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Old 09-03-2012, 01:55 PM   #41
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Today's monetary policy penalizes savers with low returns for their savings. At the same time the worth of the assets decreases because of a declining dollar.
When we were in our accumulation phase for many years, we came up with an unorthodox way to save: Save until it hurts; continue to save thru the pain; if it hurts too much, back off; after a bit of time, crank up the savings rate again until it hurts etc., etc.

In retrospect the pain was never that bad, but the positive results are evident today in retirement. We are prepared for all financial eventualities. (I think)
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Old 09-03-2012, 02:20 PM   #42
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Originally Posted by samclem View Post
He could do everything by mail, and the accounts could be rebalanced and the next year's money withdrawn at the same time you do his taxes with him. Even the calculations (for rebalancing) could be done with pen and paper if he's not comfortable with spreadsheets.

But all that is easy for me to say--it addresses the practical issues but not the important ones. If he doesn't have a full understanding of the investment strategy you are proposing, how will he react when his account balance drops a bit?
+1

I think the best one can do is to tell the person what you do to invest your money, and offer to give him more details if he is interested in. Ultimately, he must do it himself. As my old grandpappy said. There are three sure ways for a men to end a friendship:

1. Loan money to your friend.
2. Talk your friend into some investment that can't miss.
3. Have an affair with his wife.
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Old 09-03-2012, 04:57 PM   #43
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+1

I think the best one can do is to tell the person what you do to invest your money, and offer to give him more details if he is interested in. Ultimately, he must do it himself. As my old grandpappy said. There are three sure ways for a men to end a friendship:

1. Loan money to your friend.
2. Talk your friend into some investment that can't miss.
3. Have an affair with his wife.


We've talked regularly about retiring since we got to know one another in 2005, with us both planning on retiring in 2010. Pension plus investments for me at 55, and him at 65 with his wife's pension and his SS. He's shown no interest in anything else and doesn't even have 401k or IRA. (The small company he worked for never offered a 401k).

The sad thing was that his wife retired in 2008 on full pension, no health problems, but 18 months later was diagnosed with cancer and died in 2010. Fortunately they opted for 100% survivor benefits on her pension.
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