Posted on 11/28/2015 6:15:46 AM PST by SeekAndFind
My motto: Live below your means.
I’m now retired and living the dream.
...and when one looks at what is actually taxed, the printed money itself, the taxes run out to infinity. We that have sufficient for our needs, are extremely grateful, despite the confiscatory taxes we are forced to live with.
My ‘plan’ for ‘retirement’ was to find and marry a wealthy old farmer.
Mission Accomplished. *SMIRK*
Nah, he’s more frugal than even *I* am. He wouldn’t have looked at me twice if I had any debt beyond my farm mortgage or was irresponsible with my money and had no financial plan for my future - with our without him.
Life Is Good! :)
I’ve followed Dave Ramsey for many years; it’s never too late to get your financial act together, People!
Ditto
Not in my book but it might have more meaning if those of us who don’t know, actually knew if you were a landlord.
Bump
I could be. You never know.
A starter retirement savings account developed by the United States Department of the Treasury for people without access to a retirement savings plan at work.
In short, a 401K with the feds invested only in federal debt.
“You never know.”
Exactly!
...and do I have a kneed to know?
...and if I did you would probably have to kill me anyway!
Found my post from back in August. Here it is....
Not knowing yours or anyone elses exact situation, I really don't like to give specifics on choices. I haven't batted 1.000 in these 30 years, and would hate for someone to lose money on what i may think is a good play. What may be a good choice for a 58 year old retiree may not be the same for someone else.
On another thread I did give this general advise that has served me well through the years and during '87, '00, and '08....
1. Priority 1 should be eliminating or reducing debt. I view debt payments by default as negative income.
2. Competitively bid all aspects of your expenses. Get the utmost value down to the penny for everything you buy, or services you secure. Over years and years, you would be surprised how much this adds to your net worth balance sheet.
3. Keep your investment portfolio that is intended toward goals... i.e retirement as an example, in strong conservative investments. When you have those bases covered, then you can look at speculative plays.
4. I invested zero in the dot coms in the '90's. My father gave me the best advise of all in that era.. "Why would you ever invest in anything that doesn't make money?" To me that rules still applies today.
5. I have found that the simple rule of putting 100 minus your age in equities worked pretty well for me. Maybe not for everyone, but........
6. Research and "like". When investing, I tend to get into stocks which I think have good products that I like. Before getting in I research it to death too. A Low P/E is often a good indicator. Furthermore, is there a long term demand for the product too.
7. The best time often to invest is when everyone is rushing out the door. The is the toughest part, but finding a price bottom, is golden toward finding long term return.
8. Monitor investments and net worth monthly. Research, evaluate, and adjust as needed.
9. Don't fall in love with a stock/fund/etc. so much that you resist selling when the fruit is ripe. Don't forget that your favorite stock is not a family member.
10. Never forget that a SHTF scenario is always a possibility. Remote, but still there. Have a base amount of investments that will address. Metals, Land, etc.
11. Formulate and adhere to three different budget scenarios... (1) Regular (2) Austerity (3) Emergency.
Know what you mean. At last glance I think we have paid our friends at the IRS $1.7M through last year cumulatively. Talk about not getting your moneys worth.
And when they get their hearts broken do you console them?
Since you qualified your taxes as a percentage of your income it would be wrong to include taxes based on non-income sources (assets, purchases). Your average income tax rate should be less than 50% and you should be grateful to the living God you have so much to give and are not hungry or in peril.
My prediction is also SS benefits will be reduced based on other taxable income. My best guess it will be prorated down to 0% benefit for those earning >$200K
Late double post
Huh? Am I at Free Republic? Let me check the web address.
BTW...what makes you think I am not grateful for what I have. But do let me say, that what I did took saving, and hard work. I also am not grateful of how I see my tax dollars being pissed away by a bunch of drunken sailors occupying the capitol in DC.
You might want to re-reviw your comment on its conservative merits.
bkmk
How many accounts are you using ?
Nah, that's hard to do. What they will do is tax 100% of social security benefits on folks with high income.
You have to like to do it though. If you don’t, it’s not worth it.
***************
Yes, that seems to be the bottom line. I prefer REITs. They are not immune from price fluctuations but like all investments, you have to buy them at the right time and right valuations. Make sure you have a margin of safety.
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