Road to financial independence?

[NotCranky]

Marion. A suggestion: Wait and buy a duplex or move somewhere where you can buy a duplex. You will probably have to sacrifice your dream home/dream neighborhood visions. Live there for a few years until you get the hang of being a landlord if you are not already expert at that. You stay there until you retire and you live mortgage free with enough income to pay for maintenance,taxes adn insurance, plus some necessities of living. Alternatively if things go well you get good cash flow after a couple of years you buy more or buy the dream home(with some work history behind you) with the security of being able to return to the duplex if things don’t work out great. If we get a boom,15 years from now, you sell or keep the stuff.
None of this would hinder your ability to do some of the things others are suggesting. In fact it will help. Buying a nice 2 story house, as you have described to be to your liking, could mess up your goals. Whether you buy an sfr or multi-unit definitely study buyer’s assistance programs.

[drunkle]

buncha nonsense get rich quick amway bullshit… increasing your income by half for 7 years starting at 20k ~= 300k. are you a neurosurgeon by any chance? a wall street broker? ceo of a start up?

saving money requires a job to begin with, excess money left over after expenses and an investment vehicle equipped with full air bags, a good motor and quick handling. in return, saving money means you’re not spending money which means companies aren’t making profits which means people lose jobs which means you lose your job and cant save money.

here’s an easier, equally good if not better 7 year program, at least in theory. get a credit card. then another. then another. and another. load up on cards, build up some 50k worth of available credit; 50 cards @ 1k each or whatever. cash it all out and open a roth ira. invest in a fund that averages better than 10%. subsequently cancel all your cards.

the ira will protect the money from garnishment or seizure. the cc companies will hound you for years, first directly then by selling off your debt to another agency. at or near the end of 7 years, the collection mail will start reducing the amount they’re willing to settle for. look for something like 70% off. note that late charges, overlimit charges, etc will accrue and pad the debt to a degree. at least until some company defined limit is reached.

in that time, your ira will have nearly doubled. withdraw the necessary amount to pay off the collections.

settle the debt at 70% and rebuild your credit right away; get a dept store cc, secured cc, whatever. in a year or two, the cc offers will start rolling back in and you repeat the process.

btw, 7 years is about the doubling time for 10% interest. you could start your kid’s retirement funds now by depositing 10k into a 10% account and add 1k to it every year. in 50 years, your kids will be ready to retire with their million.

DISCLAIMER
None of the information contained in “Crazy Money” constitutes a recommendation by Mr. drunkle, TheAvenue.com or iCNBC that any particular security, portfolio of securities, transaction, or investment strategy is suitable for any specific person. You must make your own independent decisions regarding any security, portfolio of securities, transaction, or investment strategy mentioned on the program. Mr. drunkle’s past results are not necessarily indicative of future performance. Neither Mr. drunkle, nor TheAvenue.com, nor iMBC guarantees any specific outcome or profit, and you should be aware of the real risk of loss in following any strategy or investments discussed on the program. The strategy or investments discussed may fluctuate in price or value and you may get back less than you invested. Before acting on any information contained in the program, you should consider whether it is suitable for your particular circumstances and strongly consider seeking advice from your own financial adviser or attorney.

[drunkle]

buncha nonsense get rich quick amway bullshit… increasing your income by half for 7 years starting at 20k ~= 300k. are you a neurosurgeon by any chance? a wall street broker? ceo of a start up?

saving money requires a job to begin with, excess money left over after expenses and an investment vehicle equipped with full air bags, a good motor and quick handling. in return, saving money means you’re not spending money which means companies aren’t making profits which means people lose jobs which means you lose your job and cant save money.

here’s an easier, equally good if not better 7 year program, at least in theory. get a credit card. then another. then another. and another. load up on cards, build up some 50k worth of available credit; 50 cards @ 1k each or whatever. cash it all out and open a roth ira. invest in a fund that averages better than 10%. subsequently cancel all your cards.

the ira will protect the money from garnishment or seizure. the cc companies will hound you for years, first directly then by selling off your debt to another agency. at or near the end of 7 years, the collection mail will start reducing the amount they’re willing to settle for. look for something like 70% off. note that late charges, overlimit charges, etc will accrue and pad the debt to a degree. at least until some company defined limit is reached.

in that time, your ira will have nearly doubled. withdraw the necessary amount to pay off the collections.

settle the debt at 70% and rebuild your credit right away; get a dept store cc, secured cc, whatever. in a year or two, the cc offers will start rolling back in and you repeat the process.

btw, 7 years is about the doubling time for 10% interest. you could start your kid’s retirement funds now by depositing 10k into a 10% account and add 1k to it every year. in 50 years, your kids will be ready to retire with their million.

DISCLAIMER
None of the information contained in “Crazy Money” constitutes a recommendation by Mr. drunkle, TheAvenue.com or iCNBC that any particular security, portfolio of securities, transaction, or investment strategy is suitable for any specific person. You must make your own independent decisions regarding any security, portfolio of securities, transaction, or investment strategy mentioned on the program. Mr. drunkle’s past results are not necessarily indicative of future performance. Neither Mr. drunkle, nor TheAvenue.com, nor iMBC guarantees any specific outcome or profit, and you should be aware of the real risk of loss in following any strategy or investments discussed on the program. The strategy or investments discussed may fluctuate in price or value and you may get back less than you invested. Before acting on any information contained in the program, you should consider whether it is suitable for your particular circumstances and strongly consider seeking advice from your own financial adviser or attorney.

[drunkle]

buncha nonsense get rich quick amway bullshit… increasing your income by half for 7 years starting at 20k ~= 300k. are you a neurosurgeon by any chance? a wall street broker? ceo of a start up?

saving money requires a job to begin with, excess money left over after expenses and an investment vehicle equipped with full air bags, a good motor and quick handling. in return, saving money means you’re not spending money which means companies aren’t making profits which means people lose jobs which means you lose your job and cant save money.

here’s an easier, equally good if not better 7 year program, at least in theory. get a credit card. then another. then another. and another. load up on cards, build up some 50k worth of available credit; 50 cards @ 1k each or whatever. cash it all out and open a roth ira. invest in a fund that averages better than 10%. subsequently cancel all your cards.

the ira will protect the money from garnishment or seizure. the cc companies will hound you for years, first directly then by selling off your debt to another agency. at or near the end of 7 years, the collection mail will start reducing the amount they’re willing to settle for. look for something like 70% off. note that late charges, overlimit charges, etc will accrue and pad the debt to a degree. at least until some company defined limit is reached.

in that time, your ira will have nearly doubled. withdraw the necessary amount to pay off the collections.

settle the debt at 70% and rebuild your credit right away; get a dept store cc, secured cc, whatever. in a year or two, the cc offers will start rolling back in and you repeat the process.

btw, 7 years is about the doubling time for 10% interest. you could start your kid’s retirement funds now by depositing 10k into a 10% account and add 1k to it every year. in 50 years, your kids will be ready to retire with their million.

DISCLAIMER
None of the information contained in “Crazy Money” constitutes a recommendation by Mr. drunkle, TheAvenue.com or iCNBC that any particular security, portfolio of securities, transaction, or investment strategy is suitable for any specific person. You must make your own independent decisions regarding any security, portfolio of securities, transaction, or investment strategy mentioned on the program. Mr. drunkle’s past results are not necessarily indicative of future performance. Neither Mr. drunkle, nor TheAvenue.com, nor iMBC guarantees any specific outcome or profit, and you should be aware of the real risk of loss in following any strategy or investments discussed on the program. The strategy or investments discussed may fluctuate in price or value and you may get back less than you invested. Before acting on any information contained in the program, you should consider whether it is suitable for your particular circumstances and strongly consider seeking advice from your own financial adviser or attorney.

[drunkle]

buncha nonsense get rich quick amway bullshit… increasing your income by half for 7 years starting at 20k ~= 300k. are you a neurosurgeon by any chance? a wall street broker? ceo of a start up?

saving money requires a job to begin with, excess money left over after expenses and an investment vehicle equipped with full air bags, a good motor and quick handling. in return, saving money means you’re not spending money which means companies aren’t making profits which means people lose jobs which means you lose your job and cant save money.

here’s an easier, equally good if not better 7 year program, at least in theory. get a credit card. then another. then another. and another. load up on cards, build up some 50k worth of available credit; 50 cards @ 1k each or whatever. cash it all out and open a roth ira. invest in a fund that averages better than 10%. subsequently cancel all your cards.

the ira will protect the money from garnishment or seizure. the cc companies will hound you for years, first directly then by selling off your debt to another agency. at or near the end of 7 years, the collection mail will start reducing the amount they’re willing to settle for. look for something like 70% off. note that late charges, overlimit charges, etc will accrue and pad the debt to a degree. at least until some company defined limit is reached.

in that time, your ira will have nearly doubled. withdraw the necessary amount to pay off the collections.

settle the debt at 70% and rebuild your credit right away; get a dept store cc, secured cc, whatever. in a year or two, the cc offers will start rolling back in and you repeat the process.

btw, 7 years is about the doubling time for 10% interest. you could start your kid’s retirement funds now by depositing 10k into a 10% account and add 1k to it every year. in 50 years, your kids will be ready to retire with their million.

DISCLAIMER
None of the information contained in “Crazy Money” constitutes a recommendation by Mr. drunkle, TheAvenue.com or iCNBC that any particular security, portfolio of securities, transaction, or investment strategy is suitable for any specific person. You must make your own independent decisions regarding any security, portfolio of securities, transaction, or investment strategy mentioned on the program. Mr. drunkle’s past results are not necessarily indicative of future performance. Neither Mr. drunkle, nor TheAvenue.com, nor iMBC guarantees any specific outcome or profit, and you should be aware of the real risk of loss in following any strategy or investments discussed on the program. The strategy or investments discussed may fluctuate in price or value and you may get back less than you invested. Before acting on any information contained in the program, you should consider whether it is suitable for your particular circumstances and strongly consider seeking advice from your own financial adviser or attorney.

[drunkle]

buncha nonsense get rich quick amway bullshit… increasing your income by half for 7 years starting at 20k ~= 300k. are you a neurosurgeon by any chance? a wall street broker? ceo of a start up?

saving money requires a job to begin with, excess money left over after expenses and an investment vehicle equipped with full air bags, a good motor and quick handling. in return, saving money means you’re not spending money which means companies aren’t making profits which means people lose jobs which means you lose your job and cant save money.

here’s an easier, equally good if not better 7 year program, at least in theory. get a credit card. then another. then another. and another. load up on cards, build up some 50k worth of available credit; 50 cards @ 1k each or whatever. cash it all out and open a roth ira. invest in a fund that averages better than 10%. subsequently cancel all your cards.

the ira will protect the money from garnishment or seizure. the cc companies will hound you for years, first directly then by selling off your debt to another agency. at or near the end of 7 years, the collection mail will start reducing the amount they’re willing to settle for. look for something like 70% off. note that late charges, overlimit charges, etc will accrue and pad the debt to a degree. at least until some company defined limit is reached.

in that time, your ira will have nearly doubled. withdraw the necessary amount to pay off the collections.

settle the debt at 70% and rebuild your credit right away; get a dept store cc, secured cc, whatever. in a year or two, the cc offers will start rolling back in and you repeat the process.

btw, 7 years is about the doubling time for 10% interest. you could start your kid’s retirement funds now by depositing 10k into a 10% account and add 1k to it every year. in 50 years, your kids will be ready to retire with their million.

DISCLAIMER
None of the information contained in “Crazy Money” constitutes a recommendation by Mr. drunkle, TheAvenue.com or iCNBC that any particular security, portfolio of securities, transaction, or investment strategy is suitable for any specific person. You must make your own independent decisions regarding any security, portfolio of securities, transaction, or investment strategy mentioned on the program. Mr. drunkle’s past results are not necessarily indicative of future performance. Neither Mr. drunkle, nor TheAvenue.com, nor iMBC guarantees any specific outcome or profit, and you should be aware of the real risk of loss in following any strategy or investments discussed on the program. The strategy or investments discussed may fluctuate in price or value and you may get back less than you invested. Before acting on any information contained in the program, you should consider whether it is suitable for your particular circumstances and strongly consider seeking advice from your own financial adviser or attorney.

[patientrenter]

davelj’s scenario looks reasonable, although I am more conservative myself.

For every year you want to be able to live off savings, you will need today to earn a lot more than you spend. Let’s make some assumptions and do simple math here:

Assumptions
1. Assume you’ll think you have enough when your savings would last you through age 92.

2. Assume you first become able to retire when you’re age 62.

Simple math
Under these assumptions, you’ll be earning for (62-42) / (92-42) = 20/50 = 40% of your life. So if you spend 40% of your net after-tax income during those earning years (including expenditures on cars and rent or other housing expenses) and save the other 60%, you should be on track for retirement as early as age 62.

You can adjust the numbers to fit with your own goals for financial independence and security.

What I am doing here is conservative because it assumes your son and others in his generation who are still working when you want to be retired will only want to provide you with $1’s worth of real goods and services to you for each $1’s worth of goods and services you provided to his generation. Most baby boomers assume the generation after them will be much more generous than that, even though there are fewer of them. We shall see.

Patient renter in OC

[patientrenter]

davelj’s scenario looks reasonable, although I am more conservative myself.

For every year you want to be able to live off savings, you will need today to earn a lot more than you spend. Let’s make some assumptions and do simple math here:

Assumptions
1. Assume you’ll think you have enough when your savings would last you through age 92.

2. Assume you first become able to retire when you’re age 62.

Simple math
Under these assumptions, you’ll be earning for (62-42) / (92-42) = 20/50 = 40% of your life. So if you spend 40% of your net after-tax income during those earning years (including expenditures on cars and rent or other housing expenses) and save the other 60%, you should be on track for retirement as early as age 62.

You can adjust the numbers to fit with your own goals for financial independence and security.

What I am doing here is conservative because it assumes your son and others in his generation who are still working when you want to be retired will only want to provide you with $1’s worth of real goods and services to you for each $1’s worth of goods and services you provided to his generation. Most baby boomers assume the generation after them will be much more generous than that, even though there are fewer of them. We shall see.

Patient renter in OC

[patientrenter]

davelj’s scenario looks reasonable, although I am more conservative myself.

For every year you want to be able to live off savings, you will need today to earn a lot more than you spend. Let’s make some assumptions and do simple math here:

Assumptions
1. Assume you’ll think you have enough when your savings would last you through age 92.

2. Assume you first become able to retire when you’re age 62.

Simple math
Under these assumptions, you’ll be earning for (62-42) / (92-42) = 20/50 = 40% of your life. So if you spend 40% of your net after-tax income during those earning years (including expenditures on cars and rent or other housing expenses) and save the other 60%, you should be on track for retirement as early as age 62.

You can adjust the numbers to fit with your own goals for financial independence and security.

What I am doing here is conservative because it assumes your son and others in his generation who are still working when you want to be retired will only want to provide you with $1’s worth of real goods and services to you for each $1’s worth of goods and services you provided to his generation. Most baby boomers assume the generation after them will be much more generous than that, even though there are fewer of them. We shall see.

Patient renter in OC

[patientrenter]

davelj’s scenario looks reasonable, although I am more conservative myself.

For every year you want to be able to live off savings, you will need today to earn a lot more than you spend. Let’s make some assumptions and do simple math here:

Assumptions
1. Assume you’ll think you have enough when your savings would last you through age 92.

2. Assume you first become able to retire when you’re age 62.

Simple math
Under these assumptions, you’ll be earning for (62-42) / (92-42) = 20/50 = 40% of your life. So if you spend 40% of your net after-tax income during those earning years (including expenditures on cars and rent or other housing expenses) and save the other 60%, you should be on track for retirement as early as age 62.

You can adjust the numbers to fit with your own goals for financial independence and security.

What I am doing here is conservative because it assumes your son and others in his generation who are still working when you want to be retired will only want to provide you with $1’s worth of real goods and services to you for each $1’s worth of goods and services you provided to his generation. Most baby boomers assume the generation after them will be much more generous than that, even though there are fewer of them. We shall see.

Patient renter in OC

[patientrenter]

davelj’s scenario looks reasonable, although I am more conservative myself.

For every year you want to be able to live off savings, you will need today to earn a lot more than you spend. Let’s make some assumptions and do simple math here:

Assumptions
1. Assume you’ll think you have enough when your savings would last you through age 92.

2. Assume you first become able to retire when you’re age 62.

Simple math
Under these assumptions, you’ll be earning for (62-42) / (92-42) = 20/50 = 40% of your life. So if you spend 40% of your net after-tax income during those earning years (including expenditures on cars and rent or other housing expenses) and save the other 60%, you should be on track for retirement as early as age 62.

You can adjust the numbers to fit with your own goals for financial independence and security.

What I am doing here is conservative because it assumes your son and others in his generation who are still working when you want to be retired will only want to provide you with $1’s worth of real goods and services to you for each $1’s worth of goods and services you provided to his generation. Most baby boomers assume the generation after them will be much more generous than that, even though there are fewer of them. We shall see.

Patient renter in OC

[hipmatt]

I loved Schiffs book “how to profit from the coming economic collapse.” It opened my eyes to a lot and his thesis on the current situation seems very logical and is backed up by examples and good data. I’m not a big book reader, but it is the most useful book I have read so far.

[hipmatt]

I loved Schiffs book “how to profit from the coming economic collapse.” It opened my eyes to a lot and his thesis on the current situation seems very logical and is backed up by examples and good data. I’m not a big book reader, but it is the most useful book I have read so far.

[hipmatt]

I loved Schiffs book “how to profit from the coming economic collapse.” It opened my eyes to a lot and his thesis on the current situation seems very logical and is backed up by examples and good data. I’m not a big book reader, but it is the most useful book I have read so far.

[hipmatt]

I loved Schiffs book “how to profit from the coming economic collapse.” It opened my eyes to a lot and his thesis on the current situation seems very logical and is backed up by examples and good data. I’m not a big book reader, but it is the most useful book I have read so far.

[Author]

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