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Posted (edited)

I figured why not a thread about people who tell you how to make money, invest in the market, or other general financial advisors.

No coincidence that I am starting this thread with an article about Robert Kiyosaki - aka RIch Dad/Very Poor Dad. Dude is over a $1 billion in debt, and celebrating it.

Quote

A best-selling personal-finance author and entrepreneur admits that he has more than $1 billion in debt — and doesn’t think that’s a bad thing. 

“If I go bust, the bank goes bust,”  said “Rich Dad, Poor Dad” author Robert Kiyosaki in a Nov. 30 Instagram reel. “Not my problem.” 

That’s because his debt has been used to purchase assets, he said in the video. He compared that with using debt to purchase liabilities, such as his Ferrari or Rolls-Royce vehicles — expenses he’s paid off in full, he said.

“I’m a billion dollars in debt because debt is money,” Kiyosaki said during an interview on the “Disruptors” podcast. It connects to his strategy of using cash earnings to purchase precious metals like gold or silver, which Kiyosaki argues will retain their value while the U.S. dollar fluctuates. “Toilet paper,” he called it. 

Kiyosaki is one of the country’s best-known personal-finance personalities. His 1997 book “Rich Dad, Poor Dad,” originally self-published, has sold more than 40 million copies.

Good debt, bad debt

In his books and public appearances, Kiyosaki has preached the value of “good debt” as opposed to “bad debt.”

So-called good debt, as his company’s website explains, is used to invest in assets like real estate or a business venture — expenditures that “put money in your pocket.” 

On the other hand, “bad debt” is used to fund a liability — something that costs you money each month, like a car or a new TV.

“I was taught to use debt to get rich,” Kiyosaki said in an interview in August. “Most people use debt to get poor.”

Unique views on wealth

In “Rich Dad, Poor Dad,” Kiyosaki disputed the notion that a high income was the only path to wealth and instead vouched for the benefits of entrepreneurship, calculated risk taking and passive income earned from investments. 

Kiyosaki has continued to espouse those financial views (and has explored extreme political perspectives, including adopting right-wing-media talking points in his call for the impeachment of President Joe Biden).

He’s told his followers that “cash is trash” and that he doesn’t trust the U.S. dollar, calling it “fake.” Instead, he’s recommended investing in assets like precious metals, bitcoin or Wagyu cattle. 

He’s also issued several warnings of an upcoming market crisis over the last few years. In a separate podcast appearance last month, he mentioned that the United States was experiencing “the end of an empire” that could threaten the financial system. 

Kiyosaki’s own empire has been the subject of controversy. His company, Rich Global LLC, filed for bankruptcy in 2012 following a legal dispute.  He’s faced criticism that his seminars do not deliver on promises to help attendees build wealth, and some called for a boycott of his book after a 2020 tweet about Black Lives Matter.

Kiyosaki’s company did not immediately respond to a request for comment.

 

Edited by Wally Fairway
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I would take anything that kiyosaki says with a grain of salt. Someone may find value in his advice but he’s been caught in questionable statements about his past.

He claims to own 15,000 houses and rents them out. To my knowledge no one has been able to verify any of that. And frankly why should he own assets when he actually makes his money telling others how to make money. 

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Posted (edited)
9 minutes ago, Nice Guy Eddie said:

I would take anything that kiyosaki says with a grain of salt. Someone may find value in his advice but he’s been caught in questionable statements about his past.

He claims to own 15,000 houses and rents them out. To my knowledge no one has been able to verify any of that. And frankly why should he own assets when he actually makes his money telling others how to make money. 

exactly. I would wager the dude is a fraud and has nowhere close to $1B in debt. Mainly because I doubt he could con the banks into giving it. I'm sure he makes a good enough living milking  self-help addicted rubes, but there's a lot of bullshit with this dude. 

https://abcnews.go.com/Business/rich-dad-poor-dad-author-files-bankruptcy/story?id=17463158

4 minutes ago, hornmpa96 said:

If someone really had the secret to getting wealthy, why would they sell it to random people for pennies on the dollar via books and/or seminars?

If someone discovered a way to turn dogshit into gold, the absolute last thing they would do is teach others how to do it. 

Edited by Blotto
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2 hours ago, Blotto said:

If someone discovered a way to turn dogshit into gold, the absolute last thing they would do is teach others how to do it. 


I'm going to tell you the secrets to wealth that the ultra-rich don't want you to know. And if you book in the next 15 minutes I will give you a 90% discount from my normal $5K webinar fee. (Note: The 15-minute discount will be repeated on late night TV for months.)

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1 minute ago, Neonmoon said:

They’re all selling bullshit. Some of it’s good advice. Some isn’t. Buy a library card instead. 

Except for this guy. After  you reach a certain level of wealth, he wont steer you wrong

image.png.8bd479b30804e68dbd19c41087be137f.png

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Don’t know shit about that dude but I am now at a point in my career income wise where i should definitely paid more attention to Roth/401k type of discussions. You guys got any go to info for that?l type of stuff? 
 

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1 hour ago, Zepol87 said:

Don’t know shit about that dude but I am now at a point in my career income wise where i should definitely paid more attention to Roth/401k type of discussions. You guys got any go to info for that?l type of stuff? 
 

Check out the Money Guy videos on YouTube. They provide the simple formulas to set yourself up for long term success. It just takes time to let it work.

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I've found Jim Dahle of the "White Coat Investor" to essentially be the most informative (and knowledgeable) financial person on the internet; and vast majority of that content/archives + podcast material is available 100% free of charge.  That said, one of his former sponsors (a REIT) was recently exposed as an insolvent quasi-scam that is in final stages of wiping out all equity investors (including Dahle himself), so even the good guys aren't immune to the bullshit.

 

 

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Posted (edited)

And yes, Money Guy is an excellent starting point for someone in Zepol's situation....especially if he is interested in a values-based, debt-avoidance approach to finances and doesn't want to have his intelligence continuously insulted by Ramsey (although the Baby Steps are a good foundational concept).  

Look up the Money Guy "Financial Order of Operations" and use it as a general barometer for assessing your current status.  If any of those topics are unfamiliar to you, there's many quick/easy MoneyGuy podcast and Youtubes that can help educate + determine your action plan.

Edited by Muny_Tex
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Posted (edited)
4 hours ago, Muny_Tex said:

And yes, Money Guy is an excellent starting point for someone in Zepol's situation....especially if he is interested in a values-based, debt-avoidance approach to finances and doesn't want to have his intelligence continuously insulted by Ramsey (although the Baby Steps are a good foundational concept).  

Look up the Money Guy "Financial Order of Operations" and use it as a general barometer for assessing your current status.  If any of those topics are unfamiliar to you, there's many quick/easy MoneyGuy podcast and Youtubes that can help educate + determine your action plan.

Ramsey is good for people who have spending problems and can’t get out of crushing debt. Once that person gets past that point, Ramsey doesn’t offer much. I admit it’s a guilty pleasure of mine listening to his callers describe their train wreck of a personal finance life.

Edit: I do think that almost anyone could get something out of Ramsey in reviewing their spending.

Edited by Nice Guy Eddie
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"I work at the local sewer plant, my wife is a part-time assistant to a veterinary assistant.  Our income last year was $89,000.  We owe $459,000 on a 7.5% 5 year adjustable mortgage.  We have two car loans at 11.9%  totaling $127,000.  We have $63,000 in credit card debt making minimum payments....

 

...I want to spend our last $2,200 on a trip to Branson, my wife wants to use the $2,200 to get a new car and invest in her cousins Scentsy business...who's right?"

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7 minutes ago, Incredulity said:

"I work at the local sewer plant, my wife is a part-time assistant to a veterinary assistant.  Our income last year was $89,000.  We owe $459,000 on a 7.5% 5 year adjustable mortgage.  We have two car loans at 11.9%  totaling $127,000.  We have $63,000 in credit card debt making minimum payments....

 

...I want to spend our last $2,200 on a trip to Branson, my wife wants to use the $2,200 to get a new car and invest in her cousins Scentsy business...who's right?"

I think this is real. I don’t know how people do it. I just made a post in the car thread about this. 

Are people just getting juiced on monthly payments and if their cash flow dries up they are just fucked? We know from data that everyone’s padding/emergency fund is back to not existing from cash/savings deposit aggregates. How long can you live in the hole of going backwards on net worth instead of forwards there has to be some breaking point. 

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35 minutes ago, Incredulity said:

"I work at the local sewer plant, my wife is a part-time assistant to a veterinary assistant.  Our income last year was $89,000.  We owe $459,000 on a 7.5% 5 year adjustable mortgage.  We have two car loans at 11.9%  totaling $127,000.  We have $63,000 in credit card debt making minimum payments....

 

...I want to spend our last $2,200 on a trip to Branson, my wife wants to use the $2,200 to get a new car and invest in her cousins Scentsy business...who's right?"

What are your monthly payments on all this?  Math is easier.

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I'm going to tell you the secrets to wealth that the ultra-rich don't want you to know. And if you book in the next 15 minutes I will give you a 90% discount from my normal $5K webinar fee. (Note: The 15-minute discount will be repeated on late night TV for months.)

b5a0695a1be1f3021dbf49fd853671e4.jpg
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7 hours ago, Muny_Tex said:

And yes, Money Guy is an excellent starting point for someone in Zepol's situation....especially if he is interested in a values-based, debt-avoidance approach to finances and doesn't want to have his intelligence continuously insulted by Ramsey (although the Baby Steps are a good foundational concept).  

Look up the Money Guy "Financial Order of Operations" and use it as a general barometer for assessing your current status.  If any of those topics are unfamiliar to you, there's many quick/easy MoneyGuy podcast and Youtubes that can help educate + determine your action plan.

 

2 hours ago, Nice Guy Eddie said:

Ramsey is good for people who have spending problems and can’t get out of crushing debt. Once that person gets past that point, Ramsey doesn’t offer much. I admit it’s a guilty pleasure of mine listening to his callers describe their train wreck of a personal finance life.

Edit: I do think that almost anyone could get something out of Ramsey in reviewing their spending.

I have mixed feelings about Ramsey - overall his advice is very good for people who struggle to get out of debt (which I agree is the first step to wealth building), it is very simplistic but is solid advice to his audience.  I think he misses the mark by telling people to not start retirement saving until they get to one of his higher steps; I think, generally, that you are an idiot to not get an employer match in to a 401k if it is offered). And he somewhat misses the mark with his debt snowball of paying off smallest balances vs. paying off higher interest rated debt - but there is real value it paying off a debt and moving on to the next one. Especially in a situation where the large, high interest rate debt may take years to pay off.
His advice to get a 2nd or 3rd job, as hard as it is to hear, is likely the only way some people will be able to paydown debt. There are too many examples of how easy it is to get credit, especially credit cards.

One last overall comment, we have friends that live in the Brentwood/Franklin area just outside Nashville, and they say that Dave's house is up on one of the hills in a gated private  exclusive community which strikes me with a wierd vibe as someone making his money selling get out of debt advice to the poors. And recommending insurance companies, financial advisors,etc - all of which I'm certain he gets a good cut from.

 

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24 minutes ago, Wally Fairway said:

 

I have mixed feelings about Ramsey - overall his advice is very good for people who struggle to get out of debt (which I agree is the first step to wealth building), it is very simplistic but is solid advice to his audience.  I think he misses the mark by telling people to not start retirement saving until they get to one of his higher steps; I think, generally, that you are an idiot to not get an employer match in to a 401k if it is offered). And he somewhat misses the mark with his debt snowball of paying off smallest balances vs. paying off higher interest rated debt - but there is real value it paying off a debt and moving on to the next one. Especially in a situation where the large, high interest rate debt may take years to pay off.
His advice to get a 2nd or 3rd job, as hard as it is to hear, is likely the only way some people will be able to paydown debt. There are too many examples of how easy it is to get credit, especially credit cards.

One last overall comment, we have friends that live in the Brentwood/Franklin area just outside Nashville, and they say that Dave's house is up on one of the hills in a gated private  exclusive community which strikes me with a wierd vibe as someone making his money selling get out of debt advice to the poors. And recommending insurance companies, financial advisors,etc - all of which I'm certain he gets a good cut from.

 

Dave Ramsey is reportedly approaching billionaire status so I imagine his lifestyle reflects that. He has a couple of thousand employees, and they’re highly encouraged to not have credit cards, and Dave requires that spouses are also interviewed prior to working there. He’s a nut case that wants to control his employees lives.

im not hyping Ramsey as a personal finance guru. He exaggerates average market returns and places emotions higher than numbers. Maybe that is good for a therapist but personal finance is also about numbers.

The Money Guys always speak to your Why in terms of what you want to accomplish with your wealth, and that the money amount itself shouldn’t be the goal. I admit that I struggle with this, but acknowledge it’s the right mindset. I get stuck in just wanting to see as large of a number as possible.

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https://religionnews.com/2021/01/15/dave-ramsey-is-tired-of-being-called-a-jerk-for-his-stands-on-sex-and-covid/

Quote

Thousands of churches around the country, meanwhile, host Ramsey’s “Financial Peace University,” a 9-week program built around his principles for handling money “God’s way.”

Nope. No red flags here, lulz. Although from a purely business standpoint, if I was in the rube milking business, I guess churches would be the ideal partner, as they have already primed the pump. 

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Posted (edited)
17 hours ago, Zepol87 said:

Don’t know shit about that dude but I am now at a point in my career income wise where i should definitely paid more attention to Roth/401k type of discussions. You guys got any go to info for that?l type of stuff? 
 

Contribute enough to 401k to get the max match from company
Eliminate credit card debt with high interest 
Adjust 401k contribution to fit your lifestyle
Eliminate other loans, except mortgage

when those are done or close to:
Adjust 401k to max, $23,500 I believe. Its all pretax so it could put you in a lower bracket-- this is good
Roth is $7500 limit, post tax- so coming out of your checking account most likely

Edited by StassneyHorn
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2 hours ago, immamac said:

I think this is real. I don’t know how people do it. I just made a post in the car thread about this. 

Are people just getting juiced on monthly payments and if their cash flow dries up they are just fucked? We know from data that everyone’s padding/emergency fund is back to not existing from cash/savings deposit aggregates. How long can you live in the hole of going backwards on net worth instead of forwards there has to be some breaking point. 

I swear there is a balance transfer credit card game that I don't know about where people do this. Wells Fargo has 0% APR for 21 months right now on some new card but its a 5%fee

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5 minutes ago, StassneyHorn said:

I swear there is a balance transfer credit card game that I don't know about where people do this. Wells Fargo has 0% APR for 21 months right now on some new card but its a 5%fee

I mean I do 0% balance transfers but have the cash to pay them off at any point - I do it to keep cash working. When Chase offered one for 2% fee for 21 months earlier I took out a ton and just threw it in 5.5% T-Bills. Free money is free money. 

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When reading that Kiyosaki is $1b in debt, the first thing that came to mind...

"If I am $100k in debt, I have a problem.  If I am $1b in debt, the bank has a problem."  And he even says so himself and acted on it in the past.

If I am a bank where he holds a lot of debt, though, I consider ways to call the debt.  He's clearly saying "fuck the bank if I screw up."  That said, I suspect he has dozens, if not hundreds, of creditors.

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Posted (edited)

Knowing what to do is easy. Doing it is the hard part. 

Eat less + exercise = healthier 

Spend less + save more = financially healthy 

There are shit ton of financial gurus/influencers/infotainment people. The information is out there. It’s free. The hard part is setting up that automatic transfer of $538 to your Fidelity Roth IRA (actually not hard, just a couple clicks)

 

https://www.threads.net/@basicfinancialliteracy/post/C1sdaTJgUDJ/?igshid=MzRlODBiNWFlZA==
 

This link has a step by step screenshots of how to do it

Edited by Neonmoon
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10 hours ago, Neonmoon said:

There are shit ton of financial gurus/influencers/infotainment people. The information is out there. It’s free. The hard part is setting up that automatic transfer of $538 to your Fidelity Roth IRA (actually not hard, just a couple clicks)

Qft. Painful setting them up initially (529s, IRA, 401, kids accts, on and on) but like anything else, once you are used to it being a typical deduct, it just becomes the new normal.  I’ve been trying to add in an additional mortgage payment every quarter. Got a great rate but want the big note taken care of. 

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Ramsey was great for me to begin thinking differently about spending and saving. As with most things in life, I was able to pull the good lessons from his teachings and ignore those I thought were antiquated or just flat out wrong. I don’t give a damn about people’s religion or political affiliation. Almost everyone can teach us something.

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Ramsey can have some helpful advice, but watch out on some things. His advice for withdrawal rates in retirement is straight up irresponsible and could lead to people ending up destitute in old age. Frankly, the advice is so bad it causes me to question everything he says. 

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8 hours ago, Dbeasy said:

Ramsey can have some helpful advice, but watch out on some things. His advice for withdrawal rates in retirement is straight up irresponsible and could lead to people ending up destitute in old age. Frankly, the advice is so bad it causes me to question everything he says. 

Yeah his 8% withdrawal recommendation is just wrong. His reasoning (poor) is that he effectively wants to encourage his listeners by lying to them. People want to think that saving up $1m will give them a 6 figure retirement income. What they don’t understand is that $1m really isn’t that much money in terms of providing income.

People should target saving/investing 25% of their income. And if that exceeds a fully funded 401k or IRA, then also fund a regular brokerage account. The more you earn over the average, the more you will be responsible for replacing your income in retirement. Also the additional benefit of investing 25% is that you’re already accustomed to a smaller take home. Fully replacing your take home or exceeding it in retirement becomes a possibility.

I appreciate that if someone isn’t currently hitting 25% they need years to work up to it. 

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Kiyosaki seems like a piece of shit, but I still think Rich Dad Poor Dad is good reading for young people who don’t understand wealth building.  It certainly changed the way I thought about money when I read it in when I was 20.

Ramsey is also very flawed, but again I think what he says is good for poor or lower middle class people struggling with debt.

I stopped reading him awhile back when I got off twitter, but Morgan Housel had some good insights and posted interesting reads about finance/money.  His book “The Psychology of Money” is pretty good.  I wouldn’t necessarily call him a “financial guru”.

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1 hour ago, Snake Diggity said:

Kiyosaki seems like a piece of shit, but I still think Rich Dad Poor Dad is good reading for young people who don’t understand wealth building.  It certainly changed the way I thought about money when I read it in when I was 20.

Ramsey is also very flawed, but again I think what he says is good for poor or lower middle class people struggling with debt.

I stopped reading him awhile back when I got off twitter, but Morgan Housel had some good insights and posted interesting reads about finance/money.  His book “The Psychology of Money” is pretty good.  I wouldn’t necessarily call him a “financial guru”.

Agree with this.  I think there's something to be gleaned from just about any financial book, even if it is as basic as, "dude's a charlatan, but at least I will know why when someone talks about it at the water cooler."

I suspect neither Ramsey nor Kiyosaki wrote their books with the belief that they'd some day they'd be worth 9 figures and treated (by some) as deities.  

Kiyosaki does seem like a piece of shit and, as @Snake Diggity notes, there are some interesting concepts in his book.

Ramsey tells his personal story and how he changed the way he deals w/ money.  The 7 steps are reasonable.  Emergency fund; debt snowball of all non-housing debts; more emergency fund; invest into retirement; college funds; pay off house; build wealth.  Some people disagree w/ his debt snowball approach, noting that people should pay off the highest interest debts first. Makes sense from someone who has debt under control.  For someone in a bad situation, the positive psychological impact of seeing a debt go to zero is high.  Pay off your house?  Depends.  etc.

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3 hours ago, Snake Diggity said:

Kiyosaki seems like a piece of shit, but I still think Rich Dad Poor Dad is good reading for young people who don’t understand wealth building.  It certainly changed the way I thought about money when I read it in when I was 20.

Ramsey is also very flawed, but again I think what he says is good for poor or lower middle class people struggling with debt.

I stopped reading him awhile back when I got off twitter, but Morgan Housel had some good insights and posted interesting reads about finance/money.  His book “The Psychology of Money” is pretty good.  I wouldn’t necessarily call him a “financial guru”.

Yep, depends on the immediate needs of the audience. Advice on how to build a rowboat isn't much use to somebody trying to maintain a yacht, but can change things for somebody who just washed up on an island.

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On 1/5/2024 at 10:18 AM, StassneyHorn said:

Contribute enough to 401k to get the max match from company
Eliminate credit card debt with high interest 
Adjust 401k contribution to fit your lifestyle
Eliminate other loans, except mortgage

when those are done or close to:
Adjust 401k to max, $23,500 I believe. Its all pretax so it could put you in a lower bracket-- this is good
Roth is $7500 limit, post tax- so coming out of your checking account most likely

I fucked up
Roth Limit is still 6500 if you are under 50, if over 50 than its 7500

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Posted (edited)

Roth seems like a cheat code. Wish I had taken it seriously earlier. 

For the working stiffs.. check employer plans.  Use 401k Roth if you can stomach not getting immediate tax break 

See if your plan lets you contribute after tax dollars.  There is a 69k combined employer and employee limit.  You may be able to do the mega back door Roth to launder an extra 20k into a Roth.

 

And from what I can tell .. the 401 is separate from any regular back door roth

Edited by Twizzler
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10 hours ago, Twizzler said:

Roth seems like a cheat code. Wish I had taken it seriously earlier. 

For the working stiffs.. check employer plans.  Use 401k Roth if you can stomach not getting immediate tax break 

See if your plan lets you contribute after tax dollars.  There is a 69k combined employer and employee limit.  You may be able to do the mega back door Roth to launder an extra 20k into a Roth.

 

And from what I can tell .. the 401 is separate from any regular back door roth

I've become a Roth follower over the past few years. Fully fund my 401k and 50+ catchup into Roth.

I know that some don't like Roth as a much as they work on the assumption, probably correct, that their post retirement tax bracket will be lower. To me, I want the flexibility in retirement to decide when and how I pull from the traditional and Roth buckets.

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31 minutes ago, Nice Guy Eddie said:

I've become a Roth follower over the past few years. Fully fund my 401k and 50+ catchup into Roth.

I know that some don't like Roth as a much as they work on the assumption, probably correct, that their post retirement tax bracket will be lower. To me, I want the flexibility in retirement to decide when and how I pull from the traditional and Roth buckets.

Tax may be a big influence, but no RMD requirement is a big deal, and I know there used to be different rules for impact to beneficiary upon your ultimate demise 

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1 hour ago, Nice Guy Eddie said:

I've had a question that I haven't been able to find an answer online. Maybe someone here knows.

I fully fund my 401k Roth and 50+ Catchup Roth.  Am I also allowed to fund a separate Roth IRA in the same year?

Can I Have Both a Roth and a Traditional IRA? (investopedia.com)

 

Short answer yes if you meet requirements

 

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I fully fund 401k with the catch up.

Fully fund IRA to max. (can't do Roth)

Put 1k a month to personal savings.

1k a month in Fidelity manage account

20k yearly CD with the highest %.

Just started a Differed Annuity and will put 1k a month there.

Thats all I am doing and fuck it if that isnt enough. I will retire debt free and have 2 to 3 years floating cash to get through the "down" market years in retirement. 

Debt free currently and trying to stay that way for 6 years until I retire. Then drop out , eat gummies and watch Ancient Aliens.

 

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1 hour ago, nineliveslost said:

I fully fund 401k with the catch up.

Fully fund IRA to max. (can't do Roth)

Put 1k a month to personal savings.

1k a month in Fidelity manage account

20k yearly CD with the highest %.

Just started a Differed Annuity and will put 1k a month there.

Thats all I am doing and fuck it if that isnt enough. I will retire debt free and have 2 to 3 years floating cash to get through the "down" market years in retirement. 

Debt free currently and trying to stay that way for 6 years until I retire. Then drop out , eat gummies and watch Ancient Aliens.

That sounds like a very solid plan; however I think if I did that we would end up in a famine, a war, another pandemic, and I'd end up like my good buddy Slim Pickens riding that bomb all the way into the ground

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55 minutes ago, Wally Fairway said:

That sounds like a very solid plan; however I think if I did that we would end up in a famine, a war, another pandemic, and I'd end up like my good buddy Slim Pickens riding that bomb all the way into the ground

Took me awhile to get there. I am 54 and I am only(LOL) on this ride another 6 years. I am throwing so much in because I want to be done relying on a job. 

I am on track but now second guessing myself about not enjoying and spending money now. Damn book "Die with zero" fucks with my head. 

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2 hours ago, nineliveslost said:

I fully fund 401k with the catch up.

Fully fund IRA to max. (can't do Roth)

Put 1k a month to personal savings.

1k a month in Fidelity manage account

20k yearly CD with the highest %.

Just started a Differed Annuity and will put 1k a month there.

Thats all I am doing and fuck it if that isnt enough. I will retire debt free and have 2 to 3 years floating cash to get through the "down" market years in retirement. 

Debt free currently and trying to stay that way for 6 years until I retire. Then drop out , eat gummies and watch Ancient Aliens.

 

You and I are aligned on the same plan but I'm currently saving a little less. I'm also 54 but targeting retiring at 62-64 so at least 8 more years of working. I like my job so I'm not necessarily in a rush to leave.

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Posted (edited)
52 minutes ago, Nice Guy Eddie said:

You and I are aligned on the same plan but I'm currently saving a little less. I'm also 54 but targeting retiring at 62-64 so at least 8 more years of working. I like my job so I'm not necessarily in a rush to leave.

My big driver to get out at 60 is the average life expectancy of an American male is 73. (7 years ago it was 76) that's just 13 years on average. Let's say I make it another 10 years to 83. I am not going to be very active past 80 more than likely. So I look at it as 20 years with good fun with making the most out of it and then after 80 that type of life starts dramatically falling. After 85 I guess you're just fumbling around waiting for the cold hand of death. At 90 your quality of life is mostly drool and body aches. The wife will have a blast being she is 15 years younger, and the average life span of a female is 81. throw on another 10 because of good health and genes and her days are filled with relative opulence. And I can guarantee you after I pass they will discover an anti or de-aging drug 

Edited by nineliveslost
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58 minutes ago, nineliveslost said:

My big driver to get out at 60 is the average life expectancy of an American male is 73. (7 years ago it was 76) that's just 13 years on average. Let's say I make it another 10 years to 83. I am not going to be very active past 80 more than likely. So I look at it as 20 years with good fun with making the most out of it and then after 80 that type of life starts dramatically falling. After 85 I guess you're just fumbling around waiting for the cold hand of death. At 90 your quality of life is mostly drool and body aches. The wife will have a blast being she is 15 years younger, and the average life span of a female is 81. throw on another 10 because of good health and genes and her days are filled with relative opulence. And I can guarantee you after I pass they will discover an anti or de-aging drug 

All great points to consider. If I can get to 3 years of cash, no debt and my expected retirement balance at 60, it would be tempting to call my work career done. It could mean less money later on but I might not need it anyway.

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