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Old 02-25-2021, 10:51 AM   #61
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Only when ask directly, usually very general / easy questions from acquaintences when they find out I retired early. I suspect mostly not followed.

A few close friends who wanted more detailed help actually have followed thru and implemented it.
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Old 02-25-2021, 11:25 AM   #62
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I offer advice when asked, basically save at least 10-15% of your income in a Vanguard target date fund, preferably in a 401k/IRA. Three guys have asked over the last 6 years how we "did it". We told them savings and investing since our 20's. Two of the guys were already retired and wealthy. They weren't surprised about how we did it and they certainly didn't need advice. As for the third guy, I've w*rked with him so that he's on track to retire comfortably in 10 years, as opposed to never. It's one of the most fulfilling things I've ever done. We've become friends and I "consult" for him regularly re retirement planning and even on his business side.

Also, over the last 6 years 3 other people directly asked me what to do with piles of money they have saved, ranging from 5 figures to low 6 figs, all sitting in no-interest checking or savings. I tell them to put it into Vanguard target data fund, date set to the year they turn 65, keeping enough in a interest-bearing savings account for a emergency fund. Yes, I'm a one-trick pony...

So yes, I give advice when asked. I do regret the one time I gave "advice" unprompted. Another guy talked about financial advisors and I nearly fell off my chair laughing when he mentioned the big AUM fees! Again, I mentioned Vanguard target date funds, this time probably to deaf ears. Now, I'm trying to behave, and maybe I'll start coughing instead of laughing if I can't restrain myself!
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Old 03-02-2021, 05:00 PM   #63
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Mostly know I refrain from giving any advice. Likewise as a construction professional I stopped giving advice to friends and families about their projects. If they listened they didn’t see the value of it since everything turned out well. If they didn’t it was always because of something else or that I didn’t explain it properly. Did they ever come back for a follow up? Not hardly.

So similarly here, despite retiring at 52 and living much better than most of my friends they don’t want to hear it. These are successful people, they know how to manage their money! Like my single friend who bought a beautiful 5000 square foot home and now grumbles about the maid she has to pay to clean it or the cost to Airconditionioning all those rooms she doesn’t use. But she loves her house and is completely “House Proud” if not “cash poor”.

People can be darn stupid and mostly you can’t help them with that...
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Old 03-02-2021, 05:24 PM   #64
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No easy way to say it, but------mind your own business.
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Old 03-02-2021, 06:28 PM   #65
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A friend called me this afternoon. She expressed dismay at the number of her investments. I suggested she make a list, consider why she purchased each, and determine if they are meeting her goal.
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Old 03-02-2021, 06:52 PM   #66
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Most people don't want my advice about anything, including finances. I am better at keeping it zipped than I used to be.
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Old 03-02-2021, 07:39 PM   #67
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I will talk money, investing, philosophy with damn near anyone. But I always open with its worth what you pay for it. And I remind them that i would never listen to their advice. That gets ego and such out of the way. Try and treat it like playtime.
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Old 03-02-2021, 08:12 PM   #68
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I get a lot of questions from family and friends asking for advice because my last two houses that I purchased in California were with 100% cash. I advise people to study for a real estate license which is only a couple of night classes and then I work for a real estate company part time during the evenings and weekends. Income producing non-commercial real estate can be rewarding.

I also advise people to open an IRA and put 90% in index passive investments and put 10% in active trading. This is because you do not learn very much about the stock market as a 100% passive investor. Risking only 10% allows you to get to know the big investment companies and pay attention to their market recommendations of buy, hold and sell. Learn how the bond market work is equally important. Making money in the Stock Market is rewarding but the knowledge will not come to you. You have to acquire it by participating actively. You will make mistakes along the way so I advise people to risk only 10% of their portfolio. The worst case is a 50% loss of your 10% active funds. This is only a 5% total loss. The 5% potential loss now and then was acceptable for the knowledge that I gained over the years which I made up at the end of my investment career when the dollar amount was significantly higher than during my younger years.
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Old 03-02-2021, 08:29 PM   #69
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Originally Posted by Bamaman View Post
I ask for no advice, and I offer no advice to others. It's just too much responsibility to pass on information. Today's tip may be tomorrow's financial debacle.

On the medical school student loans: One friend is a very prominent radiologist working out of a huge hospital chain. He bought a very large house, and finally got his student loans paid off when he was around 55 years old.

Doctors would minimize student loan debt if they would put off marriage until later in life. They also should make paying any debt priority #1, living very frugally until they're without debt. They often cannot save for retirement because of the student loan debt. And many will not see ER because of high debt, too high personal expenses and funding their own pensions. Specialists may have good income, but they really are part of the middle class.
You don't have to be a genius to FIRE if you are in the top 1% of income.
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Old 03-03-2021, 10:25 AM   #70
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If asked for advice, I'm happy to share what has worked for me. However, I acknowledge that everyone's situation is different - different goals, different expense priorities, different time horizons, different family situations, different risk tolerances, etc. So if pressed, I try to ask questions that help them come to conclusions that work for their particulars.

For example, my best friend and I talk finances a lot. I'm much more analytical in that regard than she is and have done much more research. However, she is VERY risk averse, and I am fairly aggressive. So right there, we're going to have different approaches. (She gets frustrated when my annual returns are higher than hers, so I explain again the difference between my 80/20 portfolio and her 40/60 one.) I have a modest pension and retiree medical, and she has neither. I just announced my retirement and she insists she has to work until 65 (even though I'm pretty sure she has enough to retire if she wanted to). I have made some suggestions for her situation. Some she has embraced and others not so much. And that is perfectly fine.

I do offer the occasional unsolicited advice to nieces and nephews who are just starting out in their careers. Where it makes sense, I frame it as what I wish I had done when I was their age and why. No idea if they take anything to heart or not, but at least they hear me and some of it has to seep into their brains
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Old 03-03-2021, 10:30 AM   #71
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The only financial advice anyone wants is how to get rich quickly with no inconvenience or sacrifice. The minute you mention living below your means and investing the rest they mentally check out. YMMV but I doubt it.
Boy is that the truth. I have a younger friend that I was encouraging to buy index funds but he would rather listen to an uncle that pink sheet stocks are the way to go.
The way things go he will probably make millions and tell me I'm crazy.
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Old 03-03-2021, 12:36 PM   #72
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I was going to give advice about giving advice but then realized that no one would probably listen so....
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Old 03-03-2021, 01:56 PM   #73
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Very rare that I am asked for any financial advice. Many folks treat it almost as a taboo subject which really is a shame.
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Old 03-03-2021, 03:03 PM   #74
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IMHO
I have found most the ER and BH MEGA posters have there minds made up whats BEST for everyone.
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Old 03-03-2021, 03:05 PM   #75
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I get a lot of questions from family and friends asking for advice because my last two houses that I purchased in California were with 100% cash.
How do your family and friends know how you paid for your last two houses?
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Old 03-03-2021, 04:10 PM   #76
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As noted in the book "The Millionaire Next Door" (I'm re-reading that now) generally people won't take advice from those who don't look like they're successful...i.e. wearing multi-thousand dollar suits, driving high-end luxury vehicles, living in multi-million dollar homes.

Even though the PAWs (prodigious accumulators of wealth) eschew the above in favor of actually building wealth versus living a high consumption lifestyle.
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Old 03-03-2021, 08:15 PM   #77
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Flipping the script for a minute, any advice Id get, even from more successful people, would probably fall on my deaf ears, unless I specifically asked them a question. What I did (working hard/saving in index funds) got me to FIRE at 54 and Im not really interested in doing something different at this point.
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Old 03-03-2021, 08:24 PM   #78
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.......... generally people won't take advice from those who don't look like they're successful...i.e. wearing multi-thousand dollar suits, driving high-end luxury vehicles, living in multi-million dollar homes............
I think this is an excellent point and probably why I've had zero luck with my engineer's fashion sense and practical cars and houses. Oh well, their loss.
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