$1 million would go a long way in retirement but.....
This is a discussion on $1 million would go a long way in retirement but..... within the Off Topic & Humor Discussion forums, part of the The Back Porch category; Originally Posted by spclopr8tr
I paid off my house as with the new tax code (compliments of the Trump presidency) the standard deduction exceeds any ...
October 29th, 2019 05:18 PM
I never owned a house until 1986 when I came back from Alaska, and in that time I could claim itemized deductions only twice. I always got more of a break with the standard deductions.
Originally Posted by spclopr8tr
Retired USAF E-8. Curmudgeon on the loose.
Lighten up and enjoy life because:
Paranoia strikes deep, into your life it will creep. It starts when you're always afraid...
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October 29th, 2019 06:13 PM
No one easily accrues a million bucks over their earning lifetime. Doing so requires a level of discipline that sacrifices everyday "wants" in favor of long-term "needs", and very few people ever develop that level of discipline.
Originally Posted by SAXDM9
My former wife could never understand why they wouldn't allow her to make the minimum payment on her Visa card with her MasterCard. No financial discipline at all. When she left I was upside down in debt (including a second mortgage on my house that she forged my signature on). Took me the better part of 10 years to get rightside up again.
My wife of the past 25 years is a very intelligent woman, always saving and investing. Never a problem dealing with such issues; we always knew we were working toward a comfortable retirement. Consequently we were able to go from little-or-nothing to a respectable investment portfolio over those years. While others were taking the fantastic vacations and constantly refinancing their houses to pay off the credit card debt, buying new cars every other year while we were driving our vehicles for 8 or 10 years between changes, we kept at the program of saving and investment.
I took early retirement from law enforcement, vested my pension and allowed it to continue growing, and started a business. I purchased 6 residential lots, built one house for cash (and credit cards) and sold it for a significant profit, which I used to build the next house. Then I continued as long as the residential housing market was at its peak, ending up with a new house for us built debt-free. Meanwhile, I also ran a roofing company, putting every dime over our (minimal) living expenses into long-term investments. Spent a few years doing claims investigations for insurance companies, for which I was well paid, and put every dollar away. As the economy started circling the toilet tank (2007-2008) I started an on-line business offering my hand-made leather goods for sale, which resulted in another 10 years of excellent income from customers in all 50 US states and 33 other countries. We continued living at a modest level and investing every spare dollar.
At 65 I was winding down physically (after over 10 years of working 7 days per week, no weekends, no holidays, no vacations), some health problems to deal with. I sold the business for enough to purchase our retirement home for cash, sold the old house and invested the proceeds. So I entered final retirement with a net worth of $1.6 million and a debt-free home.
It isn't easy, and not everyone is willing to work hard enough to make it happen, but it can be done if you make up your mind to do it. There are risks that many would never take, but those who are willing can make substantial profits.
What it is all about is suppressing the desire for immediate gratification so that you can build a secure future. It takes self-discipline and a long-term plan along with the willingness to accept responsibility for your own future.
Further musings of a retired millionaire.
October 29th, 2019 08:26 PM
What he said. Our guy did us 14% on overall & 22 % on mine ytd
Originally Posted by jmf552
October 29th, 2019 11:43 PM
@retired badge 1
, You’re right, I overstated the “ease” of conserving earnings. It’s not easy but, as you proved, it’s how one can get from there to here. Without the discipline, vision, and desire, one is unlikely to become a prodigious saver. Congratulations on your solid results, you worked really hard and long and made it happen. I know it wasn’t easy for you. Wouldn’t it have been a heck of a lot easier if you could have begun the “plan” fifteen or twenty years earlier?
My ex seems to have been somewhat like yours. For twenty-two years we were out of money before payday every month despite two reasonably good salaries. She left me over twenty years ago and suddenly my cash drain disappeared. I was then supporting two children, a house, and two pets on my income alone and still somehow had money on hand at the end of the month. The ex quit her job (I think to avoid paying child support) so I’m glad I figured out how to get by on one income. And fortunately I was responsible for only half the debt we’d racked, mostly credit cards, and I worked hard paying it down.
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