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Valued Social Butterfly

Re: What Would You Have Done Differently?

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Message 51 of 70

I would have accepted the intra-departmental transfer offered to me back after Divestiture; worked until I was 67 to build that house I had planned.  Created the security system I had laid out and now be enjoying the benefits of my own business.

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Re: What Would You Have Done Differently?

4,747 Views
Message 52 of 70
I agree that hindsight is 20/20. Find a good financial advisor. Join an investment club and get your feet wet learning about the benefits and downside to investing. I think reading about investing with books from the library or curling up with a cup of coffee at the Barnes and Noble will pay big dividends. Start small and grow your investments. Take responsibility....which is hard to do when the markets take the unforeseen nosedive! But...I am the commander of my ship and take the ups and the downs with dark chocolate!
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Re: What Would You Have Done Differently?

4,960 Views
Message 53 of 70
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
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Re: What Would You Have Done Differently?

5,181 Views
Message 54 of 70
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.
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Re: What Would You Have Done Differently?

5,217 Views
Message 55 of 70

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.

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Re: What Would You Have Done Differently?

5,188 Views
Message 56 of 70

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"?



 

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Re: What Would You Have Done Differently?

5,156 Views
Message 57 of 70
In short - saved more and spent less!
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Conversationalist

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

5,132 Views
Message 58 of 70

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!

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Trusted Social Butterfly

Re: What Would You Have Done Differently?

5,141 Views
Message 59 of 70

"...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.
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Re: What Would You Have Done Differently?

4,952 Views
Message 60 of 70

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.

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