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More MSM Propaganda About Working Yourself to Death!!!

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More MSM Propaganda About Working Yourself to Death!!!

Postby globetrotter » Mon Mar 22, 2010 11:00 am

What this is about is generating millions for those investment bankers like The Street to have to make money off of during the next 30 years. You don't need $1,000,000. Keep on the treadmill, boys! Work yourselves to death until age 60! The USA .Gov needs your tax revenue!

You need $20,000 and you can leave and retire on some faraway beach.

Bollocks to this article.

MSM Propaganda About Working Yourself to Death!

http://finance.yahoo.com/focus-retireme ... dingwealth

$1 Million Doesn't Cut It for Retirement
Sponsored by
by Joe Mont
Sunday, March 21, 2010provided byTheStreet.com

Conventional wisdom says you need to save $1 million for retirement.

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That target may be easy to remember, but it falls short of the true cost of what's required for post-career comfort. Longer life spans, the threat of inflation and the uncertain future of Social Security benefits makethis long-touted savings advice inadequate for most, advisers say.

Scottrade recently polled 226 registered investment advisers on the topic and found that 71% don't believe $1 million is enough for the average American family. Most said families need to save double, or more than triple, the amount.

"Younger generations, especially, need to set their retirement goals higher than other generations and start saving as early as possible," says Craig Hogan, Scottrade's director of customer-relationship management and reporting.

The survey solicited opinions about the current investment habits of Americans. Questions were broken down by generations to determine advisers' opinions on average investment goals in today's dollars for various groups.

Generation Y (ages 18 to 26) needs to save at least $2 million, according to 77% of advisers. Forty percent put the figure at $3 million.

Nearly half of advisers (46%) said Generation X (ages 27 to 42) should at least double the $1 million goal. Twenty-two percent suggested more than $3 million.

For Boomers (ages 43 to 64), 35% recommended $2 million to $3 million. Thirty percent suggested $1.5 million to $2 million.

According to Scottrade's analysis, seniors are the only generation that may come close to needing only $1 million. Forty-four percent of advisers said $500,000 to $1.5 million is sufficient for average families in that age bracket.

Bill Smith, president of Ohio-based Great Lakes Retirement Group, is among the advisers who took part in the survey. As he sees it, too many people rely on online retirement calculators. Much of that guidance uses a target based on making do with 70% to 80% of pre-retirement income.

"I've never been a big fan of planning to earn less in retirement than you are making now," he says. "I'd like to see an individual continue making the same amount of retirement as when he was working. Who wants to set themselves up in retirement to make less?"

While most people will spend less when they retire, inflation or the onset of a long-term illness could wipe out savings without proper protection or planning.

That said, there's no secret to meeting a retirement goal: maximize your contribution rate, have a greater tolerance for risk when you're younger and downshift to bonds as you grow older. Successful preparation, however, begins with setting a realistic goal and understanding your true financial picture.

Debt needs to be carefully considered as well as leaving money for the kids.

"There are two extremes," Smith says. "There are individuals who say, 'We don't care if we have anything left the day we die -- we are OK with that last check bouncing when we are gone.' Then there are the individuals who don't do anything in retirement because all of their decisions are made around, 'I've got to leave it for the kids.' "

-- Reported by Joe Mont in Boston.
Copyrighted, TheStreet.Com. All rights reserved.
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Postby momopi » Mon Mar 22, 2010 10:34 pm

If you gave me $1 million USD dollars today, I can invest locally in CA real estate and make ~$10,000/month positive cash flow and retire immediately. That's 12% pretax ROI. However, this opportunity is only here on the RE down cycle, not when the prices are up.

If you're still years away from retirement, you can start buying now and plan for the future. Rent it out and have your tenant pay your mortgage, then build your equity over time.

You don't need to have 2-3 million in your 401k account to retire. As a matter of fact if you have money in your 401k or IRA account today, you can roll them into a self-directed IRA account and use it to buy real estate. But you need to be very careful with IRS regulations, so consult a professional.
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Postby FuzzX » Mon Mar 22, 2010 11:22 pm

if you gave me $20,000 dollars today I could retire for 6 Years in Guadalajara, Mexico.

2 Bedroom House (Guadalupe) $150x 12 MONTHS = $1800
Groceries for the month for two people (Farmers Market) $100 x 12 MONTHS = $1200
Bus fare for the month $20 x 12 MONTHS = $240

1 Year of retirement = $3240 WITHOUT WORKING AT ALL...not even having to teach English. Just walking around the city and looking at the landmarks...

6 YEARS x $3240 = $19440

I'm 30 this year so... +50 Years x $3240 = $162000

so basically .... if I live at home and save everything I make.... current job pays... $50k so
50x4 Years = $200K w/ taxes = $180,000

so by the time I reach 34 I could retire for the rest of my life in Mexico working at my present job (Truck Driver)

Now GDL is a wee bit expensive... if you go to somewhere a little more remote you can probably get a house or apartment for $100/month. If you are single you can probably rent a room with a family plus meals for $100. 12 Months x $100 = $1200 per year...

A million dollars??? seriously?? lol.... a TESOL and 50k in the bank would do wonders for your retired life. If you are at an age where you have a pention over $500/month, take it and leave!
Last edited by FuzzX on Mon Mar 22, 2010 11:38 pm, edited 2 times in total.
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Postby globetrotter » Mon Mar 22, 2010 11:36 pm

My figures are similar.

2 br apt in Hermosillo: $185
Food for a month: $100
Cable and Internet and Electricity: $100

Hermosillo is Northern Mexico and is expensive compared to other places.
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real estate by john t reed

Postby Montanaland » Mon Mar 22, 2010 11:38 pm

I'd like to add one of quickest and most profitable ways of setting up cash flows is to create your own notes ...prefferably through mobile homes or even judgment investing. If you visit noteworthy.com their is even a new book out that is about using vehicles a.k.a- acting as a loan shark/used car lot.

As an active trader and follower of legit news sources..my assumption is that this country has quite a bit further to fall along with the dollar. Their will be huge shorting opportunities in the near years in regard to the us mkts in which peter shiff and others are seeing the dow cut in half or lower.

Real estate is a buy in these times..but not when the system is broke.
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Postby FuzzX » Mon Mar 22, 2010 11:41 pm

wow $100 for hydro? Are you running the A/C day and night? even $40 a month is pretty huge... I ran my laptop all day in Puerto Vallarta, had a large fridge running and washed my clothes every day and still only managed to rack up about $7/month in hydro bills.

Do they have scorpions out that way globetrotter? I saw one in a box that was captured out in the desert and it was the size of a small dog. I lived in the jungle for a little while in PV and had tarantulas the size of baseballs walking around my house at night. :)

If I go back to Mexico, I'm going straight to TOLUCA... 4000ft above sea level: nice and cool, cheap rents + no bugs.

Just have to deal with the occasional UFO buzzing your house at night. :D
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Postby pete98146 » Mon Mar 22, 2010 11:59 pm

If you have an American wife then you probably DO need 1MM to retire. Man that's sad. I'd venture to say that less than 20% of American women would be willing to simplify and downgrade their living conditions overseas on a smaller retirement budget. Man this country is in for some tough times ahead. I shudder at the thought.

The prudent man will marry a foreign lady and retire in her homeland for a fraction of 1MM dollars. Heck, for most men, life is one big camping trip anyways. Just give me a bed, a roof over my head and 3 squares a day (along with a hot sexy wife and/or girlfriends) and I'm smiling.

If the baby boomers are denyed social security during retirement years, you'll see American men fleeing abroad not because they want to but because they must in order to survive.
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Postby momopi » Tue Mar 23, 2010 12:58 am

FuzzX wrote:if you gave me $20,000 dollars today I could retire for 6 Years in Guadalajara, Mexico.

2 Bedroom House (Guadalupe) $150x 12 MONTHS = $1800
Groceries for the month for two people (Farmers Market) $100 x 12 MONTHS = $1200
Bus fare for the month $20 x 12 MONTHS = $240

1 Year of retirement = $3240 WITHOUT WORKING AT ALL...not even having to teach English. Just walking around the city and looking at the landmarks...


$3240 is $270/month. If you only need that much cash flow, just buy an investment condo and rent it out. The increase in rent over time will hopefully compensate for inflation, plus you get equity gains.



Montanaland wrote:Real estate is a buy in these times..but not when the system is broke.


All investments carry risk, but I think it's a great time to buy straw hats in winter right now.



pete98146 wrote:If you have an American wife then you probably DO need 1MM to retire. Man that's sad. I'd venture to say that less than 20% of American women would be willing to simplify and downgrade their living conditions overseas on a smaller retirement budget. Man this country is in for some tough times ahead. I shudder at the thought.


Don't sell it as a "downgrade". You want to promote the positive aspects, not the negative ones. @_@;;
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Postby globetrotter » Tue Mar 23, 2010 5:12 am

wow $100 for hydro? Are you running the A/C day and night? even $40 a month is pretty huge.


CFE and Internet combined.

I take it you have never been to Hermosillo in the summer? 8) It is in the Sonoran desert and routinely clocks the highest temperatures in the Western Hemisphere. When I was there it reached 51.1 C, 124 F. Insane. What is true madness is that men wear long sleeves and long pants in such weather.

So, yeah, the A/C was on 24-7. CFE was $50.
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Postby globetrotter » Tue Mar 23, 2010 5:20 am

momopi wrote:
FuzzX wrote:if you gave me $20,000 dollars today I could retire for 6 Years in Guadalajara, Mexico.

2 Bedroom House (Guadalupe) $150x 12 MONTHS = $1800
Groceries for the month for two people (Farmers Market) $100 x 12 MONTHS = $1200
Bus fare for the month $20 x 12 MONTHS = $240

1 Year of retirement = $3240 WITHOUT WORKING AT ALL...not even having to teach English. Just walking around the city and looking at the landmarks...


$3240 is $270/month. If you only need that much cash flow, just buy an investment condo and rent it out. The increase in rent over time will hopefully compensate for inflation, plus you get equity gains.



Montanaland wrote:Real estate is a buy in these times..but not when the system is broke.


All investments carry risk, but I think it's a great time to buy straw hats in winter right now.



pete98146 wrote:If you have an American wife then you probably DO need 1MM to retire. Man that's sad. I'd venture to say that less than 20% of American women would be willing to simplify and downgrade their living conditions overseas on a smaller retirement budget. Man this country is in for some tough times ahead. I shudder at the thought.


Don't sell it as a "downgrade". You want to promote the positive aspects, not the negative ones. @_@;;


This is all great on paper.

Except that few people have the constitution to handle the headaches and stress. I am perfectly capable of following your plan above as I have financial and construction and RRE experience in Socal. If everyone could do it everyone WOULD be doing it. Reality proves that everyone is incapable of doing as you proscribe and in fact fewer than 1% of people can do it. It is an existence proof.

I hate it. I hate it so much I would rather be dead than deal with that bullshit ever again. It makes money and is a good investment?

SO f***ing WHAT!!!

If I am miserable, no amount of money is enough - and I mean it. You pay me $1M a year and I won't do it. f**k that. My last job the owner could have paid me $500,000 a year and it would not have mattered because the stress, hit to my health, loss of personal time, being constantly tied to my mobile and my state of total emotional misery and unhappiness would have made the money not worth it. I got tired of being a lying manipulative LA asshole like every other successful person in Socal.

Then there is the bullshit of having to either pay a prop man firm or deal with the headaches yourself and of course you are tied to a piece of property that you are responsible and liable for.

plus you get equity gains.


This is fiction. The RRE and CRE bubbles have burst and people will be underwater with negative equity gains for decades to come. There are no net equity gains now.

Great advice before a Kondratieff Winter and the collapse of an 80 year credit bubble. Not so good advice now...
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Postby Adama » Tue Mar 23, 2010 10:30 pm

I always thought about buying a fourplex, renting out 3 units and living in the lowest unit. I dont know what %down is now, but 5% would have done it. Unfortunately I never had the income to qualify for a mortgage like that, and the property taxes in this state are absurd. So are the prices sellers want.

Maybe in TX.
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Postby FuzzX » Wed Mar 24, 2010 9:33 am

The idea is that you can skip all that and stop working as soon as you can put together 20k... I dont know anything about real estate or multiple income streams except that only a select few people can do that (and are already doing it) AND if you had the capital to do that anyway, why wouldn't you just take the cash and enjoy the rest of your life?

I think people tend to forget that we are going to die one day. Don't forget to stop and smell the roses on your way there.
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Postby jamesbond » Wed Mar 24, 2010 10:13 am

FuzzX wrote:The idea is that you can skip all that and stop working as soon as you can put together 20k... I dont know anything about real estate or multiple income streams except that only a select few people can do that (and are already doing it) AND if you had the capital to do that anyway, why wouldn't you just take the cash and enjoy the rest of your life?

I think people tend to forget that we are going to die one day. Don't forget to stop and smell the roses on your way there.


It's funny, in America your supposed to have the "protestant work ethic" which basically means, work yourself into an early grave. I have known guys who have grown up in foriegn countries (like Brazil, France, Italy and Mexico) and they have told me in their home country, people work less and enjoy life more. Work is not the center piece of a person's life in some foreign countries but in the US work is SUPPOSED to be the center piece of your life! WTF? In the USA it's life, liberty and the pursuit of a paycheck!

I heard on the news of a survey that was done that said 78% of Americans hate their jobs! I believe it, I mean how many people do you know jump out of bed in the morning and say "Yippie, I get to go to work today again, Yahoo!" LOL :lol:

It's not like you have a lot of job choices (especially in this economy) you basically have to work where ever you can find a job. But fear not, you can retire someday (maybe at age 65, if you can make it till then) however, I have heard of people not being able to retire until they were in their 70's!
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Postby Adama » Wed Mar 24, 2010 4:27 pm

FuzzX wrote:The idea is that you can skip all that and stop working as soon as you can put together 20k... I dont know anything about real estate or multiple income streams except that only a select few people can do that (and are already doing it) AND if you had the capital to do that anyway, why wouldn't you just take the cash and enjoy the rest of your life?

I think people tend to forget that we are going to die one day. Don't forget to stop and smell the roses on your way there.


I saw your post above. You know when I was in Europe I had about $10,000 when I got there. The anxiety everyday of my money running out was terrible. No one would hire me without a work permit, even though I had a visa, and staying with women wasnt a long term viable option. So I just had to come back to the states.

Believe me, it isnt pleasant when your bank account dwindles lower and lower and you start wondering how you are gonna get more. That is something I'm not gonna to allow again in this lifetime.

$20,000? Yeah, maybe that'd be gone in 4 years, max.
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Postby globetrotter » Thu Mar 25, 2010 5:33 am

J.Adama wrote:
FuzzX wrote:The idea is that you can skip all that and stop working as soon as you can put together 20k... I dont know anything about real estate or multiple income streams except that only a select few people can do that (and are already doing it) AND if you had the capital to do that anyway, why wouldn't you just take the cash and enjoy the rest of your life?

I think people tend to forget that we are going to die one day. Don't forget to stop and smell the roses on your way there.


I saw your post above. You know when I was in Europe I had about $10,000 when I got there. The anxiety everyday of my money running out was terrible. No one would hire me without a work permit, even though I had a visa, and staying with women wasnt a long term viable option. So I just had to come back to the states.

Believe me, it isnt pleasant when your bank account dwindles lower and lower and you start wondering how you are gonna get more. That is something I'm not gonna to allow again in this lifetime.

$20,000? Yeah, maybe that'd be gone in 4 years, max.


Sounds like you worry too much and that you do not have the temperment to expat. You should have gone to Asia. You would have landed work in one week and your $20k would have lasted for years and years. I know people who are backpacking through Asia with $500 USD.
When I landed in China my pickup was no where to be seen. 11:45pm on a Sunday, I am in China, I have no contacts or friends here, and for 45 minutes I am waiting for my driver to show. For that time I was in limbo and contemplated being stuck in China with no job or visa and having to fend for myself with no language skills and barely $10k.

I simply chilled out and let things come as they came. In 50 minutes my driver shows up and all was well from that moment onward.

Trusting in the universe is something that cannot be taught and if you don't "believe" in that sort of thing there is nothing I can say or do that will help you.

In Asia, everywhere that you go, there you are. You affect your experience much much more than in the West. Attitude is all.
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