Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Re: 16 years old, need advice on retirement investments.
Old 11-12-2005, 10:50 AM   #61
Thinks s/he gets paid by the post
SteveR's Avatar
 
Join Date: Jul 2005
Posts: 2,803
Re: 16 years old, need advice on retirement investments.

Quote:
Originally Posted by Nords
Unless you move over and the two of you live with your mother-in-law... how bad could that be?!?
__________________

__________________
Work? I don't have time to work....I'm retired.
SteveR 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!

Re: 16 years old, need advice on retirement investments.
Old 11-12-2005, 01:27 PM   #62
Thinks s/he gets paid by the post
Sheryl's Avatar
 
Join Date: Apr 2004
Posts: 1,459
Re: 16 years old, need advice on retirement investments.

Quote:
Originally Posted by Nords
Unless you move over and the two of you live with your mother-in-law... how bad could that be?!?
That could be really really bad.
__________________

__________________
Sheryl is offline   Reply With Quote
Re: 16 years old, need advice on retirement investments.
Old 11-23-2005, 08:44 PM   #63
Recycles dryer sheets
 
Join Date: Oct 2005
Posts: 325
Re: 16 years old, need advice on retirement investments.

congrats on your current line of thinking. Probably the best thing to do is start reading as many books as you can on investing and entrepreneurship and real estate.

My High School teacher always preached the BE-DO-HAVE mantra. The "Be" means working on your knowledge, which is a life-long pursuit. The "Do" means getting out there and putting what you have learned to use, and the "have" is obviously getting what you want out of life, be it material or otherwise. The point was to keep it in order, be-do-have.

Anyways, I'm the 24 year old with 5 million, and I'm here to tell you there are many ways in life to achieve your goals, and you shouldn't limit yourself to having to be a spendthrift or live in your parents basement to accomplish those goals. At 16, I was trying to get laid, at 18 I was learning about entrepreneurship and investing, and now at 24 I've been fortunate to be very successful. The theme is DO NOT LIMIT YOURSELF.

I also agree that CDs makes getting rich or retiring early very difficult, at least put some money in Vanguard Total Stock Market or something similar.
__________________
CybrMike is offline   Reply With Quote
Re: 16 years old, need advice on retirement investments.
Old 11-24-2005, 11:27 AM   #64
Moderator Emeritus
Nords's Avatar
 
Join Date: Dec 2002
Location: Oahu
Posts: 26,617
Re: 16 years old, need advice on retirement investments.

Quote:
Originally Posted by CybrMike
The theme is DO NOT LIMIT YOURSELF.
At age 45 I'm still behaving like a 16-year-old. But I'm much better at it this time...
__________________
*
*

The book written on E-R.org, "The Military Guide to Financial Independence and Retirement", on sale now! For more info see "About Me" in my profile.
I don't spend much time here anymore, so please send me a PM. Thanks.
Nords is offline   Reply With Quote
Re: 16 years old, need advice on retirement investments.
Old 11-26-2005, 12:42 PM   #65
Recycles dryer sheets
 
Join Date: Oct 2003
Posts: 175
Re: 16 years old, need advice on retirement investments.

Quote:
Originally Posted by Nords
At age 45 I'm still behaving like a 16-year-old. But I'm much better at it this time...
Like in chasing chicks etc?
__________________
vic is offline   Reply With Quote
Re: 16 years old, need advice on retirement investments.
Old 11-26-2005, 12:58 PM   #66
Recycles dryer sheets
 
Join Date: Oct 2003
Posts: 175
Re: 16 years old, need advice on retirement investments.

Quote:
Originally Posted by If.
I already have a job with my father(siding and windows contractor) making 15$ an hour. When I graduate and work full time with him, I will recieve atleast a dollar raise every six months. ats virtually no risk other than CD's? Thanks a bunch.
If,

What really strikes me as completely bogus is the pay that you are getting or better: counting on. At age 35, you will be getting more than $50/hour. Sure, there is inflation but it does not seem very realistic. This is only feasible if Daddy screws the rest of his workers out of decent pay. My framer/siding contractor pays his #1 guy around $ 50K/year incl bonus. This guys is absolutely top notch. They work 6 days/week, about 10 hour days. Works out to be $17-19/hour incl bonus. Rest of folks are in the $ 25-35K range.

Btw, you should know by now that construction is feast or famine. Feast season is still going on. Put that in your calculations. If Daddy is a sole proprietor (which it seems since there is even no retirement planning), Daddy can be wiped out by a workplace accident very easily if he does not carry some serious liability insurance. Framing/cornice/roofing is very prone to workplace accidents. For that reason, many skip insurance and cross their fingers. Hope you have at least insurance yourself in case you fall of the roof. Those little incidents tend to mess up dreams a lot.

Vicky
__________________
vic is offline   Reply With Quote
Re: 16 years old, need advice on retirement investments.
Old 11-27-2005, 04:13 PM   #67
Dryer sheet wannabe
 
Join Date: Nov 2005
Posts: 14
Re: 16 years old, need advice on retirement investments.

Well first of all, I don't know how a siding contractor can work 10 hours a day 6 days a week. My dad works about 30 or so hours a week, more in spring/summer/fall, little less in winter, and makes about 100,000. He has no other workers, except me occasionally. To show that I make him some money too, say for example he works 4, eight hour days a week and makes $520 a day on average. He makes $65 an hour. I can save him about 2 hours a day when I work with him, and if I did it for no pay, he would make a little over $86 an hour. Currently he pays me $15 an hour, so he makes $71 an hour when I help. He also works the same amount of hours he would alone, when I help, so he makes $6 more an hour, or $48 more a day. In a year or two of working full time with him, I will just about help him get it done twice as quick. So $520 in 4 hours, is $130 an hour. So he can pay me up to $65 an hour until he starts losing money, that won't happen considering it wouldn't happen atleast 20 years from when I graduate, and if you count inflation he would still make more money even after that, since he would then be making more then $520 a day. Does it make sense now?

* *Do you mean feast or famine as like during the spring summer and fall working conditions are good and winter conditions aren't? Yes I have that in my calculations. And yes my dad has liability insurance, but he hasn't had a serious accident(not the occasional accidental hammer to thumb stuff). His job isn't really that dangerous, at most on a job he spends a few minutes on a roof, to hook the scaffold poles to the roof, and even then he doesn't really walk on the roof. And I'd appreciate it if you didn't refer to my dad as "daddy" like I'm some little immature kid, thanks.
__________________
If. is offline   Reply With Quote
Re: 16 years old, need advice on retirement investments.
Old 11-27-2005, 06:46 PM   #68
Recycles dryer sheets
Scrapr's Avatar
 
Join Date: May 2005
Location: Bend
Posts: 267
Re: 16 years old, need advice on retirement investments.

Feast or Famine
See 1980-1985
__________________
Scrapr is offline   Reply With Quote
Re: 16 years old, need advice on retirement investments.
Old 12-01-2005, 06:16 PM   #69
Thinks s/he gets paid by the post
 
Join Date: Jul 2004
Posts: 1,072
Re: 16 years old, need advice on retirement investments.

To the group,

Wow - if I had the advice you all were giving to If. at 16, I'd be retired by now for sure.

To If.,

1) Do not be in any hurry to find a girl - find out who you are first before you find someone else. It will make a huge difference in the success of any relationship. Know your values and goals and be true to them. You will then attract someone similar and you can journey through life together. For example: it is important to you to retire early and in order to do that you must manage your lifestyle costs----find a girl who has those same values.

2) The earlier you start to save the better - if you start now, you will be able to quit working sooner. I hope I attribute this appropriately, but Einstein and Benjamin Franklin praised compound interest. Read about Benjamin - he endowed Philidelphia with some money when he died in the early 1800's and they are still able to use the interest from the principal and then some today....I think he gave them $100 or $200 and it is now worth many millions.

3) Read "Your Money or Your Life", "The Millionaire Next Door", ESRBobs new book "Work Less, Live More", "The Lazy Investment Guide." These books are easy to read and should help you on your journey on how to invest and manage your money now and in the future. These books also work on understanding the philosophical side of money. Two other books "How to retire at 35" - Terhorst - and "The Early-Retirement Guide" by Billy and Akaisha (Billy on the site here) - they will show you another way to retire.

Good luck - I envy you but hope you stay disciplined and succeed.

Bridget
__________________
Deserat aka Bridget
“We sleep soundly in our beds because rough men stand ready in the night to visit violence on those who would do us harm.” - George Orwell/Winston Churchill
deserat is offline   Reply With Quote
Re: 16 years old, need advice on retirement investments.
Old 12-01-2005, 06:44 PM   #70
 
Posts: n/a
Re: 16 years old, need advice on retirement investments.

Life is for living, I cannot understand why one so young should be so fixated on gathering Material Wealth, to do what with.?

Oldest Son left for China at 21, 7 years later he has climbed the hills in Nepal, travelled up to Tibet, visited for months at a time, Thailand, Cambodia, Vietnam, Mynamar, backpacking all the way.

He lives with a Chinese Girl, speaks fluent Mandarin, graduated top of his class, but when he sits in his rocking chair, his memories will keep him warmer than stacks of paper.

I feel sorry for Warren Buffet, what a dull life he has lived.


Our generation rejected materialism, some where the train lost its tracks??
__________________
  Reply With Quote
Re: 16 years old, need advice on retirement investments.
Old 12-01-2005, 06:54 PM   #71
Thinks s/he gets paid by the post
wildcat's Avatar
 
Join Date: Feb 2005
Location: Lou-evil
Posts: 2,025
Re: 16 years old, need advice on retirement investments.

Howard -

Wealth accumulation, from my perspective, has never been about acquiring a certain level of status or materialism. Wealth accumulation has always been about the freedom it will provide me. Lastly, I don't think it is impossible to enjoy life and save money. Not too difficult.
__________________
"These walls are kind of funny. First you hate 'em, then you get used to 'em. Enough time passes, gets so you depend on them"
wildcat is offline   Reply With Quote
Re: 16 years old, need advice on retirement investments.
Old 12-01-2005, 08:43 PM   #72
Thinks s/he gets paid by the post
maddythebeagle's Avatar
 
Join Date: Jun 2005
Posts: 2,450
Re: 16 years old, need advice on retirement investments.

Quote:
Life is for living, I cannot understand why one so young should be so fixated on gathering Material Wealth, to do what with.?
Huh? No matter how ridiculous this entire thread was , I dont think the OP was looking to buy sports cars and buy bling.
__________________
- Hurry! to the cliffs of insanity!
maddythebeagle is offline   Reply With Quote
Re: 16 years old, need advice on retirement investments.
Old 12-01-2005, 09:57 PM   #73
Recycles dryer sheets
 
Join Date: Oct 2003
Posts: 175
Re: 16 years old, need advice on retirement investments.

I think follow up thread has to be started.

As a follow up of '16 years old, need advice on retirement investments' the new thread could be '16 years old, need advice on how to get a life'

Dude, you are *16* years old. All you can think of his how to get as much money as possible and then move straight from mommy and daddy's house to a latin american country. You scare me. Hope you don't miss out on your *LIFE* in between.

Once I shared a house with a guy that had done nothing but work since he was able to walk. He was the son of chinese immigrants and always worked the convenience store instead of doing the other stuff that the other kids were doing. So at age 32, this virgin moved out of mommy and daddy's house into the country to get his first job after grad school. He was almost FI at that time, I don't think he actually needed a job. He showed up at closing for his first house with a suitcase of cash (that caused panic with all other parties), no morgage required. He was banned from grocery shopping after he had fed us roomates too many expired bargain products that had caused massive skin rash on us. I am not a big spender but I had never see someone that cheap and out of it. He was completely frustrated with the other sex - had no idea what to do with it or even how to start a conversation or anything like that. He was a nice guy but so out of touch in a lot of ways. He had missed out on very important parts of his life and it was so obvious to the extent that it scared me.

Vicky
__________________
vic is offline   Reply With Quote
Re: 16 years old, need advice on retirement investments.
Old 12-02-2005, 08:32 AM   #74
Moderator Emeritus
Nords's Avatar
 
Join Date: Dec 2002
Location: Oahu
Posts: 26,617
Re: 16 years old, need advice on retirement investments.

Quote:
Originally Posted by Howard
I feel sorry for Warren Buffet, what a dull life he has lived.
I've read his bios (particularly Lowenstein's), I don't think Buffett has any regrets. He's certainly able to meet more interesting people than I ever will.

I'm sure he was motivated by the money for his first million or so, but I doubt he keeps getting up in the morning for it. He's hardwired to do one thing very very well, although it tends to be to the exclusion of much of what many of the rest of us would regard as "living". But I don't think that most of us could fill a stadium when we feel like talking.

He's raised his kids and avoided any "Daddy Dearest" tell-all books, so I think he's successful even without his filthy lucre!

__________________
*
*

The book written on E-R.org, "The Military Guide to Financial Independence and Retirement", on sale now! For more info see "About Me" in my profile.
I don't spend much time here anymore, so please send me a PM. Thanks.
Nords is offline   Reply With Quote
Re: 16 years old, need advice on retirement investments.
Old 12-02-2005, 09:09 AM   #75
Thinks s/he gets paid by the post
retire@40's Avatar
 
Join Date: Feb 2004
Posts: 2,670
Re: 16 years old, need advice on retirement investments.

Quote:
Originally Posted by Howard
Life is for living, I cannot understand why one so young should be so fixated on gathering Material Wealth, to do what with.?

Oldest Son left for China at 21, 7 years later he has climbed the hills in Nepal, travelled up to Tibet, visited for months at a time, Thailand, Cambodia, Vietnam, Mynamar, backpacking all the way.

He lives with a Chinese Girl, speaks fluent Mandarin, graduated top of his class, but when he sits in his rocking chair, his memories will keep him warmer than stacks of paper.

I feel sorry for Warren Buffet, what a dull life he has lived.

Our generation rejected materialism, some where the train lost its tracks??
Interesting.* One person living a very humble life in the Orient with very little money.* Another person living a very humble life in the USA being the second richest person in the world.

It sounds like they are both doing what they want to do when they want to do it and how they want to do it.

I don't see much of a difference between the two.
__________________
No man is free who is not master of himself. --- Epictetus
Enjoy Yourself (It's Later Than You Think). --- Guy Lombardo
retire@40 is offline   Reply With Quote
Re: 16 years old, need advice on retirement investments.
Old 12-02-2005, 09:22 AM   #76
Thinks s/he gets paid by the post
SteveR's Avatar
 
Join Date: Jul 2005
Posts: 2,803
Re: 16 years old, need advice on retirement investments.

Quote:
Originally Posted by retire@40
Interesting.* One person living a very humble life in the Orient with very little money.* Another person living a very humble life in the USA being the second richest person in the world.

It sounds like they are both doing what they want to do when they want to do it and how they want to do it.

I don't see much of a difference between the two.
Seems to me that FI is all about doing what you want to do because you have the resources to do it without having to "work" at something you don't like.

If a 16 year old sees the "light" and wants to make a path to FI but working his tail off to get there then what is the problem? The point to be concerned about his having a "life" is once he gets to FI. If he cannot then enjoy the fruits of his labor and feels compelled to continue to drive himself for only financial gain, then I would say he has a problem. I doubt that Warren B. is unhappy. As has been said, he is doing what he wants to do.

Isn't that what FI is all about?

Working while being FI at something you love and want to do is not a JOB. It is a life passion and I only hope I find mine someday.
__________________
Work? I don't have time to work....I'm retired.
SteveR is offline   Reply With Quote
Re: 16 years old, need advice on retirement investments.
Old 12-02-2005, 04:06 PM   #77
Dryer sheet wannabe
 
Join Date: Nov 2005
Posts: 14
Re: 16 years old, need advice on retirement investments.

..First of all, what makes you, make an assumption that I have no life? I'm not a virgin, and have a good social life. It's not like I spend hours a day figuring out stuff, its just when I'm bored or want to be excited about my future. I am NOT doing it for material things. Many people make that assumption, but I really just want to get all this money to not have to worry about money. Kind of ironic but whatever. When I retire, I'm going to be getting a house in central america probably, and live my life in peace(and travel). I can still have a good life while working and living at home. Just because you live at home doesn't make your life suck.. I have all the freedom I want here at home, and soon will have a car. I have plenty of friends I hang out with and do the usual teenager stuff. I'm not some stereotypical "nerd" that some of you picture me as. I actually started thinking about early retirement when I started getting into 60's counter-culture movement and started having some beliefs like theirs, especially getting out of the "rat race". I simply want to retire early and have a lot of money so I can truly enjoy the second half of my life not having to work for money. Thanks for the posts.
__________________
If. is offline   Reply With Quote
Re: 16 years old, need advice on retirement investments.
Old 12-02-2005, 06:19 PM   #78
Thinks s/he gets paid by the post
SteveR's Avatar
 
Join Date: Jul 2005
Posts: 2,803
Re: 16 years old, need advice on retirement investments.

Quote:
Originally Posted by If.
..First of all, what makes you, make an assumption that I have no life? I am NOT doing it for material things. Many people make that assumption, but I really just want to get all this money to not have to worry about money. Kind of ironic but whatever. When I retire, I'm going to be getting a house in central america probably, and live my life in peace(and travel). I can still have a good life while working and living at home. Just because you live at home doesn't make your life suck.. I simply want to retire early and have a lot of money so I can truly enjoy the second half of my life not having to work for money. Thanks for the posts.
Read my post above. What part of it do you disagree with?

Advice is free for the taking or leaving. If you post on a public forum such as this you are putting yourself out there for people to take pot shots at what you say and for them to share their opinions (like I am doing now). You can't take all this personally. This is at best a two dimensional medium and a lot of things get lost in translation. Also, not seeing body language or facial expressions leaves one with only part of the message. Emoticons help but they are inadequate to get the full picture. People can also hide behind a false mask due to the anonymity of the internet.

Take everything said with a few grains of salt; learn what you can and leave the Bull S@it on the ground.
__________________
Work? I don't have time to work....I'm retired.
SteveR is offline   Reply With Quote
Re: 16 years old, need advice on retirement investments.
Old 12-02-2005, 06:34 PM   #79
 
Posts: n/a
Re: 16 years old, need advice on retirement investments.

My Young Friend , making love on a distant Beach when you are 20 is one hell of a lot differant than when you are 50.

The problem with youth is that so often it is wasted on the young, and what the hell does being a Virgin have to do with anything, is that some new rite of manhood.??

Enjoy your youth, do things that young people do, find a career you love, not one you have to endure.

I was a Senior Executive, International, I got to see the world, but when you travel with a Platinum AMEX at 50 it is very differant than when you backpack at 20.

My life was one long string of Westin Hotels, I still love that chain.

Life is what happens despite all your plans.
__________________
  Reply With Quote
Re: 16 years old, need advice on retirement investments.
Old 12-02-2005, 07:08 PM   #80
Moderator Emeritus
laurence's Avatar
 
Join Date: Feb 2005
Location: San Diego
Posts: 5,234
Re: 16 years old, need advice on retirement investments.

Isn't company travel great? My 1 year old daughter has already swam at Waikiki beach, and it only cost us DW's airfare.
__________________

__________________
laurence is offline   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
MOVED: Retirement Advice Nords Hi, I am... 0 03-18-2007 01:20 PM
Need Retirement Investment advice johnbb FIRE and Money 33 09-25-2006 10:53 AM
How people find us... asian carp?? dory36 Forum Admin 4 05-27-2005 01:07 PM

 

 
All times are GMT -6. The time now is 03:15 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.