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'13 money lies you should stop telling yourself by age 30'

Discussion in 'Anything goes' started by Dick Whitman, Jan 10, 2013.

  1. Baron Scicluna

    Baron Scicluna Well-Known Member

    Yeah, I should have been a doctor. Trust me, you would have loved to have me operate on you.
     
  2. LongTimeListener

    LongTimeListener Well-Known Member

    Those are definitely the only two options. $26,000 a year and doctor.
     
  3. doctorquant

    doctorquant Well-Known Member

    Just as there are only two options re: the savings ... $0 annually and $5,000 annually.
     
  4. The Big Ragu

    The Big Ragu Moderator Staff Member

    Since this is sort of shaping up to be a general financial-planning thread, something on Barry Ritholtz's blog today (ritholtz.com) was really interesting. ...

    From the WSJ this morning, 65 percent of U.S. large-cap stock mutual funds did WORSE than their benchmark index (in most cases, the S&P 500) last year, net of fees.

    But the really astounding number was that only 10 percent of nearly 2000 U.S. stock mutual funds beat their index in both 2011 and 2012.

    The lesson -- index funds with low fees make the most sense if you are going to invest in equity mutual funds.

    http://online.wSportsJournalists.com/article/SB10001424127887324442304578231851362953728.html
     
  5. jr/shotglass

    jr/shotglass Well-Known Member

    Like everyone else, I wish I had been thinking about this when I was 25.

    Anybody on that end -- start pumping away in your 401(k) now. You'll be amazed by what that might do for your back-end finances.
     
  6. buckweaver

    buckweaver Active Member

    Must be nice.

    I have had exactly one journalism job in my life with any match at all. Six weeks after I started, it went from a $1:$1 match (up to 5 percent) down to 50 cents. Months later, it dropped to 25 cents. Then it dropped to no match.

    AND ... the match was only 100% vested after 6 continuous years of work at the company.

    I survived four rounds of layoffs in three-plus years and got the hell out. The vested match that actually rolled over to my personal IRA was about 25 percent of the total match in those three-plus years. Free money, sure; I'm not giving it back. But probably 90 percent of the money in my IRA account today is from my own contributions.
     
  7. Riptide

    Riptide Well-Known Member

    Tribune's spectacular investment geniuses lost me money on my 401(k) every freakin' quarter until I finally pulled the money out and went on my own. It was highly frustrating.
     
  8. LongTimeListener

    LongTimeListener Well-Known Member

    How did Tribune lose you money on your 401(k)? Didn't you have a choice of investments, or did it all have to be tied up in Tribune stock?
     
  9. Riptide

    Riptide Well-Known Member

    Been more than a few years, but if I remember the mutual funds they picked didn't perform well.
     
  10. LongTimeListener

    LongTimeListener Well-Known Member

    You can blame those fund managers but not Tribune. That's ridiculous.
     
  11. Riptide

    Riptide Well-Known Member

    I suppose. I was pretty disgusted, and I blamed Tribune for picking those funds.

    Too long ago to remember the details, though. Good thing my pension is safe. :eek:
     
  12. cranberry

    cranberry Well-Known Member

    As someone closing in on retirement age, I can also say this was the single best financial decision I ever made. If you do nothing else, make a habit of putting away the maximum your job will offer.
     
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