Save and Retire...

AutoXer · #1 01-09-2007, 10:04 PM

I think asking Dave for numbers in a public forum is a little out of line and puts him on the spot.

Another principle I live by is never use debt to buy a depreciating asset, and that has served me well through the years. Either I have the cash to afford it or I don't buy it.

NextGen · #2 01-09-2007, 11:03 PM

Quote:

Originally Posted by AutoXer

I think asking Dave for numbers in a public forum is a little out of line and puts him on the spot.

I think Dave can speak for himself thank you very much.

Dave - thanks for the details. A lot of what you said was ringing a lot of bells for me. I too have been very fortunate. I cashed in some stock options just when the stock market was crashing. I used the money to make myself debt free. I have worked my way into a six figure job. Even though I make good money I live "below" my means.

I made enough money from my business to pay cash for my X and cash for another SUV for my wife (cash is usually the best way to buy a car!). I refinanced my mortgage a few years back to a 15 year and now have less than 10 years left on it. The housing market in the Phoenix area was crazy about a year back, as a result my house is worth 110% more than what I paid. I could sell, move to the midwest and get rid of the mortgage all together.

Unless I have some financial disaster (unemployed for a long time for instance) I think I have a good chance to get out of the rat race early. But you know how life is, just when you think you have it figured out, it changes.

Scottie · #3 01-10-2007, 05:19 AM

what is a 401K.???

Scottie · #4 01-10-2007, 05:26 AM

Save and Retire.

Can I just say that it's great to be able to work & save towards your retirement. To have enough behind you that you do not need to worry.

but it only works if you live long enough to enjoy your retirement and to benefit from all those years of saving and putting a bit by etc etc.

I do pensions.

I do the shares stuff

At 43 I have no mortgages on my 2 houses.

I have also invested/bought items that I enjoy now which will be sold for a profit in say the 40 years since I've owned them giving me a maxium return on my investments.

You just need to know the right things to invest in.

cmyX6go · #5 01-10-2007, 05:55 AM

Quote:

Originally Posted by Scottie

what is a 401K.???

Pension plan - a percentage of your pre-tax earnings come out of your paycheck, normally matched to some degree by your employer. You chose inventments; Could be stocks, bonds, mutual funds...

utdeveloper · #6 01-12-2007, 01:16 PM

Quote:

Originally Posted by NextGen

I think Dave can speak for himself thank you very much.

Dave - thanks for the details. A lot of what you said was ringing a lot of bells for me. I too have been very fortunate. I cashed in some stock options just when the stock market was crashing. I used the money to make myself debt free. I have worked my way into a six figure job. Even though I make good money I live "below" my means.

I made enough money from my business to pay cash for my X and cash for another SUV for my wife (cash is usually the best way to buy a car!). I refinanced my mortgage a few years back to a 15 year and now have less than 10 years left on it. The housing market in the Phoenix area was crazy about a year back, as a result my house is worth 110% more than what I paid. I could sell, move to the midwest and get rid of the mortgage all together.

Unless I have some financial disaster (unemployed for a long time for instance) I think I have a good chance to get out of the rat race early. But you know how life is, just when you think you have it figured out, it changes.

Sounds like a lot of people here hate what they do. I don't plan to ever retire...but I am in residential/multi-family development and enjoy what I do.

motordavid · #7 01-12-2007, 06:19 PM

Quote:

Originally Posted by utdeveloper

Sounds like a lot of people here hate what they do. I don't plan to ever retire...but I am in residential/multi-family development and enjoy what I do.

Hard to tell really, from the posts...some of it is frustration and
subtle anger built up over time, and vented on a board.

I loved my career about 95% of the time, though the endless travel
and weekends gone, took a toll over nearly 30 years. I could barely
stand the fookin office, however and if it wasn't for a few outstanding
secretaries/ad mins, over those years, I woulda imploded.

It was time to pull the cord and we had the dough/port and, said to
ourselves, "why not?!" in a very changed industry. Never regretted it
a minute and I would not/could not go back after nearly 7 yrs, if "they"
paid me triple. I loved it, but it was time; for some people, it will never
be time. You are one of the fortunate few, imo.
GL,mD