Rich Jeepers

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Tynewlon

Tynewlon

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I agree with you. My dad is a good example of a person with almost no education that was able to find a blue collar job, work tons and tons of OT and make a good living. He never saved a dime of it but retired from that job 43 years later with a pension. Even with him squandering away all his earnings, he's still able to live comfortably in retirement due to his pension. Most folks on this site seem to be middle aged and older and made a good living in similar fashion as my dad.

It's realllly hard to do it that way these days, or at least certainly much harder than it was in my dad's time. The OP is young and it's my belief that depression and suicide is way, way up with their generation because they see everyone doing so well 'online' and they feel they have failed in life somehow because they don't measure up.

I just wanted him to know that there are a lot of things behind the scenes, advantages that his peers may have received that he didn't, that lead to faster prosperity. Add Hell, a lot of it is just plain fake too, folks making up stories and/or living on the edge of of finances just so they can 'stunt on Instagram'.

None of this is to negate the advice he has been given in this thread which is worth its weight in gold.
I really appreciate it!
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Gunfighter

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As long as I can physically work, don't have any intention of retiring - I am a PCD machine tool salesman/application guy. Love doing what I do.
 

Ricky_C

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I work in Warehouse Logistics, 12 hours a day 6 days a week. No time to spend makes it easy to save.
 

JL MADDOG

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Nothing. I am retired. :LOL:
Ditto. Worked hard, made my money, didn't spend it all at once.

But I do know how hard it can be to get by these days.
 

JSFoster75

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I have my own business. A small graphic design shop with 1 employee (me). I spent a couple of decades in the corporate design world working in-house and in agencies though. My boss runs a tight ship and can be a real asshole. Unfortunately we aren't hiring.

But I will say this, it's not necessarily how much money you make, it's what you do with it. Cash is king. When you are having to make your own way, you learn how to spend more wisely and make your money work for you. Prior to my new JLUR, I drove a Honda Accord for 13 years. I hated it, but I was willing to sacrifice for the greater good.
You and I should talk... ;) I work in the Graphics industry, we are a commercial offset & digital print shop with amazing capabilities...


My wife and I both came out of prior marriages where the spouse didn't contribute financially AT ALL to the marriage... Now, we enjoy buying each other things and taking trips, spending time together, etc.
I'm in sales, and she's a Traumatic Case Manager at the local hospital.
 

JSFoster75

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I drove a 1998 ford ranger 2 doors for 12 years before I got my first jeep. Paid $1800 for it. It had a salvage title. Someone dropped it off at the repair shop and couldn't pay the bill. They were only asking for enough to cover the bill.
That truck is now worth $26,475 on the used market LOL
 

JSFoster75

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I grow hamburgers and chicken tenders for a living. It’s nice not working for anyone but myself. It’s a lot of work but I have to stay occupied anyway. I save money where can, mostly by building my house by myself. I can’t bring myself to pay anyone for labor when I’m capable of doing it. Wife is a travel nurse, she drives about an hour to work but only works three days a week. We have one 15 month old kid, we are both in our early 30s
I'm right there with you, I've been blessed to be able to work pretty well with my hands. Every time I finish a project, I try to appreciate the amount of money I saved in paying labor rates to someone else. Although, there are some jobs that I'm willing to (over)pay someone else to do.
 

Boatbuilder88

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Investment trick - roll your well funded 401k over into a Roth IRA (its totally legal) All of that tax free money that goes into the 401K would be taxed when you pull it out......BUT Roth IRAs are tax free when you pull it out. Learning some tax law, having a good CPA and you're set.
Back when 401Ks were being rolled out, the going wisdom was that tax rates will be lower at retirement so deferring taxes in a 401K would be a good idea. This could still be the case for the OP. But when the clowns in DC change the tax laws every 4 years, I think its a good idea to have a mix of tax-deferred, Roth, and taxable investments.

If you don't have any Roth investments, @Minty JL is giving sound advice. Call your plan administrator. Not all plans allow in-service rollovers.
 

sourdough

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"Rich Jeepers" Haha, that is everyman that gets behind the wheel of a 'JEEP' and use's it IMO. In my mind, it is not an owner with a built jeep that enters car shows, keeps the suspension wiped down for a boulevard cruise and once in awhile does a poser shot. He might have money but he ain't a "Rich Jeeper".
Run what you got and enjoy, I say. Some of my favorite Jeep memories were in my 20's, making apprentice wages and driving a $550 '52 Willys truck around Tahoe City,Ca. Now at 70, I can't handle owning the early 'JEEP's(would if I could). Haha, I never knew how rich I was back then. For me, owning a JLR has kinda diminished the "rich" 'JEEPER' part.
 

DaveW37

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I have a small hotel that I run with my wife. She manages the front desk and back of the house. I am maintenance, tech support, and basically fill in for any job that needs to be done. On call 24/7/365 and haven’t had a day off in 5 years. Started out living in my grandmother’s basement 30 years ago. Life’s unpredictable but keep grinding and you’ll have better chance with the outcome.
 

Dkretden

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Back when 401Ks were being rolled out, the going wisdom was that tax rates will be lower at retirement so deferring taxes in a 401K would be a good idea. This could still be the case for the OP. But when the clowns in DC change the tax laws every 4 years, I think its a good idea to have a mix of tax-deferred, Roth, and taxable investments.

If you don't have any Roth investments, @Minty JL is giving sound advice. Call your plan administrator. Not all plans allow in-service rollovers.
And this has been one of the “myths” of traditional 401(k)s all along……

when you put money into one, you might have a marginal rate of 15 or 20 or 25%…… so, that’s tax deferred….. cool.

now, 40 years later, your investments have grown and you have a TON of capital gains inside the 401(k) but….. but….. oops….. it’s all going to come out as Ordinary Income at a rate (thanks to min distribution calculations) that may actually be HIGHER than the original taxes “deferred’……. I.e. “pay less taxes now to pay MORE in the future.”

you are trading saving taxes now on “small amounts” but Not getting capital gain treatment on (potentially large) gains in the future.

don’t get me wrong — 401(k)s, if available to you, should be used — ESPECIALLY if there is an employer match….. but many folks would benefit from some tax planning regarding roth conversions, back doors, etc. the new 401-Roth might complicate the situation further for younger workers.
 

kenp1985

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And this has been one of the “myths” of traditional 401(k)s all along……

when you put money into one, you might have a marginal rate of 15 or 20 or 25%…… so, that’s tax deferred….. cool.

now, 40 years later, your investments have grown and you have a TON of capital gains inside the 401(k) but….. but….. oops….. it’s all going to come out as Ordinary Income at a rate (thanks to min distribution calculations) that may actually be HIGHER than the original taxes “deferred’……. I.e. “pay less taxes now to pay MORE in the future.”

you are trading saving taxes now on “small amounts” but Not getting capital gain treatment on (potentially large) gains in the future.

don’t get me wrong — 401(k)s, if available to you, should be used — ESPECIALLY if there is an employer match….. but many folks would benefit from some tax planning regarding roth conversions, back doors, etc. the new 401-Roth might complicate the situation further for younger workers.
I am of the thinking that historically taxes never go down, only up. So if I retire 30 yrs from now I’d rather pay the taxes now (Roth) than when I am in my 60’s. Big advocate on this in my (k) as well as Bitcoin.

Mrs and I are both in sales, she is in advertising and I am in SaaS but we are far from rich. Not always about what you make but what you keep.
 
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