ISO bow
by Javelin1012. 09/21/24 08:20 PM
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Re: Only 21% have over $10k in Savings...
[Re: 300gr]
#4101094
03/14/24 03:32 PM
03/14/24 03:32 PM
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Joined: Jun 2014
Posts: 4,453 Jasper Al
eclipse829
10 point
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10 point
Joined: Jun 2014
Posts: 4,453
Jasper Al
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100k wont get you far now. Thanks to Biden and demoncrats $100k in retirement savings hasn't gone far, EVER.
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Re: Only 21% have over $10k in Savings...
[Re: BhamFred]
#4101096
03/14/24 03:42 PM
03/14/24 03:42 PM
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Joined: Dec 2015
Posts: 23,372 blount county alabama
jwalker77
Pumpkin
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Pumpkin
Joined: Dec 2015
Posts: 23,372
blount county alabama
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across the spectrum of US people MOST are living pay check to pay check. Alot of folks paying last months bills with this months money, living behind all the time. If youre even a month or two ahead, you should be thankful. Let alone have $10k put back. If i wasnt self employed, i dont know how much saving i would do but as it is, i figure i need atleast 6mos worth of bill money put back, just in case i break a leg or something. Its just a matter of being prepared for me. Its my responsibility to keep groceries in the fridge and the lights on, that really has nothing to do with if im able to go to work or if i have work to go to.
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Re: Only 21% have over $10k in Savings...
[Re: bama_earl]
#4101104
03/14/24 04:08 PM
03/14/24 04:08 PM
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Joined: Jul 2011
Posts: 35,929 Boxes Cove
2Dogs
Freak of Nature
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Freak of Nature
Joined: Jul 2011
Posts: 35,929
Boxes Cove
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I had a financial advisor for years and he never really made me any money. I have made more money in the last year and a half in my fidelity account in one fund than I made in probably 10 years with that guy. He was a nice guy, but... nice doesn't earn you $.
It's not hard to do some research and find mutual funds that have a track record of growth. Find one that has grown alot in the last 10 years, and its probably a good one, as are index funds.
It is just hard to save $ when everything keeps going up. I just shopped my car insurance, going to switch tomorrow. That's going to be $220 a month. Interested to see what the house insurance will come in at. No offense lockjaw, but you can throw a dart against a wall and make money in a rising market. Picking a fund based on the last 10 years may be the single worst selection process. I'll also add that unless you work for a large brokerage house the info about what is happening inside actively managed funds is pretty poor. I was amazed at what I didnt know when I switched companies. The brokerages just have tools that the average invester doeant have access to (that also goes for many financial services firms). What happens when you lose 50% one year.... thats right, you have to make 100% just to get back to where you were. Financial advising is more about structuring assets and risk management. High returns dont mean much if it exposes you to losses or if the assets are set up using poor tax/rate/access strategies. Maybe your advisor was bad, but thinking you are better than him after a year is pretty bold. Let the market go through some corrective cycles and then you'll be able to take a victory lap if you dont lose money. Maybe one day I'll start a thread about my concerns related to indexed funds, but I'll just say that the level of correlation between asset classes today along with the algorithms that drive trades scares the heck out of me. I have these discussions with my advisor and he gets a kick out of it (we are friends). But, for that reason I dont own many indexed ETFs or mutual funds. The average Joe walks into Fidelity or an Edward Jones office and they are pitching mutual and bond funds. Never as one recommended I buy Costco or any individual stocks. I agree with Lockjaw, for the average guy a Vanguard Index Fund that tracks the market is a good investment option. Especially if you are just getting started. Or maybe I am not in the income bracket of Financial Advisors who recommend individual stocks. My Raymond James man does. My wife and I have IRAs with him . I have several individual stocks in my portfolio he recommended . They're doing well. MOF, he has three I turned him on to. One is Caterpillar , we both bought CAT bout 8-9 months ago .
"Why do you ask"?
Always vote the slowest path to socialism.
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Re: Only 21% have over $10k in Savings...
[Re: Irishguy]
#4101127
03/14/24 05:14 PM
03/14/24 05:14 PM
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Joined: Dec 2004
Posts: 19,009 .
ford150man
Old Mossy Horns
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Old Mossy Horns
Joined: Dec 2004
Posts: 19,009
.
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A buddy of mine (56 years old) says he stands to inherit about $300k when his mom dies and he’ll probably retire. That will give him a combination of about $360k between his inheritance and his 401k. The thing is, he owes more than that on his house. I just shake my head.
If voting made any difference, they wouldn’t let us do it.-Mark Twain
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Re: Only 21% have over $10k in Savings...
[Re: ford150man]
#4101129
03/14/24 05:19 PM
03/14/24 05:19 PM
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Joined: Dec 2013
Posts: 22,743 Lickskillet, AL
Irishguy
OP
a.k.a. Dingle Johnson
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OP
a.k.a. Dingle Johnson
Joined: Dec 2013
Posts: 22,743
Lickskillet, AL
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A buddy of mine (56 years old) says he stands to inherit about $300k when his mom dies and he’ll probably retire. That will give him a combination of about $360k between his inheritance and his 401k. The thing is, he owes more than that on his house. I just shake my head. Unfortunately I think most people are like this. And the government and the corporate world want us like this. Dependent on the system.
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Re: Only 21% have over $10k in Savings...
[Re: ford150man]
#4101134
03/14/24 05:25 PM
03/14/24 05:25 PM
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Joined: Jan 2001
Posts: 11,369 Birmingham
wew3006
Booner
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Booner
Joined: Jan 2001
Posts: 11,369
Birmingham
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A buddy of mine (56 years old) says he stands to inherit about $300k when his mom dies and he’ll probably retire. That will give him a combination of about $360k between his inheritance and his 401k. The thing is, he owes more than that on his house. I just shake my head. Math, is obviously; not his strong suit.
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Re: Only 21% have over $10k in Savings...
[Re: wew3006]
#4101160
03/14/24 06:05 PM
03/14/24 06:05 PM
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Joined: Jul 2011
Posts: 35,929 Boxes Cove
2Dogs
Freak of Nature
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Freak of Nature
Joined: Jul 2011
Posts: 35,929
Boxes Cove
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A buddy of mine (56 years old) says he stands to inherit about $300k when his mom dies and he’ll probably retire. That will give him a combination of about $360k between his inheritance and his 401k. The thing is, he owes more than that on his house. I just shake my head. Math, is obviously; not his strong suit. Nor is reality.
"Why do you ask"?
Always vote the slowest path to socialism.
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Re: Only 21% have over $10k in Savings...
[Re: Irishguy]
#4101240
03/14/24 08:18 PM
03/14/24 08:18 PM
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Joined: May 2018
Posts: 3,417 Hoover,Al. StateChamps
Big Bore
10 point
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10 point
Joined: May 2018
Posts: 3,417
Hoover,Al. StateChamps
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Liberals are counting on Americans being broke! Then they must depend on the government for support. Then they have the power they have always wanted.
Hunting brings out the worst in people.
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Re: Only 21% have over $10k in Savings...
[Re: Irishguy]
#4101258
03/14/24 08:33 PM
03/14/24 08:33 PM
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Joined: Jun 2016
Posts: 1,548 lauderdale co
brushwhacker
8 point
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8 point
Joined: Jun 2016
Posts: 1,548
lauderdale co
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Investing long term is not that hard. All you have to do is look at something like the S&P 500 over the years, see the graph, and it's a pretty easy call. Find some ETF's or low load mutual funds that mirror the S&P 500 put your money there, sit back and let it ride. It will go up and it will go down, but for the last 100 or so years it has always gone up more than it has gone down.
Trying to time the market or figure out which individual stocks will be winners is simply gambling with your money. If you hire a "financial advisor" that claims they can do that then you are just paying somebody else to gamble with your money and that seems to be even worse. Pretty simple . Gotta think about Investing is like walking up flight of stairs with a yo-yo. Always going up but with a few small up a downs . Look at any chart for last 30 years an thats what u will see. Some folks overthink this and try fool themselves into thinking it way more complicated but it really not . Unreal what I made last few years.
Brushwacker
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Re: Only 21% have over $10k in Savings...
[Re: Irishguy]
#4101989
03/15/24 10:15 PM
03/15/24 10:15 PM
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Joined: Jun 2014
Posts: 7,093 Shelby Co, AL
CatHeadBiscuit
14 point
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14 point
Joined: Jun 2014
Posts: 7,093
Shelby Co, AL
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They’ll quickly be without once again.
"Arguing on the internet is like playing chess with a pigeon. You may be good at chess, but the pigeon is just going to knock all the pieces down, take a crap on the table, and strut around like its victorious."--Anonymous
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Re: Only 21% have over $10k in Savings...
[Re: CatHeadBiscuit]
#4102018
03/16/24 01:14 AM
03/16/24 01:14 AM
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Joined: Aug 2006
Posts: 9,205 Andalusia, Covington County, A...
TexasHuntress
14 point
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14 point
Joined: Aug 2006
Posts: 9,205
Andalusia, Covington County, A...
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They’ll quickly be without once again. Yep! If they cannot manage money now, most won't be able to manage it then, either.
If you live to be a hundred, I want to live to be a hundred minus one day, so I never have to live without you.---Winnie the Pooh
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Re: Only 21% have over $10k in Savings...
[Re: cullbuck]
#4102027
03/16/24 06:07 AM
03/16/24 06:07 AM
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Joined: Feb 2007
Posts: 20,247 colbert county
cartervj
Freak of Nature
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Freak of Nature
Joined: Feb 2007
Posts: 20,247
colbert county
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The biggest transfer of wealth will happen soon. The 60-80 year olds, who have been working & saving since 18, will soon transfer over $50 TRILLION to their younger heirs. Maybe that will help a lot of these folks that are behind. For the rest of us, we’ll keep going to work everyday. For some, sadly that is their future. It will drive the toy markets even higher. I know that projects for some businesses are relying on it Back when I was still shooting weddings. Remember parents buying outright the couples their first home This was around 2004-2007. I kept thinking man what a head start. I know it has continued for some. What’s crazy is how many youngsters make 6 figures these days. All of my nieces and nephews do that are in the workforce. Of course that is no longer that difficult since the dollar is so downgraded.
“Socialism only works in two places: Heaven where they don't need it and hell where they already have it.” ― Ronald Reagan
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