Retirement bullshit

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Echuta

Echuta

Golden Knight of the Realm
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I'll admit that I was one of those 30 somethings. The wife and I were contributing about 200 each/month to our own IRA roths but that was about it. We had about 50k in bad debt (student loans, car payments, credit cards) when we finally decided to get serious about investing (mostly out of fear of getting old and still working). We stopped all investments, scaled way back on buying crap, and put every single extra dollar to eliminating debt. We managed to wipe out all our debt in roughly 15 months. Since then we got a financial advisor and put away 50k/year towards investments. Goal is to retire by mid-50s. Don't know if it will happen but it feels good to know there's an aggressive plan in place.
 
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Burren

Burren

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Echuta said:
I'll admit that I was one of those 30 somethings. The wife and I were contributing about 200 each/month to our own IRA roths but that was about it. We had about 50k in bad debt (student loans, car payments, credit cards) when we finally decided to get serious about investing (mostly out of fear of getting old and still working). We stopped all investments, scaled way back on buying crap, and put every single extra dollar to eliminating debt. We managed to wipe out all our debt in roughly 15 months. Since then we got a financial advisor and put away 50k/year towards investments. Goal is to retire by mid-50s. Don't know if it will happen but it feels good to know there's an aggressive plan in place.
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That's great man. Eliminating debt is one of the best things you can do with your money. It may not be cash going to an interest bearing account, but when you think of the charges on debt, you're actually paying yourself long term by not having extra cash go towards debt. That (debt) is one of the biggest pitfalls of most Americans. Everyone "needs" the newest phone, car, TV, shoes, etc. and spends more than they should.
 
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Echuta

Echuta

Golden Knight of the Realm
291
147
Burren said:
That's great man. Eliminating debt is one of the best things you can do with your money. It may not be cash going to an interest bearing account, but when you think of the charges on debt, you're actually paying yourself long term by not having extra cash go towards debt. That (debt) is one of the biggest pitfalls of most Americans. Everyone "needs" the newest phone, car, TV, shoes, etc. and spends more than they should.
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It was pretty amazing to watch my credit score go from upper 600s to as high as 843 in that time. My wife and I now have an ongoing contest of who can get the better score. That's what happens when you hit middle age.
 
AladainAF

AladainAF

Best Rabbit
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hahah yes. My and wifes credits are in a constant battle with one another too. Sadly, our 5th investment home mortgage is going in my name so she'll win the 2016 challenge :(
 
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