Retire a millionaire!

Discussion in 'Pfizer' started by Anonymous, Jan 8, 2014 at 12:21 AM.

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  1. Anonymous

    Anonymous Guest

    Can you all give some of us younger folks any pointers on how to retire a millionaire?! I've been with this company and industry for 2.5 yrs at a pretty decent at 90k(ish) salary. I have a side business which I make about 30-40k a year and will start investing in real estate this year. I just turned 35 so I'm not young at all. The only savings I have is my 401k and Personal savings, totaling 60k.

    The hurdle that I'm having is that I have alot of private student loans, about $150k total. I'm paying this off faithfully a month but it's really difficult to save. I put myself through school, but fully regret taking out more than I needed.

    Any pointers on how to retire a millionaire?!!
     

  2. Anonymous

    Anonymous Guest

    seek out a fee-only financial planner
     
  3. Anonymous

    Anonymous Guest

    Your title should be multi-millionaire because in 30 years a million dollars will mean nothing. The only advice I will give you is real estate. Don't buy a rental property to say you own a rental property. Buy the right property at the right price. Easier said than done. It might take a year or more to find this property. I have seen novice investors want to get into the game and realize this investment net them a monthly loss. You would be much better to reduce your debt than suffer another expense. Team up with a investment pro and find him properties, take a percentage of the rent and learn from him. Your investment is your time, your profit will be small, but your learning knowledge is huge.
     
  4. Anonymous

    Anonymous Guest

    This is not all-inclusive, but may help you:

    1. Have a strong moral compass, money is not everything.

    2. Max out your 401k.

    3. Live modestly, do not buy the biggest home and cars, and strap yourself to more debt.

    4. Move up the ladder as fast as you can to maximize your earnings. You have a lot of side line stuff going on, so this is something you need to look hard at. What are you really good at? Make your fortune there.

    5. Get rid of time wasters in your life that are keeping you from being a top performer at what you do. Get rid of money wasters that are not providing value to you and your family.

    6. Your student loan debt is slightly stunning. Fortunately there are government bailouts. I don't agree with it, but if its available why not. I applaud you for paying them off.
     
  5. Anonymous

    Anonymous Guest

    take your side money and pay off your student loans asap. you should be saving in your 401 the max if possible.
     
  6. Anonymous

    Anonymous Guest

    At 35 you need to take educated risks. You should put in enough money in your 401k to get the maximum company match and no more. If you are disciplined, take the remainder of the money and invest it in an asset where your ROI is the greatest.

    The typical risk adverse, lazy, not financially educated USA employee believes the 401k is great. It is a forced savings account. Take the maximum match and invest where you can control the outcome of your investments.

    Many will say they made 25% in 401k in 2013. How much did they lose in 2008-2009? Investments come in cycles and you need to be ahead of the next one.
     
  7. Anonymous

    Anonymous Guest

    Mutual Funds have averaged 9% over the past 20 years. Count on the ups and downs…buy you'll make money
     
  8. Anonymous

    Anonymous Guest

    DO NOT HAVE CHILDREN
     
  9. Anonymous

    Anonymous Guest

    Or get divorced! Unless your wife makes more money than you.
     
  10. Anonymous

    Anonymous Guest

    Lol! But it's true. My kids have drained have so much of our reserves, I can't even think of how we will live comfortably when retired. My kids are both in private school and even with a wife working an 80k salary, Still not enough, it seems... We too have student debt and where we live cost of living is not cheap.
     
  11. Anonymous

    Anonymous Guest

    Just hope you can retire before you die...and oh you are very young you just don't know it.
     
  12. Anonymous

    Anonymous Guest

    Your fault. I know you want what's best for the kids but State schools are a good choice for college in most parts of the country. If you live in a high cost of living area, your public school system should be good also. You will probably look back and regret some decisions….like your student loans, they are killer for most people.
     
  13. Anonymous

    Anonymous Guest

    Hey thanks alot to everyone who shared their opinion. I really appreciate it!

    1-Will def get a fee only financial planner
    2-Real estate market where I live is one of the best in the country, so I should be good here. I know the real estate market pretty well and have friends who are contractors and investors.
    3-I live pretty modest. I contribute the max that is matched for my 401k, not sure percent growth past year.
    4-No kids, not married (yet). Too bad government provides no bail out for private student loans, but paying monthly.
    5-Purchased about 20k of stocks about 7-8 yrs ago, lost almost half, hadn't invested in any assets since.
    6-I'm considering mutual funds as well, although they grow much slower
    7-Save about 15% income yrly

    Fico 760 and planning to purchase my first rental property this year, possibly a multiunit.

    Any assets that are worth looking at, feel free to share! Thanks again for everyone's responses!!
     
  14. Anonymous

    Anonymous Guest

    I gave you some of the earlier advice, but your thread has been on my mind a bit. I am a bit older than you and can be reflective, and I want to give you some advice based on a few things you said.

    To quote Zig Ziglar: I confess that I like the things money will buy. I like to live in a nice house, drive a nice car, wear nice clothes, belong to the country club, play on beautiful golf courses, travel to nice places, take my family out for relaxing dinners. I like all of those things, but I love the things that money won't buy. Money will buy me that house, but not a home. It'll buy me a companion, but not a friend. It will buy me pleasure, but not happiness. Money will buy me a bed, but not a good night's sleep. It will buy me a good time, but not peace of mind.

    Be careful not to be so hung up on retiring a millionaire. Life is so much more about what you give, not what you get. It can all disappear over night (you lost 50% of your investment...imagine losing everything, then what?). Find a spouse, have kids, and live a life of gratitude. Make sure your relationship with God is your foundation and rock which you build upon. The way life works is that the more you give, the more you will get in return, and that is not just a money thing. There's nothing wrong with being successful and making money, just don't let it become your god because it will fail you. Look out for others and serve your fellow man.

    My best to you.....
     
  15. Anonymous

    Anonymous Guest

    The 9% is a nominal rate of return before taxes and fees. The real rate of return is just about 2%! Stop listening to Suzie Orman, she is full of sheet! And to the idiot that said max out your 401k...You can't teach stupid! Why would you defer tax money today at a low rate when we know taxes are only going up in the future!!! Again, you can't teach stupid. Do your homework and stop listening to the masses. The S & P over the last 25 years is virtually flat, and if you take out dividend paying stocks, it is 0%.
     
  16. Anonymous

    Anonymous Guest

    I am with you brother.
     
  17. Anonymous

    Anonymous Guest

    so you're saying fees and taxes are eating up 78% of what mutual funds are earning???
    How do you figure that, please? Help me out
     
  18. Anonymous

    Anonymous Guest

    Anyone who truly believes that maxing out a 401K is a bad idea has no idea what they're talking about. Holy cow!
     
  19. Anonymous

    Anonymous Guest

    One question to you Mr. Buffett.....Are taxes going to increase or decrease going forward???? Even with the slight increase we just had, we are at historically low tax rates. Do a little research and check out the tax rates over the last 70 years! Why in earth would you defer money today at a lower rate and pay them at a higher rate in the future???? Take up to the company match, absolutely! But any dime after that is foolish like YOU! Don't let the facts get in the way of your financial genius. Go back and listen to the idiots on TV giving you financial advice....Follow me little lamb.....
     
  20. Anonymous

    Anonymous Guest

    Agree to everything said here. Thanks for the kind words!