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Offlinebudzeno
Chillaxin
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Registered: 10/14/07
Posts: 225
Loc: British Columbia
Last seen: 10 years, 11 months
Re: GET RICH! [Re: Prisoner#1]
    #7808443 - 12/28/07 08:01 PM (16 years, 1 month ago)

Wow, Great post. It is always a good time to start investing weather it be at age 10 or 60. I personally am a strong believer in the Roth IRA. Its a great way to save.


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Offlinefapjack
Title
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Registered: 07/26/07
Posts: 16,574
Loc: Central New Jersey
Last seen: 3 years, 10 months
Re: GET RICH! [Re: geokills]
    #7808475 - 12/28/07 08:13 PM (16 years, 1 month ago)

I'd rather invest in hookers and drugs, I'm going to die well before the age of retirement comes.


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OnlinegeokillsA
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Registered: 05/08/01
Posts: 23,417
Loc: city of angels Flag
Last seen: 4 minutes, 40 seconds
Re: GET RICH! [Re: Liquidkick]
    #7813505 - 12/30/07 12:39 PM (16 years, 1 month ago)

Quote:

Liquidkick said:

Wow you are telling them to open an IRA, crazy..
I think the majority are not that old here on the forum.



Why should being young require someone to be ignorant about their future? I think it's absolutely nuts to suggest that someone is too young to open up a retirement account. Why would you ever want to wait, when time is literally money in the bank!? The younger the better, as you want your money to grow for as long as possible - and especially when you're young, it's easy to put some part-time cash away and not even think about it... letting it grow for years and allowing you to retire earlier and wealthier. Consider this:
There was a great article by Brett Arends ... that came out right after the iPhone was released. It was called "The True Cost of an iPhone? Try $17,670." Arends was making the point that if you took the $600 you spent on an iPhone, plus the cost of the required two-year service contract with AT&T, and instead invested it in your 401(k), it should be worth about $17,670 when you retire and start withdrawing money from your retirement account. The same holds true for any other expenditure; Arends was just using the iPhone as an example. Now, I don't believe for one second that you should always give up spending money on things you enjoy in the present in order to have more money in the future, but if you want to stay out of the poorhouse, and especially if you want to get rich, you have to think like this. Buying something with a credit card and not paying off your full balance for months or years makes everything you buy much more expensive and seriously undermines your ability to stay solvent or generate long-term wealth.


Quote:

fapjack said:

I'd rather invest in hookers and drugs, I'm going to die well before the age of retirement comes.



That's why the Roth IRA is such an awesome setup! You can withdraw all of your contributions at any time, and without any penalty. Meanwhile, any money you have in there can be earning interest completely tax free... so that if you do make it to retirement, at least you have some extra change ready to use that you wouldn't have had otherwise. And if you do need to put your money to use to buy a home, hookers, or drugs, you can still withdraw all of your Roth IRA contributions without penalty at any time. It really is a no brainer!


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··∙   long live the shroomery  ∙··
...π╥ ╥π...


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InvisiblePrisoner#1
Even Dumber ThanAdvertized!
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Registered: 01/22/03
Posts: 193,665
Loc: Pvt. Pubfag NutSuck
Re: GET RICH! [Re: geokills]
    #7813521 - 12/30/07 12:44 PM (16 years, 1 month ago)

hahahaha.... I'm sold


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InvisibleLiquidkick
H2O
Registered: 05/03/02
Posts: 2,635
Re: GET RICH! [Re: geokills]
    #7815341 - 12/30/07 09:55 PM (16 years, 1 month ago)

Well yeah, its not to early to plan for retirement. I rather just use that money to make some more.


I can find much better ways for the 600 to give me a better return than some IRA thru TVM.


If you are young you can take on a lot more risk.


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Offline0xYg3n
topdawg
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Registered: 04/29/04
Posts: 18,881
Last seen: 14 years, 10 months
Re: GET RICH! [Re: Prisoner#1]
    #7830203 - 01/03/08 11:07 PM (16 years, 28 days ago)

Quote:

Prisoner#1 said:
hahahaha.... I'm sold




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OnlinegeokillsA
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Registered: 05/08/01
Posts: 23,417
Loc: city of angels Flag
Last seen: 4 minutes, 40 seconds
Re: GET RICH! [Re: Liquidkick]
    #7830292 - 01/03/08 11:35 PM (16 years, 28 days ago)

> Well yeah, its not to early to plan for retirement. I rather just use that money to make some more.

The purpose of an Individual Retirement Account is to use your money to make some more, with the added benefit of defined tax advantages.


> I can find much better ways for the 600 to give me a better return than some IRA thru TVM.

What is TVM?


> If you are young you can take on a lot more risk.

You can take on plenty of high risk / high reward investments in the stock market through your self-directed Individual Retirement Account. While there are varying restrictions as to where you may invest your funds, an IRA with a good financial firm will allow you to invest in many asset classes, with the potential for extremely high reward.

Quote:

Once money is inside an IRA, the IRA owner can direct the custodian to use the cash to purchase most types of securities, and some non security financial instruments. Some assets cannot be held in an IRA such as collectibles (e.g. art, baseball cards, and rare coins) and life insurance. Some assets are allowed, subject to certain restrictions by custodians themselves. For example an IRA cannot own real estate if the IRA owner has any involvement with that real estate, for instance as his personal residence or as a property manager (or if a relative fills one of these roles). The IRS specifically states that custodians may impose their own policies above the rules imposed by the IRS.[1] It should also be noted that custodians cannot provide advice.

Most IRA custodians limit available investments to traditional brokerage accounts such as stocks, bonds, and mutual funds, and do not permit real estate in an IRA unless it is held indirectly via a security such as a real estate investment trust (REIT). However, self-directed IRA custodians/administrators can allow real estate and other non-traditional assets. They typically charge fees based on asset values. There are certain special restrictions on real estate held in an IRA (the IRA owner cannot benefit from the property in any way, i.e. they can not use it). Self directed IRA's allowing non security investments are more complicated and to properly set up may require additional expertise and experience that not all CPAs, attorneys, or other advisors would have.

[Ref.]




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··∙   long live the shroomery  ∙··
...π╥ ╥π...


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OfflinePDU
travel kid vs.amerika
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Registered: 12/03/02
Posts: 10,675
Loc: beautiful BC
Last seen: 8 years, 4 months
Re: GET RICH! [Re: Prisoner#1]
    #7830452 - 01/04/08 12:40 AM (16 years, 28 days ago)

Geokills - thanks for this post.

Im 22 and have only last month, started putting $25 dollars a month away into an IAP ecoflex dividend fund.

My step father is a *financial planner*? or something like that.. he sells mutual funds and life insurance.. Anyways, i figure he gives me good advice.. and i see the fund returns 10.5% per annum (if im not mistaken.)

Im a total noob, but i am dedicated to being financially independent in the future for many reasons; kids, retirement, freedom, travel. I think this financial forum will help many people realize they should start thinking about these things.

:smile:


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GO OUTSIDE.


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InvisibleBrain Fart
Mushroom Nerd
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Registered: 12/19/07
Posts: 2,538
Loc: Your Mom Flag
Re: GET RICH! [Re: Prisoner#1]
    #7830692 - 01/04/08 04:08 AM (16 years, 28 days ago)

I actually have a Roth IRA fund and have had one since I was 14 years old and working.

It's a smart investment considering Social Security will not exist by the time I retire (I'm 19)

So, just letting everyone know it isn't a scheme or some retard trying to advertise, it really is good financial advice if you wish to plan for your future and want to have a nice house in cancun to retire in someday. :sunny:


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InvisibleLiquidkick
H2O
Registered: 05/03/02
Posts: 2,635
Re: GET RICH! [Re: geokills]
    #7832829 - 01/04/08 05:34 PM (16 years, 27 days ago)

Time Value of Money.

Sure IRA, whatever is good..

I am not a financial advisor, so whatever.


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InvisibleIcelander
The Minstrel in the Gallery
Male


Registered: 03/15/05
Posts: 95,368
Loc: underbelly
Re: GET RICH! [Re: 2FiNiTe]
    #7832882 - 01/04/08 05:53 PM (16 years, 27 days ago)

Quote:

2FiNiTe said:
:confused:

Fuck the man, don't pay your bills!  & sure the fuck don't get a "job" and support the oppression of your mind!




Spoken like someone living off mom and dad or some other agency.:rofl2:


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"Don't believe everything you think". -Anom.

" All that lives was born to die"-Anom.

With much wisdom comes much sorrow,
The more knowledge, the more grief.
Ecclesiastes circa 350 BC


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InvisibleIcelander
The Minstrel in the Gallery
Male


Registered: 03/15/05
Posts: 95,368
Loc: underbelly
Re: How to Retire Richly - [a discussion of 401(k), IRA, and Roth IRA retirement accounts] [Re: geokills]
    #7832896 - 01/04/08 05:58 PM (16 years, 27 days ago)

Great post geokills. It's great advice that works. If you have to play the culture game you might as well make the most of it. And being broke  or in debt for life sucks.

I do have one question however. How did you get this it WILL be worth it! to be that large of print? Icelander needs this to fight his battles in P&S.:hissyfit:


--------------------
"Don't believe everything you think". -Anom.

" All that lives was born to die"-Anom.

With much wisdom comes much sorrow,
The more knowledge, the more grief.
Ecclesiastes circa 350 BC


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OnlinegeokillsA
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Registered: 05/08/01
Posts: 23,417
Loc: city of angels Flag
Last seen: 4 minutes, 40 seconds
Re: How to Retire Richly - [a discussion of 401(k), IRA, and Roth IRA retirement accounts] [Re: Icelander]
    #7833055 - 01/04/08 06:47 PM (16 years, 27 days ago)

Special perk (HTML) that's no longer available to user accounts because some dunce had to abuse the feature. :doh:


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··∙   long live the shroomery  ∙··
...π╥ ╥π...


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