Blog: IRA

Bad Investments And Wasting Money

Bad
Have you ever thrown away money? Possibly on nothing? Yeah, me too. I've thrown away money on various food items, as I love to test taste them. I have thrown money into the stock market, only to have lost it the next day. I've spent too much money on water. I've spent too much money just by going out. I've even spent too much money on my ex-wife for the very purpose of keeping a civil friendship — and we don't even have any children together.

The fact is, for every dollar not saved for retirement, is a dollar not put away for your older self. How much could you really need during retirement? Well, your spending habits are unlikely to be that of a millionaires' lifestyle. What if you aren't putting a dollar away towards your retirement? For the most part, if you are working on the books, the government is putting some money away for you. Thank goodness for Mr. President Franklin D. Roosevelt and those who began drafting it years before him.

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Gambling In Retirement

Gambling
Do you ever wonder happens to the gamblers in retirement? It's very likely they are actually still gambling. Some of them quit cold turkey and never have the compulsions again, with lots of help from friends, family, and therapy, or a great money loss. Working in my mid-20s at a liquor store in downtown Chicago, showed me a side of Chicago that not many people get to see. I got to see young and old alike, poor and wealthy. Everyone has their addictions and a liquor store usually holds thousands of them.

I did see a 62 year old man we called Mr. Green, who walked into the liquor store every morning, afternoon, and night. He was a homeless man who was graceful, accepted his choices in life, from his first sip of the MD 2020 bottle, the green one, as is what earned him his nickname. He would never drink anything but the green. He was a guaranteed source of at least $10 a day, drinking anywhere from 3 bottles to 6 depending on how much he made from being out and begging all day. There was a time where he did piss himself and tried to hand off those pennies. We did not allow it.

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Should You Talk With A Financial Advisor?

Financial

A financial adviser is someone who advises individuals and companies on how to spend their money, especially if they have certain savings goals they are trying to meet. Although most financial advisers use applications nowadays, mathematics is heavily involved in understanding how to align quotas and meet expectations. Just because you consult a financial adviser does not mean you are financially in trouble, but most people who do are not likely to be disappointed in their choice of a consultation.

There are a variety of different companies that employ financial advisers from assets under $100,000 to companies who won't even deal with anything under $1,000,000 in assets. Many celebrities, who are paid millions of dollars, hire financial advisers to ensure they make the best decisions as there have also been celebrities who have overspent and misunderstood how many they actually had. For example, if you buy a mansion and a garage full of cars, all of those assets need to be insured, and this is often what causes many people to go bankrupt, especially lottery winners.

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What Age Should You Start Thinking About Retirement?

Saving
It is hardly a thought about saving for retirement when you are young, especially under 30 years old. The thought of being 65 years old is not a reality to anyone that young. However, once you are in your 30s and 40s and you start to experience those unexplainable pains in your legs or your side, you begin to realize that maybe, just maybe, you are aging. You also face the reality when your parents reach the age of 62 and 65 years old, respectively, and you likely aren't far behind, especially if they had you in their 30s and 40s.

At 18 or even 25, thinking about retirement already may seem like its too early. You've just begun your life. You've just started college or even graduated college, or just bought your first car, or just moved into your first apartment, so why would retirement even be on your mind? Why should it be on your mind? The truth is: you should expect to live long enough and beyond to retire. Even though we live in a world plagued with COVID-19, the statistics are still pretty good on your survival up until at least the age of 75 to 78 years old. If you're lucky, you can even look forward to 80 and 85 years old.

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What Should I Be Saving Every Year Towards Retirement?

Retirement
I always encourage everyone to do and I constantly do myself: Have a conversation with the 65 year old you. If you had this conversation, what exactly would your 35 year old self say to your 65 year old self or vice versa? What would you talk about? Probably the most important thing you could ever talk about: money and living situation.

So you are now 65 years old and you've worked your whole life and are ready to retire. Retirement is not the end of life, but the end of a work era where you can finally relax and enjoy the life you've worked to have. You are now eligible to collect social security and if you've done everything right up to this point, including paid off your mortgage, have no debts at all, you could probably live off your social security benefits and mostly be fine.

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