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Old 11-13-2020, 05:05 PM   #41
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Yes, this is where I come to discuss financial things. DH gets squirmy and itchy when I talk money so I limit the conversation to the basic essentials.

I have learned more here than anywhere else about money topics and a lot of other things too!
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Old 11-14-2020, 09:46 PM   #42
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Originally Posted by jollystomper View Post
Several times folks asked my opinion, but were not happy with my response - they were hoping for an "instant magic wand" vs. the "patient long term approach".
I've had the same experience. I try to encourage the younger folks in my company to start saving early. They usually give me the deer in the headlights look. But, hopefully some financial knowledge I share with them will sink in.
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Old 11-15-2020, 01:46 AM   #43
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Although I never practiced as an engineer, I have a degree in Engineering so I do think like one. Most the engineers I talk with get too down in the weeds for my liking. They focus on getting .01% more return rather than just saving more of their paycheck...and it drives me crazy so I don't talk to them any more about it lol.

They will start a long talk about how they got a new credit card that gives them cash back and how this is going to allow them to retire sooner...when actually they try to spend MORE to get more points on their card!

Maybe start an investing club? Or offer to teach a class on basic budgeting at the local community college? Or offer your financial acumen at a non-profit to help people?
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Old 11-15-2020, 07:47 AM   #44
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I would try to reconnect with my old engineering colleagues if I were in OP’s position. I had more informative conversations with engineering colleagues before I transferred to a sales oriented group. The sales guys were more focused on hot stocks. The engineers just love to discuss, debate, and argue. I just learned that many of those engineers are having a years long email battle over the merits of helical gearing.

Besides this group I have one former colleague that I can talk to about finances. We’ve never shared AUM, though.
This.

A group of us were doing lunch every week or so until Covid blew it up.

In parallel, we have a little on-line forum that someone put together during one of Megacorp's layoffs. Most have joined there, and a slew of new folks joined in subsequent layoffs. We also have some still employed at MC who contribute, which is nice. We just have to keep the MC bashing out of the discussion to be respectful.
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Old 11-15-2020, 07:53 AM   #45
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Although I never practiced as an engineer, I have a degree in Engineering so I do think like one. Most the engineers I talk with get too down in the weeds for my liking. They focus on getting .01% more return rather than just saving more of their paycheck...and it drives me crazy so I don't talk to them any more about it lol.
I've never seen discussions here getting into the weeds on the .01% gain.

You are right, but I have to admit some of is helpful. In our on-line group, we mostly don't talk specific numbers unless someone spouts it out. As for getting into the weeds, some folks thought IRMAA numbers were weeds, but we managed to wake up a few folks who were planning on doing Bad Things regarding income lumps at age 63. To them it seemed like weeds, until we had a wide discussion. Then unfortunately a bunch of other folks found out they were going to be hit by IRMAA simply by their layoff this year. In these cases, we offer a shoulder to cry on. I had to hold my jealousy down because I left without a payout.

I guess everyone's definition of a weed is different. I find the discussions of credit card reward rotation a weed. Others find gold.
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Old 11-15-2020, 08:30 AM   #46
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I do have friends who I can talk finances with so can't help the OP there, but I would ask if the OP has children? I started talking about finances to my kids when they were in high school and I shared books with them - Millionaire Next Door, Dave Ramsey and a couple others. My DD took more interest than DS, but it was all enjoyable. Now they both have families and I can still talk about finances with them.
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Old 11-15-2020, 08:49 AM   #47
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Lifelong engineer here too. So many on this site!! I miss the engineering discussions in general. We had all types in our group, and personal finance particulars were seldom discussed. But strategies, types of savings, retirement income etc was. Engineers were in NO way in general good financially for the exact same reasons already listed. Sadly, I was viewed as the go to guy for that kind of advice in how things worked. This place is the best resource I’ve found.
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Old 11-15-2020, 09:45 AM   #48
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This forum and Bogleheads for me.

I meet periodically with 8 or so other retired military officers via Zoom. We all retired after 20-30 years in uniform and 5-20 in private industry. I have off-line email discussions with 2 of them on financial matters. One is a Boglehead like me; the other is a recreational stock-picker.

I’ve tried on a couple occasions to start financial conversations during our Zoom sessions. Once I asked if anyone was doing t-IRA to Roth conversions and just got a bunch of blank stares. More recently, one guy mentioned he had just reached FRA and would be starting SS. He had no idea if or at what level SS is taxed. So I would love to have the occasional group financial discussion with these guys but interest level appears very low or non-existent.
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Old 11-15-2020, 12:06 PM   #49
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There have been very few people with whom I can discuss finances (in person) - even in a general fashion. That is something which I would have enjoyed.

Overall, my co-workers (both at this and the last place I worked) have not been interested; and have not been informed. This included the partners/ administrators of the "retirement accounts a/k/a 401(k)s".

I have always had somewhat of an interest; but only a basic understanding, i.e. don't spend more money than you earn; save first . . . There was an early venture into stock (fortunately limited, which did not work out well) and I did not understand/ know about funds. I started watching Luis Reykeyser (sp?) which I found fascinating; and read a book by Peter Lynch. Slowly began reading about fund related expenses on Vanguard (which interested precisely nobody I ever spoke with but me), and then began to monitor this web site and bogleheads. Learned more from this site than anywhere else (AA, SORR, Tax implications, conversions and implications, Gumby's Important Questions and Trigger Income levels, etc. ).
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Old 11-15-2020, 12:45 PM   #50
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Add me to the retired engineer type who had general discussions on finance at work. Never down to particular $$$, but definitely strategies, goals, individual stocks. I tended to promote the idea of lowest expense ratio index funds in our 401k and couch potato type investing. Others were taking flyers on whatever IPO was hot that quarter. (I have a track record that proves I am a lousy stock picker, so I stick to indexes.) But we also talked about the ACA and retirement before 65, and 529s, and long term health insurance.

I guess I got a reputation... I've been retired from this group for 6 years and have gotten 2 calls in the last 3 weeks from former coworker friends asking my opinion on financial matters. One about how to qualify for ACA tax credits (my advise was to max out the HSA to get the income in the range). The other was about lump sum vs pension annuity for our small pensions. No idea if either friend followed my advise - but I felt a bit flattered they valued my opinion enough to call me and ask for it.

Now I talk finances with my sons. Enough that my younger son told his girlfriend to start a roth when she starts her new job this week. At 16 she'd never heard of a Roth.
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Old 11-15-2020, 02:24 PM   #51
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Although I never practiced as an engineer, I have a degree in Engineering so I do think like one.
You never worked as an engineer, so no, you don't get to say that you "think like one". If only because the shallow stereotype of "thinks like an engineer" is meaningless and kinda insulting.

Case in point: I am almost 35 years into my engineering career. I've met with many financial planners over the years, looking for a good fit. The conversation always goes like this:

FP: Our proprietary approach will analyze your situation in detail and guarantee your success.

Me: I don't want to waste your time. I know my non-discretionary expenses are X and my wish-list expenses are Y and my investments are currently worth A and they produce income of about B and I'd like to retire at age C. Let's talk about thought processes and look for areas that I need to address.

FP: First you need to fill out our Free Financial Analysis so we can run our Proprietary Software.

Me: (sigh) OK, here are all my spreadsheets that support the high-level numbers I just quoted to you. Can't we have a high-level conversation?

FP: Oh, you're an engineer.

Me: Good bye.

Quote:
Most the engineers I talk with get too down in the weeds for my liking. They focus on getting .01% more return rather than just saving more of their paycheck
That's not a sign of an 'engineer'. Actually that's a poor engineer, but it might also be a poor teacher or doctor or any other occupation. Anyone can fill out a spreadsheet and obsess to the third decimal point. But it's the good engineer (financial planner, doctor, etc.) who can 'eyeball' a set of numbers and know the approximations and rules-of-thumb to apply.

Generally I find that people who criticize 'engineers' are people who are unable/unwilling to apply basic math to the problems of everyday life. They just want answers to questions but don't want to "show your work" to know where the answer came from.
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Old 11-15-2020, 02:51 PM   #52
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I know that feeling. I just found this wonderful forum for me to share my interest in investing. Besides this forum, I have a short list of close friends whom I talk to regularly (visiting coffee shop) and discuss individual stocks we have invested in. It keeps things interesting. Info sharing is the best.
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Old 11-15-2020, 03:57 PM   #53
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It is not uncommon at all to find graduate engineers that spent little time in actual engineering. I was a working engineer for 40 years. I just had a Zoom call with 24 frat brothers, all graduated engineers. Only 7 of us were actual engineers form our entire careers. Even though every single one us were more successful than we ever thought we would be in college, only one of the lifetime engineers had a net worth over $10MM. The others with similar NWs all moved to management or started their own companies. The rest of us engineers are in the 1-3M range. Being an engineer does not mean diddly when it comes to financial prowess.
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Old 11-15-2020, 05:32 PM   #54
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It is not uncommon at all to find graduate engineers that spent little time in actual engineering. I was a working engineer for 40 years. I just had a Zoom call with 24 frat brothers, all graduated engineers. Only 7 of us were actual engineers form our entire careers. Even though every single one us were more successful than we ever thought we would be in college, only one of the lifetime engineers had a net worth over $10MM. The others with similar NWs all moved to management or started their own companies. The rest of us engineers are in the 1-3M range. Being an engineer does not mean diddly when it comes to financial prowess.
I saw that in most disciplines at my megacorp. Most of us gravitated to other c*reer paths, assignments and disciplines. But, back to engineering for a moment. In my discipline, as a group, the engineers started at higher salaries, advanced more quickly and reached higher levels. I recall thinking in my university study group (and later when interacting at megacorp) that the engineers (I was not one) were smarter than others. I never aspired to engineering and don't regret my choices. I just noticed the differences. Now, whether there were discernible differences in NW, I have no idea. NW is typically more dependent on what you spend than on what you make as we have talked about here many, many times. So, YMMV.
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Old 11-15-2020, 07:56 PM   #55
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I’ve also enjoyed the comments/discussions over at seekingalpha.com.
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Old 11-16-2020, 07:21 PM   #56
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I’ve also enjoyed the comments/discussions over at seekingalpha.com.


Do you subscribe? Almost everything is behind the paywall in the latest iteration of SA, especially the comments so they recognize the value of the comments/dialogue. I can’t justify $30/ mo.
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Old 11-16-2020, 07:22 PM   #57
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I guess I also really enjoy several podcasts and radio talk shows to satisfy my Desire for financial conversation.
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Old 11-17-2020, 01:34 AM   #58
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Whoa! I think the next question should be, “what’s the percentage of engineers on ER??”
Seems to be a great correlation going....
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Old 11-17-2020, 04:05 AM   #59
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SOME black helicopters are real. Homeland Security flies them over my house at low level all the time. ( I live close to the border with Canadistan.)
They are real! We occasionally see one here too (other border), but they are usually dark brown or blue and white. Get plenty of low flying ones too.
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Old 11-17-2020, 05:19 AM   #60
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Whoa! I think the next question should be, “what’s the percentage of engineers on ER??”

Seems to be a great correlation going....


Maybe ER really means Engineers Retired?
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