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Info Seeker
Posts: 1
Registered: ‎05-17-2014

Re: What Would You Have Done Differently?

Message 51 of 58 (5,467 Views)

As a woman, I wish now that I had demanded pay that was equal to the men with whom I worked doing the same job. Over forty years, making an average of $5,000 less annually (not an unreasonable assumption) would have made a big difference in my retirement security. When I left the last position I held, the man who took the job did not have either the  masters degree or the professional certification that I held and had less years of experience, but his salary was substantially more than my salary. So to women who are still working, please don't be naive and assume you will be paid what you are worth - unless you stand up for yourself.

Info Seeker
Posts: 1
Registered: ‎11-27-2009

Re: What Would You Have Done Differently?

Message 52 of 58 (5,549 Views)

Pay off your mortgage before retiring . Take advantage of stock programs from your employer ,especially at least the matching funds, they offer.  Start as soon as possible to put away 10% of your weekly income into a roth IRA .. Increase the oercentage as your situation in life changes ..

Recognized Social Butterfly
Posts: 771
Registered: ‎06-27-2012

Re: What Would You Have Done Differently?

Message 53 of 58 (5,452 Views)

 I would've left my position with the IRS after 10 years of experience.  I waited until I had 32 years in.  After retirement I started a tax consulting business.  I started at 50% more per hour than I was making with the gov't.  I was told to increase my fee by my peers.  Eventually, I was charging 400% more than I was making with the gov't.  At the time I was working just a few hours per week and making more than my full time pay.  After fully retiring.  I was offered $300 per hour to come back or $650,000 per year full time.  My family would've been much more financially comfortable if I had left earlier. Friends who are retiring and going into tax consulting are now getting up to $350 per hour.    

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

Re: What Would You Have Done Differently?

Message 54 of 58 (5,678 Views)

"....I find the spectrum of expert investing advise astounding!....".

 

    That is something everyone finds who has read at least one article or listened to one discussion. And, since you've been in the game awhile, you know it's mostly wrong. Few people predicted any of the crashes. Few people predicted the changes that globalization would make.  I still think of how Ross Perot was laughed at when he uttered the phrase "giant sucking sound' (meaning jobs going away) after NAFTA was signed  (and he was right!).

   Virtually everyone was wrong in this last crash. Interest rates were going to rise every year, every year since the crash as the majority of 'experts' were stating. Still at lowest interest rates in history. Never mind all the wrong predictions on jobs, GDP, etc.

   I've written before that I really set myself up on retirement by betting-the-farm on emerging markets (when you had to purchase ADR's). Again, experts mostly said too risky, stay away. I looked at macroeconomic data which is largely how I have been investing (as opposed to looking at strength of company), and sure enough, had 30%+ returns for years on those markets.  

   I did think of a major thing I would have done differently (to answer original posting). I was actively trading stocks for a number of years. I had Microsoft for a year and I think it went from $10 to $20 in that time period. I got out thinking that it couldn't keep doing that. If I had bet the farm on Microsoft, I'd probably be worth $10 mil+. 

  


Just think. The world was built by the lowest bidder.
Valued Social Butterfly
Posts: 8,612
Registered: ‎08-18-2008

Re: What Would You Have Done Differently?

[ Edited ]
Message 55 of 58 (5,689 Views)
In the final analysis, it just goes to the strength of the company - what they do, what they sell, demand, opportunity or business strategy, planning and execution.

I once made the mistake of getting some (different business)stock free from a spin off from another really good company. It was about $ 5000 worth. Since I had no investment and it sounded good on the surface I just kept it since I thought well! maybe a growth opportunity.

Bad decision, should have stuck with my plan of investigating the plans of the company and considering why the other company, a great company with good demand and dividend, spun it off in the 1st place. That was the last time I slacked off from my principle of investing in companies that I know something about. Maybe I would have been more vigilant if I had had a direct investment in this new spinoff company.
Treasured Social Butterfly
Posts: 19,478
Registered: ‎12-25-2011

Re: What Would You Have Done Differently?

Message 56 of 58 (5,690 Views)

I find the spectrum of expert investing advise astounding! The other day a friend mentioned some expert saying that he's very careful in the investments he makes .. then never sells anything! That if a stock goes down, it will eventually go up again.

 

I think that's one of those situations where anyone can find anecdotal evidence that they sold a stock when it went down .. then eventually turned around again, and they're either happy they didn't bail on it, or sorry they did. Me, if there's one thing I've learned, it's the exact opposite .. that some stocks either never recover, or it takes so long you've lost other opportunities just hanging in there so long! I have a list of stocks that did very well for a while, but when they headed down there was no come-back, and I lost a boatload of money hanging in there!


Registered on Online Community since 2007!
Trusted Social Butterfly
Posts: 7,094
Registered: ‎02-14-2008

Re: What Would You Have Done Differently?

[ Edited ]
Message 57 of 58 (5,709 Views)

General "lesson's learned" would be to do as much for yourself as possible, across the board. Everyone has an opinion, very few have one that is 'informed'. I learned early on I had to learn how to do things for myself from doing minor repairs/maintenance to cars, house, appliances, yard machines. Learn how to cook, do some remodeling, and definitely learn how to budget/save/invest.

   The main thing that makes things work out in life is to spend a good portion of your free time in actually reading informative articles rather than watching TV.  You can do both, but you have to make time on a weekly basis to read articles on health, personal finances, politics, etc. 

   Research everything --- plan, think about your plans, set realistic goals and a way to achieve them.

 

   Hard to say what would have been done differently as it's all in hindsight.  Maybe I could have held off for a rich wife? Smiley Tongue  


Just think. The world was built by the lowest bidder.
Treasured Social Butterfly
Posts: 19,478
Registered: ‎12-25-2011

What Would You Have Done Differently?

Message 58 of 58 (5,727 Views)

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"?


Registered on Online Community since 2007!