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12-22-2022, 06:47 PM | #13186 | |
Seeking the Truth daily
Join Date: Jan 2006
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Quote:
I was living in Denver, my son was a baby (41 now) And I got a check from the company for moving expenses a couple months before. I called the broker I had an account with and said I had a few grand to sock away. He said call your bank...I stoped at bank that afternoon and got a 12 mo CD for 16.5% That year, operating loans from Farm credit hit a max of 22% for a few days, most operating loans were 15-17% Jimmy Carter was President.
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12-22-2022, 07:41 PM | #13187 | |
Seize life. Be an ermine.
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Quote:
Times of change are times of opportunity. In all seriousness, it seems like a 99.9 percent winner to buy some long-term CDs now if we can get 5 percent or more. It seems like the Fed is really intent on getting inflation back down to 2 percent or so. Right?
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12-22-2022, 08:28 PM | #13188 | |
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Quote:
From what I've read they're planning on raising it again. I saw a headline (admittedly didn't read the article) that inflation is over and the fed is dumb for continuing to raise it. I read somewhere that the Fed Chairman like worships at the alter of Volker, so who knows. |
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12-22-2022, 11:21 PM | #13189 |
The End of All Your Dreams
Join Date: Apr 2006
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Where can I get 5%?
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Posts: 49,032
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12-22-2022, 11:23 PM | #13190 |
Supporter
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Location: Scott City KS
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12-23-2022, 12:04 PM | #13191 |
Starter
Join Date: Aug 2019
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Anyone been tucking any money into I bonds the last year?
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12-23-2022, 12:11 PM | #13192 |
Banned
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12-23-2022, 01:34 PM | #13193 | |
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So, I hope these calculators are correct, but I guess time will tell. Anyone willing to share percentages they direct towards retirement savings accounts? |
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12-23-2022, 02:18 PM | #13194 |
Fish are scared of me
Join Date: Nov 2001
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Ain't no friggin way I'd tie up money for 5% a YEAR.
Or even 50% a year Not if you have time to trade. |
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12-23-2022, 02:36 PM | #13195 |
The End of All Your Dreams
Join Date: Apr 2006
Casino cash: $591241
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Ya but then I have to read the wall street journal or something or pay some guy 30k a year to manage my shit...with no guarantee it will even increase. There is peace of mind in knowing you will just get it for sure.
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12-23-2022, 02:48 PM | #13196 |
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I wasn't saying that you can get it now, but I think it's possible that it'll climb that high.
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12-23-2022, 02:49 PM | #13197 |
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Yeah, I'm all over that. I wish the contribution limit wasn't so low.
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12-23-2022, 04:29 PM | #13198 | |
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12-24-2022, 05:23 PM | #13199 | |
Mod Team
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Quote:
It sounds like you're doing great. Starting right out of college is huge and it's part of what I missed. I didn't start my career until I was 26 and then didn't start investing heavily until my early 30's, so I am a bit behind in terms of compounding interest years. If you plan to live a similar lifestyle in retirement to your current, then 15-20% of your income should accomplish that if you give yourself decades to invest. A ROTH is huge and something I'm always doing too. I put 15-20% of my income into retirement accounts. I just started a ROTH 401k in addition a standard ROTH IRA. I am trying to build a large tax-free investment vehicle for retirement so my taxable income in retirement can be fairly low. I still wonder what Social Security will bring for me (or not at all!) in my retirement plan. I plan it at $0 because I don't believe in the system lasting, but if I actually do collect my calculated SS amount, I'd be golden in retirement. |
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12-24-2022, 07:02 PM | #13200 | |||
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For a long time I thought retirement was a fruitless endeavor. I'd make some investment returns and then the market would tank, and it seemed like my progress was painfully slow. I remember around 2001 thinking that I could never retire. But then at some point it suddenly hit critical mass and the returns got bigger, which then made the next year better, and it started rolling. It really hit home for me the first year that my investment income was higher than my earned income. By saving consistently, I had essentially created a third wage earner in my household. That was a watershed moment, and I flipped from being despondent to being optimistic over the course of just a few years. That said, I've got my detailed financial model and I have my magic number, but the thought of switching from saving mode to spending-down-savings mode terrifies me. There are a lot of powerful variables, and if we have a bad decade in the market or if inflation goes up a lot or if I live a really long time, even my magic number won't last. That's a really scary thing to me. So my dilemma is whether I work longer, knowing that the odds are that I have enough to not need to work, or whether I retire, knowing that if something goes wrong in the economy I could be screwed. I think it would be impossible for me to save enough money to never be concerned about running out of it.
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Active fan of the greatest team in NFL history. Last edited by Rain Man; 12-24-2022 at 07:27 PM.. |
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