OT: Investing - Stocks/Mutual Funds/Bonds/Crypto

[vlietinho]

The legalize bill has passed in Canada. I'm of to the Lambo dealership

And all the weed stocks are DOWNNNNNNNNNNNNNNNNN, that is some unexpected **** right there.

Yeah (except HVT), sell the news I guess. But it still could turn around today. Anyway, the Lambo dealer said he had a waitinglist so..

[Finn]

If accurate, not too good...

Bitcoin Manipulation?

[M-C-G]

If accurate, not too good...

Bitcoin Manipulation?

I mean, the NYSE is one of the most artificially manipulated markets on the planet. This idea of inflating stocks or deflating is every day practice. And this is from someone that is not interested in crypto any more.


Sent from my iPhone using Tapatalk

[humanrefutation]

Coinrail getting hacked and having 40m in Bitcoin stolen didn't help.

[MartyConlonOnTheRun]

A wise person is set for life at 10 million. Thats two homes, a third home for family, a few real estate investments, and enough interest to live off of.

Of course, a couple kids and baby mamas and now you are in jail for skipping alimony payments like the Dukes of Hazzard guy.

It's always a fun to see what people think they need to retire. I figure $2m cash would have my wife and I retire immediately. I have some friends saying min $5m. Realistically, $1m or less would get you about $40k a year at a safe withdrawal rate, which is the median household income for Racine.

And that's for someone at retirement age or near it.

Not for someone who's under 25 and is going to need health care as well as other living expenses.

I was derailing the other thread but the withdrawal rate is based on the 4% rule where you can basically with draw that amount and not ever run out with a 90% or so confidence ratio (you could always work again or adjust your spending to make it like a 99% confidence ratio). So age isn't a huge deal. The rate adjusts automatically for inflation based on returns on your assets.

It is cheaper when you are younger since health insurance is cheaper. I think the average is $5k a year for Obamacare so even if a family of 2 is $20k total for a year, and have you have $2m withdrawing 80k a year you still have a good amount for housing, food, travel, etc.

The problem is if you are a former NBA star and hanging out with guys making millions and never adjusting your lifestyle.

[Licensed to Il]

One of the suckiest thing about getting older, is you realize how much money you need to retire. So I'm feeling this, personally. I went from being 30 and making more than I ever thought I would make, to being 40 and having four kids, and smarting up financially and realizing how screwed I am, even after 20+ more years of working.

[emunney]

**** I should sell my giraffes before they depreciate

[midranger]

One of the suckiest thing about getting older, is you realize how much money you need to retire. So I'm feeling this, personally. I went from being 30 and making more than I ever thought I would make, to being 40 and having four kids, and smarting up financially and realizing how screwed I am, even after 20+ more years of working.

Yup. It's hard to emphasize this enough. Start early, save 20% of income, look for consistent 5-10% returns (as opposed to lambos on the moon), avoid fees, let compounding do the rest.

I converted way too late to this myself. Lifestyle had already inflated. Savings started too late. Debt (most of it necessary) too high.

You young guys, give this some real thought now and your future you will be super happy you didn't buy that new car on credit when you didn't need it and couldn't afford it.

[MartyConlonOnTheRun]

One of the suckiest thing about getting older, is you realize how much money you need to retire. So I'm feeling this, personally. I went from being 30 and making more than I ever thought I would make, to being 40 and having four kids, and smarting up financially and realizing how screwed I am, even after 20+ more years of working.

Yup. It's hard to emphasize this enough. Start early, save 20% of income, look for consistent 5-10% returns (as opposed to lambos on the moon), avoid fees, let compounding do the rest.

I converted way too late to this myself. Lifestyle had already inflated. Savings started too late. Debt (most of it necessary) too high.

You young guys, give this some real thought now and your future you will be super happy you didn't buy that new car on credit when you didn't need it and couldn't afford it.

Every time I think I wise up, I can easily see myself getting pulled in to doing something financially stupid.

My car got totaled and have been looking around. Started out looking at either a used beater or a new car in the upper teens. Suddenly, I'm looking at crew cabs. I'm an accountant, why the hell do I need a truck? I'm trying to drag this process out as long as possible to realize it's just a car (one that i should use as little as possible) and that I need a huge car payment.

[HaroldinGMinor]

One of the suckiest thing about getting older, is you realize how much money you need to retire. So I'm feeling this, personally. I went from being 30 and making more than I ever thought I would make, to being 40 and having four kids, and smarting up financially and realizing how screwed I am, even after 20+ more years of working.

Yup. It's hard to emphasize this enough. Start early, save 20% of income, look for consistent 5-10% returns (as opposed to lambos on the moon), avoid fees, let compounding do the rest.

I converted way too late to this myself. Lifestyle had already inflated. Savings started too late. Debt (most of it necessary) too high.

You young guys, give this some real thought now and your future you will be super happy you didn't buy that new car on credit when you didn't need it and couldn't afford it.

As long as we're sharing old guy financial lessons....

- even though 15% retirement savings rate is suggested, that doesn't mean you cant save more. For the longest time I thought 15 was what I was supposed to be saving. save more than that.
- If you hate your job/career in your 20's it won't get better with more money. I learned this the hard way. I went back to school in my late 30's and took on 70K of debt in order to change careers. Granted I didn't have a family so it was "easier" for me but I REALLY wish I had done it in my 20's.
- Subscribe to Money magazine (or something similar). yes, it's basically the same thing every month and it's pretty basic info but the lessons are solid and it's great to reinforce the things you should already be doing.
- Avoid debt. I did great at this for the bulk of my life until I went back to grad school. In retrospect, I probably only needed half of what I borrowed but I fell into that trap of borrowing enough so that I wouldn't need to work as much while I was in school. The payments aren't bad but just giving away that money every month is really aggravating - particularly when I start crunching retirement numbers (retiring at 62 would be better than 67). So if you are going back to school to be a social worker, don't take on six figures of debt to do so. You will never pay it off.
- I really wish I had my spending habit under control in my 20's. I never splurged on any big ticket items and therefore I thought I was doing fine. But I spent WAY too much on weekends and ate out almost every lunch and probably 80% of my dinners. Then I'd wonder how my credit card bill was $400 - $500 every month.

[MartyConlonOnTheRun]

- I really wish I had my spending habit under control in my 20's. I never splurged on any big ticket items and therefore I thought I was doing fine. But I spent WAY too much on weekends and ate out almost every lunch and probably 80% of my dinners. Then I'd wonder how my credit card bill was $400 - $500 every month.

That's probably the killer for a lot of people. Even if you just do subway 3 days a week, you will lose out on $370k when you retire (assumptions Start 22, End 65, meal is $10 bucks for a sub and soda, modest 7% return). And that's only spending an extra $30 a week. Then factor in families eating out at restaurants multiple times a week.

Me and a lot of friends would drop $50+ almost weekly on one night at a bar. No wonder I didn't save much in my 20s

Now is when you begin to reap the rewards of decades of saving. At some point, you’ll be using this money to support your lifestyle. By the time you reach 60, you should have six times your salary saved – that’s $360,000 if you make $60,000 per year.
Unfortunately, the average sixtysomething has an estimated median of $172,000 in the bank. Not nearly enough. At this point it’s hard to save enough to make up for the shortfall. Instead, look at your assets. What can be monetized at some point to help sustain you?

https://www.investopedia.com/articles/personal-finance/011216/average-retirement-savings-age-2016.asp#ixzz5IQQZxsC9

[M-C-G]

I completely was senseless with money in my 20s. Started dating a girl that made me realize I may want to retire some day and got my accounts going. There were not a lot of good lasting memories from that relationship, but that was a really important one.

[Iheartfootball]

One of the suckiest thing about getting older, is you realize how much money you need to retire. So I'm feeling this, personally. I went from being 30 and making more than I ever thought I would make, to being 40 and having four kids, and smarting up financially and realizing how screwed I am, even after 20+ more years of working.

Yup. It's hard to emphasize this enough. Start early, save 20% of income, look for consistent 5-10% returns (as opposed to lambos on the moon), avoid fees, let compounding do the rest.

I converted way too late to this myself. Lifestyle had already inflated. Savings started too late. Debt (most of it necessary) too high.

You young guys, give this some real thought now and your future you will be super happy you didn't buy that new car on credit when you didn't need it and couldn't afford it.

As long as we're sharing old guy financial lessons....

- even though 15% retirement savings rate is suggested, that doesn't mean you cant save more. For the longest time I thought 15 was what I was supposed to be saving. save more than that.
- If you hate your job/career in your 20's it won't get better with more money. I learned this the hard way. I went back to school in my late 30's and took on 70K of debt in order to change careers. Granted I didn't have a family so it was "easier" for me but I REALLY wish I had done it in my 20's.
- Subscribe to Money magazine (or something similar). yes, it's basically the same thing every month and it's pretty basic info but the lessons are solid and it's great to reinforce the things you should already be doing.
- Avoid debt. I did great at this for the bulk of my life until I went back to grad school. In retrospect, I probably only needed half of what I borrowed but I fell into that trap of borrowing enough so that I wouldn't need to work as much while I was in school. The payments aren't bad but just giving away that money every month is really aggravating - particularly when I start crunching retirement numbers (retiring at 62 would be better than 67). So if you are going back to school to be a social worker, don't take on six figures of debt to do so. You will never pay it off.
- I really wish I had my spending habit under control in my 20's. I never splurged on any big ticket items and therefore I thought I was doing fine. But I spent WAY too much on weekends and ate out almost every lunch and probably 80% of my dinners. Then I'd wonder how my credit card bill was $400 - $500 every month.

I'm planning on doing what you did and I'm nearing 40 with a family (change careers and go to grad school). I have savings to cover grad school but it will still take a decent chunk out of that reserve (I've been saving since the age of 19-20). Is there anything you've learned along the way? Any regrets or things you wish you would have done differently during the process? I'm interested in any feedback since this hits close to home.

[HaroldinGMinor]

I'm planning on doing what you did and I'm nearing 40 with a family (change careers and go to grad school). I have savings to cover grad school but it will still take a decent chunk out of that reserve (I've been saving since the age of 19-20). Is there anything you've learned along the way? Any regrets or things you wish you would have done differently during the process? I'm interested in any feedback since this hits close to home.

I think everyone's situation is different. I have a pre-existing condition and Obamacare had just passed right about the time I went back to school so the prospect of not being able to get insurance didn't factor in. These are risks someone who is single and without kids can deal with to a certain degree. Someone who is the bread winner and maybe carries the insurance load? Not always. So make sure insurance wise you are all kosher (assuming you are since you have kids and what not).

I went into a field without a lot of job certainty. Luckily I found a job that I enjoy and is creative (pretty much the whole reason I went back to school) so I'm lucky in that regard. But if you're married and 40 and going to film school or something you may get a degree, not find a job, get a crappy job to pay bills and you are back at square one but now you are out $30 - $40K. Again, if you have a spouse that is willing to foot the bill for things while you pursue a dream then by all means do it. But I did know people in grad school whose spouses said they were on board but changed their tune after graduation and a year of unemployment. Again, this only applies if you are going into a field without good job prospects and also if you haven't had the tough conversation with husband or wife.

I got a job at school that helped defray the cost of tuition. I think it ended up paying for three classes. Some people become adjunct instructors which not only gets you decent money for a part time gig, but at my school they let you take a free class for every class you teach. So if you have a skill in some industry that they teach at the collegiate level it might be worth asking if your school has that kind of deal.

[MickeyDavis]

I could be saving more but I also want to enjoy things, especially travel, while I can. Sure I don't want to work forever but I'm not going to give up stuff to wait for a time that may never come. My dad got sick and passed away soon after he retired.

[HaroldinGMinor]

I could be saving more but I also want to enjoy things, especially travel, while I can. Sure I don't want to work forever but I'm not going to give up stuff to wait for a time that may never come. My dad got sick and passed away soon after he retired.

yeah i hear you. I did a bunch of traveling back in those days too and I do not regret that at all. I do regret spending $80 - $100 on alcohol nearly every weekend.

[Iheartfootball]

Spoiler:

I'm planning on doing what you did and I'm nearing 40 with a family (change careers and go to grad school). I have savings to cover grad school but it will still take a decent chunk out of that reserve (I've been saving since the age of 19-20). Is there anything you've learned along the way? Any regrets or things you wish you would have done differently during the process? I'm interested in any feedback since this hits close to home.

I think everyone's situation is different. I have a pre-existing condition and Obamacare had just passed right about the time I went back to school so the prospect of not being able to get insurance didn't factor in. These are risks someone who is single and without kids can deal with to a certain degree. Someone who is the bread winner and maybe carries the insurance load? Not always. So make sure insurance wise you are all kosher (assuming you are since you have kids and what not).

I went into a field without a lot of job certainty. Luckily I found a job that I enjoy and is creative (pretty much the whole reason I went back to school) so I'm lucky in that regard. But if you're married and 40 and going to film school or something you may get a degree, not find a job, get a crappy job to pay bills and you are back at square one but now you are out $30 - $40K. Again, if you have a spouse that is willing to foot the bill for things while you pursue a dream then by all means do it. But I did know people in grad school whose spouses said they were on board but changed their tune after graduation and a year of unemployment. Again, this only applies if you are going into a field without good job prospects and also if you haven't had the tough conversation with husband or wife.

I got a job at school that helped defray the cost of tuition. I think it ended up paying for three classes. Some people become adjunct instructors which not only gets you decent money for a part time gig, but at my school they let you take a free class for every class you teach. So if you have a skill in some industry that they teach at the collegiate level it might be worth asking if your school has that kind of deal.

Good feedback. It's consistent with what others have have gone through a similar transition have said to me biggest being have a plan for health care.

The thought that keeps rattling around in my head is the quote from Thoreau, 'most men lead lives of quiet desperation'.

I know that grad school and new career at this stage in life is a risk but the biggest risk is continuing in a career that doesn't fit the values I currently hold which are much different than in my 20's. Getting to the end of life and saying 'I wish I would have done X' is possibly more scary than just about anything I could actually do or screw up. This is an existential conversation and probably not appropriate for this thread but fear of economic insecurity can't hold me back and if it does I have a feeling that regret will haunt me more than dipping into my savings. Thing is I can always pull a U turn and use the skills I already have and go back to what I am currently doing.

Anyway, I appreciate all the different pieces of information in this thread. From crypto to career changes there's some good stuff. Also, helps to hear that I'm not the only person with this sort stuff rattling around in my head.

[HaroldinGMinor]

Oh forgot one thing....ask about testing out of certain classes or what it would take to do that. It is possible they take life experience into account for certain things and will let you skip a class or two. At my school it was pretty easy to talk them into doing that and that saved me some money. Also, it may be possible to take classes at a community college for cheap and have the credits apply to the new school. I know a lot of undergrads that do this and it can save a ton of money. Again, all depends on what you are going into and what your school allows you to do.

[midranger]

Nike up like 12% today. New Gianni's drop?

[MickeyDavis]

Great earnings plus $15 billion share repurchase announced after the bell yesterday fueling Nike.