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Old 04-17-2016, 08:16 PM   #41
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All Target Date Funds I've seen have at least some, and in many cases, quite a bit of, assets in the stock market. For passive investors, Target Date Funds are a relatively safe, often inexpensive, and prudent way to save for retirement.
That was the point... the person didn't realize they had equities... but they did.

I agree that target date funds are a good solution for lots of folks.
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Old 04-17-2016, 08:32 PM   #42
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Pretty much everything I know in life is only because I screwed it up at least once before.
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Old 04-18-2016, 01:17 AM   #43
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Some folks are very fixated on "things are worse now" and there is no way to change their minds. I am not even sure what their motivation is for dwelling on it; are they hoping for some form of wealth transfer, to even things out and make things fair?

I do tend to wonder how 1979 can have been such a wonderful year to be a young person entering the work world, given personal experience. I had a straight-A average in college. I couldn't find a job to save my life. All those naughty "older baby boomers" had taken all the good jobs and were busily driving up the house prices. It was all their fault. I ended up taking a secretarial job through an employment agency. (Do those still exist?) The agency took half my earnings for the first 6 months. What an awful time.

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Old 04-18-2016, 02:46 AM   #44
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I'd broaden that to both sexes. I have friends - men and women - who earn their living through their mastery of complex subjects, but can't get through a simple book on investing. I think they just don't want the responsibility & would rather hand that (and a chunk of change) over to a financial advisor.

Financial education is absolutely needed, but it has to go beyond investments. Kids have to learn to have a healthy relationship with money. But then, how would our consumerist society survive?
some truth to that. i'm a Chemist with a few letters behind my name and I hate this "investing" stuff. you are right, on my kindle now I have just about every book recommended here. I'm sorry I find it boring, tedious and haven't finished one.

Now my parents did teach us money management but as they themselves didn't invest in the stock market, it wasn't something they could pass along.

I do have a FA but I don't think I pass along my responsibility. I work with my gal, do my due diligence and never invest in something I don't understand.
I also don't do my taxes (just paid 700 bucks for 2016) don't cut my own lawn, don't shovel or numerous other things I could probably do on my own.

I'm ok with that
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Old 04-18-2016, 07:09 AM   #45
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Our daughters (age 26 and 24) have taxable mutual funds because a few years ago we told them that's what grown-ups do. They also have Roth IRAs because for the past two years we have gifted them a little money specifically for that purpose. They probably don't fully understand the workings of mutual funds and why a Roth IRA is a smart thing to have at this point in their career, but I have confidence they will learn.

I was about their age when I started learning about retirement funds and investing. I got most of my information from older coworkers. It would be tough for my oldest DD to do that since she is a PhD candidate, surrounded by other poor grad students.
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Old 04-18-2016, 07:54 AM   #46
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Philliefan. That's pretty much where my sons are. They have p/t jobs at wawa and UPS. They participate in their respective 401k more because I made them, then any burning desire to worry about retirement
My kids don't seem to be like the kids here that understand and embrace investment at 22. They are weird, they rather have their first apartment
They are pretty good at budgeting and saving for what they want but its a hard sell to get them to worry about what's going to happen when they are 60. Lol, my 22 is at Temple with a girlfriend at Villanova, they are still basking in National championship glow

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Old 04-18-2016, 08:34 AM   #47
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I will admit I didn't know much in my 20's. I know my dad invested. But I asked for his help when I opened my first 401k. I didn't have good understanding of mutual funds, stocks, bonds... I think it's the age, not the gender, generation, or race.

There is definitely a cultural bias against women learning to invest. I see it with my friends... they let their husbands "manage the money". Or use "wealth managers" because they believe it's too complex. I do my best to show them they're wrong.
In my 20s, I had no concept of investing or planning for retirement. Fortunately, for my ignorant self, I always lived at least within my means, if not below. And I invested at least minimally in the 401k, because even I could figure out that the company match was a good idea

I do think it helped being single, in a way. I knew that no one else was going to be responsible for paying the rent or investing or planning for retirement (or doing the laundry, or mowing the lawn, or killing the spiders). So I had to figure it out for myself. (Except the spiders... still hate those buggers!). Must have done something right, as I'm on track for a somewhat early retirement.

I try to talk to my nieces and nephews (all in their 20s) about investing and planning. I wish someone had gotten me started even earlier. They don't seem to be terribly interested, though. None of them have debt (parents paid fully for college) and two of them have well paying jobs. Ironically, it's probably the 3rd one who is currently working as a nanny that may come out ahead, since she is learning to live on very little. We'll see...
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Old 04-18-2016, 04:04 PM   #48
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I feel bad for the millennials, I am one of them but this is not an issue for me at all.

I put myself through school while working full time graduated with my degree and zero debt. I found a career in my degree field 3 months before graduation making about 10% more than I was before not great but entry level since it was a complete career change.

During school and full time work I lost 141lbs of weight, bought a house on a 15 year fixed and got married. I have no debt but the mortgage and we currently put away 29% of our take home.

We are constantly working to improve and put more away ideally hitting ER. however I am building up the emergency fund a bit more we are at 6 months and I would prefer about 8 months.

I have received nothing from my parents and honestly I know for a fact I have more saved and invested than both of them. They do not understand the market,savings or investing.
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Old 04-18-2016, 06:12 PM   #49
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I feel bad for the millennials, I am one of them but this is not an issue for me at all.

I put myself through school while working full time graduated with my degree and zero debt. I found a career in my degree field 3 months before graduation making about 10% more than I was before not great but entry level since it was a complete career change.

During school and full time work I lost 141lbs of weight, bought a house on a 15 year fixed and got married. I have no debt but the mortgage and we currently put away 29% of our take home.

We are constantly working to improve and put more away ideally hitting ER. however I am building up the emergency fund a bit more we are at 6 months and I would prefer about 8 months.

I have received nothing from my parents and honestly I know for a fact I have more saved and invested than both of them. They do not understand the market,savings or investing.
Welcome to the forum, exige. And very well done! Keep up the good work.
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Old 04-18-2016, 07:03 PM   #50
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Thanks! I have been on the forums for a long time just a lurker
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Old 04-19-2016, 04:43 AM   #51
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My parents taught me to respect spiders, and not pick one up, but I don't kill them. If there are spiders in the house, that means there are bugs in the house, so I'll go after those. Actually I rather like seeing the occasional wolf spider in the basement. She's keeping down the crickets and other insect destroyers of human belongings.

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I So I had to figure it out for myself. (Except the spiders... still hate those buggers!). .
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Old 04-19-2016, 06:23 AM   #52
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My parents taught me to respect spiders, and not pick one up, but I don't kill them. If there are spiders in the house, that means there are bugs in the house, so I'll go after those. Actually I rather like seeing the occasional wolf spider in the basement. She's keeping down the crickets and other insect destroyers of human belongings.
+1 Now if I could just get my wife to understand this.
I am not a spider lover or anything, it is just that I would rather have a spider around as I know it will be eating bugs.
My wife insists on a Death To All Bugs policy.
They really only bother me if they get in the way of the TV, or if they actually bite me.
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Old 04-19-2016, 06:37 AM   #53
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Get in the way of the TV? You must be talking about Texas spiders (heck, they get so aggressive, some of them run for president!), or those giant crablike ones they have in Iraq. I am only nonchalant about East Coast spiders....

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+1 Now if I could just get my wife to understand this.
I am not a spider lover or anything, it is just that I would rather have a spider around as I know it will be eating bugs.
My wife insists on a Death To All Bugs policy.
They really only bother me if they get in the way of the TV, or if they actually bite me.
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Old 04-19-2016, 06:39 AM   #54
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I see a lot of FB posts about how the system is rigged, only the rich benefit from Wall Street, etc. For some people I think it's an easy rationalization for not saving.
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Old 04-19-2016, 07:21 AM   #55
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Get in the way of the TV? You must be talking about Texas spiders (heck, they get so aggressive, some of them run for president!), or those giant crablike ones they have in Iraq. I am only nonchalant about East Coast spiders....

Just realized I wasn't very clear in my post. It isn't the spiders that get in the way of the TV, just random flying bugs occasionally, like a stray mosquito and such.
Haven't seen a very large spider around my place ever, but my buddy sent some pictures of a camel spider that greeted him in his bathroom one morning and that was pretty large...for a spider anyways.
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Old 04-19-2016, 12:32 PM   #56
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I see a lot of FB posts about how the system is rigged, only the rich benefit from Wall Street, etc. For some people I think it's an easy rationalization for not saving.
The reality is that both can be true, and both are indeed true, each to a certain extent. No one's excuses are valid, not that of those who can save but don't, and not that of those who work against society making up for how much the system is rigged.
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Old 04-19-2016, 02:29 PM   #57
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The "system" was, is, and always will be, rigged...
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Old 04-19-2016, 02:47 PM   #58
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Which is often used as an excuse for the systems' inadequacies, when those inadequacies are highlighted by those who elect not to play by the system's rules because they feel the system is rigged. There are no easy answers.
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Old 04-19-2016, 08:38 PM   #59
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I teach in the finance department part time at a top 20 MBA program that is full of aspiring millennials.

This semester, I piloted a (free) course in personal finance. It has been eye opening to say the least for both students and their instructor. I hope to make it a mainstay of our curriculum.

There is a complete lack of investment and personal finance awareness even by "top mba talent".

Most students are late 20's or early 30's. They score highly on GMAT and A's in class but basic personal finance is another story.

It's simply not taught anywhere. I am their first exposure. Basic questions on 401k etc. Poor financial role model Parents and or parents not being armed with helping them is also a common theme.

They will graduate with a top 20 MBA and enter the work force in about a month - great to reach them now.

Must say, it's my complete and utter privilege to arm them with investing and personal financial knowledge. I'm not a sales person trying to hawk some fund. It's the best thing / most rewarding thing I've ever done in my life in so far as giving back to society.
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Old 04-19-2016, 10:26 PM   #60
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The "system" was, is, and always will be, rigged...
+1
But of course even though this is true, and always has been, it doesn't stop all of us lil' fish also being able to win at it. Everyone that I have ever heard of that sticks to easy and simple LBYM principles (nothing draconian) and safely participates in the US markets (slow and steady wins the race, nothing exotic) has come out fine, barring some massive unforeseen event that they couldn't of predicted or prevented anyways.
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