How to Retire with Over $4.3 Million on Only $197 Dollars per Paycheck | |
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CrapWhisperer User ID: 4126031 United States 04/26/2013 09:11 PM Report Abusive Post Report Copyright Violation | Ya but if you ever try to get your own money out early, you are penalized 50% “The illusion of freedom will continue as long as it's profitable to continue the illusion. At the point where the illusion becomes too expensive to maintain, they will just take down the scenery, they will pull back the curtains, they will move the tables and chairs out of the way and you will see the brick wall at the back of the theater.” -- Frank Zappa |
Anonymous Coward (OP) User ID: 17090286 United States 04/26/2013 09:11 PM Report Abusive Post Report Copyright Violation | |
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Anonymous Coward User ID: 38931504 United States 04/26/2013 09:13 PM Report Abusive Post Report Copyright Violation | Not $19 per hour, $200 a week. It's more like minimum wage. $10 an hour or so. Not 40K, 401K. As in 401K plan. No, your example is based on $40,000 a year in income. $40,000 / (40 hours a week * 52 weeks a year) = 19.23 per hour. |
Anonymous Coward (OP) User ID: 17090286 United States 04/26/2013 09:16 PM Report Abusive Post Report Copyright Violation | Not $19 per hour, $200 a week. It's more like minimum wage. $10 an hour or so. Not 40K, 401K. As in 401K plan. No, your example is based on $40,000 a year in income. $40,000 / (40 hours a week * 52 weeks a year) = 19.23 per hour. Oh yeah. It works with less though. Using the same principle. You can do some wild shit with taxes and 401k's. Even on 20k a year it's $2 mil |
BRIEF User ID: 38938984 United States 04/26/2013 09:16 PM Report Abusive Post Report Copyright Violation | That is what I teach every day...the magic of exponential growth over time is just that! Magic! Most people spend their lives making payments to a bank, but if they made those same payments to themselves and invested properly, they could be wealthy like me! I never forgive and I never forget I am a licensed firearm holder. I will, under protection of law, use lethal force if attacked. |
Anonymous Coward User ID: 37915079 United States 04/26/2013 09:17 PM Report Abusive Post Report Copyright Violation | Say you saved 20% of your income and had it put into your 401k, amounting to $8,000 each year. This one move will result in a savings of $2,240 on your tax bill, plus $1,800 in company matching will be deposited into your account ($40,000 x 4.5% = $1,800.) By investing the $8,000, you’re already $4,040 wealthier; that’s a 50%+ return on your money without taking any risk simply because you were empowered by having knowledge of the tax laws! At the end of the year, your 401k would have $9,800 added to it. If, instead, you chose not to invest in your 401k, you would take home an extra $5,120 in your paycheck after income taxes, payroll taxes, etc. But ask yourself which you would rather have: An extra $5,120 in your paycheck each year - $197 per bi-weekly paycheck - or $9,800 deposited into an account that can grow tax-deferred for decades? Quoting: Brisketball The answer isn’t difficult. Were you to start this course of action at 25 years old and maintain it until you were 65, at a 10% compound annual rate of return, you would retire with over $4,337,000 in your 401k. That’s not a joke, nor is it a typo. [link to beginnersinvest.about.com] People don't realize that this math is why we are in so much trouble. It's called leverage. Your leveraged wealth is what the F-ed is trying to keep suspended. They can't do it forever. The leverage will fail sooner rather than later. Let's see if in 10 years anyone has any leveraged wealth left ! |
Anonymous Coward User ID: 38508603 United States 04/26/2013 09:20 PM Report Abusive Post Report Copyright Violation | Most people fritter their money away on flat screens, casinos, and other crap. I started putting into my 401k at 24, and now at almost 40 I have close to a 700k dollars. I had even more, but my ex made off with some of it. Each time you get a raise, put some of it into your retirement. You'll never miss it that way. I figure I need 2 million minimum to retire and maintain my standard of living for 30 years. I'm counting on zero SS or other help. 2 mill sounds like a lot, but that's only 150k a year. By the time they tax my withdrawals, and considering the rate of inflation, it's really the equivalent of about 60k take home a year when I reach retirement age. |
Anonymous Coward (OP) User ID: 17090286 United States 04/26/2013 09:22 PM Report Abusive Post Report Copyright Violation | Most people fritter their money away on flat screens, casinos, and other crap. I started putting into my 401k at 24, and now at almost 40 I have close to a 700k dollars. I had even more, but my ex made off with some of it. Each time you get a raise, put some of it into your retirement. You'll never miss it that way. I figure I need 2 million minimum to retire and maintain my standard of living for 30 years. I'm counting on zero SS or other help. 2 mill sounds like a lot, but that's only 150k a year. By the time they tax my withdrawals, and considering the rate of inflation, it's really the equivalent of about 60k take home a year when I reach retirement age. Quoting: Anonymous Coward 38508603 Yep. It's all math. |
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Anonymous Coward User ID: 23829712 United States 04/26/2013 10:06 PM Report Abusive Post Report Copyright Violation | That is what I teach every day...the magic of exponential growth over time is just that! Magic! Quoting: BRIEF Most people spend their lives making payments to a bank, but if they made those same payments to themselves and invested properly, they could be wealthy like me! Exactly! I can't convince people of that, though. I've managed to accumulate almost $450K on an average salary of about $32,000/year. It isn't how much you make, people, it is what you do with it and what you don't waste it on (interest, late fees, bad check fees, legal fees from garnishments and liens, etc.....) Also, a lot of people don't look at the total cost of an item. They only see the monthly payment. They think if they can make the minimum credit card payment, then they can afford the item. A lot of that mentality going on these days. |
Anonymous Coward User ID: 38432813 United States 04/26/2013 10:07 PM Report Abusive Post Report Copyright Violation | LOL op. Sure slave for 65 years hoping that you have the health to enjoy your close to death years before it's too late. lol. Don't you know retiring is a term first used in the 1800s... when a metal tire was no longer good for anything, they would take it to the smithey and have the wheel re-tired... RETIRE = No longer good for shit. |
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BRIEF User ID: 38938984 United States 04/26/2013 10:09 PM Report Abusive Post Report Copyright Violation | The stock market has a 80 year average of 12% and if your employer matches your contributions you can easily double your money by just participating in the program. I never forgive and I never forget I am a licensed firearm holder. I will, under protection of law, use lethal force if attacked. |
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Anonymous Coward User ID: 38432813 United States 04/26/2013 10:12 PM Report Abusive Post Report Copyright Violation | OP is an old-school schmooze true-believer. He is believing the fact that the fake-digital money that his 401k shows is actually there and touchable but yet he can't take it out early to make sure it is real without being penalized a 50% loss. So in reality, he only has 50% of his proposed money unless he doesn't kick the bucket before he RETIRED (and isn't good for shit). Go ahead, retire with your wealth. You'll be too old to enjoy it and instead worry about keeping your lawn healthy and taking that RV you bought out of state once per year. |
BRIEF User ID: 38938984 United States 04/26/2013 10:12 PM Report Abusive Post Report Copyright Violation | That is what I teach every day...the magic of exponential growth over time is just that! Magic! Quoting: BRIEF Most people spend their lives making payments to a bank, but if they made those same payments to themselves and invested properly, they could be wealthy like me! Exactly! I can't convince people of that, though. I've managed to accumulate almost $450K on an average salary of about $32,000/year. It isn't how much you make, people, it is what you do with it and what you don't waste it on (interest, late fees, bad check fees, legal fees from garnishments and liens, etc.....) Also, a lot of people don't look at the total cost of an item. They only see the monthly payment. They think if they can make the minimum credit card payment, then they can afford the item. A lot of that mentality going on these days. Good for you!! If more people understood that they would have much better lives...and I don't mean just having money, but by their behavior and lifestyles...being wealthy is a behavior, not a money issue necessarily. I never forgive and I never forget I am a licensed firearm holder. I will, under protection of law, use lethal force if attacked. |
Anonymous Coward User ID: 25647766 United States 04/26/2013 10:22 PM Report Abusive Post Report Copyright Violation | Not $19 per hour, $200 a week. It's more like minimum wage. $10 an hour or so. Not 40K, 401K. As in 401K plan. Minimum wage? dude you can't even pay bills on 200 a week much less think about retiring.... |
Anonymous Coward User ID: 37199740 United States 04/26/2013 10:22 PM Report Abusive Post Report Copyright Violation | That is what I teach every day...the magic of exponential growth over time is just that! Magic! Quoting: BRIEF Most people spend their lives making payments to a bank, but if they made those same payments to themselves and invested properly, they could be wealthy like me! Until you get a stylish cyprus hari kari cut to your net worth ) |
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