Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Advice for interns: request input
Old 05-21-2019, 01:30 PM   #1
Recycles dryer sheets
 
Join Date: Nov 2015
Location: Colorado
Posts: 68
Advice for interns: request input

Another thread reminded me that we need to update our basic advice we give to our DPT interns.
Most don't have a clue, and are deep in student loan debt. Starting salaries 60Kish. Input appreciated before we update.

Start investing early and often! Both retire at 65 years old
Age 25: $300 a month earning 8% on average for 40 years is $1,007,211

Age 35: $300 a month earning 8% on average for 30 years is $440,445

Do Roth 401k up to employer match (or regular 401k if no Roth option)
Roth IRA up to maximum $6000 per yr or $500 per month

Good options: Vanguard, Fidelity, or other low cost companies
S&P 500 index fund or Life Cycle funds (these are age appropriate funds)

If markets go down, don't worry. Buy more when it is on sale. Do not sell in down markets, the markets will come back. Best investing is to "dollar cost average" . Make it automatic each month or each pay check to your savings/investing

Do not invest in whole life insurance or variable annuities! These are sold by life insurance sales people and have very high cost!

Ask how much the sales person makes if you buy this. These have such a bad reputation and are so bad that they are now trying to market these as 1035 tax code policies, etc. instead of calling them annuities.

Ask if they are a fiduciary? If not, run the other way. Fiduciary means that they must put your best interests 1st and not just sell you what makes them the largest commission. If your "gut" is saying don't do it, don't do it!!

Student loans are forever and can't be discharged even in bankruptcy, so pay them back.

LBYM: live below your means. Stay out of credit card debt. Try to pay cash for vehicles, but if you must finance... If you need to finance for more than 3 years you can't afford that expensive of a vehicle.

Save half of each raise and put it into your 401K and IRA contributions, enjoy the rest!

If you want to be broke, do what broke people do. If you want to be wealthy, do what wealthy people do.

Happy retirement!!
__________________

Callitaday2022 is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 05-21-2019, 02:45 PM   #2
Thinks s/he gets paid by the post
 
Join Date: Aug 2013
Location: North
Posts: 1,982
Oh boy. Don't get her pregnant?
__________________
AA (Stock/Bond/Cash ): 96.5/0/3.5% MIX (Small/Mid/Large): 25/25/50% BLEND(US/Foreign): 100/0%, REIT (Real Estate Equity): ~50% of Assets

FIRE in 2031 @ 50yrs old (+/- 2yrs) w/ a hypothetical $2.5mil portfolio, 3 appreciated homes worth $1.0mil and rental income to fund my gap years until RMD. Assets will go to an inherited IRA where I plan on watching the investments grow until I die or the trust gets executed.
kgtest is online now   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Pretty close, critique/input/advice welcomed! like2 FIRE and Money 17 11-19-2018 07:06 PM
Looking for input/advice please Alectoris Young Dreamers 8 08-08-2018 07:34 PM
Request input on giving my retirement notice mystang52 Life after FIRE 14 01-26-2013 03:35 PM
Need advice on how to deal with this request Moscyn Other topics 22 08-19-2010 09:42 AM
Intro and Request for Advice re: My ER Preview EagleEye Hi, I am... 42 08-11-2008 01:07 PM

» Quick Links

 
All times are GMT -6. The time now is 07:12 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2019, vBulletin Solutions, Inc.