Posted on 12/10/2014 5:35:43 AM PST by Kaslin
“I always try to get younger employees into the 401k plan.”
GREAT!! For the powerful dynamics of compound earnings, compounded over an entire career, please see my post @ 10 and feel free to use the “pensions are for the young” quite. It hit me so strongly at the time that I remember the exact words to this day, and I’ll be 72 on Dec. 20, God willing. This is definitely a do as I say and as I did situation.
They own two homes (a single family and a duplex) and a small plane, but they do not have a TV. They are very budget conscious - they make big expenditures, but only when it supports their goals.
My only frustration was that they were very a-political, but I was pleasantly surprised at the midterms. I was tempted to lecture them on their responsibilities, but I held my tongue.
On the morning of the election, my daughter sent me a text that said, "Just in case you were wondering, we both voted for Scott Walker this morning." Paying all those property taxes apparently opened their eyes.
Been debt-free for almost 10 years, and I’ll never look back. I have more liquid income than I can use, and my investments look quite purdy. I’m only in my mid-30s.
Had too many bad experiences with the bloodsuckers at Capital One when I was in college. I vowed to never have another card, and I’ve stuck to it. You don’t miss it after a while and never have to worry about overspending.
Most of what I got, I got from my folks (though they would’ve have given me any of it if I wasn’t hard-working), but I own my own house, my own car, got almost five grand in the bank and sixteen hundred in a mutual fund with EG (was almost seventeen hundred, but it’s lost a bit). I make about fifteen grand a year, but I’m very budgeted, plus I might be getting a second job soon that will help bump me up to twenty grand a year.
Am I on the path to a good retirement if I keep it up (looking to bump up how much I put into the mutual fund next year. Right now, I put in fifty dollars a month)?
Millenials also don’t buy cars or houses.
Mostly because they’re broke and/or under/unemployed.
They ride the public transit and rent. Which is fine if you want the nomadic ,no child lifestyle.
At age 29, when I was 8 years into my first salaried career job, my employer decided to convert their old pension plan into the new 401K style plans. The formula they used to seed our new plans took years of service into account, but was based mostly on age.
I got about 3 weeks pay in my account, while the guys in their 50's with 2 years of service were getting 50 or 60 weeks pay in theirs. I was pissed, and pretty much had to start from scratch at that point.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.