| What's your majic number? |
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dbe1351
Member
Cash: $ 3.75
Posts: 17
Joined: 04 Feb 2006
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| What's your majic number? |
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What's the number you've put out there as what you'd like to have before you retire?
Mine is $5,000,000 (net worth)
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Thu Feb 09, 2006 12:26 am |
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JBendar
Senior Member
Cash: $ 49.60
Posts: 271
Joined: 22 Mar 2004
Location: Woodbridge, New Jersey
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| Retirement forecast |
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dbe:
I think you are being a little unrealistic about your retirement goals. Unless you are very young and have 30 or more years to go before you retire, it would be wise to lower your expectations. The possibity of between $1 - $2 million would be a more appropriate estimate. I wish you luck if you have a way of making such high returns on your retirement savings/investing. This is just my opinion. I hope it helps you. I am at the age of retirement and I have been saving for over 20 years. There is no way I came even close to your estimate.
JBendar 
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Thu Mar 09, 2006 3:34 am |
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eyeontheprize
Member
Cash: $ 2.55
Posts: 12
Joined: 09 Feb 2006
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| Magic Number |
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Enough to not eat Alpo.
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Fri Mar 10, 2006 1:19 pm |
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dbe1351
Member
Cash: $ 3.75
Posts: 17
Joined: 04 Feb 2006
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Bendar - thanks for the reply.
I was more just curious on what other people's goals were. Not really looking for feedback on mine.
Thx though.
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Sat Mar 11, 2006 12:57 pm |
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eyeontheprize
Member
Cash: $ 2.55
Posts: 12
Joined: 09 Feb 2006
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| Uh... |
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I wasn't implying that 5 million would leave one on a diet of Alpo.
I was answering the question of what I'd like to have when I retire! I just don't think Alpo is an acquired taste, or one that I'd care to acquire either.
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Sun Mar 12, 2006 3:11 am |
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Rolo
Yo' Daddy
Cash: $ 309.70
Posts: 1551
Joined: 13 Mar 2005
Location: Colorado/Florida
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$5M net worth is not unrealistic at all, and not difficult.
Sarah has a point; goals must be converted to 2006 dollars.
Mine is a $25M nest-egg ($5M in my estimated retirement age dollars, according to my Monte Carlo report) and freakin' sharks with freakin' lasers.
"Expect me when you see me."
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Sun Mar 12, 2006 4:23 am |
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dbe1351
Member
Cash: $ 3.75
Posts: 17
Joined: 04 Feb 2006
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agreed - my $5MM is 06 dollars based. Whether you like to eat alpo or lobster - all relative.
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Sun Mar 12, 2006 3:19 pm |
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thebeave
Preferred Member
Cash: $ 31.20
Posts: 198
Joined: 07 Aug 2005
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I don't exactly know how much I want to have when I retire, I just know I want to have my first million before the age of 30. I have slightly over 11 years to do that. After the first million, the next few million should be easier.
The Wedding Experiment
www.interestinginvesting.com
Earn Money For Discussing Topics
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Wed Mar 15, 2006 9:34 pm |
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efflandt
Senior Member
Cash: $ 80.45
Posts: 401
Joined: 25 Apr 2005
Location: Elgin, IL USA
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The company that runs my 401k did a study of accounts they handle. And judging from 401k account balances, it does not look like the average person is going to have $1M by retirement (or even $100K). Especially notice the bottom of page 2 of "Account Balances" link by age group.
http://www.principal.com/about/news/totalview.htm
Fortunately, I am way above average, not even counting the third of my savings in outside IRA's (including Roth). Within 13 years I still might not be rich, but should have enough to be comfortable indefinitely without eating principal.
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Wed Mar 15, 2006 11:58 pm |
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thebeave
Preferred Member
Cash: $ 31.20
Posts: 198
Joined: 07 Aug 2005
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My business professor showed us an almost foolproof way to have a million by the time you retire. It all involves saving ritually, you don't even have to save huge amounts, just make it a habbit. The earlier you start the better too. He just crossed the million dollar mark and he is 57. He started late though.
The Wedding Experiment
www.interestinginvesting.com
Earn Money For Discussing Topics
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Thu Mar 16, 2006 3:19 am |
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nkthen
Full Member
Cash: $ 9.90
Posts: 68
Joined: 16 Mar 2006
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It is difficult to set a magic number here.
There can be too many factors and variables that can change your number, or even fail to reach it.
I believe it is the ability to know WHEN and WHAT to spend.
That's the key to better wealth.
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Thu Mar 16, 2006 4:10 pm |
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