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I know it is a buzzkill and boring, but seriously, start a Roth IRA
    #6548878 -

It is never too early to start thinking about retirement. Granted most of us doubt we will live to be 56... but the greatest financial asset you guys have on your side is time.
The difference between starting a retirement fund at 21 and starting it at 30 is a few million dollars.
Right now, most of us can put up to 3000 dollars a year into a roth IRA, and get at the least 10% interest on it through mutual fund money markets.
Roth IRA's are especially good for people who make cash, because you dont need the tax deduction that a 401k provides. Also, with a Roth IRA, you are paying the taxes up front, so when you retire, you got a huge mountain of cash that is tax free.

just to give you an idea of how much time equals money, if you deposited 500 dollars in a roth IRA at the age of 21, and never did anything with it again, you would have at the least 16,000$ when you retired.
So if you put 500 dollars a year into a roth IRA from the age of 21 to 56 you can retire a multi-millionare.

i read a statistic that said an 18 year old putting away 100 dollars a year til 56 would have more at retirement than a 30 year old putting away 1000 dollars a year until 56.

i mean, 500 dollars isnt shit over the course of a year, it is about a 1.40$ a day.

but that is if you want to be stupid rich when you retire, just 100 bucks a day would be plenty. For 28 cents a day you could retire a millionaire.

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Re: I know it is a buzzkill and boring, but seriously, start a Roth IRA [Re: SneezingPenis]
    #6548905 -

psilocyberin said:
It is never too early to start thinking about retirement. Granted most of us doubt we will live to be 56...



I dont know what you talking about I plan to live to about 200. Bring on the nano tech.


--------------------
The Prophecy!

Learn To Code

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Re: I know it is a buzzkill and boring, but seriously, start a Roth IRA [Re: blewmeanie]
    #6548939 -

its funny you brought that up.

This is why social security wont be around for most of us.... when it was implemented it was basically a huge scam/pipedream. The age was set at 56 (i think) and the average life expectancy was something like 52.
It was designed to be a pool of money that would increase and the government could use. But as the life expectancy grew, people started actually living long enough to take that money, and it was paying out more instead of slowly accruing. Now it works backwards, the young people are paying for social security for older people, instead of their actual money being there for them.

Even if you plan to live to be 200, would it hurt to start preparing to be wealthy for 140 years?

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Re: I know it is a buzzkill and boring, but seriously, start a Roth IRA [Re: SneezingPenis]
    #6548961 -

Will the US, or the stock market where your Roth is invested be around when we're all at retirement age? And what if most of your account is invested in a company like ENRON that could possibly crumble over night? Although I agree that planning for retirement and investing is beyond a necessary thing, the idea still scares me. What if we as a nation experience another black friday stock market crash? In a society where almost everything the middle and lower class owns is on credit, I foresee this as a far scarier possibility. And in a world where most of our material possessions are now made in other countries, what will the world wide impact be when we can no longer buy said items because we can't use our credit, the stock market crash has made money worthless, and most of us no longer have jobs because the cash flow (from credit) is no longer there for our employers. $400,000 can turn into $10 overnight. And where would that leave someone? Can anyone else see breadlines in America's future?


--------------------
Trying to explain a journey to someone who has never experienced it is like trying to explain what a zebra looks like to  blind person who has never seen a horse.

^^^The above matter may be a complete fantasy that I concocted out of possible boredom.^^^


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Re: I know it is a buzzkill and boring, but seriously, start a Roth IRA [Re: trippindad82]
    #6548982 -

Well, if the government isn't here, money won't be here either, and so we won't need a retirement fund anyway. We'll all be running around in the woods naked, foraging for food, and fucking all day, Mad max style. Fuck banks!


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Hi how's it going, wanna kick Heroin basically painlessly on your own, in your own house, without any government "help" ,or the "help" of a crazy condescending, judgmental medical doctor? Read this:

https://www.shroomery.org/forums/showflat.php?Cat=0&Board=42&Number=7342616&page=0&fpart=all


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Re: I know it is a buzzkill and boring, but seriously, start a Roth IRA [Re: SneezingPenis]
    #6548994 -

You reap what you sow.
I've been investing in an IRA since I was 18.


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:thumbup: :thumbdown:

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Re: I know it is a buzzkill and boring, but seriously, start a Roth IRA [Re: trippindad82]
    #6549005 -

1) it would be amazingly stupid to invest in one company, mutual funds are a pool of money that invest in a certain financial sectors, not just one company.

2) if America collapsed, or atleast the dollar did, then what is the difference between having zero dollars in an IRA, and having a bunch of worthless slips of paper under your mattress?

saving for retirement is probably the safest and most sound financial move you can make.
here is how WIki explains a Money Fund (something that most retirement funds are invested in)

Quote:
Money market mutual funds are restricted by quality, maturity and diversity guidelines. They must buy only the highest rated debt with maturies under 13 months and with a weighted average maturity of 90 days or less. They are only allowed to invest up to 5% in any one issuer, with the exception of the government. No individual investors may lose money in a money fund, which keep a stable $1.00 NAV (net asset value), but it is possible for these funds to "break the buck" and decline to $0.99 or less.


So basically there is negligible risk, and I believe that money market accounts are protected by FDIC, so the only risk you are taking is if nuclear holocaust decimates the majority of the worlds population, and in that case, little green slips of paper aren't going to hang with a mutated pig.

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Re: I know it is a buzzkill and boring, but seriously, start a Roth IRA [Re: SneezingPenis]
    #6549032 -

Eh I dunno. Maybe I'll just spend all of my little slips of paper while they're still good.


--------------------
Hi how's it going, wanna kick Heroin basically painlessly on your own, in your own house, without any government "help" ,or the "help" of a crazy condescending, judgmental medical doctor? Read this:

https://www.shroomery.org/forums/showflat.php?Cat=0&Board=42&Number=7342616&page=0&fpart=all


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Re: I know it is a buzzkill and boring, but seriously, start a Roth IRA [Re: SneezingPenis]
    #6549044 -

psilocyberin said:
1) it would be amazingly stupid to invest in one company, mutual funds are a pool of money that invest in a certain financial sectors, not just one company.


I know. But, a stock market crash is a stock market crash.
Quote:
2) if America collapsed, or atleast the dollar did, then what is the difference between having zero dollars in an IRA, and having a bunch of worthless slips of paper under your mattress?


The dollar will never collapse or become null and void. But if a certificate isn't worth shit, and the company has gone bankrupt from having it's stock go worthless, where is your money now?

Quote:
saving for retirement is probably the safest and most sound financial move you can make.


I couldn't agree with you more. Land value is something that will never disappear. People will always need housing. I'm just choosing to make my investments in a different manor.
Quote:
So basically there is negligible risk, and I believe that money market accounts are protected by FDIC, so the only risk you are taking is if nuclear holocaust decimates the majority of the worlds population, and in that case, little green slips of paper aren't going to hang with a mutated pig.


The FDIC is only a govt agency. It is not a worldwide agency. And they can change their policies on a dime, especially if the banks they control (or the other way around) put pressure on them. I don't trust ANY govt program. Social Security is a govt agency and program that we are all required by law to contribute to from our pay. Guess what, it's not going to be there when we are going to need it. And those people whose investments (401K, very similar to ROTH IRA) were with ENRON, whom believed that they were protected by FDIC, lost it all. FDIC wasn't there anymore than they will be if the stock market was to crash. Also, how can a govt agency back money that the govt itself did not issue???


--------------------
Trying to explain a journey to someone who has never experienced it is like trying to explain what a zebra looks like to  blind person who has never seen a horse.

^^^The above matter may be a complete fantasy that I concocted out of possible boredom.^^^


--------------------------------------


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Re: I know it is a buzzkill and boring, but seriously, start a Roth IRA [Re: Lightningfractal]
    #6549048 -

as long as you are ok with being that 80 year old wal-mart greeter.

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Re: I know it is a buzzkill and boring, but seriously, start a Roth IRA [Re: SneezingPenis]
    #6549061 -

I have a different plan for getting my hands on a few million dollars. But

If I did an IRA I would probably contribute around 3-5K a year for 20 years. I gotta pay last year's taxes before I do much of anything.


--------------------
Hi how's it going, wanna kick Heroin basically painlessly on your own, in your own house, without any government "help" ,or the "help" of a crazy condescending, judgmental medical doctor? Read this:

https://www.shroomery.org/forums/showflat.php?Cat=0&Board=42&Number=7342616&page=0&fpart=all


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Re: I know it is a buzzkill and boring, but seriously, start a Roth IRA [Re: trippindad82]
    #6549095 -

trippindad82 said:
psilocyberin said:
1) it would be amazingly stupid to invest in one company, mutual funds are a pool of money that invest in a certain financial sectors, not just one company.


I know. But, a stock market crash is a stock market crash.


if the stock market crashes, how much money do you think your land would be worth, especially with absolutely no one willing to buy it? The stock market is so intrinsically tied to every aspect of our economy that if it crashes, no investment will be worth what it was.

Quote:
2) if America collapsed, or atleast the dollar did, then what is the difference between having zero dollars in an IRA, and having a bunch of worthless slips of paper under your mattress?


The dollar will never collapse or become null and void. But if a certificate isn't worth shit, and the company has gone bankrupt from having it's stock go worthless, where is your money now?


in a money fund you invest over multiple companies, one can go belly up and only affect you minimally, and even that is rare.

Quote:
saving for retirement is probably the safest and most sound financial move you can make.


I couldn't agree with you more. Land value is something that will never disappear. People will always need housing. I'm just choosing to make my investments in a different manor.


property is the most lucrative investment, but to do it proficiently it usually consumes your time/occupation. There is really no difference between getting hints/lucky on the stock market and getting hints/lucky on prospective land development. Also, your average person doesnt have the capital to truly invest in property, while 500 bucks a year to ensure retiring a millionaire.

Quote:
So basically there is negligible risk, and I believe that money market accounts are protected by FDIC, so the only risk you are taking is if nuclear holocaust decimates the majority of the worlds population, and in that case, little green slips of paper aren't going to hang with a mutated pig.


The FDIC is only a govt agency. It is not a worldwide agency. And they can change their policies on a dime, especially if the banks they control (or the other way around) put pressure on them. I don't trust ANY govt program. Social Security is a govt agency and program that we are all required by law to contribute to from our pay. Guess what, it's not going to be there when we are going to need it. And those people whose investments (401K, very similar to ROTH IRA) were with ENRON, whom believed that they were protected by FDIC, lost it all. FDIC wasn't there anymore than they will be if the stock market was to crash. Also, how can a govt agency back money that the govt itself did not issue???


FDIC was implemented after the huge stock crash to get people back to banks, so that if the stock market crashes so harsh, you are insured up to 100,000 dollars. it doesnt protect against fraud and such. I said that in response to a stock market crash, didnt mean to imply that protected against things like Enron.

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Re: I know it is a buzzkill and boring, but seriously, start a Roth IRA [Re: SneezingPenis]
    #6549164 -

Quote:
FDIC was implemented after the huge stock crash to get people back to banks, so that if the stock market crashes so harsh, you are insured up to 100,000 dollars. it doesnt protect against fraud and such. I said that in response to a stock market crash, didnt mean to imply that protected against things like Enron.


Correct. But, how can a govt agency back money that was not issued by the govt? The Federal Reserve is a private bank that has issued the currency we use today. Wouldn't they end up having to borrow from the Fed in order to return every citizens possible $100,000? I understand what the FDIC is supposed to do, but I don't understand how such a venture would be funded. Real Estate is the way to go bro. It might be more work, but it's something that's a little more real than a piece of paper that states I supposedly own shares in something.


--------------------
Trying to explain a journey to someone who has never experienced it is like trying to explain what a zebra looks like to  blind person who has never seen a horse.

^^^The above matter may be a complete fantasy that I concocted out of possible boredom.^^^


--------------------------------------


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Re: I know it is a buzzkill and boring, but seriously, start a Roth IRA [Re: trippindad82]
    #6549167 -

If enough markets fail and the economy implodes on itself, property ownership will fail too, along with most everything else.


--------------------
Hi how's it going, wanna kick Heroin basically painlessly on your own, in your own house, without any government "help" ,or the "help" of a crazy condescending, judgmental medical doctor? Read this:

https://www.shroomery.org/forums/showflat.php?Cat=0&Board=42&Number=7342616&page=0&fpart=all


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Re: I know it is a buzzkill and boring, but seriously, start a Roth IRA [Re: trippindad82]
    #6549174 -

you aren't getting me on this. A money fund is like investors borrowing money from a group of regular people to use towards buying shares in mutual funds. It is no different than putting your money in a savings account really, just better interest rates.

atleast, that is what I understand.

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Re: I know it is a buzzkill and boring, but seriously, start a Roth IRA [Re: SneezingPenis]
    #6549185 -

Yeah. That's basically what it is. Yet, you are still using money issued by a private bank. How can a govt agency back something that was not issued by them? That's like buying something at walmart and going to target to bitch about the item and demand an exchange. You didn't get your money from the govt, so how can the govt exchange, replace, or back your money? Doesn't that seem like a better gig for the private banks than for you or the health of the govt?


--------------------
Trying to explain a journey to someone who has never experienced it is like trying to explain what a zebra looks like to  blind person who has never seen a horse.

^^^The above matter may be a complete fantasy that I concocted out of possible boredom.^^^


--------------------------------------


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Re: I know it is a buzzkill and boring, but seriously, start a Roth IRA [Re: SneezingPenis]
    #6549199 -

"Compound interest is the most powerful force in the universe."

~ Albert Einstein


--------------------
Welcome evermore to gods and men is the self-helping man.  For him all doors are flung wide: him all tongues greet, all honors crown, all eyes follow with desire.  Our love goes out to him and embraces him, because he did not need it.

~ R.W. Emerson, "Self-Reliance"

:heartpump:

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Re: I know it is a buzzkill and boring, but seriously, start a Roth IRA [Re: trippindad82]
    #6549488 -

trippindad82 said:
Yeah. That's basically what it is. Yet, you are still using money issued by a private bank. How can a govt agency back something that was not issued by them? That's like buying something at walmart and going to target to bitch about the item and demand an exchange. You didn't get your money from the govt, so how can the govt exchange, replace, or back your money? Doesn't that seem like a better gig for the private banks than for you or the health of the govt?


American Currency is American Currency. they aren't insuring your risks, they are insuring your currency. When you have a savings account, you make from 1-3% interest, now the bank gives you that money, but only because you are giving the bank a loan (basically), and they are using that money for their own investments, like loaning someone else money for a house, but they charge them 6-8% interest.

through that agreement, the bank is paying you, just like you get paid from your occupation, and it is deposited into your account. They are only insuring whatever the number is in your account, they aren't worried about how it got there.

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Re: I know it is a buzzkill and boring, but seriously, start a Roth IRA [Re: SneezingPenis]
    #6549547 -

psilo,

ive always been interested in investing, and this Roth IRA fund looks like the path i want to take. BUT i dont know ANYONE who could show me how to start one, or even talk to about it. No exposure, ya know? Im clueless here.

how does one make a Roth IRA?

can i start one with any amount of money?


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Re: I know it is a buzzkill and boring, but seriously, start a Roth IRA [Re: Colbadol]
    #6549569 -

you know..... im not sure. I am honestly just getting into all this myself.
i am pretty sure you can get one started with any amount of money. Next week I am going to an investment firm to start one.... but you obviously have access to the internet, and you can find out anything you want to know as long as you are smart enough to dodge bullshit and advertisements.

I would love to elaborate on it, but I only have limited knowledge on this matter. i am currently reading two books that my dads friend (a day trader) sent me, and he has no personal financial investment in any of this, so he is giving me advice out of pure benevolence and charity.

Seriously, most people here on the Shroomery are young enough that they could tell their grandparents and parents that they want some money to put into a Roth IRA and those people would probably heap money onto you just because you have the foresight and resposibility, coupled with their own mistakes regarding retirement, to start saving..... and that the measly 50 dollars they would have given you would go towards a bag of weed or a playstation game and would be an investment in your future, maturity, credit and assets.
if just asking them for it doesnt work, say with a meek yet soul moving inflection the above paragraph.

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