KeepItReal Posted January 27, 2023 Share Posted January 27, 2023 3 hours ago, pubic_assistance said: My business peaked at 40. I did the opposite of slow down. I don't know how people save enough to retire at 40 unless mommy and daddy gave you a big head start. Google FIRE movement https://www.investopedia.com/terms/f/financial-independence-retire-early-fire.asp + Vegas_Millennial 1 Link to comment Share on other sites More sharing options...
pubic_assistance Posted January 27, 2023 Share Posted January 27, 2023 6 minutes ago, KeepItReal said: Google FIRE movement HA !! Just "save 70% of your income" ? ! ? ! So basically...live with your parents and brown bag it until you retire at 40. You'd be such a loser by 40 you'd be retiring with no friends ! ha musclestuduws and Luv2play 2 Link to comment Share on other sites More sharing options...
+ Vegas_Millennial Posted January 27, 2023 Share Posted January 27, 2023 (edited) 54 minutes ago, pubic_assistance said: HA !! Just "save 70% of your income" ? ! ? ! So basically...live with your parents and brown bag it until you retire at 40. You'd be such a loser by 40 you'd be retiring with no friends ! ha It's definitely a balancing act to live for today and save for the future. I probably over-saved a little bit in my 20s, but not so much that I avoided life entirely. It did take conscious sacrifice/planning in my 20s. I did live with my parents until age 25. I went to public community college and university, so no student debt. I bought a used car in my 20s and drive it to this day. In my 20s I didn't cruise or fly, but instead drove to nearby states and was very content with the simple joys of hiking, backpacking, canoeing. I knew that every dollar saved in my 20s will be 8 dollars in my 60s. A dollar invested in my 30s is only going to be worth 4 dollars my 60s, or half as much as a dollar invested in my 20s. In my 20s I saved 45% of my income, and my employer saved 15% of my income (but we're both exempt from social security and disability tax) for a grand total of 60% of my income every year. In my 30s I dropped my savings rate to 35%, and this year I dropped it to 25%. My employer continues to match 15% of my salary. I will retire at 45. In hindsight, I could have moved out from parents at 23 instead of 25, but that was in the peak of the 2005/2006 real estate bubble. I was saving for a down payment on a house, and knew we were in a housing peak. I'm glad I waited 2 years until 25 for the bubble to burst before buying. I could have waited until the housing market bottomed at age 30, but I am happy with my decision to move out and live life at age 25. Edited January 27, 2023 by Vegas_nw1982 + Charlie, musclestuduws, Bargara Leatherboy and 2 others 4 1 Link to comment Share on other sites More sharing options...
pubic_assistance Posted January 27, 2023 Share Posted January 27, 2023 2 minutes ago, Vegas_nw1982 said: It's definitely a balancing act to live for today and save for the future I admire the degree of self control and planning. I live in NYC so unless, I lived in a cardboard box, there would never have been ANY formula that a 25 year old could save more than 25% of his earnings. Most New Yorkers pay nearly half their income just on rent. + Vegas_Millennial, + Charlie and musclestuduws 1 1 1 Link to comment Share on other sites More sharing options...
Quincy_7 Posted January 28, 2023 Author Share Posted January 28, 2023 On 1/26/2023 at 7:15 PM, pubic_assistance said: HA !! Just "save 70% of your income" ? ! ? ! So basically...live with your parents and brown bag it until you retire at 40. You'd be such a loser by 40 you'd be retiring with no friends ! ha The key is to strategically target a high income profession that aligns with your skills. The usual suspects are law, computer engineering and so on. + Vegas_Millennial 1 Link to comment Share on other sites More sharing options...
misterhumphries Posted January 28, 2023 Share Posted January 28, 2023 On 1/21/2023 at 1:40 PM, Quincy_7 said: On the other hand, I'm also keen to hear from people like myself who are currently in the working phase of life. How are you factoring in the expenses involved in hiring into your retirement plans? My retirement plans include affording housing, food, medical care, and travel. I hadn't thought about continuing to hire occasionally, which means I probably won't. + Charlie 1 Link to comment Share on other sites More sharing options...
+ Coolwave35 Posted January 28, 2023 Share Posted January 28, 2023 1 hour ago, Quincy_7 said: The key is to strategically target a high income profession that aligns with your skills. The usual suspects are law, computer engineering and so on. You forgot Tik tok and only fans. mike carey, musclestuduws, pubic_assistance and 1 other 4 Link to comment Share on other sites More sharing options...
pubic_assistance Posted January 28, 2023 Share Posted January 28, 2023 (edited) My retirement strategy was, and is, investing in income-producing real estate. When I retire I will likely sell my New York townhouse for a tidy profit and re-invest the profit in more rental properties. John Jacob Astor once said: "The key to success is owning as much property in Manhattan as you can get your hands on". Edited January 28, 2023 by pubic_assistance punctuation musclestuduws, Bargara Leatherboy and + Vegas_Millennial 1 2 Link to comment Share on other sites More sharing options...
Quincy_7 Posted January 29, 2023 Author Share Posted January 29, 2023 5 hours ago, pubic_assistance said: My retirement strategy was, and is, investing in income-producing real estate. When I retire I will likely sell my New York townhouse for a tidy profit and re-invest the profit in more rental properties. John Jacob Astor once said: "The key to success is owning as much property in Manhattan as you can get your hands on". The Astors aren't doing so great these days. Link to comment Share on other sites More sharing options...
menaughty Posted January 31, 2023 Share Posted January 31, 2023 (edited) This is a really interesting and good topic. I will be 30 soon and I am so bad at saving. Self-control is something I need to learn. One thing that boggles my mind is that the base pay for now is usually $300/hr in the US for escorts. To me thats crazy. I have been to other countries and none of the escorts havd ever charged $300/hr. On top of that it's like taking a risk what if the session does not turn out ok. I was celibate for almost 4 months and then decided to go to Barcelona and be a hoe especially at the thermas sauna (men are for hire there). My Barcelona ticket was $600 from Dallas that equals to 2 escort sessions in the US. I got more bang for my buck in Spain. I havent hired anyone in the US since almost a year. But yes this has been all possible because I earn US Dollars, i just wish it a little less expensive (escort wise) in the US too. I really do need to put a escort fund aside for my retirement, if i cant travel much at that age. Edited January 31, 2023 by menaughty + Vegas_Millennial and + Charlie 2 Link to comment Share on other sites More sharing options...
SirBillybob Posted January 31, 2023 Share Posted January 31, 2023 I hadn’t really thought much about this. Age early 70s; fully retired 9 years; single with no dependents; no mortgage or other major expenses. Putting aside transient pandemic abstinence as a diluting factor, I estimate I’ve spent no more than 5% of my steady aggregate pension income on hiring and not touched my investment capital. However, I only hire when travelling to Europe or South America. Definitely not breaking the bank. I don’t drink or smoke, though some peers spend more on such compared to my escort expenditures. Travelling costs put the major dent in my disposable income, but that is deliberative. As I get older I don’t feel that lengthy months-long gaps between trips are particularly depriving and I have somehow internalized decades of hiring as having qualitatively added psychosexual value to existence. Having now appraised this topic, I think I may be under-consuming and need to upregulate. This afternoon’s task: heading out in the sweltering Rio heat to a Santander ATM to cover dairy costs. + Vegas_Millennial, + FrankR and + Charlie 3 Link to comment Share on other sites More sharing options...
pubic_assistance Posted January 31, 2023 Share Posted January 31, 2023 2 hours ago, menaughty said: One thing that boggles my mind is that the base pay for now is usually $300/hr in the US for escorts. To me thats crazy. I have been to other countries and none of the escorts havd ever charged $300/hr Cost of living varies tremendously from place to place. But yes...if you can travel somewhere new and get laid for the same price as a stay at home fuck ..by all means go for the travel hook up. + Coolwave35 1 Link to comment Share on other sites More sharing options...
SirBillybob Posted January 31, 2023 Share Posted January 31, 2023 (edited) I’m in Brazil where I spend much of every winter, stay in a inexpensive mixed-class neighbourhood for much of the time, interspersed with comparatively luxe excursions, and have noticed an explosive increase in food costs that obviously impacts on the locals. The price-by-weight “quilo” buffet venues are pricier in my non-tourist Carioca neighbourhood relative to a northern chain inclusive of Toronto/Montreal locations. I was on a bus chatting with a woman and commented that the fresh yeasty donut I treat myself to weekly from a very modest padaria nearby has increased from 1.00 real pre-pandemic to … she finished the sentence for me (!) 3.50 reais. Male commercial sex trade costs remain stable but the trend seems to be that more attractive gym-training fellows are opting out and the consumer choice is dwindling. It simply isn’t worth it to providers for 30-40USD a trick unless very sought after at assembly-line level. Those rates are basically locked in, as the majority of clients are Brazilian and similarly enduring goods inflation. A two-tier system of basic vs higher-end escorts would be fine with me but likely wouldn’t fly. I am grateful I got into the scene, for a few years anyway, at its height. I realize I may have taken this a tad off topic but perhaps it still tracks within the economic utilities theme. Edited January 31, 2023 by SirBillybob pubic_assistance and MscleLovr 2 Link to comment Share on other sites More sharing options...
+ Vegas_Millennial Posted January 31, 2023 Share Posted January 31, 2023 On 1/26/2023 at 12:16 PM, pubic_assistance said: My business peaked at 40. I did the opposite of slow down. I read somewhere that, statistically, salary for men peaks at age 38 adjusted for inflation. For women, it's sometime in their 40s. The best financial decisions are made at age 53. Link to comment Share on other sites More sharing options...
SirBillybob Posted January 31, 2023 Share Posted January 31, 2023 (edited) 44 minutes ago, Vegas_nw1982 said: The best financial decisions are made at age 53. Hahahah, I just missed by a year. At age 52, in fact the month following turning 52, I took on a weekly pricy escort for close to 4 years. Had never previously squandered that much. The pattern before and after a minuscule fraction of that undertaking. He was just … “that guy”. I’m not being completely truthful. The same commitment would likely have transpired meeting him at age 53. So, outlier. An equivalent sum financially invested would have bloated considerably. Edited January 31, 2023 by SirBillybob + Vegas_Millennial 1 Link to comment Share on other sites More sharing options...
Rudynate Posted February 1, 2023 Share Posted February 1, 2023 On 1/21/2023 at 12:42 PM, Coolwave35 said: Yes. I believe that I should be set for the rest of my life, but people richer than me have lost more than I’ll ever see, so it’s all a roll of the dice and try not to think about the well drying up. I don’t want kids so I don’t put much stock into estate planning. I have an escort fund that I draw down from. I’d have to really get taken for a ride for it to hit zero. I’ve budgeted for a few more decades of the hobby. I anticipate gradually slowing down as I’m turning 40 this year and want a real boyfriend again which is at odds with my hiring trajectory. Please tell me you are not planning to die intestate. + Charlie and handiacefailure 2 Link to comment Share on other sites More sharing options...
+ Coolwave35 Posted February 1, 2023 Share Posted February 1, 2023 5 hours ago, Rudynate said: Please tell me you are not planning to die intestate. I literally JUST finished my will. There will be many happy strippers some day and two sad nephews. Lol spidir, GTMike, + glutes and 1 other 1 3 Link to comment Share on other sites More sharing options...
Quincy_7 Posted February 1, 2023 Author Share Posted February 1, 2023 On 1/31/2023 at 9:34 AM, menaughty said: I will be 30 soon and I am so bad at saving. Self-control is something I need to learn. I really do need to put a escort fund aside for my retirement, if i cant travel much at that age. $20,000 invested at 30 will be over $500,000 by the time you're 65. If you're withdrawing at 4% then you'll have 20K annually to hire travel the world and hire the best of the best. Admittedly, 20K then will be worth about 10K today in purchasing power but you'll still get more bang for your buck outside the West. Link to comment Share on other sites More sharing options...
+ Coolwave35 Posted February 2, 2023 Share Posted February 2, 2023 3 hours ago, Quincy_7 said: $20,000 invested at 30 will be over $500,000 by the time you're 65. If you're withdrawing at 4% then you'll have 20K annually to hire travel the world and hire the best of the best. Admittedly, 20K then will be worth about 10K today in purchasing power but you'll still get more bang for your buck outside the West. What’s so interesting is that I’ve been max contributing into my Roth IRA for 21 years. There’s barely $225,000 in there. On the other hand, my investment properties have all doubled in their worth in half that time and will generate more income in my retirement than my retirement account ever could. I don’t get the math that small amounts of contributions over the years ballon into some giant nest egg at 59 1/2. Has anyone at retirement age ACTUALLY had their retirement account manifest the kinds of returns your sold when you first start out? Link to comment Share on other sites More sharing options...
+ sniper Posted February 2, 2023 Share Posted February 2, 2023 On 1/26/2023 at 3:16 PM, pubic_assistance said: My business peaked at 40. I did the opposite of slow down. I don't know how people save enough to retire at 40 unless mommy and daddy gave you a big head start. If not for having to bail out wayward siblings(who combined poor decisions with catastrophic illness) I might have pulled it off by 43, but that was total dumb luck with employer stock that took off. And certainly couldn't have done it if I had kids. + Vegas_Millennial and pubic_assistance 2 Link to comment Share on other sites More sharing options...
Quincy_7 Posted February 2, 2023 Author Share Posted February 2, 2023 8 hours ago, Coolwave35 said: What’s so interesting is that I’ve been max contributing into my Roth IRA for 21 years. There’s barely $225,000 in there. On the other hand, my investment properties have all doubled in their worth in half that time and will generate more income in my retirement than my retirement account ever could. I don’t get the math that small amounts of contributions over the years ballon into some giant nest egg at 59 1/2. Has anyone at retirement age ACTUALLY had their retirement account manifest the kinds of returns your sold when you first start out? How much of that $225,000 is money you put in and what sort of funds are you in? Link to comment Share on other sites More sharing options...
+ Coolwave35 Posted February 2, 2023 Share Posted February 2, 2023 1 hour ago, Quincy_7 said: How much of that $225,000 is money you put in and what sort of funds are you in? I believe my max contribution when I started was $4,500 and now it’s $6,000. So somewhere between there each year. I imagine I’ve contributed half of what’s in there, minus $10k as a qualified withdrawal to buy my first house. I honestly have no idea what funds I’m in. Link to comment Share on other sites More sharing options...
+ Vegas_Millennial Posted February 2, 2023 Share Posted February 2, 2023 11 hours ago, Coolwave35 said: What’s so interesting is that I’ve been max contributing into my Roth IRA for 21 years. There’s barely $225,000 in there. On the other hand, my investment properties have all doubled in their worth in half that time and will generate more income in my retirement than my retirement account ever could. I don’t get the math that small amounts of contributions over the years ballon into some giant nest egg at 59 1/2. Has anyone at retirement age ACTUALLY had their retirement account manifest the kinds of returns your sold when you first start out? I think retirement accounts are like my government pension... It's not going to make you rich, but it will keep you from being poor + Charlie and + glutes 2 Link to comment Share on other sites More sharing options...
Kevin Slater Posted February 2, 2023 Share Posted February 2, 2023 1 hour ago, Coolwave35 said: I honestly have no idea what funds I’m in. I don't love that answer at all. It's not hard to find out, and then to check if the mix is one you're comfortable with. If you feel that it's underperforming over a 20 year time span I would be curious if you're weighted too heavily in bonds. (My personal take, as I think you've said you're in your 40s, is any bonds are too many.) It'd be an easy matter to switch existing monies into more growth oriented funds and/or to redirect future contributions. Kevin Slater thomas, GTMike, + Vegas_Millennial and 1 other 3 1 Link to comment Share on other sites More sharing options...
+ Coolwave35 Posted February 2, 2023 Share Posted February 2, 2023 2 hours ago, Kevin Slater said: I don't love that answer at all. It's not hard to find out, and then to check if the mix is one you're comfortable with. If you feel that it's underperforming over a 20 year time span I would be curious if you're weighted too heavily in bonds. (My personal take, as I think you've said you're in your 40s, is any bonds are too many.) It'd be an easy matter to switch existing monies into more growth oriented funds and/or to redirect future contributions. Kevin Slater Thank you for this. I’m doing an annual review lunch with my money manager in a few weeks and I’ll print this out and take with me. Thank you! GTMike and + Vegas_Millennial 2 Link to comment Share on other sites More sharing options...
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