Is anyone rich here?

[Desoto291hemi]

I've bailed out on my investments from the market, can't take the bullshit any more. Goes down a thousand today because some guy wasn't hired, up 400 the next day because he found a job. I took my funds out, and laddered CD's a few months ago, and now I sleep well. May not end up making a lot but the principle is going to be there. My wife has a retirement 401 and I wanted to do that for her, but she was not sure (because overall it has done well). That 1000 point blast the other day shook her, so I'm looking to also get half of hers into CD's in her 401. We're in our 70's, and have been in almost 30 years, done fairly well for our blue collar bracket, so who needs the bouncing around now at this time of life..

If it were easy, or there were a set formula, we would all be wealthy. Caveat emptor ! ....................... All that really matters, is right here.

View attachment 1716286788

Yes,,,,when you reach your age,,,,you should consolidate into a safe investment if at all possible .
Do a little at a time,,,,,transfer the funds to safe and guaranteed investments .
Or do it around each quarter,,,,timed with the upside of the market
Yes,,,it won’t make much money,,,,but at least it will be safe !
Even in 401Ks,,,,they recommend to do this,,,,at least our fund did .
It said to go from aggressive or mild risk to safe ,,,,makes sense to me .

Because,,,,when the market goes crazy and drops badly,,,you won’t have enough time to recoup your money .

Tommy

 

[cojohnso]

Be careful of those bearing gifts with offers of high return rates. There's no easy way (fast way) unless you get lucky. And, luck is not the strategy I would want to rely on in this stage of life. Good luck.

If I sold everything to a single pot? I might get to $1 mil. (Probably short of that mark, as usual. Lol)

Then put it all on 31 black in Vegas! Then I would consider myself rich, or broke. Either way? Question is answered.

 

[BSB67]

If 15% of your income equals $1000 then you are making 8300 per month .

$6,660/mo?

 

[mbaird]

$6,660/mo?

Yes …. My bad math .

 

[BSB67]

You have a really tough road ahead of you but it is better to start now than to not start at all. The best answer over the last several decades has been to invest in low cost index fund. The best index fund for you is probably a S&P 500 fund but there are other ones. It is important to only buy a low cost fund from a highly reputable firm. I recommend Fidelity but check to see what is available in your area. You should stay away from anyone that wants to charge you 1% or 2% fee every year to "manage" your money.

X2.

You never told us what you are doing - 401k, IRA, HSA? Do you have a pension?

Start researching what you’ll need in retirement. Use current income as a basis minus your expected SS income. There are some simple rules out there that will get you close. Like some else said, you’ll need a handle on your expenses too. I think you’re going to need to get pretty aggressive. Being conservative in your investing now will hurt you a bunch.

 

[barbee6043]

Or...maybe the Yen trade?????

 

[Calipag]

I'm curious as to what direction @tom999w went or what advice he is taking? I know a member offered a call, did you take him up on that and how did it go? I'm 4-8 years away from retiring and love all the advice that has been given. I know finances are very personal and what works for one person doesn't work for everyone. The one bit of advice my grandfather preached was to always pay yourself first. He always said put 10% away at an early age and train your self to be without it. It was VERY tough early in life but the wife stuck with that and I hope it works out. I often say we have more that some and less than other but for our life style and expenses, we should be ok. I'm not sure when but I know I will have to sit down with a financial adviser at some point. I feel as someone else pointed out, like they always want to get your money and once they have it you never hear from them again.

 

[Kemper]

You have to consider your liabilities when determining how " rich " you are . I always tried to keep them at a minimum . I have enough money though SS to live from without touching any savings. Never invested or gambled in anything . Simple interest in a FDIC insured account .
I also sell a lot of stuff on ebay that I acquired for free or at a very low price at auctions and I make money from that but that account keeps building .

As an example I have some LYNYRD SKYNYRD 8 track tapes that were recalled and I only have 7 cents apiece in them. I recently sold one for 100 dollars and need to list another one.

Sold
LYNYRD SKYNYRD STREET SURVIVORS " FLAMES " 8-TRACK TAPE MCAT-3029 NOS SEALED
US $99.99
Sun, Jul 20, 03:47 PM

 

[Dartswinger70]

I'm not rich now, but I will be when I sell all my leftover Mopar parts...

 

[LO23M8B]

Become a politician at the federal level, you`ll be a millionaire in no time.

Or even at the local levels.

 

[Ottmundr]

I'm looking for financial advice from someone who is successful at investing in mutual funds. I'm 54 and broke, but have $12k to start as an initial investment and also am going to add in 15% of my work pay every month (about $1000). I'm hoping to have enough in the account to retire with when I reach 65. I would need any info to be dummied down to a poor guy level, because if I already knew how to do it then I would be rich already.. Does anyone here know about this stuff? I'd previously posted this question in another car forum and got no help because all the other car guys were just as poor as I was because they spent all their money on their car hobby. So I'm just giving this a shot...

Check your messages

 

[340six]

Your "broke" but have 12k saved and make over 8k per month???? Your idea of "broke" and my idea of "broke" are certainly different ... I suggest a new line of friends from the other side of the tracks and then your next post will be "I'm rich, how shall I invest?"

Ha!

I agree. That's better than most

 

[Dartswinger70]

You can also hire a financial advisor thing is they don't gaurantee anything...

 

[YY1]

I recently discovered a few lines of funds that track the various indices (Dow, S&P, Russell, etc) and also pay dividends.

I bought one that is an 11% payer a few months ago, and it has paid monthly and has gone up 30% in value.

I bought another today that pays 9% and is increasing in value for the year to date.

Following the indices is a good general plan, as long as you don't sell when the market dives and lose all your gains (and potentially some of your principal).

Just goes to show there's always something to learn.

I've been investing for 25 years and never knew there were index trackers that paid dividends...fairly good ones at that.

 

[jeff alder]

I'm far from rich, but I'm not dumb either. Based on a $12k initial investment and $1k additional per month, you'll have about $316k in 11 years based on a somewhat optimistic 12% average annual return. Is that going to be enough to retire off of? Only you can answer that question.

My only advice would be to pay attention to the expense ratios and fees of whatever mutual fund or ETF you choose to invest in. Some of them are pretty high and will cut significantly into your bottom line.

I like your math... count me in on that one!

 

[1973Barracuda]

Best thing I did was talk to someone smarter than me. Not hard. My advisor talked risk, weighed my age, when I plan on SS, and what I plan on doing in old age. My plan is mapped out on how much I spend a month, how much I will take out, and how much growth I will have as I get older. Worth every penny.

Die the brokest man in the cemetery.

 

[dadsbee]

Just remember, you only need enough to get out. After that...

 

[crackedback]

I recently discovered a few lines of funds that track the various indices (Dow, S&P, Russell, etc) and also pay dividends.

I bought one that is an 11% payer a few months ago, and it has paid monthly and has gone up 30% in value.

I bought another today that pays 9% and is increasing in value for the year to date.

Following the indices is a good general plan, as long as you don't sell when the market dives and lose all your gains (and potentially some of your principal).

Just goes to show there's always something to learn.

I've been investing for 25 years and never new there were index trackers that paid dividends...fairly good ones at that.

What are the tickers? I'll guess it's something like JEPI

Good fund, one of the better managed covered call funds available. Tends to maintain NAV, will be limited on aggressive up moves. Still has exposure to the downside.

 

[MOPARMAGA]

You're richer than I am, I'm closer to fiftyaire!
I expect my retirement and funeral will be the same day!

One year and 1 week later I'm still poor....wife's fault though lol

 

[RustyRatRod]

Open up a tittie bar.

 

[1WildRT]

Nancy Pelosi Stock Trades Tracker - ValueInvesting.io

 

[missing linc]

One year and 1 week later I'm still poor....wife's fault though lol

I'm not much better off either, but in about 33 months I will be done working, and it can't come soon enough.

 

[MobileCustoms]

I'd ask about investing in silver or a silver IRA. Silver has double in price over the last 2 1/2 years. It's used in high tech electronics which is set to boom even more. I'd think precious metals would be safer and probably more profitable than the stock market at this stage of the game. PS... I'm not rich either!

 

[crackedback]

I'd ask about investing in silver or a silver IRA. Silver has double in price over the last 2 1/2 years. It's used in high tech electronics which is set to boom even more. I'd think precious metals would be safer and probably more profitable than the stock market at this stage of the game. PS... I'm not rich either!

As part of an overall portfolio, fine.
There are a BUNCH of fake gold bullion/coins floating around, something to be careful of if doing precious metals. No need to mention which asian country they tend to be originating from...

Loading heavy into it, no chance.

One of my favorite money guys from way back always liked to have a bit of precious metals in his holdings. Something to the effect of all good peasants have some gold/silver stashed away.

 

[YY1]

I like your math... count me in on that one!

Finding a 12% return is not super easy.

I would never base my calculations on expecting that average.

There is a financial "rule of thumb" called "the rule of 72", that estimates the time to double your money.
That's probably a better short to mid term goal for that 12K than turning it into 300 thousand plus.

Be warned that there are many high dividend payers that erode the value of the shares in order to meet the payout.
That's a lot of "finicky" math to figure if it's worth holding and for how long.

My "average" portfolio dividend income over the past 20 years is about 8.5% and I'm super happy with that considering the rate of inflation.