real estate or is any type of investor (stock market). I made them well aware of this fact and its been years and no one has done anything and they won't. Just because you live paycheck to paycheck don't hate the ones that have vision, millions and work the minimum at Pfizer.

 

So true. Back in the day a manager could wait outside your house to see if you were working. That stopped pretty quick when companies were asked if they waited outside everybody's house to check them also. If the company is going to fire you they will need to find a performance based issue that starts with PIP ( compliance and cheating on your expenses is a given for dismissal). Even if they do that, you can come off of it by complying with the parameters of the program. Do what they want and you come off and continue with your job. Eventually you may get caught in a downsizing, but so will everyone else.

 

You are naive. When they want to get rid of you they can find any number of ways to get rid of you. No, they won't wait outside your house, they'll just tweak your numbers or have your manager say you aren't performing to expectations. Even if you ride it out you will have a huge blemish on your record. Better to just keep your mouth shut from the start about how much real estate you are selling and how much money you are making.

 

Pfizer doesn't want to deal with petty lawsuits from reps. Law firms love to represent clients against big corporations. A few letters from a law firm, file some paperwork at the courthouse and a settlement most likely will be reached.

 

This is the typical response from a uneducated fool. Keep in mind that even if your company didn't match anything into your 401k it's still a good investment. I say this because it takes your taxable income down whatever you choose to invest. If you don't choose to invest, you're money is taxed at whatever tax bracket you're in. The theoretical thought is that when you begin pulling from your 401k your tax bracket will be significantly less than it is today, thus you paying less taxes on your money. This is investment 101 for my foolish friend. Any honest financial person would tell you the same thing. You shouldn't give them a single dollar if you haven't maxed out your 401k--period!!

 

You are a f'ing idiot. Keep voting for Odumba and his friends. If your investors are charging you 7% to invest money, you are the biggest idiot in all of America and, quite possibly, the world. Just a FYI that the S&P from 1920-2005,given any 30yr time horizon, has returned on the low end 8% to over 12% on the high end for any thirty yr. period. That is a fact. You need to do your homework and start saving your money. Let me guess, you have your $1000 dollars in savings invested in a bank savings account earning .002% interest. Best of luck in the future my bright friend.

 

Holy cow!!! The idiot is back. Your tax rates when you retire will be lower than what they are when you are in your prime earning years--period!!! You are making your decisions on hypothetical's with a very, very low likelihood of happening. Your tax rate at retirement, on average, should be 5-10% less than what it is during your working years. Where do you get your info and advice from? You need some serious counseling.

 

It is, but why limit yourself to the investments in your 401k accounts. If you just invested your money by yourself or with a broker, you would have thousands of options beyond what your 401k offers. Max our your 401k first and then invest your extra money outside of it.

 

Odumba is back. You are the biggest cafepharma moron ever. First, the goal of investing is to save your money and not sell. You don't get a little slip in the mail during tax season if you don't sell. You seem like you are a disgruntled day trader that has got his ass handed to him. The OP asked a question about long term investing. If you make good investments and hold on to them, your tax rate will be less when your retired than when your working. You are truly a pathetic fool with a prepubescent look on how to manage money or your life. Get a clue.

 

I have a question. I retired at 45 because I could. I inherited a boatload of money. $3.5 million to be exact. I don't tell anyone. I never throw it in anyone's face and if someone asks I always tell them I am "unemployed" not retired cuz I don't want them to know. No I am not ashamed of inheriting millions. From 22 to 45 I worked 50-60 hours per week. What am I supposed to do? Give the money to charity? (BTW charity starts at home).
Am I lucky? You bet!
When you hear of some blue collar Joe hit the Powerball for $100 million, do you feel happy for him or are you envious and say "That money will be gone in 5 years!!"
We are all envious of people who have more than we do whether acquired thru hard (or easy) work, marriage, inheritance, lottery, etc. Life ain't fair. Deal with it. It ain't a crime to be rich
as long as you didn't commit a crime to become rich.