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Re: 16 years old, need advice on retirement investments.
Old 11-10-2005, 09:14 AM   #41
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Re: 16 years old, need advice on retirement investments.

If, welcome and congrats on thinking ahead!

[According to a simple google search, If is the age he says he is].
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Re: 16 years old, need advice on retirement investments.
Old 11-10-2005, 09:18 AM   #42
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Re: 16 years old, need advice on retirement investments.

Quote:
Originally Posted by azanon
...retirement should be a minor concern for you right now, and way down on the list in terms of priorities.* That you are becoming (are) educated on the virtues of saving and compounded growth at such a young age is wonderful, and if you start saving some now of what you make and dont touch it, you'll have the opportunity to see miracle compounded growth...
I agree that for a 16 year old, retirement should be a minor concern, but FI should be a top concern. *One allocation method I would recommend is 60/25/15. *That is, 60% for savings, 25% for spending on things like cars, and 15% to spend on the pretty girls.
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Re: 16 years old, need advice on retirement investments.
Old 11-10-2005, 09:25 AM   #43
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Re: 16 years old, need advice on retirement investments.

Quote:
Originally Posted by yelnad
If, welcome and congrats on thinking ahead!

[According to a simple google search, If is the age he says he is].
Yep, here's his profile on an astronomy forum based on his email address:

Username: Bestrafemich00
Real Name:

Age: 15

Country/Location: USA/Northern NJ

Gear:


Email: bestrafemich00@yahoo.com

Website:

Comments:

How I found the ADP:



Sorry some of us doubted you. It's hard to believe that a 16 year old would want to hang out with a bunch of old geezers to discuss investment strategies.

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Re: 16 years old, need advice on retirement investments.
Old 11-10-2005, 05:17 PM   #44
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Re: 16 years old, need advice on retirement investments.

No hard feelings for those who doubted me, but anyway yea you guys are kind of right with it being a minor thing in my life now. I'm just kind of scared if I retire at like 60 that I won't be physically fit enough to do all the stuff I want to when I retire, but I also think that if the limited money I'm making right now can go towards things that I can enjoy during my working years, I can still have fun and make a lotta money. Maybe I'll go with something simple like an IRA or 401(k) and max it out each year and put any extra I want to put towards retiring to CD's or something, I'll figure it out when the time comes. Sorry if this is a rude question, but do any of you guys feel physically or mentally "tired" or "old" at your age? That is my main worry, that when I do retire, I'll be too "old" to have fun and enjoy life. Thanks a lot guys.
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Re: 16 years old, need advice on retirement investments.
Old 11-10-2005, 05:37 PM   #45
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Re: 16 years old, need advice on retirement investments.

It used to be Wine, Women, and Song... Now it's Beer, The Old Lady, and TV.


I guess your question should be " Do children in childhood have as much fun as adults in adultery ? "

And of course the answer is no they do not !

Seriously though, What is fun and enjoyable is very different to a 16 year old than to someone approaching retirement.

If I could give you but one piece of advice it would be to keep balance in your life. Work some, play some, spend some, and save some. If you are smart about how you save then it will pay off in spades.

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Re: 16 years old, need advice on retirement investments.
Old 11-10-2005, 06:11 PM   #46
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Re: 16 years old, need advice on retirement investments.

Yes I feel very old. When in the military I trained with the additude that I should dread working past 20 years. I was VERY hard on my body (military service is). I am now starting to pay the price and I'm only in my mid 30's
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Re: 16 years old, need advice on retirement investments.
Old 11-10-2005, 07:40 PM   #47
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Re: 16 years old, need advice on retirement investments.

"Sorry if this is a rude question, but do any of you guys feel physically or mentally "tired" or "old" at your age?"

Only when a 16 year old girl walks by.
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Re: 16 years old, need advice on retirement investments.
Old 11-11-2005, 01:14 AM   #48
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Re: 16 years old, need advice on retirement investments.

Quote:
Originally Posted by If.
Sorry if this is a rude question, but do any of you guys feel physically or mentally "tired" or "old" at your age? That is my main worry, that when I do retire, I'll be too "old" to have fun and enjoy life. Thanks a lot guys.
I'm 45 but mentally I feel about 25. To me the question isn't "when" I'll grow up but "if". I do feel physically & mentally tired in my third hour of surfing or my second hour of tae kwon do. But if we had good Thai massages available at either of those activities, it wouldn't be a problem.

You know that saying "Ah, if I was just 16 again knowing what I know now?" Aside from the occasional knee or ankle sprain, I'm in far better shape now than when I was 16. And I still know that stuff!

But your point is well made. The sooner you achieve FI, the sooner you can make your own decision about ER. If you have a plan and you make your goals, then it's not worth deferring your dreams to work "just one more year".
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Re: 16 years old, need advice on retirement investments.
Old 11-11-2005, 10:51 AM   #49
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Re: 16 years old, need advice on retirement investments.

Quote:
Originally Posted by azanon
But man, you're 16! I say that excitingly! What about the pretty girls! What about college life coming up? (if that's in your plans). Also, to retire, you first need a means of income/occupation unless someone's just going to give you 2 mil+. These things need to come first and should be whats at the forefront of your mind. Once you start making money (several years from now), your focus is going to be on short term expenditures; house, car, insurance, etc. and those things will need funding and then maybe you can try to save a little on the side.
What, you mean piss away his money on self-centered, manipulative women who only want someone to throw their money at them?

Sure, there are some good females out there, If., but by all means - I spared myself the experience of showering them with money/fun. I'm catching up later in life, as I've finally met the perfect one...but don't feel pressured into following the footsteps of your peers who can't think farther ahead than what party to go to Saturday night, and how to take a $20 from their parents' wallets without them noticing.


Quote:
Originally Posted by azanon

Back to what i was saying, you need to focus on engaging in life right now, which will put you in the workforce, not focusing on how to disengage (aka retire) before you've even started!

Retiring means leaving a job you previously had for sometime to not work. You haven't even (really) worked yet. The horse goes in front of the cart, not behind it.

Azanon

(i am off work today, so dont give me no crap)
Azanon, I understand your argument, but realize that there are some of us out there who get a thrill out of planning ahead. I'm an extremely strong INTJ, so planning ahead is about the same to me as hopping on that wicked-ass fast bike of yours and going for a ride.

Perhaps If. is more than willing to sacrifice for today's fun in exchange for a very secure, enjoyable life away from work? Sure, you have to balance out fun and sacrifice, but I wouldn't change a damn thing from my tightass teenage years. I'd recommend that you save your money, If., until you're just a wee bit older to truly remember and treasure some great experiences in life. I went on a tour of Europe when I was 14 with a few family members, and I was way too young at the time to fully enjoy it later on (wasn't mature enough, didn't pay attention to things I would today, etc.).

Have you talked to your old man about retirement account options for his company?
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Re: 16 years old, need advice on retirement investments.
Old 11-11-2005, 11:14 AM   #50
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Re: 16 years old, need advice on retirement investments.

Quote:
Originally Posted by If.
Sorry if this is a rude question, but do any of you guys feel physically or mentally "tired" or "old" at your age? That is my main worry, that when I do retire, I'll be too "old" to have fun and enjoy life. Thanks a lot guys.
Its actually a very astute question. I said to my wife last week that I feel old, so maybe I should look it. I'm 32 and I am a long way from how I felt at 16, energy-wise. Part of it is the natural aging process. Part of it is just my current lifestyle. I'm working pretty long hours, and when I come home there is ots of stuff to do, plus helping take care of a 17 month old daughter and my pregnant wife (who is very exhausted all the time these days). Before all this, I was working full time and going to grad school at night, plus I was pursuing a professional designation that took mucho tie to do.

So where am I going with all of this? Simple. When I get a chance to take it easy (vacations, etc.), I still feel great. However, I have a lot of responsibilities and work to do simply as a result of pursuing my career and having a family. You will likely end up in the same boat. So I'd like to offer you a bit of advice:

- Enjoy your free time while you have it. You will be very busy later in life.

- Get a good start on saving money as early as you can. I started at 24 and I expect to retire sometime between 40 and 45. If I had started at 16, it would have been amazing.

You clearly have a good head on your shoulders. Use it, but don't forget that life is meant for living.
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Re: 16 years old, need advice on retirement investments.
Old 11-11-2005, 02:17 PM   #51
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Re: 16 years old, need advice on retirement investments.

Two things:

Do I feel old?

Well to me it is not the age it is the mileage. I have lived a lot, seen a lot, experienced a lot and have the aches, pains and scars to prove it. Life is about living and not just existing. I made myself a promise a long time ago. I told myself that I did not what to be sitting in my wheel chair at age 85 and think to myself "If I had only done......" I have done much and yet have only started. The more physical persuits are behind me but the intellectual and spiritual ones are ahead of me.

I guess my answer is no, I don't feel old.....I feel experienced.


As to your other discussion about wanting to retire early; I say good for you! When I was your age I was looking ahead at what I wanted to do in life and formulated several possible pathways. While I can't say I did what I thought I would back then...I have done more in many ways and certainly experienced life more fully than I could ever have imagined when I was 16.

I applaud your foresight and your desire to be FI; which I believe is the real crux of your desires. Retirement is too confining a term. Being FI will open a lot of doors and retirement is only one of them. If you reframe your ideas to be FI instead of retired I believe you will understand what you will need to do to get there better and may enjoy the ride more too.

To repeat what others have said...don't forget to smell the roses along the way. Remember Silas Marner.
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Re: 16 years old, need advice on retirement investments.
Old 11-11-2005, 04:55 PM   #52
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Re: 16 years old, need advice on retirement investments.

I feel older every year. (well duh).

But no matter how much you swear you won't turn out like your parents, you still might.

At 20 I expected to go everywhere and do everything.
At 30 I started to do so, and realized there wasn't enough time.
At 40 I realized there were some a few places and things I didn't really want to do anymore.
At 45 I'm getting scared that I am turning into a homebody.

I still plan to hike the Pacific Crest Trail, do a lot of scuba diving, run a marathon, try out paragliding.... etc. I'm just starting to fear that the enthusiasm will run out before I do it all...

(need to remind myself to see my own signature line)
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Re: 16 years old, need advice on retirement investments.
Old 11-11-2005, 07:33 PM   #53
 
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Re: 16 years old, need advice on retirement investments.

What an interesting thread.

If., you've got it made. I think you'll be successful whatever you do. You write well for a 16-year-old, and you seem quite mature.

I'm sure tempted to recommend that you go to college to take advantage of your talent, but I think your plan could work out pretty well. Could you go to college part time at a local college??

The danger is that at some point you'll feel that you've wasted your talents.

Here's a good plan. Turn your dad into a prodigious saver, and get him to retire and give you the business.

But how is it that you get along with your folks at age 16?
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Re: 16 years old, need advice on retirement investments.
Old 11-11-2005, 07:39 PM   #54
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Re: 16 years old, need advice on retirement investments.

Quote:
Originally Posted by Sheryl
At 45 I'm getting scared that I am turning into a homebody.
Embrace your inner homebody!

As we age, we get smarter, and we get less of a rush from adrenaline. I still enjoy life as much as ever, just a bit differently than when I was 16 and my hormones were raging.
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Re: 16 years old, need advice on retirement investments.
Old 11-11-2005, 07:40 PM   #55
 
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Re: 16 years old, need advice on retirement investments.

Quote:
do any of you guys feel physically or mentally "tired" or "old" at your age?
Yes, pretty often. *At age 52 I've given up the hard core mogul skiing and short-board windsurfing that I had been fanatical about. *I still surf, but I'm limited by my body. *No more water skiing. *I sold my ice skates and rollerblades because of the high cost of health care.

I still have fun, but you are correct that there are advantages to retiring at 40 instead of 52.

But I have to say that one of the reasons I couldn't retire at 40 is that I went skiiing a lot and spent money on windsurf equipment.
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Re: 16 years old, need advice on retirement investments.
Old 11-11-2005, 08:38 PM   #56
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Re: 16 years old, need advice on retirement investments.

Hey,

* Thanks for all the replies, yea when I talk to my "plan" with different people they say oh well what if "Mrs. Right" comes by? But the thing is, "Mrs. Right" would have to be right in the sense of not being the usual money-hogging girl this day in age, and not mind me living at home. I had only one girlfriend, for 10 months last year and that ended up pretty bad when in the beginning we thought we would last forever, so next time I'm really going to think and wait a while before I decide I want to dedicate myself to one girl in the future. TromboneAl, thanks for the compliments, yea I can go to part-time to one of the county colleges around here, but if I do it's only going to be something I want to learn, like photography, astronomy, and kind of off-subjects like that. Thanks again for the replies.
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Re: 16 years old, need advice on retirement investments.
Old 11-11-2005, 10:00 PM   #57
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Re: 16 years old, need advice on retirement investments.

Quote:
Originally Posted by If.
...yea I can go to part-time to one of the county colleges around here, but if I do it's only going to be something I want to learn, like photography, astronomy, and kind of off-subjects like that. Thanks again for the replies.
A few courses in business administration, accounting, marketing, and finance wouldn't hurt either, especially if you want to run your own business.*

A business owner wears many hats and usually tries to structure his business to make as much money as he can while minimizing his efforts in doing so.* Business courses can help you achieve these goals and can give synergy to the experience you pick up working with your father.

The key is to do what your father did, only better and smarter.* If you're really good, you may even be able to take the business to the next level.

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Re: 16 years old, need advice on retirement investments.
Old 11-12-2005, 09:03 AM   #58
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Re: 16 years old, need advice on retirement investments.

I've been a bit of a miser all my life, and there's not a single penny I regret saving.
I do wish I lived it up more in childhood through early 20s, but that really had nothing to do with spending. Was my lack of social skills. I have slowly improved them, but should have started much sooner, and not have been such an annoying kid. (If, not saying you were/are, just giving my perspective.)

For me, the freedom of not working is very nice, and I must admit makes me a little happier, but is NOT the key to happiness. It is good, but not nearly as good as might be expected.
IMO, starting a path to FI and/or RE from an early age (or any age) is worthwhile, but secondary to discovering what brings you happiness, and working towards those things.

I was miserable at 16. My "happiness" then compared to now is like night and day. But perhaps only 5% of that comes from RE.

If I could do it all over again, my path might not even take me to RE, but I imagine I'd be even happier than I am today.


Oh, on the greedy women thing--my experience has been that most women aren't that shallow. The few who were ran away screaming after (or before) the first date.
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Re: 16 years old, need advice on retirement investments.
Old 11-12-2005, 09:46 AM   #59
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Re: 16 years old, need advice on retirement investments.

Quote:
Originally Posted by If.
But the thing is, "Mrs. Right" would have to be right in the sense of not being the usual money-hogging girl this day in age, and not mind me living at home.
Hey, now! * Some of us females are just as frugal as the guys!* If - you're smart to know that to have a successful relationship you'll want to meet someone with similar goals and values as yours.* *Look at it this way (what happened to me) if you meet a mate who's working toward the same goals, and has her own income and savings you'll get to FIRE almost twice as fast.

But I'm still betting you will end up moving out* * *
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Re: 16 years old, need advice on retirement investments.
Old 11-12-2005, 10:08 AM   #60
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Re: 16 years old, need advice on retirement investments.

Quote:
Originally Posted by Sheryl
But I'm still betting you will end up moving out* * *
Unless you move over and the two of you live with your mother-in-law... how bad could that be?!?
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