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Old 03-31-2014, 05:44 PM   #21
Recycles dryer sheets
Join Date: Mar 2014
Location: Islands
Posts: 353

You are off to a good start. . .just thinking about saving at your age puts you ahead of most!

My thoughts:
1- live below your means
2- avoid debt unless for a house or education and even then be cautious
3- save, save, save
4 -agree with not watching it daily. easy to not bother you with 10-20k in the market but wait until you have 1 million+. . .those swings can be tough!
5- this site has TONS of great info...I'm pretty new here and have learned a lot

Good luck!

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Old 03-31-2014, 06:40 PM   #22
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ShortInSeattle's Avatar
Join Date: Jan 2012
Location: Seattle
Posts: 517
Hey! We started investing at 19 and should be comfortably retired by 45. Compound interest is a miracle and you're young enough to participate in it. Kudos!

My best advice for you is to start socking away a nice chunk of your income in boring index funds (15% minimum - rachet it up as you get promotions and raises), marry someone with good values, kick ass at a career you are interested in, and go out and enjoy your life.

If you can stay away from car loans, accidental children, crazy spouses, and conspicuous consumption, you'll do just fine.


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Old 03-31-2014, 06:48 PM   #23
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Join Date: Nov 2010
Location: Vermont & Sarasota, FL
Posts: 17,864
One story on the importance of enjoying life. Uncle lived like a pauper despite earning good money and saved like crazy and retired at 55. and unfortunately dropped dead of a heart attack about a year later.

Life is too short - enjoy it. But it could also be long - so save for the future. A delicate balancing act.
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...60/35/5 AA
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Old 04-18-2014, 10:46 PM   #24
Confused about dryer sheets
Join Date: Feb 2013
Posts: 3
Originally Posted by FinanceDude View Post
Please elaborate.........I always am willing to learn something new...........
The mad fientist explains it well.

The way I understand it is:

1. Put money in Traditional IRA or Traditional 401K.
2. Retire and have no income.
3. Roll 401K to tIRA.
4. Convert tIRA to Roth IRA
5. Take converted money out of Roth IRA after 5 years

A single person has a standard deduction of $6,200 and an exemption of $3,950 so they can have $10,150 of income and have $0 in taxes. The next $9,075 is taxed at 10%. If you have no income, you can convert $10,000 of a tIRA to a Roth IRA every year and not pay any taxes. Double that for a married couple. You can take conversions out of a Roth after 5 years at no penalty and no age restrictions.

So if you retire and live off taxable investments for 5 years while slowly coverting money in a tIRA to a Roth IRA, you will be able to take $10,000 out of your Roth IRA every year that had never been taxed. Double that amount for married couples.

A least that's how I understand it.

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