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Re: What Would You Have Done Differently?

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Message 31 of 70

I would have protected my identity. I did all the right things, took most of the financial guru's advice, and built my nest egg. When my ID was stolen, I lost it all. Now I will work a minimum wage job until I die. I am unable to even secure an inventory loan for my miniscule business, which could pull me out of this hole.

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Treasured Social Butterfly

Re: What Would You Have Done Differently?

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Message 32 of 70
ja9180759 wrote:

I should not have  listened to my co workers who told me to save before taxes.  I am now restricted because of the tax consequences of withdrawals. It would have been easier to pay taxes when I was working and could afford it.


The idea is that if you pay taxes when retired, and theoretically at a lower income level, it's costing you less in taxes .. than if you invest post-tax income in a Roth when you're working. The good news to focus on, is that you DID save put money into an IRA account.

You have identified a drawback of people who only/primarily save to an IRA, and don't save outside of it .. that they're restricted in its future usage.


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Re: What Would You Have Done Differently?

3,726 Views
Message 33 of 70

I should not have  listened to my co workers who told me to save before taxes.  I am now restricted because of the tax consequences of withdrawals. It would have been easier to pay taxes when I was working and could afford it.

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Conversationalist

Re: What Would You Have Done Differently?

3,738 Views
Message 34 of 70

I wish I had known about investing in an index fund in the stock market when I started working after getting my Ph.D. Even in my early forties I went to an "advisor" at an insurance company and no one ever mentioned this. In my mid forties I took over my own investments, learned about The Motley Fool, and have done much better than anyone else ever did for me. I have learned how to invest in individual stocks, and have made up for most of the gains I lost over the years not knowing about index funds.

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Re: What Would You Have Done Differently?

3,734 Views
Message 35 of 70

1. Not listening & believe in congress & the President now & from many years past cuz they aren't interested in your welfare.....only theirs. I'll never ever forget the emotional & financial hardships they placed on me due to The Great Recession that George W. & congress railroaded American's into. I. like perhaps many other Americans, didn't see it coming before it was too late. They can shove their idea of NAFTA & CAFTA to hell as far as I'm concern. Can't figure out yet why congress had ta fix things with NAFTA & CAFTA. I am reminded that "If it ain't broke, don't fix it." 

 

2.  It getting to where I don't wanna vote anymore. All I'll be doing is voting a jerk out ta put another jerk in.

 

3.  So with that thought, I'll take a lesson from them, I'll ignor their aproach to represent me and take care of myself in the MSSE (The Most Screwedup Society & Era I've ever lived in my life).

 

 

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Re: What Would You Have Done Differently?

3,743 Views
Message 36 of 70
I wish I could have had an education, too late for me now, close to losing everything and almost 61 years of age, and single.

Thank you,

J.Z.
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Re: What Would You Have Done Differently?

3,772 Views
Message 37 of 70
At my refinancing to complete a major house renovation, I would have taken a 15-year mortgage term instead of 30. I'd be almost finished now.
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Re: What Would You Have Done Differently?

3,782 Views
Message 38 of 70

SAVE, INVEST, NEVER LIVE ABOVE YOUR MEANS!

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Treasured Social Butterfly

Re: What Would You Have Done Differently?

3,792 Views
Message 39 of 70
rthornton wrote:

     What I would have done differently? My whole life, I have had a weakness for cars. For a good share of my working life, I could afford to buy 1 or 2 new cars every year. Espicially when my wife was, aat times, making more then me. I have owned over 100 cars since 1967.

      Now, I am pretty much broke and don't have the car I would really like to have, much less all the money I have spent. ..


What are you doing differently now .. it's never too late to start on the right path!


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Re: What Would You Have Done Differently?

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Message 40 of 70

Following my graduation from college I would begin to establish vehicles to ensure my life was financially stable.  From the beginning of my working career I would have invested the maximum amount I could each month into the Roth portion of my employer's retirement plan. Initaially, I would seek help from a knowledgeable investment professional in determining the optimal asset allocation for someone my age and consonant with my now carefully ascertained investment risk tolerance.  Annually, at the beginning of each new year, I would reallocate my investments so that they continued to be configured in line with my then current asset allocation plan.  This would be the time I would extablish a percentage of my income to be set aside for charitable donation, recognizing a moral (or religious) obligation to share some of my bounty with the organization(s) I deemed deserving of my support.   After being sure I had appropriate medical, property & casualty and disability insurance in place,  I would also make certain to have an emergency fund with at least six months cash to cover fixed expenses in the event of job loss or extended disability.  Next  I would purchase sufficient term life insurance to provide well for my family in the unlikely event of my premature death.  As soon as financially possible I would begin to convert as much of that term life insurance to the type of permanent universal life insurance policy I felt comfortable with, overfunding it with extra premiums until it would sustain itself comfortably, then terminate paying premiums..  Those premium dollars would be reallocated to pay down any still-existing debt, finally concluding with the mortgage on my home. At some point early in life I would learn the term "delayed gratification" and strive to understand its importance as I viewed the unbelievably wonderful projections of what my later years would likely look financially, if I followed these suggestions faithfully.

 

   

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