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Old 01-03-2021, 02:07 PM   #21
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Journalists making up stories? I am shocked. Shocked!

The article reminds of me a former neighbor who was going to retire as soon as he inherited his Uncle's collection of gold coins worth about $50,000 (back in 1990's). His uncle had promised the coins to him years ago so he had no reason to invest or save money. Lucky him.
I went to a private high school, and sadly this mentality is one that is shared by a subset of those I went to school with in the 70s and 80s. I'd say a third to a half went and made something of themselves, and hopefully have saved and prepared for their eventual retirement.

Another percentage, maybe 25%, went to college, then into their family business. I guess in a way they got their inheritance early, though many worked hard and earned what they got by building the company into something better than it was.

Then there was the final group who seemed to know in the back of their minds that they would eventually inherit wealth (similar to your guy who did no planning because he was told he would inherit a gold coins collection). This group maybe went to college, but never really did anything of consequence. They lived like they had good paying jobs, but that was more from the trust funds they were given. Many of these never made anything of themselves, nor did they have any reason to try, as they counted on their inheritance. Very sad.
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Old 01-03-2021, 02:36 PM   #22
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DW and I were just discussing what we might leave to our kids someday, in the context of spending more money on ourselves (new car for her, home improvements, etc...). We definitely want to put things into trusts tied to milestones and age targets.

The article clearly sounds like click bait, kinda like a sitcom where the main characters are so stupid that they make the viewer feel smart (i.e., I'm not as financially stupid as THAT couple).
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Old 01-03-2021, 02:50 PM   #23
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Good for another thread here, so no harm....
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Old 01-03-2021, 02:52 PM   #24
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Brutal. Beyond the debt-to-savings ratio being rather poor, the following confuses me:

Our income is as follows:
$152,200 — Max 401(k) contribution of $26,000 with 3% employer + 25 cents per dollar

Our savings combined:
$20,000 in the 401(k) (plus employer contributions)

How can someone with so much income and 401(k) contribution have so little 401(k) savings? Are they cashing out the 401(k) to make purchases, along with the increased debt?
Yeah, seems the question is more from a troll or the writer is just making up facts to write a story. The whole thing just doesn't add up to be sincere question.
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Old 01-03-2021, 03:04 PM   #25
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I quit checking Marketwatch when they went to a partial paywall recently. A lot of the actually useful articles are blocked behind beg-ware placards, but they still serve up tripe like this for free.
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Old 01-03-2021, 03:11 PM   #26
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I quit checking Marketwatch when they went to a partial paywall recently. A lot of the actually useful articles are blocked behind beg-ware placards, but they still serve up tripe like this for free.
You can still read the articles using a private/incognito window in your browser.
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Old 01-03-2021, 03:51 PM   #27
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I'm not convinced that any of these questions in Marketwatch are from actual people. I think the author just makes them up to set up her column.
+1

Clickbait
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Old 01-03-2021, 03:59 PM   #28
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Why would Marketwatch fabricate an article that makes them look like buffoons?


Clickbait.
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Old 01-03-2021, 04:15 PM   #29
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Huh. I went back to reread and got paywalled. Does MW actually expect to get paid for this content?


Obviously not enough info but anyone can dream, right?

Sell the house and live on the boat. I’m SURE that’s why she said it was a major plus!Assuming 50% home equity and they actually save additional 50k, that gives them ~500k in savings to generate 40k with 4% SWR. Throw in 50k for 2 SS payments and they’re right at 50% of current income she said they need. Of course they’re too far from FRA for this to work so.....never mind.
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Old 01-03-2021, 04:18 PM   #30
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Oddly enough we just bought a new car for cash. The salesman insisted on running a finance option. Our credit is top notch and the rate they used was around 7% didn't seem to matter how much down or term either.
I just assisted someone with a new car purchase, it was financed for 60 months and the rate was 2.9%.
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Old 01-03-2021, 04:21 PM   #31
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I just assisted someone with a new car purchase, it was financed for 60 months and the rate was 2.9%.

Yeah 7% seems way out of whack especially with excellent credit.
New Subaru's can be had right now for 0% for 63 months
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Old 01-03-2021, 05:03 PM   #32
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Like letters in advice columns, I think this stuff has always sold because it makes regular people feel superior.
"Hey, at least I'm smarter than that guy!"
"Can you believe those people?"
"Boy, if she tried that one on me, she'd've gotten the surprise of her life!"

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I hadn't seen this one, but I have noticed that the questions on Marketwatch are becoming more like a Jerry Springer show of finance, with more and more outrageous questions from increasingly selfish and clueless people. I guess that gets the most clicks, but makes the whole thing irrelevant to normal folks.
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Old 01-03-2021, 07:13 PM   #33
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That boat is a real plus if they can live on it (and sell all other assets)!
Yeah, we need to know what's the home's value?

At, say, $350k they have a lot fewer options than if it's worth $1,350k.
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Old 01-03-2021, 07:19 PM   #34
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They seem like a candidate for a Dave Ramsey program. Oh, and clickbait, I think all the articles on personal finance from CNBC, market watch, etc. are just to get eyeballs on the ads.
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Old 01-03-2021, 07:33 PM   #35
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delusional? absolutely.
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Old 01-04-2021, 01:15 AM   #36
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I w*rked with some folks who would have thought these folks were in "pretty good shape" to retire. I've mentioned BFF who at 77 is $500K (net) in debt. He actually lives pretty well. He's learned to get the credit he needs to keep his life-style going. I suppose if the credit holders are willing to lend, then it's on THEM. YMMV
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Old 01-04-2021, 05:22 AM   #37
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No problem. Just get that spending down to about $7000/yr. Piece of cake.
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Old 01-04-2021, 07:51 AM   #38
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I w*rked with some folks who would have thought these folks were in "pretty good shape" to retire. I've mentioned BFF who at 77 is $500K (net) in debt. He actually lives pretty well. He's learned to get the credit he needs to keep his life-style going. I suppose if the credit holders are willing to lend, then it's on THEM. YMMV
I know a few people who spend every penny they earn, have large credit card debt, expensive car leases, one couple just re-financed for a 30-year mortgage in their late 50's...and they don't care. They just buy what they want when they want an seem to be enjoying life.
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Old 01-04-2021, 07:57 AM   #39
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Old 01-04-2021, 09:10 AM   #40
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That's delusional alright. And now on the other side of crazy town, here's a guy with $5 million asking if he can retire. https://www.bogleheads.org/forum/vie...p?f=2&t=283714
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