Do you have a financial goal plan for life?

Question

Makeushiver · Accepted Answer

Financial goals can be planned but take it from someone who works in finance. Y ok u may as well eviscerate a chicken since no financial planner van account or plan for black swans. If you are unfamiliar with the term it means something completely unpredictable. The best example is the constellation fund who used advanced mathematicians trained in finance aka Ajanta who were given the job of putting together a fund that was impervious to failure. It failed because of Russian bond crisis More recently and closer to home. In the early 2000s Goldman and many other think tanks non Wall street put their money in high interest paying tranches of debt. Great idea since bundling. mortgages we med to avoid the problem of lack of diversification. Until someone realized that they didn't know just how many mortgages in them were viable. The only course of action was to assign them a value of zero. Problem was everyone owned them and many. kept buying them since interest laid was 21%. In 18 months Lehman, Bear, AIG, Moody's gold plated names were failing or being bailed out. The 2 decade market rally was a recovery from that and that non forced debt rates to lows that were lower and longer than ever in history. Unless the govt is willing to bail you out - the FDIC sounds pretty but was helpless in any bear of that magnitude. Now an entire generation has grown used to and feel a it's their birth right to habe 2% mortgages and 20% ROI every year. Impossible not sustain. Prior to that 8% a year was considered solid performance and that with people who knew markets were the only players. Now people with no idea are getting into the market & buying real estate. That is the. point when market veterans start to say overbought and start selling. When your Uber driver is giving you stock tips it's time to run from the market. If you can get a loan make sure the rate is fixed. Don't over leverage. Follow these rules and regardless not what happens you'll be in the top 20%. Oh, and don't get attached to inbestnents.. The biggest mistake amateurs make in the market is to sell winning stocks too soon so they can lock in
some profit and to hold onto losing stocks too long because they believe it isn't a loss until. its locked in.

Lliam · Accepted Answer

When I was about 17, I started building my finances by contributing $2000 a year to an IRA. Then, when I was 26 1/2, I got a great job with amazing benefits, I contributed 11% of my salary to their IRA and they matched 6%. I stayed with that company for 30 years.

When I was about 30, I bought a condo as an investment. That didn't pan out as well as I had hoped, but I did eventually sell if for a small profit.

I wish I had known more about investing. If I had known better, I would have bought a million dollar life insurance policy that matured when I was 55 or so, with a guaranteed % of compounding interest and greater interest when the market did well. The savings never decrease the way an IRA can. Rates on life insurance are based on your age and state of health at the time of purchase and do not increase. So it is very inexpensive when you are young.

As it is, I did alright. My wife and I bought a home on 30 acres and have lived here for almost 23 years. We do have a mortgage but, at this point, the payments are far less than it would cost to rent a small apartment.

Now that I'm retired, I am dependent on Social Security, a small pension from my job, Medicare, my wife's Social Security, the income she makes working part time self-employed, and our IRA savings.

Anonymous · Accepted Answer

Thanksgiving is a magical season of hope. It brings people together like no other time of the year. It gives us a moment to catch our breath, to step away from the complexities of our bustling modern world and to reaffirm the important things in life. As you reflect on days gone by and look forward to all your bright tomorrows I hope you find peace and contentment and that you carry the spirit of Thanksgiving with you always..

Kayleigh2005 · Accepted Answer

I don't even try to explain anymore 😕

I buy Bitcoin, Kaspa, and SUI and I get crypto from my phone Helium Mobile.

Find someone smart and copy what they do 😀 my friends my age I'm like take ur can deposits, smh, look at my Ledger balance, really drives me crazy

sawno · Answer

Not really, I have sane spending habits so my money goes up every month or at worst remains the same if I did buy more things or had more bills hit. The things i'd want to strive for are currently not realistic due to the extreme housing crisis (I'd loose a ton of money if I bought a house as they are 50% overvalued in my opinion). So instead of setting specific targets I keep it flexible and my spending sane.

Lynx122 · Answer

I don't really, for me it's more about the feeling of financial security and freedom so I can do the things I want, when I want to. There's actually a limit to how much I can save up right now. So I have to see how I'll deal with that but in general I'm happy with my position right now :)

playboxidroid · Answer

Yes. But in order to achieve that, I train myself to be content without a girlfriend. Because the benefits of that is you only pay for yourself, you do not have to worry about spending double the price of what you eat, what you do, or where you go! I'd rather enjoy the bachelors life and invest on a PS5 and an Xbox Series X!

Nikki1989 · Answer

Yes, savings + superannuation, which is building nicely.

Billlewis · Answer

I did for a long time, but now I want to use my accumulated resources to make a beautiful, bitchy woman happy.

exitseven · Answer

yes, I have been planning my life since I got married at 24.

molonski2 · Answer

I've been an investor for a very long time , so yes I've always had financial plans , it now has a mostly dividend focus , so I can fund my lifestyle here.
However , I still work on it , generally , I like , direct property , REITs and financials.

Fireguy17 · Answer

yeppers, and you can never start too early.
I really like the financial guy that I use now.
He is very helpful, is making me money and has given my wife and I some great advice.
He also does a yearly review as part of his service.

ProbablyClueless · Answer

I do! I started saving for retirement this year. Beyond that, I have a stock portfolio that's performing well, interests in several businesses I've started, and I'm looking at buying a house within the next 3-ish years.

AviatorTom · Answer

Yes, I regularly work with my financial planner on my retirement fund, mostly via 401K. Plus, I've had a Whole Life insurance policy since I was 25, now worth quite a bit.

Bricealan · Answer

Not a financial "goal' per se, but I do, and have had an on going savings and investment plan with the state and personal Fidelity account.

DrPepper12 · Answer

Yup. Have 1.5 mil in assets AT LEAST n hang around NY another decade n then a cheaper better climate bound!

EVERYONEs goal should be START YOUNG. Compound interest & dividend reinvestment are absolute miracles!!

electromagnetic · Answer

I’m back home in South Korea and I really thought I’d save money. Except all I’ve done was ‘treat myself’

Kaneki05 · Answer

Of course it's called live off the government until I die. It's working so far. Or I become rich somehow.

matchrestore · Answer

Have enough money squirreled away to retire a few years early.

Anonymous · Answer

I had some plans that got derailed by two not-so-spectacular marriages, but I have recovered from that and my retirement fund will be close to 7 figures in the next two years.

SixFootSexy · Answer

Someone is going to gift me 100 bitcoins and that will be my retirement/slush fund.

Justneedtokno · Answer

It’s always been to be stable, but I have a hard time with small things. I can treat myself they add up

worldscolide · Answer

I've met mine, I could retire right now and never have to work again and just live off of my savings.

LiamJHayden · Answer

Yes. Building up enough passive income so I do not have to work. Should reach that by 40, if not earlier.

Amur8711 · Answer

Not really, just slowly build hopefully get to a point I don't have to work. But that's probably everyone's dream too.

TallAnon · Answer

Get house, pay off house, secure retirement, if kids, secure money to help kids.

Jmmmfi4 · Answer

IM STRUGGLING FINANCIALLY SO BAD RIGHT NOW YOU HAVE NO IDEA

Account · Answer

I don't have any plan. I wing it.

CubaPirate · Answer

Early retirement

krin_m · Answer

Yes and I achieved it.

CarolinaGirl5 · Answer

Absolutely I have 4 accounts

Jennz6 · Answer

I’m trying to save my money 💰

IslaTheWitch · Answer

nope

Pete671 · Answer

Yes to spend it all before I die,,,

LiamS95 · Answer

Yes and I contribute to it very regularly.

Adel50 · Answer

Yes, I do.

PBandJ_Nerd · Answer

Nope.

ChicoFromThe305 · Answer

Yep of course

jamesgoldman · Answer

Keep the taxman away

MK1997 · Answer

No I don't

jahaims · Answer

Hit it at 30

eagle1951 · Answer

not any more

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