How Does Your Brain Score? Take the Staying Sharp Brain Health Assessment

Reply
Info Seeker
Posts: 1
Registered: ‎06-28-2013

Re: What Would You Have Done Differently?

Message 41 of 58 (3,624 Views)
I would have saved money . Had my own apartment, kept my car I worked so hard to pay which I did and traded it in like a dummie I'm sorry I did not do a lot of things right I got hurt on my job now I have to sit and wait for a monthly pay from the government it sucks
Info Seeker
Posts: 1
Registered: ‎01-28-2013

Re: What Would You Have Done Differently?

Message 42 of 58 (3,628 Views)
I learned too late that I should not have used my 401k to try & save my home. I still lost my home and have no retirement account now and am too sick to hold down a job.
Info Seeker
Posts: 1
Registered: ‎06-11-2013

Re: What Would You Have Done Differently?

Message 43 of 58 (3,671 Views)

Even though I am still 18 years from retirement I regret not seriously saving for retirement earlier. Now I have to max out my 401k and ROTH IRA contributions for my wife and I to get to our goal. It would have been much easier.

Info Seeker
Posts: 1
Registered: ‎08-01-2011

Re: What Would You Have Done Differently?

Message 44 of 58 (3,686 Views)

Number one is to live simple.  Smaller home to start with and being wiser with my children.  Children need to start working as soon as they can so they appreciate the value of work and its rewards.  I spent a lot of money on them when they could have been earning their own.  Having a better understanding of compound interest.  I was well on my way before I really understood the value of saving early and often.  I will end where I started from a quote by Mother Teresa "Live simple so others may simply live" 


ASTRAEA wrote:

I'm sure all of us can look back at our lives, and in retrospect see things we might have done a little (or a lot) differently, which might put us in a better position today & for our retirement years.

 

Do you have a couple of things you could share .. changes you would have made, or things you would have done differently .. "lessons learned"?



 

Info Seeker
Posts: 1
Registered: ‎09-08-2014

Re: What Would You Have Done Differently?

Message 45 of 58 (3,696 Views)
In short - saved more and spent less!
Conversationalist
Posts: 10
Registered: ‎01-16-2014

Put away more in the 401(k) at work.

Message 46 of 58 (3,712 Views)

I'm 65 and retired and very comfortable financially. Everything is paid off and we are receiving one Social Security check and a monthy payment, approximately 3% from the 401(k). We can comfortably pay all our bills/obligations and have some money left over for meals out and buying most any thing within reason...small ticket items. If and when we do decide to refinish our upstairs bathroom, we will have to withdraw a few thousand dollars. That will still be OK.

Now why do I say I should have put more money away and let it compound? My answer to that is a question, "what's the worst thing that can happen if you can affordably put more money away? Have too much money? Must have been a squirrel in my last life!

Trusted Social Butterfly
Posts: 7,094
Registered: ‎02-14-2008

Re: What Would You Have Done Differently?

Message 47 of 58 (3,725 Views)

"...I did most things right...saved $$ throughout my employment history, paid cash for everything but our home, bought what we needed and were very selective about buying what we wanted, created a large rainy-day fund before getting into the stock market so I could look the other way when the market tanked, etc...but I could have improved on how I took profits out of the market...".

 

   Yes. We've had many discussions in the past on this general subject.  It seems that many people who have some financial accumen, and did reasonably well investing, didn't follow through on the whole 'frugal lifestyle' thing and 'wasted' a lot of money, over decades, purchasing far more than they needed.

   I've ranted in the past about boomers purchasing over sized cars and houses, not thinking carefully about their wants versus needs or as you put it 'very selective about buying what we wanted'.

   I wouldn't think much about your profit taking --- it's the overall lifestyle of decades that really gives you the advantage. 


Just think. The world was built by the lowest bidder.
Info Seeker
Posts: 1
Registered: ‎12-27-2013

Re: What Would You Have Done Differently?

Message 48 of 58 (3,746 Views)

With people getting married later in life and divorce always a possibility, you should protect you and your assets with a pre-nuptial.  If one partner has substantial assets, he/she risks to lose up to one-half of everything they earned prior to the marriage.

Info Seeker
Posts: 1
Registered: ‎03-16-2013

Re: What Would You Have Done Differently?

Message 49 of 58 (5,809 Views)

I would have divorced my husband about 20 years sooner.

Conversationalist
Posts: 5
Registered: ‎10-02-2008

Re: What Would You Have Done Differently?

Message 50 of 58 (5,820 Views)

Don't sweat paying taxes on capital gains from stock sales when you get the feeling that the stock you own can't continue going up forever like it has been in the recent past (i.e., you begin to wonder who the heck is paying the current market for the stock)!

 

In 1987 and 2000 I decided not to sell a couple of high-flying stocks because I couldn't stomach paying the federal taxes associated with their sale. You would have thought I would have learned my lesson from the Oct'87 crash, but noooo, I had to repeat the mistake in the 2000 crash. Greed is part of it...you're making money by the day and the economy looks strong for the long term...but if you do the math and you can walk away happy with the $$ you've made, take some action to sell at least part of your investment.

 

I did most things right...saved $$ throughout my employment history, paid cash for everything but our home, bought what we needed and were very selective about buying what we wanted, created a large rainy-day fund before getting into the stock market so I could look the other way when the market tanked, etc...but I could have improved on how I took profits out of the market.