I'm concerned about managing my finances in retirement, especially since my 401(k) has underperformed. I had $350,000, but it's now down to 28%. I'm 54 and worried that I'll have to work indefinitely. Will I be able to retire comfortably, or will I need to work until my health fails me?
I worked until 62, I was at the top of my income game, liked my work, and we could both go on Medicare. I ALMOST fell into the “only one more year” trap.
Finances: 35% in 5.25% secure, 40% stocks, 5% cash, 10% gold/silver, 5% Series I Savings Bonds, 5% “play” stocks (TSLA, HD, CCL). Key: NO debt. I don’t need my RMDs, thus, take as QCDs. . This customized portfolio was crafted by my Financial advsr (FA) to suit my unique needs and goals
Glen Howard Chester is the licensed advisor I use. He tailors portfolios to individual tastes, offering expert guidance. With AUM over $500M, his services come with a negotiable commission fee, not an asset management fee. Just search the name & check if she meets your requirements, You’d find necessary details to work with to set up an appointment.
To become work-optional and achieve financial independence by 40, focus on disciplined saving, strategic investing, multiple income streams, debt elimination, and tax optimization, while adopting a long-term wealth-building mindset and staying informed.
That’s a solid plan. I’d add building multiple skills and networking to increase earning potential. Expanding your skill set not only enhances your market value but also provides a safety net in uncertain times.
My CFA’s expertise in tax optimization is unparalleled. Her strategies have saved me thousands and I’ve witnessed her guidance transform others financial landscapes.
I worked in engineering and during the pandemic I still had to go into the office daily (working with military classified data). Left engineering at age 43 for a new career working from home and so much less stressful in this new role. I get pathetic annual raises from this small company, but I just laugh them off because this job is so laid back and net worth still growing! Having options is the key through life.
Scott in particular is giving bogus advice in this episode..and his bad calculation was embarrassingly unintuitive..how can a person that talks about these numbers all the time not immediately realize how compound interest would affect a 91k/yr investment into the S&P
Stocks are falling and bond yields are rising, but markets still don’t seem convinced the Federal Reserve will pursue plans to keep increasing interest rates until inflation is under control. I'm still at a crossroads deciding if to liquidate my $117k stocck portfolio, what’s the best way to take advantage of this bear market?
Investing without proper guidance can lead to mistakes and losses. I've learned this from my own experience.If you're new to investing or don't have much time, it's best to get advice from an expert
A lot of folks downplay the role of advlsors until being burnt by their own emotions. I remember couple summers back, after my lengthy divorce, I needed a good boost to help my business stay afloat, hence I researched for licensed advisors and came across someone of utmost qualifications. She's helped grow my reserve notwithstanding inflation, from $275k to $850k.
How can i find a verifiable financial planner? I would not mind looking up the professional that helped you. I will be retiring in two years and I might need some management on my much larger portfolio. Don't want to take any chances.
I'm cautious about giving specific recommendations as everyone's situation varies. Consider independent financial advisors like Deborah Lynn Dilling I've worked with her for 9 years and highly recommend her. Check if she meets your criteria.
I'm concerned about managing my finances in retirement, especially since my 401(k) has underperformed. I had $350,000, but it's now down to 28%. I'm 54 and worried that I'll have to work indefinitely. Will I be able to retire comfortably, or will I need to work until my health fails me?
I worked until 62, I was at the top of my income game, liked my work, and we could both go on Medicare. I ALMOST fell into the “only one more year” trap.
How did you apportion saving, investments and expenditure?
Finances: 35% in 5.25% secure, 40% stocks, 5% cash, 10% gold/silver, 5% Series I Savings Bonds, 5% “play” stocks (TSLA, HD, CCL). Key: NO debt. I don’t need my RMDs, thus, take as QCDs. . This customized portfolio was crafted by my Financial advsr (FA) to suit my unique needs and goals
Who is this FA? And roughly how much do you pay for this service?
Glen Howard Chester is the licensed advisor I use. He tailors portfolios to individual tastes, offering expert guidance. With AUM over $500M, his services come with a negotiable commission fee, not an asset management fee. Just search the name & check if she meets your requirements, You’d find necessary details to work with to set up an appointment.
I just became RE is optional in my late 30s!!! Happy Friday everyone.
Thank you for this type of episode, very relatable for the messy middle
Mindy and Carl should write a book about live in flips. That would be a great all-in-one resource
To become work-optional and achieve financial independence by 40, focus on disciplined saving, strategic investing, multiple income streams, debt elimination, and tax optimization, while adopting a long-term wealth-building mindset and staying informed.
That’s a solid plan. I’d add building multiple skills and networking to increase earning potential. Expanding your skill set not only enhances your market value but also provides a safety net in uncertain times.
Agreed. Diversifying income streams is key. Real estate investing and dividend-paying stocks have worked well for me.
What about debt elimination strategies? Paying off high-interest loans and credit cards is crucial.
Tax optimization is often overlooked. Utilizing tax-loss harvesting and health savings accounts can save thousands.
My CFA’s expertise in tax optimization is unparalleled. Her strategies have saved me thousands and I’ve witnessed her guidance transform others financial landscapes.
I worked in engineering and during the pandemic I still had to go into the office daily (working with military classified data).
Left engineering at age 43 for a new career working from home and so much less stressful in this new role. I get pathetic annual raises from this small company, but I just laugh them off because this job is so laid back and net worth still growing!
Having options is the key through life.
Why is Espp better than HSA, 401k or Roth IRA?
I would have thought it goes to the bottom of that list due to taxes.
Because it's free money. Sure, you pay taxes but that's extra money (after taxes) that you could then put into your HSA, 401K or Roth IRA.
Scott in particular is giving bogus advice in this episode..and his bad calculation was embarrassingly unintuitive..how can a person that talks about these numbers all the time not immediately realize how compound interest would affect a 91k/yr investment into the S&P
I completely agree with your assessment of that blunder. Thanks for the feedback, and I will continue to try to improve.
Stocks are falling and bond yields are rising, but markets still don’t seem convinced the Federal Reserve will pursue plans to keep increasing interest rates until inflation is under control. I'm still at a crossroads deciding if to liquidate my $117k stocck portfolio, what’s the best way to take advantage of this bear market?
Investing without proper guidance can lead to mistakes and losses. I've learned this from my own experience.If you're new to investing or don't have much time, it's best to get advice from an expert
A lot of folks downplay the role of advlsors until being burnt by their own emotions. I remember couple summers back, after my lengthy divorce, I needed a good boost to help my business stay afloat, hence I researched for licensed advisors and came across someone of utmost qualifications. She's helped grow my reserve notwithstanding inflation, from $275k to $850k.
How can i find a verifiable financial planner? I would not mind looking up the professional that helped you. I will be retiring in two years and I might need some management on my much larger portfolio. Don't want to take any chances.
I'm cautious about giving specific recommendations as everyone's situation varies. Consider independent financial advisors like Deborah Lynn Dilling I've worked with her for 9 years and highly recommend her. Check if she meets your criteria.
I looked up her name online and found her page. I emailed and made an appointment to talk with her. Thanks for the tip