Quote:
Originally Posted by GregWeld
Forgot to say -- THANK YOU! And I completely understand your sentiment.
As you know -- there is so much more to investing and making money etc... but for this thread - which seems to be more 401/IRA... long term retirement savings etc (at least from the 100's of PM's and emails I've gotten) so I've tried to skew my information towards that line.
If I started to tell people about every nuance of everything that I'm invested in - We'd have to start a whole new forum! 
I figure -- that over time - there will be more and more info shared as people get the baby steps and begin to have some success etc. That's the way my friends have evolved... over time they begin to get it and want to branch out. |
Monaco Greg...Your new business should be charging for PM's..haha..
And yes, LONG term returns are the key.. I have too many family members looking for the quick fix...You wanna quick fix ? Buy a lotto ticket.
I explain that the formula is at 7% , it takes 10 years to double your money, or at 10% , it takes 7 years to double your money.
Also they need 11 times their yearly earnings to retire.. So 50K a year, you need at LEAST 550K invested to retire..
I have between 15 to 17 times mine because I am anal and want to start with more, plus my life style is not that high, less than 100K per year, but give me time, I am always working on a better lifestyle without risking my nest eggs..
So, I ain't done yet.
And if you want to keep the Principal, you can spend 4000 to maybe 7000 dollars a year per 100K..
They don't want to hear that...they want the ATM, or the Drive -thru burger, or the high speed internet Investment strategy..
They get all lemon faced and pouty lipped...WTF...This is long term Investing..To them, long term is tomorrow..