At 51---no retirement plan but could retire in 4 years

[Lily Byron]

Hi everyone! My name is Lily Byron and my husband and I are in an unusual pickle. We have no retirement and are living day to day within limited means. Over the years, my husband has devised a Forex System so that it wouldn't lose. A year and a half ago, we put it to the test and it not only has not lost but makes an average of 5% per MONTH, not year.

By this count, if somehow we could manage to put even $10,000 dollars in it and not touch it, we could live off the $5,000 a month that it would be making in just 4 years. However, we never have enough money to invest in it, and what we do mange to put into it has to be taken out for this emergency or that.

We have eight children and live VERY frugally in order to get by.

In short, we can't get our retirement off the ground because we need every bit of money we make, and all of our time as we need to focus on working and raising the children. It is extremely frustrating and I keep thinking---there must be another way. Does anyone have any suggestions?

Lily Byron

 

[REWahoo]

...my husband has devised a Forex System so that it wouldn't lose.

Grab the popcorn folks, the fun is about to begin!

 

[ShortInSeattle]

Hi Lily.

One thing I've learned from this group is that there isn't any magic to retirement. You need to spend less than you earn, invest the difference, and let it grow. To find that investible money, you have two options, spend less or earn more. If you are already extremely frugal, you may not be able to cut expenses much further. From a math perspective, those are the two options. Spend less, earn more.

Speaking of no magic, I also feel honor bound to mention there is no possible way to "rig a system" to guarantee risk-free investment returns. You may as well tell us your dear husband is raising unicorns in his backyard. He may have had some good returns, but you can't bank on them being consistent.

You are not terribly far from social security eligibility. Can you and your husband live off of SS when the time comes? If not, do you know how much money you'll need to retire? Starting with some numbers may give you a starting place to work from.

Hello and welcome.

SIS

 

[growing_older]

I'm sorry to say that whatever Forex system your husband thinks he invented that makes 5% per month (close to 80% per year with compounding) is not as reliable as you think it is. If you really want to be serious about retirement you should try to learn about serious investments and not the wishful thinking that you may have a magic money machine. Also, if you cannot save at all, then that would be the first place to look. You need to find some way to make more money than you spend.

 

[pb4uski]

....Does anyone have any suggestions?

Yes. Find a job.

 

[bondi688]

I know a number of experienced traders, who lost bundles of money in trading Forex, sometimes in a flash, maybe your husband is the unlikely exception. And in your post, your family appeared to have limited capital. Forex trading as I understand it involves HUGE bucks, because the currency movements are in fractions. Having said that, if your post is not a spam in evolution, you should not bet the bank on your system nor think that will be your retirement plan.

 

[Bestwifeever]

...

We have eight children ....

Octomom, is that you?

 

[Meadbh]

Welcome Lily. I'm sure you will soon be providing information on how forum members can benefit from your DH's amazing Forex product. Please understand that advertising will not be well received. I second the advice already given. Live below your means is step #1.

 

[haha]

Lily, please help me! I have capital but no skills to invest it. I recently became interested in Forex, but it is very difficult for me to understand these markets

Ha

 

[melion]

Lily, please help me! I have capital but no skills to invest it. I recently became interested in Forex, but it is very difficult for me to understand these markets

Ha

Lily,
Count me in!

I have a few $million lying around which I do not know what to do with. Can you help?

 

[Walt34]

Have patience. Compounding at 5% per month with even the small amount invested now it won't be more than a few years before your financial concerns are but a distant bad memory.

 

[donheff]

Lily, please help me! I have capital but no skills to invest it. I recently became interested in Forex, but it is very difficult for me to understand these markets

Ha

There is an old Irish saying, "you reached into my throat and tore the words out of my mouth." We can help Lily. But we want to go big. Not just $10K

 

[Eladio]

SPAM!!!!

 

[martyb]

I'm not wealthy, by any means, but I could probably scrape up maybe a couple hundred thousand or so to invest in such a sure thing....

 

[braumeister]

I keep thinking---there must be another way.

Bingo!
You've hit the nail right on the head, Lily. Congratulations!

 

[Lily Byron]

Dear ShortInSeattle,

Thank you for your help and respectful post. You have made me feel welcome.



I think there is no one who appreciates that there is no magic to earning and saving money more than me. To begin with, the trouble with Social Security is that when we do become eligible, it will not pay us enough to live. Furthermore, we are aware of rumors that it's just going to die out because of the number of people who will request it outpacing the number of people contributing to the fund.


Moreover, the results I have posted for my husband's system are accurate and verifiable. We realize that we would be taking a risk to put our money on forex as it is the nature of the beast. However, when taking into consideration the results, along with our serious predicament, we don't consider it a gamble which involves a wild and frenzied stab but rather an investment which involves a calculated risk. I know there are people who invest in, say, movies; if the movie goes sour, they lose their investment. We see our situation as similar.



Correct me if I'm wrong, but I am under the impression that a 401K is a diversified stock portfolio. Is the stock market beast somehow tamer than the forex beast? No, they are both beasts. I realize that 401Ks are managed by professionals, but the bottom line is that the results of these "professionals' " handiwork have ranged from poor to disastrous in past years. While they can reasonably predict no more than 10% a YEAR, my husband can reasonably predict 5% a MONTH. Many people have lost most, if not all, of their savings through investing in 401Ks. The real tragedy is that the 401K companies are touting their service as a reliable way to "save for retirement" when it is really nothing more than a calculated risk.



I suppose what I'm asking is if there is anyplace on the internet where I could get enough funding to make a difference. I thought someone might know of a government grant or something similar. We are already making and saving what money we can.



Again, thank you for your concern and reply


Lily Byron

 

[MichaelB]

I realize that 401Ks are managed by professionals, but the bottom line is that the results of these "professionals' " handiwork have ranged from poor to disastrous in past years. While they can reasonably predict no more than 10% a YEAR, my husband can reasonably predict 5% a MONTH.

I suppose what I'm asking is if there is anyplace on the internet where I could get enough funding to make a difference. I thought someone might know of a government grant or something similar. We are already making and saving what money we can.

Lily Byron

At 5% a month you could become the wealthiest people in the world without anyone's help. Why share this with us?

 

[bondi688]

Lily Byron
You want the government to give you a personal grant to speculate in Forex? Do you think that is the function of the government?

 

[KMyer]

Dear Lily,

I think it is almost impossible to generate a return of five percent per month on a consistent basis. However, it your husband thinks he can do it, you won't have to invest other people's money because your original $10,000 investment will be worth $117 million in 16 years when you get to your normal retirement age of 67. Why would you want to share the investment strategy with investors? Keep the secret to yourselves and you can make more money in the long run!

 

[bondi688]

Dear Lily,
However, it your husband thinks he can do it, you won't have to invest other people's money because your original $10,000 investment will be worth $117 million in 16 years when you get to your normal retirement age of 67.

Your math did not take into account all the short term capital gains to be taxed at ordinary income tax rate. That said, the Byrons will still do very well indeed.

 

[foxfirev5]

Dear ShortInSeattle,
....
"Correct me if I'm wrong, but I am under the impression that a 401K is a diversified stock portfolio. Is the stock market beast somehow tamer than the forex beast? No, they are both beasts. I realize that 401Ks are managed by professionals, but the bottom line is that the results of these "professionals' " handiwork have ranged from poor to disastrous in past years. While they can reasonably predict no more than 10% a YEAR, my husband can reasonably predict 5% a MONTH. Many people have lost most, if not all, of their savings through investing in 401Ks. The real tragedy is that the 401K companies are touting their service as a reliable way to "save for retirement" when it is really nothing more than a calculated risk."

OK I'll bite - your wrong.

 

[PennStateCLJ]

A 401k is a container of investments, nothing more. Just like an IRA is a container or a taxable account is a container. You have control over the 401k as far as you can control risk through the stock and bond funds offered.

There is no magic bullet to turn you into millionaires overnight. I suspect you'll find this out the hard way on your gamble. As others mentioned, taxes and trading costs will no doubt erase any of your exemplary gains.

If you're set to do this trading at least do it within the confines of an IRA where tax ramifications will be nill.

 

[rescueme]

At 5% a month you could become the wealthiest people in the world without anyone's help. Why share this with us?

Book (I.E. "Rich Dad, Poor Dad") to follow? ...

Call me suspicious, but the OP's story does not pass the sniff test. $10K is fairly easy to get (even if it's a CC $$ withdrawl).

If it's that great a "system", there would be many folks beating a path to the OP's door willing to advance them the $$$ it would take to launch such an effort.

 

[REWahoo]

Interesting that the OP lacks the understanding of what a 401k is yet expects us to believe she has a "can't lose" Forex trading system.

 

[bbbamI]

Looks like I'm the only one that did not recognize the term 'Forex System'. I had to look it up.

Carry on...