Toyomafia - The Clubhouse. 151.880

I'm not a financial advisor, but I will say, find a financial advisor, a certified fiduciary, and start now. I wish i had done that many years ago. Like in my 20s.
One of the meetings mine asked how much do you think you'll need in retirement. My wife spit out a number that's 5k more than we're making now. He said not a problem.

The Medicare lifespan is a concern for me, but not one that's going to stop me.

But with four joints and full coverage, I might think a little harder.
Again, a good certified fiduciary can work all that out. You just have to be 100% upfront.

 

i felt that was a good decision we made in our early 20s.
they told us there are VERY few people that do it that young. they told us that we are still the youngest people to have come in and start securing our financial future. i was i think 23 and my wife 22. she had just graduated college and was hired on making more money than we thought would be wise to not invest properly.
they've told us they get people in there in their early 60s asking if they're ok to retire in a few years. the answer is always yes....it just depends on your budget. you ready to live off of $19 a month?

 

That's what I tell the kids starting out in the trade. We get a retirement plan in the union, but I didn't start till I was 41. Before I worked for chump change and couldn't really afford to put away for retirement. At this point, I'll probably have to work till I'm 80.

 

there's some odd "kinks" out there for everyone. i'm sure you've got one you could profit off of on the internet. if people can make money selling farts, i'm sure you've got something up your sleeve....or pantleg

 

Same here. Started in my late 30's and wish I would've sooner like @JMB and @Fotnot mentioned. I've already got my kids saving 20% of any money they get from grandpa and chores that I pay them to do. They don't get an allowance per say, but when I need a helper to get stuff done on our property I pay them for work completed.

 

I started investing in a 401K when I was 23. I just didn't understand the need for a good financial advisor at the time. I especially regret not opening a Roth IRA.

 

Starting early is key and a Roth IRA is great. I have a financial advisor but generally don’t think they are necessary. All evidence suggests they rarely outperform the S&P 500, so some research into best mutual funds that track the S&P seems to be the best scenario for long term investing.

 

one of the other things i'm happy about (especially having 5 kids now) is the life insurance policies we take out on them. once they're 25 (we opted for that over 18 for the sake of them HOPEFULLY making a good decision), they get whatever it's worth at that time. we pay $50 a month for each kid. when 25, they can use it for whatever they like. pay off school loans, down payment on house, wedding, re-invest, hookers and blow....whatever THEY decide.
wife and I already stated we are not paying for a wedding (decided that WAY before we knew we were even having 4 girls!).
we're also debating not even telling them about it until we give it to them. that way they're not making dumb decisions with the expectation of a "bail out"

 

What I learned recently about Roth IRAs is that after 5 years they are tax free, even the earnings. Plus you can pass the to your kids or whoever and they remain tax free.

 

That’s what I estimate @Fotnot vasectomy will cost..

Doc opens him up “holy crap, I’ve never seen anything like this..”

 

I'm still slightly convinced that after a vasectomy, my swimmers would build their own tunnel to continue their journey.....rendering it useless

 

Open up a Roth IRA for your kids/grand kids. I opened up one for my kids and I pay them to model tshirts. It’s already grown a ton and will tax free when they retire. Not going to disclose it to them other than in the will. I’m hoping my kids can ball out when they retire. Have like 14 tundras and land cruisers

https://www.fidelity.com/retirement-ira/roth-ira-kids

 

You have the wrong financial advisor then. In good years, I outperform the stock market by a decent amount but it's in bad years where the active management really shows. I forget which year it was but recently the market was down by 13% and i was "only" down by 7%.

 

Great idea. Instead of just keeping it in their savings, which is what I've been doing. I set up an appointment with my financial advisor.

 

I'm your opposite. My swimmers must be drunk or something. I've fathered 0 children even though I've raised 2 since they were little.

 

5 kids born in under 8 years.

not everyone is dealt the same hand of cards

 

And my swimmers have to be drunk to find the prize. Funny how that works

 

Yes, I do. For a number of reasons. But lots of studies have been done that tracking the S&P outperforms most financial advisors in the long run.

If you have one that is consistently better then you’ve got a keeper.

 

Dang…you qualify for “That dude cannot pull out of the driveway” phrase.

All joking aside, congrats!

 

Our advisor is a friend of the family and use his company. For the 18 years I have used him I have always done much better than the market so I have no complaints

 

I dig that koozie...

 

It’s a local group that is usually pretty active with trail runs, but it’s officially hot AF here now, so maybe some night runs here and there. But I’ve recently learned I’d rather just go wheeling with some of the local crew instead. I’m usually the slowest one in the group with the trucks, but the 4Rs are rock crawling down a gravel road hahaha

 

Cool... I used to spend a lot of time wheeling with the AZ4R group back when I had my '16. Actually met my wife through them on a trail run (Back way to CK) and she's still rocking her '15 4R.

 

That’s awesome! The basin group is pretty good to, lots of activity up there.

 

Government pensions for both me and the wife. We still both bought into deferred comp.

if that fails, the mother in-laws worth a few mill.

 

Same... FERS+TSP. 25yrs down 5 more to go before I walk.

 

14 for me, I’m state, not federal. Wife has a teacher pension which is fairly good in MA

 

You surprise me, I would have sworn you would have asked GmanAZ your go to question by now

 

Im all ears...