Retirement... (i.e. what are you going to be after you've grown up)

Burren

Burren

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BrutulTM said:
I think he says 15% to the 401k but he's scorched earth about getting people out of debt and paying off credit cards. I think what people are calling "insane" here is the idea that you pay off your mortgage before you start investing even if it's a low interest rate and never use credit cards or borrow money for anything except your house if you really have to.
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Ya that’s not good advice. He also say things like insurance and annuities and other alternative assets are bad.
He has an agenda and he sticks to it for his personal gain. It’s super basic and not even close to being optimized or what a proper financial plan can accomplish. By a fucking mile.
 
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Gravel

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How do you feel about adding stuff in your house in retirement? I'm kinda waffling on this because I think giving myself reasons to get out of the house are good. I've purposefully avoided getting gym equipment at home for example because I want to get up, get dressed, and go to the gym. Or yoga, or whatever - reasons to get out of the house are good.

I kinda go back and forth between "it'd be nice to have all this stuff at home" and the other way. In actual retirement, how have you fared with that? Do you need to engineer reasons to get out of the house or do you find you're out and about plenty anyway?
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We built our first home gym in 2015, and I haven't gone back since. It's just such a higher quality of life thing for me, not having to wait for shit, or whatever. And listening to my own music on blast, and not using earbuds. Granted, when we moved into our current house we got rid of the power rack for space. But my back is fucked anyway so I don't lift heavy anymore.

As far as getting out of the house, yeah, that's definitely a struggle sometimes. I'm a natural homebody though. I've also got some PTSD issues with public places though which is something personal I work on. For me though, the dogs are my excuse. I take them out constantly, they get lots of walks. I did take up drums 2 years ago and I'm working on looking for a band to get me out of the house (also do drum lessons for that too).

Part of the appeal of building a place in Orange Beach is that one, it's got an amazing bike trail in the state park, and two, there are boat loads of places with live music that I'd love to be gigging at a couple times a week.
 
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Burren

Burren

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Cad said:
How do you feel about adding stuff in your house in retirement? I'm kinda waffling on this because I think giving myself reasons to get out of the house are good. I've purposefully avoided getting gym equipment at home for example because I want to get up, get dressed, and go to the gym. Or yoga, or whatever - reasons to get out of the house are good.

I kinda go back and forth between "it'd be nice to have all this stuff at home" and the other way. In actual retirement, how have you fared with that? Do you need to engineer reasons to get out of the house or do you find you're out and about plenty anyway?
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If a gym is in my house, I will not use it. For me, I have to go to the gym.
 
Furry

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OU Ariakas said:
Oh, and you are 100% wrong about him advocating paying off your house before you start investing and it is right on his giant ass website for anyone to see.

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I’d say step 3 and 6 are skipped if you act optimally and 4 should be higher in some circumstances, especially if you want to retire early or comfortably. Lastly, step 2 shouldn’t apply to any “good debt”, which id say is probably house, car with value, and low percent student loans. Before I had my non retirement investments I considered my Roth IRA my emergency fund. You can withdraw contributions at any time without penalty. I want my money working for me.

That said, this advice isn’t bad at all. As a simple guideline, people who are illiterate that follow it will probably improve their situation.
 
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Haus

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Gravel said:
We built our first home gym in 2015, and I haven't gone back since. It's just such a higher quality of life thing for me, not having to wait for shit, or whatever. And listening to my own music on blast, and not using earbuds. Granted, when we moved into our current house, we got rid of the power rack for space. But my back is fucked anyway so I don't lift heavy anymore.
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We here at Chez Haus are a house divided on this front. I seem to do better and stay more with a plan when I have a "place to go to work out". Traditionally this has been a gym, and for a while Orange Theory. Mrs. Haus Mrs. Haus does best at her plans when she had the gear here at the house.

To that end, we have a 14x30 sunroom on the back side of our house, and part of that sunroom has a recumbent bike, stretching/yoga mat, weight bench, some weights, etc. Nothing insanely expensive, and things I have acquired at sporting goods resale places and purchasing online (FB marketplace and Craigslist) But I'm still debating getting back into a gym membership just to get back to the routine that works for me.
 
BrutulTM

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Whole life insurance and annuities are great ways to make money for insurance salesmen and companies that sell annuities.
 
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OU Ariakas

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Burren said:
LOL, ok.
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See, this is the crux of my post above about his advice. To the vast majority of people, those are absolutely traps since you have to have a plan that they slot into before they perform the job that they were intended to do well. Insurance agents pushing Whole Life plans on people in 50k of credit card debt and telling them it is a better investment than their pre-tax 401k is the reason why he has to say shit like that.
 
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Burren

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Plot twist: Burren works for Northwestern Mutual.
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Oh god no, eww. Independent brokerage my dude.

OU Ariakas said:
See, this is the crux of my post above about his advice. To the vast majority of people, those are absolutely traps since you have to have a plan that they slot into before they perform the job that they were intended to do well. Insurance agents pushing Whole Life plans on people in 50k of credit card debt and telling them it is a better investment than their tax free 401k is the reason why he has to say shit like that.
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Yes, you are correct. They are not instruments for people in that financial space. Get out of debt, squirrel away something in a ROTH or whatever until you can save more. However, the wealthier you are, the more they matter. Leverage is the name of the game the higher up you go. Now, that's never in lieu of equities, real estate, etc. but its an important supplement to them.
Unfortunately, proper financial planning - for all financial tiers - simply isn't taught to anyone as you grow up.
 
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Mahes

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I have often wondered. If every person actually did not over spend their means, would capitalism work? How few companies would exist if people never bought 8 dollar coffees and the latest Iphone? What if people never used Grubhub or doordash because clearly that is over paying for food? There are people who have to have a new car every 3-5 years. What if everybody was conservative with their money?

I guess we are going to find this out in the next year or so.
 
Furry

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Burren said:
Oh god no, eww. Independent brokerage my dude.


Yes, you are correct. They are not instruments for people in that financial space. Get out of debt, squirrel away something in a ROTH or whatever until you can save more. However, the wealthier you are, the more they matter. Leverage is the name of the game the higher up you go. Now, that's never in lieu of equities, real estate, etc. but its an important supplement to them.
Unfortunately, proper financial planning - for all financial tiers - simply isn't taught to anyone as you grow up.
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Your job is scamming rich people? Lmao not even mad, god speed.
 
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Cad

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Mahes said:
I have often wondered. If every person actually did not over spend their means, would capitalism work? How few companies would exist if people never bought 8 dollar coffees and the latest Iphone? What if people never used Grubhub or doordash because clearly that is over paying for food? There are people who have to have a new car every 3-5 years. What if everybody was conservative with their money?

I guess we are going to find this out in the next year or so.
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Services would just be more oriented towards the practical things that practical people buy rather than luxuries. It's not like our money isn't being used, companies are spending it on things and paying us gains in value as a result.
 
Burren

Burren

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Furry said:
Your job is scamming rich people? Lmao not even mad, god speed.
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I'm more than happy to give advice to this board. Its provided me with plenty of the last 2 decades. But, clearly this isn't the thread for people who want to get ahead or learn something.
 
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Izo

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Anyone got the love of their life back in retirement near age?
 
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Cad

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OU Ariakas said:
See, this is the crux of my post above about his advice. To the vast majority of people, those are absolutely traps since you have to have a plan that they slot into before they perform the job that they were intended to do well. Insurance agents pushing Whole Life plans on people in 50k of credit card debt and telling them it is a better investment than their pre-tax 401k is the reason why he has to say shit like that.
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Man I don't know what it is but our firm has this predatory relationship with northwestern mutual where they let the salesmen come in and try to sell young associates on whole life and all sorts of financial products, it's absolutely criminal. These are 25-27 year olds making $220k which will be the first real money they've seen in their life, they need to be maxing their 401k and putting money in broad minimal fee index funds not whatever insurance product you don't need.

I don't hate on Burren for selling it, if people will buy it, by all means sell it. But for normal people under the estate tax thresholds and just trying to hit financial independence I don't think they should be even thinking about any structured financial product.
 
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Burren

Burren

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Cad said:
Man I don't know what it is but our firm has this predatory relationship with northwestern mutual where they let the salesmen come in and try to sell young associates on whole life and all sorts of financial products, it's absolutely criminal. These are 25-27 year olds making $220k which will be the first real money they've seen in their life, they need to be maxing their 401k and putting money in broad minimal fee index funds not whatever insurance product you don't need.

I don't hate on Burren for selling it, if people will buy it, by all means sell it. But for normal people under the estate tax thresholds and just trying to hit financial independence I don't think they should be even thinking about any structured financial product.
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Agreed. It’s not the first, second, or even third asset to acquire. In that age range, get term to protect the family and replace income . It’s more cost effective. Permanent plans happen later for different reasons.
 
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