F.I.R.E User
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Higher tax bracket? It’s actually going to possibly put them in lower bracket and deferred tax.
They will regret it when they are left with no savings and just SS.
Ways to convince friends to invest in the market and/or F.I.R.E?
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Higher tax bracket? It’s actually going to possibly put them in lower bracket and deferred tax.
They will regret it when they are left with no savings and just SS.
WhenIsItTime
Recycles dryer sheets
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Can often tell right away if investing will be a productive discussion amongst adults. Funny how the ignorant think "investing" its like going to Vegas. The knowledge gap is so wide it often can't be bridged.
This is a very frustrating area for me as I was a saver and investor early in life and I am enjoying the rewards. I'm SO grateful. The stock market (S&P 500) has been so generous! I choose to use this energy to teach youth through Junior Achievement. Been slow during Covid, but can't wait to get back in the classroom and teach kids about jobs, earning, saving, LBYM, etc. Scary how many parents don't have the knowledge to pass this on and this life skill.
This is a very frustrating area for me as I was a saver and investor early in life and I am enjoying the rewards. I'm SO grateful. The stock market (S&P 500) has been so generous! I choose to use this energy to teach youth through Junior Achievement. Been slow during Covid, but can't wait to get back in the classroom and teach kids about jobs, earning, saving, LBYM, etc. Scary how many parents don't have the knowledge to pass this on and this life skill.
The best way to "get them on board" is to follow your own plan. Don't preach to them, don't try to convince them, just follow your own FIRE strategy.
When/if they reach the point where they are ready, they will ask YOU questions which you should then answer.
RobbieB
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
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I had a coworker who didn't sign on the 401K. Bought Tbills instead. Picks up aluminum cans from the garbage and recycles them.
He is the same guy that didn't have homeowners insurance because he paid cash. Then the pipes froze and split and when they melted the well pump filled the house with water.
Amazing. But hey, you're not going to tell this guy anything eh?
He is the same guy that didn't have homeowners insurance because he paid cash. Then the pipes froze and split and when they melted the well pump filled the house with water.
Amazing. But hey, you're not going to tell this guy anything eh?
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F.I.R.E User
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Thing is that people talk about DOW but never SP500.
Lately, it’s Crypto and also Tesla/AMC.
Koolau
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Heh, heh, your cow*rker makes my buddy who is $.5 Mil in debt seem like an astute investor!
F.I.R.E User
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Heh, heh, your cow*rker makes my buddy who is $.5 Mil in debt seem like an astute investor!
Has he gotten sued?
Koolau
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Actually, no. I've mentioned that much of his debt is due to some very bad real estate moves. Perhaps $100K is consumer debt (credit cards and car/personal loans.)
Rustward
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Me too.
For the cases in which you are stuck with no choice other than watching a video (Youtube) to get information you are seeking, you can use the keyboard shortcuts to navigate the video. Just a few examples:
- Pressing > while holding the shift key speeds the video in increments of 25%
- Shift < slows it down.
- Pressing a number key on the keypad will seek to a percent into the video; For example, the number 5 will position the video halfway into the video; number 3 will position 30% into the video
You can just Google Youtube Keyboard Shortcuts to find more inclusive lists of these shortcuts. Not exactly perfection, but it helps.
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ElizabethT
Full time employment: Posting here.
Are these people all actually asking for your advice? As I responded earlier, there seems to be more than altruism in play here.
EasySurfer is right. Even if people ask you how to invest and you give them excellent advice, they still won't follow it. I have been through this several times. They don't read any book you suggest, they just buy bitcoin or some no-income-stream biotech or tech stock.
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Lot of them aren’t willing to wait to accrue millions.
Koolau
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Yeah, I think I mentioned my buddy still buys $20 per week on Lotto tickets! Thanks to his decent income, he manages, day to day. But no matter how many times I've tried to council him about money, he ignores my advice and does his own thing. I've given up!
We're all kinda preaching to the choir, here, but here's one very basic suggestion I gave to several of my employees - i.e., before I gave up giving unsolicited advice - that was likewise ignored: Brown bag your lunch. I had so many employees making low salaries who would spend $7-10 per day just for lunch.
Koolau
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
RobbieB
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
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I had one guy I worked with that was into Jack in the Box. I said, I ain't eating there and you can go to any Chinese place and get the lunch special for 6.95. Yeah, you got tax and tip but hey, you ain't getting out of McD's for much less.
Eventually I got him going to dim sum places -
Eventually I got him going to dim sum places -
Chuckanut
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
I suppose it won't help to tell him that the definition of a state lottery is a tax on people who didn't study their math.
I suppose it won't help to tell him that the definition of a state lottery is a tax on people who didn't study their math.
My wife buys a couple lottery tickets a week. I haven't bought one for many years (10?). I keep telling her I'm going to go buy $100 dollars worth and catch up with her, but I never get around to it. I just did a long highway ride and saw billboards saying two different lotteries are at about $350 Million.
It was a sign.
ncbill
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Sounds like your buddy is judgment-proof...sue him & he just files BK on everyone.
Koolau
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
I suppose it won't help to tell him that the definition of a state lottery is a tax on people who didn't study their math.
Now I know why my buddy is always happy!
F.I.R.E User
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One of my friend says he wants to enjoy life now that he is young at 30 and has no interest in paying off his student loans and CC debt. He is the YOLO type.
I've told the story before, about my neighbor, that took all his $200k out of stocks after 9-11–2001. About two years ago were setting at his kitchen table and he brought out his investment statement, and was wondering if things were all right. I looked it over and it was all in cash equivalents, these cash equivalents pay a little more than a bank deposit, but don’t keep up with inflation. I said, you don't have any stocks, he said yes, I look it all out of stocks after 9-11. I said you really should have some stocks! I tried to get him to just get his feet wet by investing $10,000. He wasn’t interested. I went home and calculated the gains he missed over those 18 years. His $200,000 would now be over $800,000 if he had invested in a simple Total Stock Market Fund, such as VTSAX. Then in the last 2 years his $800,000 would have grown to $1,080,000.
Such a life changing missed opportunity.
I have not told the neighbor about what he lost. He's in his middle 50s, it would just be to awkward to tell him.
Such a life changing missed opportunity.
I have not told the neighbor about what he lost. He's in his middle 50s, it would just be to awkward to tell him.
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It has been my experience that trying to tell others what to do with their money is a fool's errand. I can only tell them what I do and why. Maybe they'll want to emulate me, maybe not.
It's a nice goal, but realistically, the way people handle money is very personal. My thought would be to never tell them what they should do, but you can give a 20 second speech (no more than that unless they show more interest) explaining what you do and how it changed your life, along the lines of:
I keep my expenses low so I always get the company match on my 401k and invest every month in low cost index funds like Fidelity Zero or Vanguard Total market. At first, it was frustrating watching everyone else spend so much while nothing seemed to be happening with my money. Then one day I looked and said "hey, there's a lot of money there, if I keep going I will have a nice retirement, maybe even early."
Other than a short, positive speech about how good money habits have helped you, there's not much you can do.
To draw an analogy, imagine the reception you would get if you told overweight people that they need to diet and exercise - you might be right but would not be welcome very long!
I keep my expenses low so I always get the company match on my 401k and invest every month in low cost index funds like Fidelity Zero or Vanguard Total market. At first, it was frustrating watching everyone else spend so much while nothing seemed to be happening with my money. Then one day I looked and said "hey, there's a lot of money there, if I keep going I will have a nice retirement, maybe even early."
Other than a short, positive speech about how good money habits have helped you, there's not much you can do.
To draw an analogy, imagine the reception you would get if you told overweight people that they need to diet and exercise - you might be right but would not be welcome very long!
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