Comments on: Can You Ever Have Enough Money?

By: ddaryl

ddaryl — Wed, 27 Jan 2010 20:52:41 +0000

I agree. Retirement savings is just the big wealty boys using our money to make them richer, and if by chance they made you some moeny too then that’s great, but they don’t lose any sleep over that.

I support corproate pension plnas. You work for a ocmpany for 30 – 40 years you should be able ot walk away and live just fine with no worries. Because our society doesn’t work that way I fully expect it to degrade to the point where moeny itself will be of no use to anyone…

By: ajc

ajc — Thu, 21 Jan 2010 13:31:13 +0000

I’m living a genetic coin flip: all those on my father’s side died within a decade or so of my current age … all those on my mother’s side, into their 80′s/90′s/???? (grandma’s 97 and still kickin’).

But, no matter how long the allotment, there must be something IMPORTANT that you want to do with your life? If you’re not already doing it, how much time/money do you need to make that happen?

These are question that I asked myself when I was living day to day (WITH responsibilities) and $40k in debt …these are the questions that spurred me into massive action … or, is 7 years to $7million STILL to long for you?!

By: SteveDH

SteveDH — Mon, 28 Dec 2009 16:59:35 +0000

Whoa there… My Mother has diabetes, has had two heart valve replacements, had cancer, and has lost her eyesight but she still enjoyed Christmas with us, her grandchildren, and her great-grandchildren. Contrary to the present hype the health care system can work wonders. She’s 89.
Don’t throw out that retirement model either. I’m retired (2 year now) and it has worked for me. Balance is the key. While working we still bought the big screen TV and took at least two vacations a year – all while trying our best to throw as much as we could into that “Nest Egg” thingy. Now we are comfortable living on pensions and using the Nest Egg for Extra-Ordinary life events (like a cruise to Australia) or one of those emergencies that crop up for time to time.

Peace of mind isn’t cheap but it’s worth the cost.

By: Anca

Anca — Sat, 26 Dec 2009 21:27:13 +0000

Finally, someone has the guts to question the old retirement model.

By: John DeFlumeri Jr

John DeFlumeri Jr — Sat, 26 Dec 2009 15:28:50 +0000

I think I agree, you can’t ever have enough money to feel satisfied, unless you hit the lottery or something like that.

John DeFlumeri Jr

By: Financial Samurai

Financial Samurai — Fri, 25 Dec 2009 00:23:14 +0000

It really is about the journey. Once you get to the end, well… it’s THE END!

There’s a reason why we sometimes need to go poop before opening presents. It’s the anticipation that counts, rather than the gift!

Happy Holidays!

By: Tyler Karasewski

Tyler Karasewski — Thu, 24 Dec 2009 19:54:35 +0000

“Stop worrying and start playing the game. Wealth won’t buy you a good relationship or better friends. It won’t buy you happiness. But it can buy you more money. And more money buys more money.”

great, more money that can’t buy you any of the things you actually want. Sounds like a really well-thought-out goal. But hey, “live fast, die young” — it sounds really edgy and aggressive, maybe that will let you make friends with the cool kids.

By: Dave

Dave — Thu, 24 Dec 2009 19:37:09 +0000

“Warren buffet isn’t rich becasue he is a master of the stock market. He is wealthy because he OWNS BUSINESSES. Lots of them.”

This doesn’t make any sense, owning stock IS owning businesses, and Warren Buffet owns a ton of stock. He doesn’t own Berkshire Hathaway outright, just stock in it. And Berkshire owns stock in other companies, that’s its entire business.

By: atexasgirl

atexasgirl — Thu, 24 Dec 2009 18:07:42 +0000

Great post. I’ve never been comfortable putting my money somewhere I can’t touch it, and having to play by rules set up by someone else–rules that can and likely will change in the future. I contribute just enough to a Roth IRA to zero out my tax bill. The rest I save in CDs or interest-bearing savings accounts. When I want my money, I’ll get it without waiting until I’m a certain age or considering the impact of fees and penalties. Traditional retirement accounts limit our freedom, choices, and futures far more than most people realize.

By: Steve

Steve — Thu, 24 Dec 2009 17:45:57 +0000

I’m happy for you, and ima let you finish. But Vanguard has some of the best 401(k) plans of all time. OF ALL TIME.

By: Troy

Troy — Thu, 24 Dec 2009 15:38:39 +0000

This is a kick ass post. And a rare one. As they say, act average…get average. The average PF advice is typically junk. Your advice is in the minority. IT is this minority that will truly accomplish something.

You are taking on the holy grail when you suggest that the establishment complicates money for their own benefit. But you are right.

Money is simple. Addition and subtraction. Nothing more. The strategies erected, the tax shelters, the retirement plans, are typically more complicating that beneficial.

I as well contribute absolutely zero to any retirement plan. I think retirement plans are complete junk. Yes…including the revered “match.” Becasue there is no free money, even with a match. it is simply well disguised.

I contribute zero to any stock or mutual fund I don’t know about.

But I do invest in my business. In my home. In myself. In the things I understand and control.

and I am very comfortable. And successful.

I find it interesting that so many want to chase the returns of the market, especially through retirement plans, when a simple fact exists. A VAST mazority of wealthy individuals became that way not through investing, or retirement plans, or credit card rewards, but through investment in their own businesses. Warren buffet isn’t rich becasue he is a master of the stock market. He is wealthy because he OWNS BUSINESSES. Lots of them.

That is the way.

And I also fully agree with the little recognized point that “saving” for retirement has an enormous opportunity cost. That opportunity cost is your present. The guaranteed present.

People say “what about all the “compounding” you are missing out on.

Zip it. Everything compounds. Assets and debts. Interest on debts or liabilities coumpounds exactly as it does on assets. So pay off your debt. Invest in your present, and your present compounds. Maybe enough to where you wont need to rely on a compounding retirement plan in the unknown future.

By: Flexo

Flexo — Thu, 24 Dec 2009 15:08:52 +0000

If you’re pretty sure you’re not going to live past 50 and you have no one to support after your death, the by all means, live it up and forget about saving for the future. I don’t think most people fit that description. I do agree that you should enjoy your life as much as possible, so for many people, a balanced approach between saving for the future (or retirement) is key. But for many, the choice is a luxury. You need to be generating well over average income to have a secure future and a financially worry-free present.

By: Erica Douglass

Erica Douglass — Thu, 24 Dec 2009 14:35:17 +0000

This post is completely bats*** insane.

If you don’t like your 401(k), and you have your own business, consider investing in a SEP-IRA. Or (depending on how much you make) a Roth IRA. IRAs can be used for many things other than retirement, as well!

“Look only at the returns, the profit or loss, the overhead. Nothing else matters.”

Really? Because there are certain stocks I won’t invest in even though they have high returns (Altria, anyone?)

And there are reasons I spend and/or save money that have nothing to do with returns.

“Invest your money now, while it is still worth something, before inflation eats it up or your health deteriorates.”

In *what*? You’ve already ruled out retirement plans!

-Erica

By: Monevator

Monevator — Thu, 24 Dec 2009 13:58:53 +0000

Interesting point of view that you don’t hear everyday — although it amazes me how many financial professionals hold mainly bonds in their retirement portfolios.

I think your post is self-contradictory though, a little. If money is a game, why do you need to spend now — particularly if you were happy when you had nothing? Why not save the difference for your retirement, if you can do without now.

Happy with nothing when you’re 30 and healthy is very different from having nothing when you’re 75, many of your friends have gone, you want to see your family but they’re all a flight away, and you can’t walk to the corner store without stopping three times.

I won’t second guess your odds on your life expectancy, but for most people you’re being far too pessimistic. Most people who can read and write a post like that are in a socio-economic background where unless they’ve already got serious health problems, they’ll make it to 65 no worries. And at 65 your chances of not seeing 66 is only about 1%.

Anyway, that’s just my two cents — thanks for thought provoking!

By: Anonymous

Anonymous — Thu, 24 Dec 2009 13:43:44 +0000

Don’t “throw out the baby with the bath water”…
Although I agree that “saving for retirement” has become almost meaningless what I have really discovered is that the important thing is building wealth to create PERSONAL FREEDOM.
It is also often confused that wealth equals money or being rich. Wealth is not necessarily a number in your portfolio, it is a state, a point you reach in your financial well-being.