Discussion School me in saving for retirement

[ctbaars]

What do I do if I'm already broke by the "Essential Items" bubble?

Start with re-evaluating what is Essential

 

[Red Squirrel]

I don't know what any of this stuff means like IRA and Roth and all that stuff, I probably should start thinking about this stuff too. Thing is I only have a couple hundred bucks left by the time all the bills come out, so not much to invest. My current retirement goal is to just buy off grid property and move there as it will be cheaper while having an awesome piece of land to play on. Some people just downsize and get a condo but I don't want to do that. The money I make when I sell the house will help too. Probably want to get a side gig of sorts for reoccurring cash flow to pay for things like satellite internet etc. By the time I retire I might be too old and frail to want to live off grid though. I would build this property over many years so everything would pretty much be automated by the time I retire but I'd still want to be in a position to repair anything that breaks.

Of course I do put some money into savings and RRSPs but it's not much. I have like maybe 20k into RRSPs so far if that. That's enough for maybe 10 months of living expenses and that's being very generous.

 

[IronWing]

I don't know what any of this stuff means like IRA and Roth and all that stuff, I probably should start thinking about this stuff too. Thing is I only have a couple hundred bucks left by the time all the bills come out, so not much to invest. My current retirement goal is to just buy off grid property and move there as it will be cheaper while having an awesome piece of land to play on. Some people just downsize and get a condo but I don't want to do that. The money I make when I sell the house will help too. Probably want to get a side gig of sorts for reoccurring cash flow to pay for things like satellite internet etc. By the time I retire I might be too old and frail to want to live off grid though. I would build this property over many years so everything would pretty much be automated by the time I retire but I'd still want to be in a position to repair anything that breaks.

Of course I do put some money into savings and RRSPs but it's not much. I have like maybe 20k into RRSPs so far if that. That's enough for maybe 10 months of living expenses and that's being very generous.

You're in Canada; IRA, ROTH, and 401k accounts don't exist there. These refer to different forms of retirement accounts that have advantages under U.S tax law. IDK if Canadian law has anything similar or even needs anything similar.

 

[Mai72]

If I were 21 again. FIRE FINANCIAL INDEPENDENCE RETIRE EARLY

You save at least 80% of your income. Go dirt cheap with everything, and retire at 35.

I'm going to retire at 50. I'd do it sooner, but I'm not in a position to do so, but I've gained some traction.

#1) Invest in yourself. How many books have you read on finances?

#2) Develop means of passive income. I'm currently looking at rental properties. You want those big checks to come in when you're retired.

#3) You should have at least $1m MINIMUM in your bank account. My uncle was a multimillionaire, and i saw how good his health care was because he had money.

#4) Save at least 70% of your income. In my case I'm looking at rentals. I need to come up with at least $100k which I do have.

#5) You should have at least 2 years put away for an emergency.

Grant Cardone: Why $1m isn't enough for retirement. https://www.cnbc.com/2018/06/15/sel...-cardone-1-million-isnt-enough-to-retire.html

Grant is worth $500m plus. So, unless you're worth as much as Grant I don't really want to hear your opinion.

 

[Brainonska511]

If I were 21 again. FIRE FINANCIAL INDEPENDENCE RETIRE EARLY

You save at least 80% of your income. Go dirt cheap with everything, and retire at 35.

I'm going to retire at 50. I'd do it sooner, but I'm not in a position to do so, but I've gained some traction.

#1) Invest in yourself. How many books have you read on finances?

#2) Develop means of passive income. I'm currently looking at rental properties. You want those big checks to come in when you're retired.

#3) You should have at least $1m MINIMUM in your bank account. My uncle was a multimillionaire, and i saw how good his health care was because he had money.

#4) Save at least 70% of your income. In my case I'm looking at rentals. I need to come up with at least $100k which I do have.

#5) You should have at least 2 years put away for an emergency.

Grant Cardone: Why $1m isn't enough for retirement. https://www.cnbc.com/2018/06/15/sel...-cardone-1-million-isnt-enough-to-retire.html

Grant is worth $500m plus. So, unless you're worth as much as Grant I don't really want to hear your opinion.

Save 80%. Forget that. I want to live some semblance of an enjoyable life while I still have my health and youth. Sure, you may be healthy as a 35 year old, but maybe something will happen...

 

[IronWing]

If I were 21 again. FIRE FINANCIAL INDEPENDENCE RETIRE EARLY

You save at least 80% of your income. Go dirt cheap with everything, and retire at 35.

I'm going to retire at 50. I'd do it sooner, but I'm not in a position to do so, but I've gained some traction.

#1) Invest in yourself. How many books have you read on finances?

#2) Develop means of passive income. I'm currently looking at rental properties. You want those big checks to come in when you're retired.

#3) You should have at least $1m MINIMUM in your bank account. My uncle was a multimillionaire, and i saw how good his health care was because he had money.

#4) Save at least 70% of your income. In my case I'm looking at rentals. I need to come up with at least $100k which I do have.

#5) You should have at least 2 years put away for an emergency.

Grant Cardone: Why $1m isn't enough for retirement. https://www.cnbc.com/2018/06/15/sel...-cardone-1-million-isnt-enough-to-retire.html

Grant is worth $500m plus. So, unless you're worth as much as Grant I don't really want to hear your opinion.

Buy my book.

 

[repoman0]

You save at least 80% of your income. Go dirt cheap with everything, and retire at 35.

So waste some of what could be the best ~15 years of your life not doing anything fun, constantly thinking about money and reading books about finances, living in a shitty apartment and eating ramen while browsing reddit/r/fire. Then you're 35 and retired just in time for your body to start falling apart and have nothing and no one to keep your brain active and sharp. Sounds like a blast

 

[Sgt. York]

I don't know what any of this stuff means like IRA and Roth and all that stuff, I probably should start thinking about this stuff too. Thing is I only have a couple hundred bucks left by the time all the bills come out, so not much to invest. My current retirement goal is to just buy off grid property and move there as it will be cheaper while having an awesome piece of land to play on. Some people just downsize and get a condo but I don't want to do that. The money I make when I sell the house will help too. Probably want to get a side gig of sorts for reoccurring cash flow to pay for things like satellite internet etc. By the time I retire I might be too old and frail to want to live off grid though. I would build this property over many years so everything would pretty much be automated by the time I retire but I'd still want to be in a position to repair anything that breaks.

Of course I do put some money into savings and RRSPs but it's not much. I have like maybe 20k into RRSPs so far if that. That's enough for maybe 10 months of living expenses and that's being very generous.

The first bill you pay every payday is your retirement account.

 

[T_Yamamoto]

What do I do if I'm already broke by the "Essential Items" bubble?

 

[T_Yamamoto]

Save 80%. Forget that. I want to live some semblance of an enjoyable life while I still have my health and youth. Sure, you may be healthy as a 35 year old, but maybe something will happen...

This.

I see both sides to the argument.

One side: Live like shit for 15 years, then live like a king for the rest of your life

Other side: Live okay until you're 65, then maybe you can take that vacation.

The problem I see, I'm 23 and I don't even make 50k pretax. Not worth trying to live like shit when I'm going to be living like shit. I don't mind this grind that I'm on, working a 9-5 job, because I'm acquiring skills and experiences that I can leverage to get into a career path that I'd love to be doing (but may be shit, fyi it's brand management or agency).

tl:dr, I'll work a shitty job just so I don't have to live like shit