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NYTimes Article: You gotta save 15% of your income...
05-04-2014, 10:39 AM
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#1
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Recycles dryer sheets
Join Date: Jan 2014
Posts: 274
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NYTimes Article: You gotta save 15% of your income...
I've been trying to find a way to educate my kids on what they'll need to do to secure their retirement, and the protagonist of this article has written the best treatise I've seen yet on the subject. I've already forwarded it to my offspring, and to my siblings to forward to theirs...
http://www.nytimes.com/2014/05/04/yo...r-from-it.html
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05-04-2014, 10:53 AM
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#2
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Recycles dryer sheets
Join Date: Oct 2012
Location: Minneapolis 'burbs
Posts: 382
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Thanks for the link! This is very timely for me - I just got the graduation open house invite for my cousin's oldest. I think I'll be giving him a financial book or two...
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05-04-2014, 11:10 AM
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#3
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Thinks s/he gets paid by the post
Join Date: Mar 2013
Location: Southern California
Posts: 3,995
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Nice article, and it points out that William Bernstein's book is free today and tomorrow on Amazon, so I downloaded it to my iPad for future reading. Thanks for sharing.
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05-04-2014, 02:56 PM
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#4
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Thinks s/he gets paid by the post
Join Date: Oct 2004
Location: Portland
Posts: 2,038
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Thank you for the link. I sent it to my niece and nephew. I especially liked this quote:
Quote:
Like John C. Bogle, the founder of Vanguard, whom he admires, Mr. Bernstein views Wall Street as a largely parasitic enterprise that flourishes at the expense of ordinary investors. “You are engaged in a life-and-death struggle with the financial services industry,” he warns in the pamphlet. “Every dollar in fees and expenses you pay them comes directly out of your pocket.” He recommends using basic, low-cost index funds whenever possible.
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05-04-2014, 03:32 PM
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#5
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Administrator
Join Date: Jul 2005
Location: N. Yorkshire
Posts: 34,021
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Quote:
Originally Posted by Ready
Nice article, and it points out that William Bernstein's book is free today and tomorrow on Amazon, so I downloaded it to my iPad for future reading. Thanks for sharing.
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+1
__________________
Retired in Jan, 2010 at 55, moved to England in May 2016
Enough private pension and SS income to cover all needs
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05-04-2014, 04:33 PM
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#6
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Thinks s/he gets paid by the post
Join Date: Oct 2006
Posts: 4,629
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This is a key observation:
Quote:
Before you can save, you'll of course have to get yourself out of debt.
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He does have one exception
Quote:
no matter how much debt you have, always max out the employer match on your 401k
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I think both of those are excellent advice. Note that it may take a lot of years to get to the point where the college loans, credit cards, and auto loans are all history.
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05-04-2014, 08:21 PM
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#7
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Thinks s/he gets paid by the post
Join Date: Jan 2005
Posts: 3,525
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Thanks for posting. I downloaded it and told my son-in-law about it.
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05-04-2014, 09:51 PM
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#8
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Full time employment: Posting here.
Join Date: Jul 2004
Posts: 512
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If you visit Dr. Berstein's website directly, his article is free every day and available in several formats, including PDF.
If You Can and Rational Expectations
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05-05-2014, 05:20 AM
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#9
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jan 2008
Location: NC
Posts: 21,148
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__________________
No one agrees with other people's opinions; they merely agree with their own opinions -- expressed by somebody else. Sydney Tremayne
Retired Jun 2011 at age 57
Target AA: 50% equity funds / 45% bonds / 5% cash
Target WR: Approx 1.5% Approx 20% SI (secure income, SS only)
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05-05-2014, 08:00 AM
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#10
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Nov 2010
Location: Sarasota, FL & Vermont
Posts: 36,204
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Quote:
Originally Posted by Alan
+1
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+2
__________________
If something cannot endure laughter.... it cannot endure.
Patience is the art of concealing your impatience.
Slow and steady wins the race.
Retired Jan 2012 at age 56
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