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Old 10-15-2019, 01:09 AM   #1
Playa
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Default This why Socialism won’t work in America

Because those that want it don’t want to work. They don’t seem to comprehend that in order for the gubment to pay for everything they gotta be producing so that the non-producers can live a 1/2 step above squaller. No instead they’d rather live in mommy & daddy’s basement and RETIRE at 30.

Millennials turn to extreme saving method to retire early

By Victoria ScottFox Business
video
Is F.I.R.E. movement’s extreme savings trend a good way to retire early?
A ‘Bulls & Bears’ panel discusses a new trend among millennials called ‘Financial Independence, Retire Early’ and debate if it’s a feasible option.
A personal-finance trend called F.I.R.E. is gaining ground amongst millennials.

Continue Reading Below


F.I.R.E. stands for "Financial Independence Retire Early.” Some millennials reportedly use it as a tool to help them retire as early as 30.


F.I.R.E. followers try to invest as much as 75 percent of their annual income while cutting down on day-to-day expenses. But is it a solid retirement strategy?




“Saving is a great value, especially for younger people," Capitalist Pig Founder Jonathan Hoenig said. “That should be encouraged, but retiring is ludicrous, certainly at that young [of an] age. Look, working is a value. Productivity is a value. It's a spiritual value.”

Retiring early can reportedly take a negative turn on your health as well.


“Retiring can be very bad for your health. You're 90 percent more likely to die early to retire at 55 as against retiring at 65.”

- Johnathan Hoenig, Capitalist Pig Founder
From an investment perspective, F.I.R.E. drew criticism from FOX Business’ Kristina Partsinevelos.

“I think this strategy won't work because, in the past, from 2009 to 2012 — great period to invest in, risky stocks going forward — you can't really make as much of a gain," Parsinevelos said. “This is predicted by BlackRock; a lot of investment funds, so I'm not sure it's the right strategy.”

The panel agreed saving is paramount, especially in today’s volatile market.

GET FOX BUSINESS ON THE GO BY CLICKING HERE

“My best advice is: treat every dollar like it counts – best advice I can ever give you,” Gary Kaltbaum of Kaltbaum Capital Management noted.
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Old 10-15-2019, 08:58 AM   #2
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I cant imagine retiring. I'll have a decent pension when i do leave the FD but retirement is not a plan.
If i retired at 30 i'd be 400 lbs in a few years with a bad liver
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Old 10-15-2019, 09:02 AM   #3
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I cant imagine retiring. I'll have a decent pension when i do leave the FD but retirement is not a plan.
If i retired at 30 i'd be 400 lbs in a few years with a bad liver
Hobbies man. It's all about hobbies to keep you busy when you are retired. Which are expensive and require a job to fund.
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Old 10-15-2019, 09:37 AM   #4
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I just wish there was a concerted effort to stop more people from skipping the job thing entirely, and going strait into retirement. It would make it a lot easier for me to write those quarterly tax checks.
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Old 10-15-2019, 12:50 PM   #5
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I normally follow ya here, but not getting the complaint? If you save and invest enough to retire at 30, good for you. Your money is tied up in business that is hopefully producing and your most likely spending, also furthering the economy. No different than retiring with more money.

I mean if you really just sit at home as a 30 yr old (like my ridiculous BIL) then yeah, that's just stupid. Theres a big difference between him living like a leech and the guys that avoid expenses to amass enough wealth to do what they want earlier. I'm not knocking guys having financial freedom.
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Old 10-15-2019, 04:37 PM   #6
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I normally follow ya here, but not getting the complaint? If you save and invest enough to retire at 30, good for you. Your money is tied up in business that is hopefully producing and your most likely spending, also furthering the economy. No different than retiring with more money.

I mean if you really just sit at home as a 30 yr old (like my ridiculous BIL) then yeah, that's just stupid. Theres a big difference between him living like a leech and the guys that avoid expenses to amass enough wealth to do what they want earlier. I'm not knocking guys having financial freedom.
Neither am I. Here is my take on this. 1) it conflicts with supposed socialistic values espoused by the generation. 2) the math doesent work out.

In order for socialism to work it required the next generation to be productive. If that gen isn’t the input exceeds the output and well history has demonstrated what that results in. Your 30-50 yrs should arguably be your most productive.

Now the numbers. Let’s makes some bat crap crazy assumptions... let’s assume these people land a $100k at age 20 (either they did double time or college or skipped), but let’s just say that’s the situation. And they live on 25% of that income, invest the rest til the ripe old age of 30. And let’s assume the economy is booming and they can maintain 10% growth of that investment for the entire decade. They got 1.5mil.

Most advisers don’t think $1M will last the average retiree at 65.
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Old 10-16-2019, 07:46 AM   #7
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I never thought I would retire either, but we have our nest egg set, retirement income set, wife retiring at the end of the year and after dealing with the crap i have to deal with each and every day, I am looking forward to May 22nd. I have put my time in so it is time to let someone else take the abuse!
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Old 10-16-2019, 01:58 PM   #8
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I never thought I would retire either, but we have our nest egg set, retirement income set, wife retiring at the end of the year and after dealing with the crap i have to deal with each and every day, I am looking forward to May 22nd. I have put my time in so it is time to let someone else take the abuse!

Well congratulations to you sir! You're a better man than me puttin' up with kids these days is WAY more than I'd ever be able to do! I hope you and your bride have many, many years of happy "second life" that is totally enjoyable!
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Old 10-16-2019, 02:12 PM   #9
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What does socialism have to do with retiring early?

I plan to retire early. Hobbies and volunteering will keep me plenty busy.

Kudos to those saving large chunks of their checks instead of trying to keep up with the Jones'
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Old 10-16-2019, 04:20 PM   #10
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What does socialism have to do with retiring early?

I plan to retire early. Hobbies and volunteering will keep me plenty busy.

Kudos to those saving large chunks of their checks instead of trying to keep up with the Jones'
Nothing. But read post #6
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Old 10-16-2019, 04:48 PM   #11
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But socialism feels like the right thing to do becouse it makes all people equal and helps everyone. We should just try it... and if we don't like it then we can just go back to what we have now.
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Old 10-16-2019, 04:51 PM   #12
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If you think about it...saving 75% & only 25% going back into the economy doesn't seem healthy, especially for the local economy??

Oh well, If this happens I'm buying stock in peanut butter, jelly & ramen noodles.
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Old 10-16-2019, 11:09 PM   #13
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But socialism feels like the right thing to do becouse it makes all people equal and helps everyone. We should just try it... and if we don't like it then we can just go back to what we have now.
While I know you're joking, a saying comes to mind; "You vote your way into socialism and shoot your way out of it".
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Old 10-16-2019, 11:13 PM   #14
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If you think about it...saving 75% & only 25% going back into the economy doesn't seem healthy, especially for the local economy??

Oh well, If this happens I'm buying stock in peanut butter, jelly & ramen noodles.
The extreme savers are also extreme earners (kinda) so that 25% going back to the economy is still a handsome sum
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Old 10-17-2019, 11:31 AM   #15
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Neither am I. Here is my take on this. 1) it conflicts with supposed socialistic values espoused by the generation. 2) the math doesent work out.

In order for socialism to work it required the next generation to be productive. If that gen isn’t the input exceeds the output and well history has demonstrated what that results in. Your 30-50 yrs should arguably be your most productive.

Now the numbers. Let’s makes some bat crap crazy assumptions... let’s assume these people land a $100k at age 20 (either they did double time or college or skipped), but let’s just say that’s the situation. And they live on 25% of that income, invest the rest til the ripe old age of 30. And let’s assume the economy is booming and they can maintain 10% growth of that investment for the entire decade. They got 1.5mil.

Most advisers don’t think $1M will last the average retiree at 65.
Ah I see what you're saying now. Agreed.
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Old 10-17-2019, 12:01 PM   #16
Artos
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The extreme savers are also extreme earners (kinda) so that 25% going back to the economy is still a handsome sum
yeah, but how many extreme earners are there & how does their contribute to the economy vs the vast middle class...I just can't see enough millennial extreme earners putting 25% back into the economy having any effect on our overall economy??
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Old 10-17-2019, 01:25 PM   #17
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yeah, but how many extreme earners are there & how does their contribute to the economy vs the vast middle class...I just can't see enough millennial extreme earners putting 25% back into the economy having any effect on our overall economy??
I agree with you...no real effect on the economy. However, in your original post, you stated it was "unhealthy" for the economy. I think we're on the same page now.
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Old 10-18-2019, 02:05 PM   #18
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Well congratulations to you sir! You're a better man than me puttin' up with kids these days is WAY more than I'd ever be able to do! I hope you and your bride have many, many years of happy "second life" that is totally enjoyable!
Thank you sir!
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Old 10-18-2019, 04:50 PM   #19
Artos
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I agree with you...no real effect on the economy. However, in your original post, you stated it was "unhealthy" for the economy. I think we're on the same page now.
I was with ya.

I was including all millennials which is basically impossible but for grins...the ones living at home / multiples sharing rent being the only way to accomplish living on 25% of one's income. The concept isn't for the masses.
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