Are you rich?

[marylander1940]

Rather than set an arbitrary age for retirement long in advance, I retired when I felt it was time to do so and the circumstances were appropriate. I never planned to retire at 59, but a lot of things that I could not have predicted happened at about the same time--changes in my job, changes in my private life, unexpected opportunities--and I realized that the time was right, so I did it almost on the spur of the moment, and I have never regretted the decision.

 

I retired at 72 but I still occasionally assist the family businesses. Funny because I was kicked out of them for being gay in my 20s and after proving myself successful in the real world I was asked for advice and welcome back.

[+ BenjaminNicholas]

"Big front seat" is only $40 extra on Spirit. (it's a United domestic biz seat).

 

But you're flying Spirit. Full stop.

[marylander1940]

Actually I am not rich at all but always flying business or first class. Just saving miles/points. Americans know everything about that. Most people in business class dont pay for it either. Mostly business people and miles savers.

 

Exactly, it's very common using a CC for business expenses to reach 100K membership in an airline.

Btw I love your schlong.

[+ WilliamM]

I retired at 72 but I still occasionally assist the family businesses. Funny because I was kicked out of them for being gay in my 20s and after proving myself successful in the real world I was asked for advice and welcome back.

@marylander1940 I thought you are 72 now. Wow congrats for being welcomed back, although you should not have been put down initially. Even though we often disagree, you are quite smart and resourceful. The family business should have realized that a very long time ago

[+ WilliamM]

Rather than set an arbitrary age for retirement long in advance, I retired when I felt it was time to do so and the circumstances were appropriate. I never planned to retire at 59, but a lot of things that I could not have predicted happened at about the same time--changes in my job, changes in my private life, unexpected opportunities--and I realized that the time was right, so I did it almost on the spur of the moment, and I have never regretted the decision.

Glad I planned ahead to retire at age 62 because I planned on a trip to St. Petersburg during the White Nights

[+ Autumnal]

I was lucky to get a union job at a local utility in the remote area where I live. I had a family and the company had good benefits - health & life insurance, 401K, pension, sick leave, good vacation time. Not long after I was hired the great downsizing started and as one of the last hired my job always ended up being cut and I would be places in a new department - I never was in a position for more than 5 years and was always the junior man. I came to really dislike working there and decided that I would retire at the first opportunity which turned out to be at age 57 (I would have had to work 7 more years to increase my pension). To make some extra money after I retired I did substitute teaching at the 7/8 grade level mostly with kids who had minor learning disabilities - I loved it! Am I rich? No - but unless something catastrophic happens I have enough money to live comfortably for the rest of my life and I am content with that.

[+ WilliamM]

Thank you for sharing this with us!

 

We need to have some sort of safety net for all (who actually need it) but specially for children in this country. Unfortunately most of the time all form of help ends up with folks who simply have the know how to get them but not those who actually need them.

 

So much uncertainty specially when it comes to personal healthcare is bad for people and business.

Both groups of people need help. Those who know how to get it and those who don't

[mike carey]

But you're flying Spirit. Full stop.

Are you saying that is a bad thing? (Disclosure, I haven't flown anything other than QF (or their codeshares AA, AS and NZ) in at least 15 years.)

 

[i think I may have just answered my own question.]

[Guest]

Are you saying that is a bad thing? (Disclosure, I haven't flown anything other than QF (or their codeshares AA, AS and NZ) in at least 15 years.)

 

[i think I may have just answered my own question.]

Spirit Airlines consistently gets terrible passenger reviews:

https://www.airlinequality.com/airline-reviews/spirit-airlines/

Also, according to Wikipedia, "Spirit Airlines has been the subject of complaints, and to punitive actions by the United States Department of Transportation (DOT). Most of the claims against the company were for allegations of deceptive advertising practices, customer service, and the airline's policies for charging additional fees at the time of purchase."

They have very low fares, but pay their crew and maintenance staff, etc., accordingly. I will not risk my trip and/or life with slipshod airlines, and will go to great lengths to avoid them. I once took an escort on a hiking trip to Glacier National Park. I lived near Oakland at the time, and could have flown non-stop on Allegiant Airlines from Oakland to Kalispell, another cheapo airline, but instead chose to fly American all the way to Dallas to change planes to Kalispell. Another time, I needed a flight from Guadalajara to Oakland or SFO. Again, I could have flown nonstop on Volaris, an airline known for capriciously delaying or cancelling flights without notice. So I instead flew United all the way to Houston!

https://www.airlinequality.com/airline-reviews/volaris/

Interestingly, Aeromexico is one of my favorite airlines, and I usually turn to them when flying South Americans to me. Well, unless they coming to/from Asuncion, where Aeromexico doesn't fly. Copa and LAN are the decent airlines flying there.

[+ Pensant]

When I got to an age/aize where normal plane seats were extremely uncomfortable for me, I started paying for a first class seat and traveling less often. Now I am someone who "only flies first class" but I can tell you for sure I am not in the same financial class as most of the people I am seated with.

Of course a lot of your first-class mates are premium flyers, so they may be on a free upgrade. I just did a round-trip on American and was upgraded both ways.

[+ Pensant]

I’m the same way. I’ve been fortunate but live somewhat modestly, although I certainly buy nice things. My niece last week told me that she wanted to buy a Louis Vuitton bag. I told her about a shop that would make her a custom one in the exact color and leather that she wanted for the same price, with nothing more than a discreet monogram. When asked where she bought it, she could simply murmur “oh, I had it made”.

Only very close friends know what I or my family have.

Whenever anyone asks this question in general conversation, I always laugh, smile, deflect and change the subject.

[+ Pensant]

You can be property rich and cash poor... What do you prefer?

With the way real estate has appreciated, owning houses and rentals in the hot markets really bloats one’s net worth. That said, real estate should only be a part of a well-rounded portfolio.

[kingsley88]

Both groups of people need help. Those who know how to get it and those who don't

I think people who accept needing help will find it at the very least on the internet either from reading blogs/articles/books or watching youtube videos on personal finance/retirement/investing.

[mattr]

The biggest risk to my retirement is that I might cross paths with @Benjamin_Nicholas and that would be a serious drain on my finances

[cany10011]

I’m the same way. I’ve been fortunate but live somewhat modestly, although I certainly buy nice things. My niece last week told me that she wanted to buy a Louis Vuitton bag. I told her about a shop that would make her a custom one in the exact color and leather that she wanted for the same price, with nothing more than a discreet monogram. When asked where she bought it, she could simply murmur “oh, I had it made”.

I agree. It's always nice to have pretty things made for you that everyone admires

[+ BenjaminNicholas]

I’m the same way. I’ve been fortunate but live somewhat modestly, although I certainly buy nice things. My niece last week told me that she wanted to buy a Louis Vuitton bag. I told her about a shop that would make her a custom one in the exact color and leather that she wanted for the same price, with nothing more than a discreet monogram. When asked where she bought it, she could simply murmur “oh, I had it made”.

 

Your niece is fortunate to have a very smart uncle.

[+ sniper]

Of course a lot of your first-class mates are premium flyers, so they may be on a free upgrade. I just did a round-trip on American and was upgraded both ways.

Yeah United has far more 100k fliers than any other airline. If you're getting a free upgrade from them, you paid enough times that you're in a higher financial class. Many years ago I was a consultant and flew cross-country every other week on Continental, and when I stopped doing that I would fly just enough miles to maintain elite status and would get upgraded most of the time(I also made some effort to select flights where there would be a greater chance of getting the upgrade. Once they merged with United, the upgrades came to a screeching halt as the "upgrade wait list" was always at least double the size of the 1st class cabin. Then United started lowering the price a bit on first class occasionally, so now I look for those flights. Once you have paid for an aisle seat, then paid for a row with more legroom, it's basically one more upgrade charge to sit in First.

[+ sniper]

I think people who accept needing help will find it at the very least on the internet either from reading blogs/articles/books or watching youtube videos on personal finance/retirement/investing.

I don't think you understand how hostile most government programs for the needy can be in certain states. I am a college-educated professional, generally well-versed in financial matters, and it was a great deal of effort to get my sister on Medicaid when she needed it. I can only imagine a lot of people simply give up and go without.

[kingsley88]

I don't think you understand how hostile most government programs for the needy can be in certain states. I am a college-educated professional, generally well-versed in financial matters, and it was a great deal of effort to get my sister on Medicaid when she needed it. I can only imagine a lot of people simply give up and go without.

I was referring to people who need help in personal finance so someday they can retire comfortably. Both my parents had pensions (each worked at the same company for over 30 years) so they didn't know much about 401k, roth IRA, etc. and their one advice when I graduated college back in the day was to stick to one company and grow/stay there forever. Obviously that's not the norm anymore.

For me, I read Suze Orman books and talked to college buddies to see how they plan on retiring. It is through a friend back in 2016 who told me about the FIRE movement and thereafter I've been mostly focusing on reaching FI someday. Nowadays, there are so much FIRE related youtube videos and books available so if anyone interested in accumulating wealth in order to retire, the information is out there.

I agree with you though that some government programs for the needy are hard to get.

[Epigonos]

Each of us must decide for ourselves when it is the right time to retire. During my last several years of high school teaching I taught Photography and Advanced Placement Art History. Photography was quite physically taxing in that I had to work with students in the dark room, in the classroom and at times out on the campus. As those of you who have attended one of the Palm Springs Weekends know I am VERY high energy. During my last year of teaching, I was finding that, at the end of the day, I was going home physically exhausted. Additionally, many of the normal things high school students do were beginning to annoy me. As much as I had loved teaching it was time to go. I made that decision over spring break. Upon returning to school, I informed both my principal and my vice-principal that I would be retiring in June. Both were shocked and attempted to talk me out of doing so but I held firm. Frankly, it is better to go while they still want to keep you rather than to wait until they are attempting to push you out the door. I have never regretted my decision.

 

P.S. I retired at 62 1/2

[mltn]

I’ve worked my way up within my industry for the past decade. Im 29 and finally making well over six figures. On track to retire by 40 ?

 

To answer the question am I rich? No and I don’t need to be. I could stay at my current job, at my current salary and live comfortably for the rest of my life.

 

When I was younger and had sales gigs that were 30k plus commissions I thought when eventually hit 50k I would be “rich” then I got to 50k and realized life wasnt much different. Then I moved the goal post to 60k and then 75k and so on. Now im at a salary that I could’ve only dreamed of when I was younger and lo and behold my life really isn’t all that much different.

[Guest]

I’ve worked my way up within my industry for the past decade. Im 29 and finally making well over six figures. On track to retire by 40 ?

...

What's well over 6 figures? 8 or 9 figures? ??

But seriously, you're wise to be living below your means, it sounds like. Hiding money away in long-term accounts will add up over time. Retiring by 40 would be amazing. I'm sure you know you can't tap retirement accounts (IRA, 401k, 457, etc.) until you're 59.5.

[Becket]

Had a funny great aunt. Asked her once, "Nana, are you rich?" She replied, "Honey I have more money than GOD!" We always both would laugh.

[gallahadesquire]

I was in a good, six-figure job then had a near-fatal orthopedic incident. I was in hospital or rehab for three and a half months, and out of work for six, age 59.

 

i never got back to more than six hours a day. The job was either 7-5 five days a week, or 8-until the work is done.

 

I was demoted and had my salary cut by 40%. But the long-term disability made up some of the difference.

 

In March of the year I would turn 61, my boss told me I was going to be laid off, so I quit on my 61st birthday.

 

Long-term disability kicked in. Social security disability kicked in. I thought I’d cancelled a private disability policy I’d had for 20 years, but I’d only stopped the autopay. That w as an additional $4,000 a month, tax-free.

 

Disability lasted to age 66 or 67, but my investments (403(b), IRA, TIAA-CREF) kept chugging along. I started to withdraw from my accounts, continuing at 70% of what I’d made when working. My first RMD will increase my income by a few thousand.

 

ive had an amazing investment counselor all these years.

 

So, to paraphrase Oscar Wilde, I live entirely for pleasure now.

[fedssocr1]

sorry you had to go through being disabled. I guess your planning worked out well for you though. So, congrats?

Edited May 16, 2021 by fedssocr1