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Discussion in 'Business Operations' started by agrostis, Mar 19, 2013.
Interesting article. All these people are screwed in the future. Working until the day they die-NO THNAKS.
I tried starting a retirement topic late last year. No one really had much to say. A few were investing in rental real estate, some plan on working til they drop, and others said they are "investing in the business."
Here's the link:
It sound's like there are going to be a lot of poor/homeless elderly walking around, if they can walk.
Working until you drop is a pipe dream, most job's kick you out in your 60's and older people are not getting hired, except as greeter's at wal-mart.
Pretty good info in that thread. I especially like the quote from Mike Tyson about everyone having a plan until they get hit in the mouth. I know plenty of friends who got that financial hit and now they are screwed.
The biggest mistake I see is people always wanting more house to keep up with the Jones'. I just can't see the logic in being 45 years old and buying a big fancy house on a 30 year note. Who the hell wants to be making house payments at 75 years old. Not to mention paying taxes, upkeep, and utilities on a 6,000 sqft house!!!
I'm a roth IRA and mutual fund guy. I'm 42 and the only debt we have is a house that will be completely paid off in 3 more years.
Reading the book "The millionaire next door" and listening to Dave Ramsey is the advice I give everyone.
Working until you drop is a pipe dream, most job's kick you out in your 60's and older people are not getting hired, except as greeter's at wal-mart.[/QUOTE]
Your right. And once the money runs out, they will wish they were dead. I watched my Dad go through that. SS won't cover much and it doesn't keep up with inflation so each year they get squeezed a little tighter.
However, if a guy and his wife has a nice nest egg and no debt, then retirement could sound pretty good.
Yeah, more house than can be afforded is a big issue with most Americans. It isn't so much the monthly payment, but all the other hidden expenses that come with home ownership. In certain cities, home ownership never makes sense. It is just too expensive.
I like most of what Dave Ramsey says. IMHO, his advice should stop with the debt info he gives. His retirement advice is terrible. 8% safe withdrawal rate? 12% returns on mutual funds? He attempts to dumb the information down for the average joe, but that doesn't help when the information is flat out inaccurate.
If you're a fan of mutual funds, I would humbly suggest you check out low cost index funds. Go here and do some reading when you have a few hours:
It's free education and well worth it.
stock market, index funds, etc allow the average person the opportunity to own part of a business since they otherwise would not be able.
As business owners, why in the world would you invest in someone elses business and not your own? Last year the business net worth went up over 200%. Can any of your stocks do that?
Diversity and liquidity are why I invest in other things besides my business. Maybe your business will be worth $1 million at 67 but mine won't. More power to you for focusing on your business but just don't like all the eggs in one basket.
I agree with you about Dave's investment advice. He also gets a little to preachy for me. His debt info I love. We have a family budget and plan on a decent retirement. I also agree with much of what he says on Life insurance. Why my Dad died I got stuck with a lot of bills I wasn't prepared for and I'm not gonna do that to my son.