Jump to content


Photo

Why didn't they tell me this when I was younger?

youre welcome

  • Please log in to reply
30 replies to this topic

#21 BrewerGeorge

BrewerGeorge

    His Royal Misinformed

  • Administrator
  • PipPipPipPipPip
  • 39309 posts
  • LocationIndianapolis

Posted 13 July 2021 - 10:00 AM

My nuclear re-enlistment bonus in '94 was $15,000.  I put $10k of that in an IRA of mutual funds.  I withdrew the whole thing for down payment when we bought our house in 2001.  That would have been worth half a million at the end of 2020 and 3/4 million now just based on simple calculation of yearly rate of return.  Including distributions would make it more.  My house definitely isn't worth that much.



#22 Genesee Ted

Genesee Ted

    yabba dabba doob

  • Moderators
  • PipPipPipPipPip
  • 43920 posts
  • LocationRochester, NY

Posted 13 July 2021 - 10:41 AM

10k that's like a 1/4 semester of med school right? He's got some earning to do!

I’m not sure but I think he changed majors

My nuclear re-enlistment bonus in '94 was $15,000. I put $10k of that in an IRA of mutual funds. I withdrew the whole thing for down payment when we bought our house in 2001. That would have been worth half a million at the end of 2020 and 3/4 million now just based on simple calculation of yearly rate of return. Including distributions would make it more. My house definitely isn't worth that much.

Damn dude…. I hate to ask how much the down payment was….

#23 ER Pemberton

ER Pemberton

    Comptroller of Forum Content

  • Patron
  • PipPipPipPipPip
  • 39646 posts

Posted 13 July 2021 - 10:47 AM

The trick is to be young AND rich.  Of course that rarely happens but that would be fun.  How about 35 and rich enough to retire, travel, buy cars and boats and homes all over, etc.  When you're young you want money and don't have it.  Then you're old and you're comfortable but the money doesn't seem as important.  


  • 0

#24 BrewerGeorge

BrewerGeorge

    His Royal Misinformed

  • Administrator
  • PipPipPipPipPip
  • 39309 posts
  • LocationIndianapolis

Posted 13 July 2021 - 10:54 AM

..
Damn dude…. I hate to ask how much the down payment was….

Not much. Somewhere around $15k for down payment, closing costs, etc.  It had only been growing five years at that point, and the real power of compounding comes at the end.



#25 Vagus

Vagus

    Just had an organism

  • Patron
  • PipPipPipPipPip
  • 48869 posts
  • LocationThere

Posted 13 July 2021 - 10:56 AM

It had only been growing five years at that point, and the real power of compounding comes at the end.

This is the kinda story a father tells his son. 


  • 0

#26 SnowMan

SnowMan

    Advanced Snowman

  • Patron
  • PipPipPipPipPip
  • 10914 posts
  • LocationWinter...

Posted 13 July 2021 - 11:08 AM

This is the kinda story a father tells his son. 

 

Grower > Shower


  • 0

#27 KSUwildcatFAN

KSUwildcatFAN

    Comptroller of ChopSticks & Ghey Bach Chow

  • Members
  • PipPipPipPip
  • 7725 posts
  • LocationKC Area

Posted 13 July 2021 - 12:18 PM

I guess if you're hung, you can stink all you want.
  • 0

#28 davelew

davelew

    Comptroller of ACMSO That Are Not Beans

  • Members
  • PipPipPipPipPip
  • 16203 posts
  • LocationReading, Massachusetts

Posted 13 July 2021 - 06:19 PM

My mother was born in 1937, and grew up during WWII austerity. She raised me to believe that spending money is physically painful. My first job after college and Japan, I had a $62,500 salary and I maxed out my 401k contributions at $10K (that was the limit in 1999) and put another 10% into ESPP and savings. I think I ended up living so cheaply that I had a 30% savings rate.
  • 0

#29 porter

porter

    Comptroller of Affairs with Potatoes

  • Patron
  • PipPipPipPipPip
  • 14934 posts
  • LocationColorado Springs, CO

Posted 13 July 2021 - 06:23 PM

30% is just getting warmed up for a saver. :P
  • 0

#30 EWW

EWW

    Regular, normal human being

  • Patron
  • PipPipPipPipPip
  • 24035 posts
  • LocationSomewhere special

Posted 13 July 2021 - 06:35 PM

I invested the live insurance benefits from my mom’s estate when I was 14 and haven’t really touched it. Time has been good to that account
  • 0

#31 Mando

Mando

    Anti-Brag Queen

  • Patron
  • PipPipPipPipPipPip
  • 53037 posts
  • LocationLimbo

Posted 13 July 2021 - 06:36 PM

30% is just getting warmed up for a saver. :P


Yep!
  • 0



Also tagged with one or more of these keywords: youre welcome

0 user(s) are reading this topic

0 members, 0 guests, 0 anonymous users