What would you like to have and can't afford right now?

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Being in the financial world for my 9-5, I have some fairly strong opinions about money and saving. Like anything in life, it all comes down to balance.

Ricky - there is nothing wrong with not-saving... as long as you always want to and CAN continue to work. DJing is physical labor... one injury and costs are up, but income is down (or gone). So, to not have something saved for a rainy day is a dangerous spot, particularly when you have a family. If you are a two income home, maybe there is slightly less risk and you could live on one income. But for many, this would be tough.

More than "retirement" savings, I really consider saving towards financial independence. I want the option to work if I want, as hard as I want, and doing the work I love to do. Working in some form or another keeps your mind engaged later in life. I don't know many individuals that simply want to sit in a rocking chair and get old. But, having the freedom to decide when and what I do... that's what I'm personally saving for. But not so aggressively that I don't enjoy today and the time I have.
 
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Albatross said:
Being in the financial world for my 9-5, I have some fairly strong opinions about money and saving. Like anything in life, it all comes down to balance.

Ricky - there is nothing wrong with not-saving... as long as you always want to and CAN continue to work. DJing is physical labor... one injury and costs are up, but income is down (or gone). So, to not have something saved for a rainy day is a dangerous spot, particularly when you have a family. If you are a two income home, maybe there is slightly less risk and you could live on one income. But for many, this would be tough.

More than "retirement" savings, I really consider saving towards financial independence. I want the option to work if I want, as hard as I want, and doing the work I love to do. Working in some form or another keeps your mind engaged later in life. I don't know many individuals that simply want to sit in a rocking chair and get old. But, having the freedom to decide when and what I do... that's what I'm personally saving for. But not so aggressively that I don't enjoy today and the time I have.
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I have an IRA that I have Edward Jones take a small amount out of my bank account every month to go towards. I don't even think about it. I don't expect that IRA to end up being enough to retire off of someday. I did do something right though. I started it at 29 years old. Financial Advisers have told me most people don't think about that stuff until they are in their 40s.

My wife has a 401K through her job.

I just don't go out of my way to Save bunches of money is what I get at. I just prefer to be happy now and spend money when I want to instead of withholding. I usually go into with holding mode after the holidays when it slows down anyway. February I usually have zero gigs...February is also the month I tend to spend the least amount of money in general.
 
redhotdj said:
If you have enough in investments you live off of the interest
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And if interest rates actually recover at some point, you might be able to live quite well .. at 1%, not so well.
 
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Looking at financials, if you have $1 mil in your retirement account, you will get about 40k per year in funds. If you have less, then the numbers obviously go down, significantly. If you have more, then obviously it goes up. Alot more and you can have all the pina coladas you want.
 
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ittigger said:
Looking at financials, if you have $1 mil in your retirement account, you will get about 40k per year in funds. If you have less, then the numbers obviously go down, significantly. If you have more, then obviously it goes up. Alot more and you can have all the pina coladas you want.
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have to invest in other things, My self storage facility is by far the best investment I have ever made, I have plenty invested in traditional accounts as well but they have no where near the return as the facility does
 
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DJ Ricky B said:
My wife has a 401K through her job.
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And right there is the single worst financial mistake anyone can possibly make. Never depend on anyone for your financial security. Old age is a helluva time to go broke
 
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Albatross said:
This isn't true at all. There are plenty of people that buy flashy things and can't accumulate any wealth at all.

Most people that say things like, "I want to be a millionaire," are really saying, "I would like to spend a million dollars." Being a millionaire is literally the opposite of that. It means having earned a million dollars, but not spending it on stupid stuff.
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How many people do you know that can say they own a Rolls Royce? I don't know anyone that does. People that can afford to buy a Rolls Royce don't have big money issues. Unless it's how to keep their wealth. Meaning how to keep things growing and keeping vultures away from stealing their money.

Anyone can go bankrupt by making bad investments, spending money stupidly or allowing the wrong people in their life. Those that are filthy rich normally will carefully watch their money so they don't go broke. I bet someone buying a Rolls Royce isn't paying for it on a monthly bases. They just write out a check for the full amount and once the check clears they get the car. Anytime you pay for a vehicle with $10,000 cash or more you get investigated.

I said what I would want. It just might cause more problems then I have now. I've heard people who won millions in the lottery wish they never had because they have more headaches then when they didn't have the money. I certainly would like to know what it would feel like to have those headaches if only for just one day.
 
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MIXMASTERMACHOM said:
How many people do you know that can say they own a Rolls Royce? I don't know anyone that does. People that can afford to buy a Rolls Royce don't have big money issues. Unless it's how to keep their wealth. Meaning how to keep things growing and keeping vultures away from stealing their money.

Anyone can go bankrupt by making bad investments, spending money stupidly or allowing the wrong people in their life. Those that are filthy rich normally will carefully watch their money so they don't go broke. I bet someone buying a Rolls Royce isn't paying for it on a monthly bases. They just write out a check for the full amount and once the check clears they get the car. Anytime you pay for a vehicle with $10,000 cash or more you get investigated.

I said what I would want. It just might cause more problems then I have now. I've heard people who won millions in the lottery wish they never had because they have more headaches then when they didn't have the money. I certainly would like to know what it would feel like to have those headaches if only for just one day.
You can buy used Rolls Royce Silver Shadows for well under $10,000 all day long, I've looked at buying one before, they are extremely well built, however no one around here has the knowledge or specialized tools to service them , I may still buy one, might be a fun project to tinker with
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MIXMASTERMACHOM said:
How many people do you know that can say they own a Rolls Royce? I don't know anyone that does. People that can afford to buy a Rolls Royce don't have big money issues. Unless it's how to keep their wealth. Meaning how to keep things growing and keeping vultures away from stealing their money.

Anyone can go bankrupt by making bad investments, spending money stupidly or allowing the wrong people in their life. Those that are filthy rich normally will carefully watch their money so they don't go broke. I bet someone buying a Rolls Royce isn't paying for it on a monthly bases. They just write out a check for the full amount and once the check clears they get the car. Anytime you pay for a vehicle with $10,000 cash or more you get investigated.

I said what I would want. It just might cause more problems then I have now. I've heard people who won millions in the lottery wish they never had because they have more headaches then when they didn't have the money. I certainly would like to know what it would feel like to have those headaches if only for just one day.
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tunes4046 said:
You can buy used Rolls Royce Silver Shadows for well under $10,000 all day long, I've looked at buying one before, they are extremely well built, however no one around here has the knowledge or specialized tools to service them , I may still buy one, might be a fun project to tinker with
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Fixed that for ya.
 
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