| losing job what now...best options? |
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newbie2017
Member
Cash: $ 2.85
Posts: 13
Joined: 05 Sep 2017
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| losing job what now...best options? |
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52 in spring....losing my job. Not alot of options as Im uneducated but Ive saved money. I have 120k in a Ira/invested with edward jones. 256k saved in cash sitting at 1.85% Equity of my home is around 250k Small car collection, considering selling 1/2 of it in the spring.
.Zero debt other than living expenses. Broken down they are 9000 k a year. Thats everything down to the tv and electric. Question is in my situation what would be the best advice to do with that money at my age. i will not more than likely find a similiar income as it was a family business that is closing. So my pay check is going to take a big hit. Im gonna be living thin as they say. I have amassed this amount of money but not certain my best avenue to keep it growing as adding to it is going to pretty much stop. Life sucks sometimes...but im trying not to let this sink me. Any advice is welcomed.
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Tue Dec 17, 2019 5:23 pm |
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newbie2017
Member
Cash: $ 2.85
Posts: 13
Joined: 05 Sep 2017
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16 views an no input?...lol 
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Tue Dec 17, 2019 9:14 pm |
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oldguy
Senior Member
Cash: $ 751.85
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Joined: 21 May 2006
Location: arizona
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Sorry about the job loss. And congratulations on building up your $376,000 account.
Personally, I would invest that $376,000 more aggressively, If you earned about 8% on the $376,000 that would be $30,000 per year.
Depending on where you live,, most any minimum wage job will cover your $9000/ year expenses. Eg, if you are in Seattle where the Min Wage is $15, your earnings would be about $30,000 per year for full time work. Or if you are in a low-income state, say $8/hour), that would be $16,000 per year.
Using the rule of 72 - if you invest that $376k at 8% and let it grow, it would double about every 9 years. So, it would be $752,000 at age 61 - $1,504,000 at age 70 - and so on.
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Tue Dec 17, 2019 10:32 pm |
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newbie2017
Member
Cash: $ 2.85
Posts: 13
Joined: 05 Sep 2017
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Thanks old guy.......well I cannot invest all of that money or I will have nothing to live on until I find a job that hopefully keeps me afloat. So that number will be less than the 376 mentioned. I sold recently two of my collector cars....so Im sitting at 123k current market with edward jones and have 306k in money market earning the 1.85 percent.
im curious as we have spoke before of the rule of 72 why the 3% change ? you mentioned 8% recently is this post not 11%
So, if you want your money to grow, you need to select a risk level that out-paces inflation. I like to use an 11%/yr return risk level. At 11%, my money doubles about every 6.5 Years. (The Rule of 72) If you want to invest for 20 years, you should get about 3 "doubles"
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Tue Jan 14, 2020 6:47 pm |
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