mid-40s, risk averse, low-ish income, way behind you guys

[obgyn65]

I am sorry you feel that way. It is not a race. The most important, IMO, is to live a happy, healthy, and fulfilling life.

Many here are financially independent and/or have FIREd, but this is why we joined this board

.

You cite one the reasons I haven't posted here since my first post. Initially I thought I too had a decent retirement plan but it seems everyone one here has a net worth approaching seven figures. I've worked for 36 years years and have contributed to my 401k for over 30 of those years and don't have half of what they do. This place makes me feel mighty poor.

 

[Badger]

hello,

i've been going through the forums looking for a "where do i even begin?" faq. i thought i was doing pretty well compared to most Americans and vs. most of my friends, (Then you are already well on your way.) but you people seem to be doing amazingly well.

our house is paid off, worth $150-175k? (Now you don't have to worry about a place to sleep. Costs are limited to taxes and repairs and mortgage payments can now be invested for your retirement.) no debt, (Much better than the great majority of people in this country.) no kids, 13 year-old car, 3-yr expenses cash emergency fund @ ~1%, ( ) DW & i have work pensions that won't kick in for 10-20 years depending on if either of us quit now vs. reaching basic retirement in 10 years. (You might have a pension? Woo Hoo! ) have only around 80k in 401k/roth ira. got started late on all things financial. i plan to leave the job i'm sick of to start online business selling our collections as we're borderline hoarders and have put a lot of our money into them and don't want to be too tied to them. (Good plan! Watch a George Carlin youtube video on "Stuff") wife will continue to work and she makes more than me, so she'll be eligible for pension sooner than me.

if SS won't kick in until around 2035 if ever, pension for me not until 2033, 401k/ira not eligible for unpenalized withdrawals till 2027; what's your recommendation for a kind of account i can put money into that will not have too much risk, but at least be likely to keep up with inflation that we can withdraw from earlier that age 59.5?

i thought we could live pretty frugally, but again, you guys seem like superheroes of saving/earning. (Sounds to me like you are off to a good start and have a good attitude to be a superhero too. The folks here are helpful with good suggestions. We have all been fortunate to find this forum. I know I was.) of course i worry about health insurance costs when we leave our jobs as health insurance is already our biggest annual expense even though we're fairly healthy.

i've read what feels like quite a few personal finance books: Your Money or Your Life, Tyson's Personal Finance for Dummies, Tobias' Only Investment Guide You'll Ever Need, Millionaire Next Door, Rich Dad Poor Dad, etc., but investing still feels Greek to me. (A lot is still Greek to me too but that didn't stop me from becoming FI and retiring a few years early) i wish things were as simple as in the original edition of YMoYL. i would appreciate any advice and links you might suggest. my parents were really bad with money so i felt like i had no context for this.

thanks and take care

For being in your mid 40's it sounds like you have a good start on a plan and time to make it work. I didn't see the light until about the same age too. Good to see you here.

Cheers!

 

[eytonxav]

Its a natural inclination to want to compare ourselves to others, but I would resist that urge and just focus on doing your best to be frugal, while socking away what you can and living a happy life.

In my mind you are already a winner just by your presence here!

 

[Midpack]

Cool, I'm in the bottom 6%.

I suspect the chart of annual spending of ER.org members isn't much different than a chart of annual income of the general population with the largest group in the $25-$50K/yr range.

 

[Milton]

I work with a lot of high net worth individuals, and I rarely find one who is happy and pleasant to be around.

I think it depends on the individual, and that it is inaccurate to stereotype or generalize; much the same as it would be to see most poor people as lazy or stupid (some are, some aren't).

FWIW, while I don't have any billionaire friends I do know more than a few people whose stock holdings are a matter of public record and whose net worth is in the mid-eight figures ... and they are pleasant and unassuming company.

If you have your health, family, friends, and hobbies you enjoy, you are already much richer than many ... Money is just a small part of life, not the main goal.

I certainly agree with those sentiments.