Ways to put money aside for later? Ways to save if midlife age?
Discussion in 'Experienced Truckers' Advice' started by Intothesunset, Apr 24, 2019.
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Very interesting?
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Step 1 eliminate all debt... Find something u want to invest in ... But sometimes the boring investments are the best ones... I have alot of money tied up in index funds and bonds and i like to trade blue chip stocks on a weekly basis.. But i enjoy doing it... If u have alot of capital then go the real estate route
Intothesunset and Midwest Trucker Thank this. -
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Intothesunset Thanks this.
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Retirement funds ive learned are a joke. Pensions can fail, 401k is a scam... Say you invest in it for 10 years and your employer does too. What if something happens where you lose job and dont have another one to transfer it to? It sits, you pay fines and penalties on it for not putting money into it. So you lose if you let it sit, and if you withdraw it you lose basically all what y our employer put in due to penalties and taxes. So unless you are 100% certain your future will be perfect its a joke. Also they say it a "tax free" contribution to your retirement, another scam. So you put $100 in tax free, wait till it grows to $1000 and tax it when you take it out. Lol... so instead of paying tax on $100 you now have to pay tax on $1000. 9 out of 10 times money sitting in an account somewhere is not achieving anything. Buy stuff, invest, have fun with your money. You can have fun with a nice car collection and sell it later as value increases, you cant have any fun with money in a retirement account... what if you only live till 64? Ive seen pensions completely tank, retirement checks people get after years of service supposed to retire awesome and turn out to be barely enough to survive. All these 401k, retirement fund places wouldnt be in it if they weren't making millions off people. They just take your money and screw you in the end... Keep your money and save it or invest it yourself. No one will be more trustworthy with your money than you.
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The best way to save money for retirement is to put yourself and your family on a strict budget and stick to it. Its amazing how much money you can save when you stop buying stuff you don't need.
Once this becomes habit you can star taking that extra money and putting it to work making more money. I would suggest starting with a well known mutual fund.tommymonza Thanks this. -
Imagine. You have 100 and put it into a tax DEFERRED retirement account. You end up with having to pay taxes on 1,000 instead of 100.
You know why that is? BECAUSE YOU NOW HAVE $1,000 instead of $100!!! Think about it. Would you really rather pay taxes on $100 than on $1,000?
Heck, I would love to have to pay taxes on a cool million bucks. No, I'd love to have to pay taxes on TEN million! Bring on the taxes!JoeyJunk and Rideandrepair Thank this. -
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Ahem. 401k draw equals 7 years annuity. We had one with Arkansas and they provided I think a 6% match consuming about 12% of our pay and vested in a few years flat to 100. Once vested it's ours. However it's the Annuity that was the problem. You do not get to cash it all out in one go.
It will take you 7 years to get your money, each year reported and added to your income then for tax purposes. You lose and lose and continue to lose.
A relative bought E bonds which is US Treasury, basic idea is you buy a 50 dollar bond, cost you 25. Wait a number of years to maturity and done. However when they are mature that's it for them. You can hold one for a thousand years and you only get what it matured at.
I had a few myself. But as long you did not cash them out there is no apparent taxes on them.
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