What's the number?

[Sirshredalot]

It’s a US federal thing. They didn’t eliminate FF/LEO retirement, just back in the Reagan years the feds switched from a classic formula pension determined by a percentage (which increased by the # of years worked) of your annual salary of the last 3 years over to a Social Security + a 401-type of thing that went into different stock funds. Essentially, from defined benefits to something more like 401k, plus some SS. I got in on the old system, Civil Service Retirement System/CSRS. But the feds still pick up their share of my health care insurance that I had pre-retirement, which is cool. Good policies too, no pre-existing bullshit.

I put in a long stretch in wildland fire, and the FF/LEO system made me eligible at 50.

I walked away from the sweet embrace of Uncle Sam with 7 years of service. The FERS system is less of a good deal. 1 percent of your high three for every year worked. So if you put in 30 years and hit retirement age, you can get 30 percent of your salary for the DB portion. To top that off and make it enough to live on, you can use the defined contribution TSP, which is a 401k equivalent. The other difference is that you're social security eligible and pay taxes as such.

I think it would behoove me to put in 3 more years as a fed before I hang up the spurs so I can age my kitty bitty DB pension forward and have the ability to keep the employer contributions to health insurance if I'm not Medicare eligible at that point. But all that is a long way off and I'm not basing my retirement plan around that little pension.

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[k2skier112]

I’m late 40’s.
And yes lots of 30-32 year olds have 401k balances that are around 240k .
If you max your 401k get your employer match and compounding will get you to 200-250 in 8-9 years. I am Vp at private company and see what many youngsters in our office save and they are doing well. Not
To mention 401k profit sharing we dole out, many young folks at our office are saving 25-30k per year pre tax with their contributions, employer match and profit
sharing. These are young IT graduates and cpa types.
Besides if not 30 many 40 years do and when they roll over 401ks to ira’s is when fees really add up.
And for the love of god, nobody should be paying front load fees. I am not a licensed financial planner, but 1.5-2% is rapacious.


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I finally had time to run the numbers on my American Funds vs Vanguard Index Funds

Current value is $519k

I recently moved 1/4 of the funds to a bond fund, so I have 5 funds now. The comparison is with 4 funds

[Benny Profane]

I recently found a pretty good weekly podcast from two guys who have been doing this for twenty years on radio. Never heard of them. Very solid stuff.

https://allworthfinancial.com/podcast/money-matters

[El Chupacabra]

Bump for the "who's rich, who's not" debate in the Real Estate Crash thread.

[Danno]

Bump for the "who's rich, who's not" debate in the Real Estate Crash thread.

Apparently, you can be "rich" yet nowhere near "the number", which is news to me.

[liv2ski]

Apparently, you can be "rich" yet nowhere near "the number", which is news to me.

Right? According to crew "Butt Hurt" the Misses and I are ballers, cuz we have equity (can't touch it) and pensions (her now & me in 3 years) along with some rental income. Doing ok, but still praying baby jesuz gives me that winning lotto ticket sooner than never.

[mcphee]

Right? According to crew "Butt Hurt" the Misses and I are ballers, cuz we have equity (can't touch it) and pensions (her now & me in 3 years) along with some rental income. Doing ok, but still praying baby jesuz gives me that winning lotto ticket sooner than never.

[Bobby Stainless]

I sell cars to the guy who started Dollar General. Rich is such a subjective term.

Speaking of... If anyone needs a nice sized house in Parker, I can hook it up with the Mag deal.

[mcphee]

OMG. like, wow! that's so cool and interesting.

[Bobby Stainless]

OMG. like, wow! that's so cool and interesting.

I guess we know where to file you as far as net worth... Lol.

[The AD]

I sell cars to the guy who started Dollar General. Rich is such a subjective term.

Speaking of... If anyone needs a nice sized house in Parker, I can hook it up with the Mag deal.

When your house could be confused with a hotel or resort, you know you've taken it too far.

[concretejungle]

I guess we know where to file you as far as net worth... Lol.

Larger penis than the guy constantly trying to prove how wealthy he is?

[mcphee]

I guess we know where to file you as far as net worth... Lol.

file away, loser. we're doing just fine.

[SkiCougar]

Apparently, you can be "rich" yet nowhere near "the number", which is news to me.

or you go the anti-consumer way in a couple of ways:

https://www.amazon.com/Poor-Richards.../dp/B0725GG5LK - poor Richards retirement

or

https://www.amazon.com/Poor-Richards.../dp/B0725GG5LK - early retirement extreme.

i drive a Mercedes SL500 with 25,000 miles on it and i paid 23k for it, now, mine is a 2004 and it doesn't have all the new tech stuff a 2021 has but the design hasn't changed much and i paid 1`/4 the price. most those guys buying new SL's will be paying a payment equal that of a small house in the suburbs.

[Bobby Stainless]

Larger penis than the guy constantly trying to prove how wealthy he is?

Reading is hard when you are unintelligent I guess.

What's wealthy to you isnt to the next guy. Jong had to come in and make a dumbass comment and got dealt with.

Once you meet a guy that wealthy... Nothing else is that impressive.

Do you spend a large amount of time checking out dicks?

file away, loser. we're doing just fine.

#broke

[MagnificentUnicorn]

or you go the anti-consumer way in a couple of ways:

https://www.amazon.com/Poor-Richards.../dp/B0725GG5LK - poor Richards retirement

or

https://www.amazon.com/Poor-Richards.../dp/B0725GG5LK - early retirement extreme.

i drive a Mercedes SL500 with 25,000 miles on it and i paid 23k for it, now, mine is a 2004 and it doesn't have all the new tech stuff a 2021 has but the design hasn't changed much and i paid 1`/4 the price. most those guys buying new SL's will be paying a payment equal that of a small house in the suburbs.

This is an amazingly pointless anecdote, kudos


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[MagnificentUnicorn]

Reading is hard when you are unintelligent I guess.

What's wealthy to you isnt to the next guy. Jong had to come in and make a dumbass comment and got dealt with.

Once you meet a guy that wealthy... Nothing else is that impressive.

Do you spend a large amount of time checking out dicks?



#broke

I like how you assume that you “dealt” with the poor guy. I’m not impressed by wealth, and yes I’ve had dinner and conversation with a billionaire.

Why the homophobic jab?


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[mcphee]

Reading is hard when you are unintelligent I guess.

What's wealthy to you isnt to the next guy. Jong had to come in and make a dumbass comment and got dealt with.

Once you meet a guy that wealthy... Nothing else is that impressive.

Do you spend a large amount of time checking out dicks?



#broke

"dealt with". fucking hysterical

[stealurface831]

The fuck is going on here?


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[riser4]

When your house could be confused with a hotel or resort, you know you've taken it too far.

Or a small city.

[Danno]

The fuck is going on here?


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Welcome to the Bobby Stainless show! A weird dude who never lets things go and brings about weird triggered behavior in others.

[Conundrum]

Hoping for a full on Tom Cruise meme meltdown soon. Please don't disappoint.

[PNWbrit]

Hurley Calister "Cal" Turner (May 28, 1915 - November 20, 2000) was an American businessman. He was the co-founder of Dollar General alongside his father.

James Luther "J.L." Turner (February 28, 1891 - April 19, 1964) was the founder of J.L. Turner and Son, the predecessor of Dollar General.

Selling exotic cars to dead people.

[subtle plague]

The fuck is going on here?


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It's the place to ask whether bmills is also rich or just timberridge?

Bobby stainless is a car dealer so no matter how much material wealth he accumulates, he'll never be "rich" and the old money will let him know.

[MagnificentUnicorn]

The fuck is going on here?


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Meet Bobby Stainless, he’s our beer gutted dope grower/luxury used car salesman. He looks in the mirror each morning and imagines Ashley Schaffer starring back. Nashville is the cultural center of the universe and everything he does and has is better than you.


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