Posted on Jul 5, 2014
Have you found the opportunity to take care of you and your family the rest of your life?
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Everyone's number for financial independence is different depending on your goals and how big your dreams are. For some it's the pension after 20 years, and for others it's the residual annuity they create from a business or investment. Some achieve this at 65, 35, or unfortunately never. What are you working on to achieve your financial independence? What would you do if you knew you couldn't fail?
Business
Money
Retirement
Posted 10 y ago
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I just try to stay afloat - unfortunately as you have kids getting to driving age (meaning insurance + vehicles), new babies (meaning diapers and formulas) and college age (self explanatory), saving money isn't easy. This is where things like buying a house can come in handy, because it's a necessary monthly expense and is also money in the bank (assuming no more housing bubbles).
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Capt Daniel Ryder
Maj Dews, first off, congrats on the recent promotion to Major sir! Have you ever considered exploring your options for generating cash flow in addition to the usual compensation?
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CMDCM Gene Treants
MAJ (Join to see) Just ran out of up votes so I will owe you one. I finally found out how good a deal buying a house was when I had 17 years in. Until then we had rented or lived in Govt Housing. Since the wait in Norfolk, VA was at least 2 years for Govt housing we purchased. One smart move. When we left Norfolk 13 years later, we were able to pay cash for out LAST house.
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SGT Brian Richardson
Budgets are important. We need to know where every dime is going...and why it is going there. Lot's of people try to "keep up with the Jones's" regardless of finances. I live a comfortable life, but don't try and overspend on expensive toys I can't afford.
I have kept most of my vehicles for over 5 years. My current truck is 10 years old. It sure is nice to be debt free from those big ticket items. I still have a mortgage and plan on downsizing that in the coming years.
It's a sense of relief to not be overburdened financially...but it has taken many years to get here! Work on a plan Maj Ian Dews, it will happen!
I have kept most of my vehicles for over 5 years. My current truck is 10 years old. It sure is nice to be debt free from those big ticket items. I still have a mortgage and plan on downsizing that in the coming years.
It's a sense of relief to not be overburdened financially...but it has taken many years to get here! Work on a plan Maj Ian Dews, it will happen!
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Beware of opportunities that involve pyramid schemes. They will probably leave you worse off at the end of it than if you had done nothing or pursued a legitimate business. Be skeptical of anything a pyramid scheme participant tells you or all the jargon they use. That's my advice.
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Capt Daniel Ryder
Andre, I'm new to Rally Point and did not fully understand the consequences of the down vote with respect to the point system with our profiles. I thought it would be analogous to a "dislike" Facebook button with out any equity at risk. My apologies for that. My intention was to show my disagreement with your comment since it lacked accurate information/references to your claims. Also this discussion was not an opinion question specific to network marketing/direct sales businesses. For the record I completely agree that real pyramid schemes where money is exchanged with out the sale of a good or service are wrong. Thank you for your engagement.
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Capt Andre Toman
You can neutralize the thumbs down with a thumbs up, and then press the thumbs up again to make it a thumbs up.
If you think that my original post, which was meant to give people advice from what I've seen happen to other people, is worthy of a thumbs down, that is your prerogative. I will exercise my prerogative and not give you a thumbs down.
So, in spite of you not knowing the consequences because you are new, you now have an opportunity to undo your thumbs down...it's your choice.
If you think that my original post, which was meant to give people advice from what I've seen happen to other people, is worthy of a thumbs down, that is your prerogative. I will exercise my prerogative and not give you a thumbs down.
So, in spite of you not knowing the consequences because you are new, you now have an opportunity to undo your thumbs down...it's your choice.
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Capt Daniel Ryder
Oh and we also all know A LOT of people who bought gym memberships but don't look like Olympian Athletes. Does it mean that the gym doesn't work or is a scam because they quit or didn't follow a plan and lost money on their membership? Why aren't you cautioning everyone not to get a gym membership because the % of people who achieve extraordinary results are the same as multi level marketing? The gym isn't a lottery ticket for your body and MLM isn't a lottery ticket for your bank account.
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My first goal when I started thinking about retirement and funds needed was to do 20 and get out. then I started working with a financial planner and began working on a real retirement portfolio. I put a little of my money into a retirement account every month, Paying myself first. One day I woke up and realized I had put in 30 years and was going to get a fairly sizeable check for the rest of my life, but still had a good retirement plan in addition.
Actually, when I think about it, I started investing in Savings Bonds when I first joined the Navy. This was never intended as a retirement plan, but as a way to save money. I never stopped buying Bonds and by the time I retired had a lot of them.
When I transitioned to my Civilian job, we did not have a 401-k at first. So I used my excess money to both keep putting some into my retirement account and also buy into IRA's with my Credit Union. When the opportunity cam and my employer finally got into a 401-k I took advantage of that and not only maxed out the matching fund portion, but threw as much extra in as I could afford. I retired 5 years ago from that job and my investment has doubled since then.
If I knew I could not fail and it was possible, I would invest all of my retirement funds into the 401-k I have.
Actually, when I think about it, I started investing in Savings Bonds when I first joined the Navy. This was never intended as a retirement plan, but as a way to save money. I never stopped buying Bonds and by the time I retired had a lot of them.
When I transitioned to my Civilian job, we did not have a 401-k at first. So I used my excess money to both keep putting some into my retirement account and also buy into IRA's with my Credit Union. When the opportunity cam and my employer finally got into a 401-k I took advantage of that and not only maxed out the matching fund portion, but threw as much extra in as I could afford. I retired 5 years ago from that job and my investment has doubled since then.
If I knew I could not fail and it was possible, I would invest all of my retirement funds into the 401-k I have.
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CMDCM Gene Treants
Daniel, I LISTENED to all of the advice given to me from boot camp on. I really paid attention when I hired my financial advisor in the mid 80s and he told me I was going to outlive my money even with full retirement. If only all of the "kids" like me had paid attention we would not need Social Security, but I like that check too, just wish I could invest some of it. LOL All of my income now comes from "retirement" checks and my wife is even looking at the dreaded required disbursements.
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SGT Brian Richardson
Saving sooner, rather than later is a definite benefit. But to anyone that did not start diligently saving in their early years...there is still time. Save something now. Just start. I think the biggest hurdle is actually committing to starting.
As an entrepreneur, I had a period of time that everything went back into the business. Thankfully I am at a point where that is paying off and can "make up" some lost time that I did not contribute to my own retirement.
Multiple streams of income are best (IRA, 401k, business income, Roth IRA, stocks/dividends etc) are ways you can help deal with some taxes come retirement time.
Social Security might be iffy down the road. It's good to have other main sources of retirement income for ourselves.
As an entrepreneur, I had a period of time that everything went back into the business. Thankfully I am at a point where that is paying off and can "make up" some lost time that I did not contribute to my own retirement.
Multiple streams of income are best (IRA, 401k, business income, Roth IRA, stocks/dividends etc) are ways you can help deal with some taxes come retirement time.
Social Security might be iffy down the road. It's good to have other main sources of retirement income for ourselves.
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CMDCM Gene Treants
Oh I agree completely. I was about 40 when I realized that Navy retirement and Social Security might not be enough to really ENJOY my later years. That was when i began planning and investing in retirement on my own. i wish I had started earlier, but it is never to late to start. At around 51 I started a second career and retired from that at 62 with a 401K plus a monthly check (of $350, which is not a lot but still fair). My 401K has more than doubled in years and I just wish I could have invested more since it out preforms any other investments I have.
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