Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Never dreamed
Old 04-15-2021, 11:24 AM   #1
Dryer sheet aficionado
 
Join Date: Nov 2014
Posts: 38
Never dreamed

A poor manís journey:

I opened my first savings account when I was nine and was working a paper route so Iíve pretty much always been a saver.



When I first started saving and investing I never dreamed I would reach this milestone.
A common factory laborer putting away whatever extra money was available, my goal was to have a little saved to supplement my retirement, realistically thinking I could have $200,000 saved by the time I could stop working and thinking $300,000 was lofty wishful thinking.
A paltry sum to many of the people here but the reality to a lot of the working class folks.
As things worked out, the day before my 65th birthday I reached the 1 million dollar mark.
Three years into retirement we continue to live comfortably on the pension and social security funds but it sure feels good to have something to fall back on and makes all the scrimping and saving over the years worth while.
Alderman 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!

Old 04-15-2021, 11:26 AM   #2
Thinks s/he gets paid by the post
 
Join Date: Dec 2014
Location: Huntsville, AL/Helen, GA
Posts: 4,780
Congratulations on meeting your milestone. It just shows you that time and compounding are certainly our allies in working toward retirement.

You're a testament to conservative living.
Bamaman is offline   Reply With Quote
Old 04-15-2021, 11:31 AM   #3
Full time employment: Posting here.
 
Join Date: Aug 2012
Posts: 620
Quote:
Originally Posted by Alderman View Post
A poor manís journey:

I opened my first savings account when I was nine and was working a paper route so Iíve pretty much always been a saver.



When I first started saving and investing I never dreamed I would reach this milestone.
A common factory laborer putting away whatever extra money was available, my goal was to have a little saved to supplement my retirement, realistically thinking I could have $200,000 saved by the time I could stop working and thinking $300,000 was lofty wishful thinking.
A paltry sum to many of the folks here but the reality to a lot of the working class folks.
As things worked out, the day before my 65th birthday I reached the 1 million dollar mark.
Three years into retirement we continue to live comfortably on the pension and social security funds but it sure feels good to have something to fall back on and makes all the scrimping and saving over the years worth while.

Way to go!
finnski1 is offline   Reply With Quote
Old 04-15-2021, 11:35 AM   #4
Recycles dryer sheets
mistermike40's Avatar
 
Join Date: Aug 2014
Posts: 233
Nice, congrats!
__________________
ďIt's a terrible thing, I think, in life to wait until you're ready. I have this feeling now that actually no one is ever ready to do anything. There is almost no such thing as ready. There is only now. And you may as well do it now. Generally speaking, now is as good a time as any - Hugh Laurie
mistermike40 is offline   Reply With Quote
Old 04-15-2021, 11:37 AM   #5
Recycles dryer sheets
latexman's Avatar
 
Join Date: Mar 2014
Location: Apex
Posts: 462
A pension, SS, and $1,000,000 nest egg. That's brilliant!
latexman is online now   Reply With Quote
Old 04-15-2021, 11:41 AM   #6
Recycles dryer sheets
 
Join Date: May 2017
Posts: 68
Congratulations. Most people would kill to be in your position.
Digger1000 is offline   Reply With Quote
Old 04-15-2021, 11:42 AM   #7
Recycles dryer sheets
Go-NoGo's Avatar
 
Join Date: Oct 2016
Posts: 319
Well done..
Shows what saving and investing, LBYM and setting goals can do.
Congratulations !
Go-NoGo is offline   Reply With Quote
Old 04-15-2021, 11:43 AM   #8
Thinks s/he gets paid by the post
flintnational's Avatar
 
Join Date: Mar 2008
Location: Atlanta Suburb
Posts: 1,461
Alderman, well done. Congrats. My DD is about to graduate college and I am planning to have the "savings" talk with her. I printed your post to inspire her. Excellent! Thank you.
__________________
"Oh, twice as much ain't twice as good
And can't sustain like one half could
It's wanting more that's gonna send me to my knees" - John Mayer
flintnational is offline   Reply With Quote
Old 04-15-2021, 11:49 AM   #9
Thinks s/he gets paid by the post
street's Avatar
 
Join Date: Nov 2016
Posts: 4,430
I'm very happy for your success. The power of saving early and time is a formula for success.
Enjoy your time doing what you want too.
street is online now   Reply With Quote
Old 04-15-2021, 11:49 AM   #10
Recycles dryer sheets
Vincenzo Corleone's Avatar
 
Join Date: Jul 2005
Posts: 390
Well done, Alderman. You're better off than 90% of households in the US. Enjoy your retirement!
__________________
I left the workforce in December of 2017. My wife still works.
Vincenzo Corleone is offline   Reply With Quote
Old 04-15-2021, 11:57 AM   #11
Recycles dryer sheets
 
Join Date: Feb 2021
Posts: 402
Great story. It's such an important message. It's not how much you earn; it's how much you keep that matters.


With a pension and SS that covers your needs and $1M in the bank, you're golden. Enjoy yourself.
disneysteve is offline   Reply With Quote
Old 04-15-2021, 01:13 PM   #12
Thinks s/he gets paid by the post
Out-to-Lunch's Avatar
 
Join Date: Jan 2020
Location: Milwaukee
Posts: 1,150
Thanks for sharing your heartening story. And congrats.
__________________
The closing years of life are like the end of a masquerade party, when the masks are dropped. -Arthur Schopenhauer, philosopher (1788-1860)
Out-to-Lunch is offline   Reply With Quote
Old 04-15-2021, 01:14 PM   #13
Dryer sheet wannabe
 
Join Date: Jan 2014
Location: New Orleans
Posts: 21
Awesome job.. !! I'm close to same boat but without the pension ,, save,save,save
Enjoy your retirement.. You earned it !
wdwwildbill is offline   Reply With Quote
Old 04-15-2021, 01:22 PM   #14
Recycles dryer sheets
 
Join Date: Dec 2007
Posts: 240
OP, thanks for sharing your great story. This is wonderful for folks out there that don't think they have a shot of making it to FI. Personally, DW and I were wishing of much lower numbers than we were able to achieve. It is a great feeling.
ut2sua is offline   Reply With Quote
Never dreamed
Old 04-15-2021, 01:24 PM   #15
Dryer sheet aficionado
 
Join Date: Nov 2014
Posts: 38
Never dreamed

Quote:
Originally Posted by wdwwildbill View Post
Awesome job.. !! I'm close to same boat but without the pension ,, save,save,save
Enjoy your retirement.. You earned it !

Unions, love or hate but when I first went to work at the factory, truck drivers with their union were making considerably more money than what the factory was paying.
For quite some time our union was able to get us 100% paid insurance, 10+ percent annual raises, and 7 weeks annual paid vacation after 20 years of service. Also a pension while not a great one, but better than nothing.
Now the unions are weak and new hires for the past several years wonít get a pension, pay big copayments for less insurance coverage, work for 70% of the wages of those hired before, and a big reduction in vacation time.
Gotta believe this will make the journey a lot harder for many.
Alderman is offline   Reply With Quote
Old 04-15-2021, 01:46 PM   #16
Dryer sheet aficionado
 
Join Date: Feb 2020
Posts: 37
Quote:
Originally Posted by Alderman View Post
As things worked out, the day before my 65th birthday I reached the 1 million dollar mark.
Three years into retirement we continue to live comfortably on the pension and social security funds but it sure feels good to have something to fall back on and makes all the scrimping and saving over the years worth while.
Wow, that's really great! You and your wife should be so proud!

I have a daughter who will be 18 next month. Got her into putting some of her earnings into a mutual fund (taxable) and Roth IRA a few years ago. She already has $14K saved up, $3K just from appreciation. Her boyfriend comes from a blue collar type family with zero knowledge of investments/IRAs. He's eager to learn how to put away some of his earnings similar to my daughter. The tough part will be to not get worried when there's a downturn at some point in the future. That is, to ride out and continue investing.
bbqcoder is offline   Reply With Quote
Old 04-15-2021, 01:49 PM   #17
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Jan 2018
Location: Tampa
Posts: 7,975
Great results and it just goes to show that not everyone needs to be in a high paying white collar job to be able to enjoy retirement from a financial perspective.
__________________
TGIM
Dtail is offline   Reply With Quote
Old 04-15-2021, 01:51 PM   #18
Recycles dryer sheets
 
Join Date: Feb 2021
Posts: 402
Quote:
Originally Posted by bbqcoder View Post
Wow, that's really great! You and your wife should be so proud!

I have a daughter who will be 18 next month. Got her into putting some of her earnings into a mutual fund (taxable) and Roth IRA a few years ago. She already has $14K saved up, $3K just from appreciation.
When my daughter was 16 or 17, I "forced" her to report her babysitting earnings so that she could then open a Roth. She contributed for a couple of years and then stopped for the 4 years she was in college. She started again when she started working and continues to put at least 15% in. She's 25 now and I think has about 20K in there already, maybe more.


The most important part of any investment plan is starting one and sticking with it. Compounding is a miraculous thing.
disneysteve is offline   Reply With Quote
Old 04-15-2021, 01:58 PM   #19
Thinks s/he gets paid by the post
Dash man's Avatar
 
Join Date: Mar 2013
Location: Limerick
Posts: 3,190
Well done! You took the first step at a young age and kept on going! Very similar to my former father-in-law. Living the dream!
Dash man is online now   Reply With Quote
Old 04-15-2021, 02:16 PM   #20
Dryer sheet aficionado
 
Join Date: Feb 2020
Posts: 37
Quote:
Originally Posted by disneysteve View Post
When my daughter was 16 or 17, I "forced" her to report her babysitting earnings so that she could then open a Roth. She contributed for a couple of years and then stopped for the 4 years she was in college. She started again when she started working and continues to put at least 15% in. She's 25 now and I think has about 20K in there already, maybe more.
That's awesome! I was nagging my oldest daughter (college junior) to transfer money from her savings to her investment account for multiple weeks. She finally did it a few weeks ago so we can put it into her Roth IRA. The next step is for her to pay closer attention which probably won't happen until she's out of school.
bbqcoder 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
Never Complain - Never Explain! MRGALT2U Other topics 1 10-30-2005 06:52 AM
Book report: "The Way We Never Were" Nords Other topics 9 05-17-2005 09:57 AM
Frugal living: It never hurts to ask... soupcxan FIRE and Money 21 05-14-2005 01:05 PM
"Never use dryer sheets again" Nords Life after FIRE 4 10-08-2004 04:25 PM
Never Pay Full Price For Furniture.... Tommy_Dolitte Young Dreamers 2 09-29-2004 11:48 PM

» Quick Links

 
All times are GMT -6. The time now is 08:49 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2021, vBulletin Solutions, Inc.