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What’s the most valuable knowledge you’ve learned from ER Forum?
07-08-2020, 06:28 AM
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#1
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Thinks s/he gets paid by the post
Join Date: Nov 2013
Location: Twin Cities
Posts: 3,927
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What’s the most valuable knowledge you’ve learned from ER Forum?
I wish I could credit the member but I think perhaps the most useful nugget I’ve gained here, or at least the foremost in my mind, is The Rule of 55. I was struggling with work a few years ago but assumed I’d be still going at it until age 59.5. Someone posted that they were able to tap their workplace retirement plans penalty-free after they quit, because they were in or after the year in which they turned 55. I checked into my 403b’s rules and for DW’s TSP rules and, voila, we both semi-retired at 54. It’s hard to place a value on knowing that loophole.
What have you learned here that is life changing or at least darned helpful for your FIRE plans?
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07-08-2020, 06:30 AM
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#2
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Administrator
Join Date: Jan 2008
Location: Chicagoland
Posts: 40,583
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Numbers is hard.
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07-08-2020, 06:38 AM
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#3
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2002
Location: Texas: No Country for Old Men
Posts: 50,003
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Quote:
Originally Posted by MichaelB
Numbers is hard.
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They sure is.
__________________
Numbers is hard
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07-08-2020, 07:02 AM
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#4
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Recycles dryer sheets
Join Date: Mar 2017
Location: Mid Town
Posts: 119
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Expenses - know your expenses
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07-08-2020, 07:17 AM
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#5
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Moderator
Join Date: Nov 2015
Posts: 13,879
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That there are no firm rules. No absolutes. You can do this, you don't have to be an expert. It's really hard to go wrong if you don't try too hard to be perfect. There's not much difference between 70/30 and 60/40 and even if you don't know what that means you can still start today. You don't have to thread the needle to score a financial touchdown. You don't need to study the market for years to do well with index funds. There's no mystery, it's mostly down to basics.
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07-08-2020, 07:42 AM
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#6
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Thinks s/he gets paid by the post
Join Date: Feb 2014
Location: South central PA
Posts: 3,469
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1. That early retirement is not unusual and that we don’t have to stay on the work hamster wheel for validation.
2. Every post from imoldernu. I miss him.
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07-08-2020, 07:55 AM
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#7
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Thinks s/he gets paid by the post
Join Date: Sep 2013
Location: Cincinnati, OH
Posts: 4,353
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Asset Allocation. In working/saving days I was 100% equities, but from knowledge on this site I came around to having an AA target of 70/30.
__________________
The problem isn't artificial intelligence, it's natural stupidity.
You can't spend yourself to prosperity.
Semi-Retired 7/1/16: working part-time (60%) for now [4/24/17 changed to 80%]
Retired Aug 2, 2017; age 53
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07-08-2020, 08:07 AM
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#8
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Recycles dryer sheets
Join Date: Dec 2006
Posts: 227
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What I learned was “what a blunder I’d made in 2006 when I allowed an Ameriprise financial advisor to sell me an a Variable Annuity inside my 403b account”. With the help & encouragement from Mickeyd, Brewer12345, 2B & others I was able to unwind the sale, ditch my Ameriprise connection, & run my $$ to Vanguard.
I am forever grateful to this forum for all that I’ve learned & in particular the 3 mentioned above who saved me from a very costly error.
__________________
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Every step of the journey is the journey.
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07-08-2020, 08:19 AM
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#9
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Aug 2011
Location: West of the Mississippi
Posts: 17,169
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I am not alone. I am not a crackpot because I don't have a timeshare, motorhome, boat and well stocked wet bar all paid for with borrowed money. It's OK not to work.
__________________
Comparison is the thief of joy
The worst decisions are usually made in times of anger and impatience.
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07-08-2020, 08:37 AM
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#10
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Thinks s/he gets paid by the post
Join Date: Jan 2017
Location: Des Moines
Posts: 1,375
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That there are many answers to each question and to open up my thinking.
__________________
Retired in 2013 and we are living the dream!
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07-08-2020, 08:43 AM
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#11
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Thinks s/he gets paid by the post
Join Date: Aug 2017
Location: Champaign
Posts: 4,689
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This forum offers a lot more than investing and ER advice. And the moderators do a great job keeping it civil.
__________________
"Do not go where the path may lead, go instead where there is no path and leave a trail."
Ralph Waldo Emerson
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07-08-2020, 08:44 AM
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#12
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Thinks s/he gets paid by the post
Join Date: Feb 2012
Posts: 1,499
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Psssssst, Wellesley.
And don’t sat the other “W” word that starts with WH when the markets are flyin’ high.
__________________
Chief Retirement Strategist
The AR Group
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07-08-2020, 08:45 AM
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#13
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Moderator Emeritus
Join Date: Aug 2007
Location: Northern Illinois
Posts: 16,543
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Withdrawal rate
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07-08-2020, 08:46 AM
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#14
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Apr 2015
Posts: 5,800
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Don't know who said it, "wanting more is easy, recognizing you have enough is hard"
Loved the ongoing frugal post from imoldernu--so much wisdom!
Folks sharing book titles and recommendations to read
I learn something new every day here on ER forum, thank you all!!
__________________
Give a Man a fish, he will eat for a day.
Teach a Man to fish, he will eat for a lifetime.
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07-08-2020, 08:50 AM
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#15
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Thinks s/he gets paid by the post
Join Date: Mar 2013
Location: Coronado
Posts: 3,669
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That e-r.org is a good place to come for a wide range of information. Whatever the question, there is someone here who knows the answer or will help find it, and many who will commiserate and sympathize.
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07-08-2020, 09:03 AM
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#16
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Apr 2013
Posts: 11,078
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I don't need to work for health insurance.
I have suffered enough from the corporate world and it's OK to be ERed.
It's also OK to buy an some annuity products if you understand what they are.
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07-08-2020, 09:10 AM
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#17
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Feb 2007
Posts: 9,951
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Well I relearned at their core most people are kind and decent. Sometimes we have almost nasty disagreements one day and the next day are consoling someone over a loss or a family problem.
Due to our great mods we are often able to see the real person behind the posters, warts and all. and PS we all have warts...
Finance is almost secondary to me.
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07-08-2020, 09:38 AM
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#18
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Full time employment: Posting here.
Join Date: Jul 2013
Posts: 953
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That, apparently, only I understand the exact perfect scheme for claiming social security.
Qualification: For myself.
__________________
Well it's all right, we're heading to the end of the line...
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07-08-2020, 09:46 AM
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#19
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Full time employment: Posting here.
Join Date: Apr 2014
Location: Houston
Posts: 957
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Most useful nuggests for me:
(1) Confidence to run my own retirement analysis using Firecalc and I-ORP. This made early retirement quite easy to do confidently.
(2) understanding the ins / outs of Roth conversions and timing of taking Social Security - a lot of things I would have missed without the good conversations on this board.
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07-08-2020, 10:03 AM
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#20
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Moderator Emeritus
Join Date: Jan 2007
Location: New Orleans
Posts: 47,472
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There are SO many wonderful, valuable tips that I have gotten here. Probably Katsmeow's advice on divorced spousal SS was the best, but there were many others. Here are three:
(1) I was in my early 60's and trying to wait until age 70 before claiming SS. Then, Katsmeow told me here (with a reference to prove it!) that if I waited until age 66 to apply, I could not only qualify for divorced spousal SS but also my own SS would continue to grow until I claimed it at age 70. I think this is one of those loopholes that is now closed. Anyway I did it and it yielded $56,094 total for me that I otherwise would not have received. Thank you, Katsmeow!
(2) Or how about this one: Just_Steve told me about "Reader View" in my Edge browser. This has helped me get a grip on sanity by eliminating most pop-ups and sounds so that I can actually read the information I want to read without interruption, when I am browsing unfamiliar websites. I use it more often than not.
(3) Here's another one: ERD50 told me about a wonderful way to create strong passwords that I can actually remember. Since I don't like password programs this has been very helpful to me. Also I can record the "core" of the password without recording the whole thing, which is helpful from a security standpoint.
And, there are many more. Thank you, everyone.
__________________
Already we are boldly launched upon the deep; but soon we shall be lost in its unshored, harbourless immensities. - - H. Melville, 1851.
Happily retired since 2009, at age 61. Best years of my life by far!
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