That's what my buddy did. He also retired early
401k
- Thread starter Mo19072
- Start date
Power of time and compounding interest
Brownslave688
You want a toe? I can get you a toe.
Brownslave688
You want a toe? I can get you a toe.
My wife only has 5 years at her job
And she’s at 300k.
Compounding is a beautiful thing.
DriveInDriveOut
Inordinately Right
Just put in as much as you can. Life happens, people get sick, hurt, lose their jobs.... if you're investing as much as you can, when you can, you'll be alright over the long run.
Brownslave688
You want a toe? I can get you a toe.
Wife has maxed since day 1 but we are cutting it back to 3% for a few months so I can take my 12 weeks of fmla and spend the holidays with the kids
Things for sure happen. Make it a priority and you’ll be fine
I didn't realize many of these funds compounded in that manner. I may be making the wrong choices. My balance is more indicative of how the market is doing at any given time. There is no concrete compounding. I'm just a few short years in, but nothing has truly compounded. I'm up 15% from what I've put in for the past five years, to now. I Haven't quite seen any signs of compounding. 2018 had negative gains for almost every fund. So this compounding doesn't sound feasible. But maybe it's my current fund choices
Brownslave688
You want a toe? I can get you a toe.
Honestly man we make good money. Talk to a
Professional
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Jackburton
Gone Fish'n
Read the rule of 72. The S&P has averaged about 10%/yr over the last 90 years. Using the rule of 72, your investment would double every 7 years sitting in a simple S&P 500 index fund.
DriveInDriveOut
Inordinately Right
I try not to front load too much cause I like dollar cost averaging into the market but it worked out this year since both my wife and I ended up using FMLA and will still max out.
DriveInDriveOut
Inordinately Right
Brownslave688
You want a toe? I can get you a toe.
Hopefully because you had a child and not something else. If so congrats man
Brownslave688
You want a toe? I can get you a toe.
I am not gonna mince words here. My wife is pissed that I am taking 3 months off. Even thought she took her 12 weeks off. For some reason it’s just not like me.
Thoroughbred Teamster
Well-Known Member
Lived check-to-check in my 20s. Nothing but partying. Drivers in their 30s all laced me up on financial game so once the partying died down, I started my 401k right before I turned 30, which seems to be the norm with most drivers.
Been maxing out for quite a few years now, been contributing 10 years total. It's very healthy and I am on schedule to have a nice pay day when it's time but YOU GOTTA START ASAP.
Start out with 10%, you won't even notice. Every pay increase, crank that contribution amount up til you max out. My checks are small with only having about 45 hours a week but I max out my contributions and purchase $100 in stock every week. Even if I don't live to see it, my family will have at least a something nice to celebrate with.
And with that said, please enter this as Exhibit A if I ever die under suspicious circumstances. She be watching too many of those "How to murder your {fill in the blank}" shows.
Been maxing out for quite a few years now, been contributing 10 years total. It's very healthy and I am on schedule to have a nice pay day when it's time but YOU GOTTA START ASAP.
Start out with 10%, you won't even notice. Every pay increase, crank that contribution amount up til you max out. My checks are small with only having about 45 hours a week but I max out my contributions and purchase $100 in stock every week. Even if I don't live to see it, my family will have at least a something nice to celebrate with.
And with that said, please enter this as Exhibit A if I ever die under suspicious circumstances. She be watching too many of those "How to murder your {fill in the blank}" shows.
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DriveInDriveOut
Inordinately Right
Expected and unexpected.
Easy to enjoy the rollercoaster of life's ups and downs when you live within your means and have an emergency fund. I'm enjoying the ride.
Maple Grove MN Driver
Cocaine Mang!
You are doing it wrong if you lost money in 2018.
Most of my money is in a SMA.
I bought and sold stocks regularly.
A lot of Penny Stocks.
Buy 100,000 shares at 10 cents. When it goes up 5 cents you gain 5 grand.
Got in on Monster Beverage Company early 20,000 shares at like 6 bucks a share sold when it was around 20 bucks a share....280k gain.
You are over thinking this. Your balance will go up and down. When the market bottomed out in 2009 my balance was almost cut in half.
oldngray
nowhere special
For retirement accounts always look at the long term and don't worry about market swings.
It's a decade later now and my balance is doing well now. Thank God I didn't panic and pull out of the market.
