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Earning For Retirement?

Discussion in 'BlackHat Lounge' started by youtalkmedia, Jan 20, 2014.

  1. youtalkmedia

    youtalkmedia Senior Member

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    Hey, I was wondering if anyone here knows of a good safe place to store my savings for retirement.

    This is not the usual BHW type of thread, but right now I am putting aside ~$300/month into a savings account for when I retire. (I am 20 ATM and plan to retire ~55-60) so that will end up being around $126,000 by the time I retire. BUT. right now my savings account has a .04% interest rate, witch is complete shit. Over the 35 years I would earn an entire $3419.24 in interest... I am thinking of switching to ING to get their 1.35% rate, but even that seems low to me.

    I was wondering if anyone here has a "retirement" fund of their own, and where you have it. I want something that I can add into monthly, and slowly grow.

    Thanks in advance,
    Adrian
     
  2. Asif WILSON Khan

    Asif WILSON Khan Executive VIP Premium Member

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    A savings account probably isn't the best option.

    You should put part of that money into a private pension.

    For longer term investing then Stocks/Shares and Property

    You probably need some proper Independent Financial advice from a professional.
     
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  3. seosky

    seosky Power Member

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    In IM Field, There is no Retirement. Keep working and Make your every Year Better and better.
     
  4. youtalkmedia

    youtalkmedia Senior Member

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    I do agree with that, the biggest problem is I do not have a large enough amount to put in at once, and the majority of things ask you to put in x amount up front, then you earn.
     
  5. Reyone

    Reyone Elite Member

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    Im taking you are making an income out of IM.

    If you are, then you are obviously operating as a business. If you are making constant amounts of money, then you understand the investment/profit/work relationship.

    Thing is, when you have the knowledge to invest into something and produce more money, why would you put your money into the hands of someone who you have shit clue about?

    Fair enough, put some money into a retirement account, but I personally prefer to invest in the things I know.

    Also, 20 and thinking of retirement? Well, your parents must surely be happy.
     
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  6. Asif WILSON Khan

    Asif WILSON Khan Executive VIP Premium Member

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  7. Meloman

    Meloman Jr. VIP Jr. VIP Premium Member

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    You can invest in bonds. They have good returns.
     
  8. stacy666

    stacy666 Junior Member

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    I will still do IM when i get old.
     
  9. venins

    venins BANNED BANNED

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    invest that money in property or some safe place
     
  10. PrinceVisi

    PrinceVisi Elite Member

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    You can come to my country Albania and open a savings account here.

    We have a 3.5% to 5% yearly interest rate around here.

    The Best you can find anywhere.
     
  11. Ste Fishkin

    Ste Fishkin "I'm watching you.." - Apricot Jr. VIP Premium Member UnGagged Attendee

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    Ignore the people that say invest. Just stick it in the highest interest account you can find.

    Might also be worth getting a part time job at a big firm where they match your pension contributions. ;)
     
  12. youtalkmedia

    youtalkmedia Senior Member

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    I am earning online, but as we all know, online earnings are not stable, I want to have a small nest egg to give myself as a retirement gift.
     
  13. luc1fer

    luc1fer Junior Member

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    you dont know what can happen tomorrow man enjoy the life you are young. open savings account at the bank that give best interest for you and save money there. if u very serious maybe ask consultant or someone who is more in this financial things and can give you good advice
     
  14. jazzc

    jazzc Moderator Staff Member Moderator Jr. VIP

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    Save your money in the bank until you get a nice sum and then you will have more options. In the meantime, increase your production by 5% to offset your losses ;)
     
  15. blackhataffiliate

    blackhataffiliate Senior Member

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    I contribute the max to an etrade roth and then have another investment account to bolster that.

    I only invest in solid dividend paying stocks and I stay away from mutual funds, etc due to the fees and restrictions.

    ** Please note this is not investment advice, only what I do for my retirement.
     
  16. rhyeal

    rhyeal Newbie

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    There are a lot of good ideas here, but most of them aren't entirely accurate. Background - I'm a US licensed Financial Advisor, run my own advisory practice, and I help with retirement and estate planning. Need proof? I'm happy to shoot you my FINRA registration via PM.

    OP asked to save for retirement. There are a few ways you can do this, but investing is the single best way to do so. But investing in WHAT is the key distinction. As an entrepreneur, your business is almost always the best ROI you'll get, simply because you can work harder, take less of a paycheck, and re-invest more money to yield higher returns. That's great, but you're also super concentrated in a single investment and a single market - your business / IM.

    The key is diversification. That means you won't hit all the big swings up, but you'll also have less of a swing down. Again, focusing on retirement savings (after 65 in the US), you want to focus on tax efficiency and less on the big earnings each year. In the long run (and in the US), the 20-40% tax rates on investments will severely kill your retirement account. Look at $100,000 invested at 3% for 30 years vs 8% for 30 years. It's a HUGE difference. Once you've figured out the tax impact of your strategy, then you can discuss the holdings within the portfolio - stocks vs. bonds vs. CDs vs. etc.

    That said, please don't do this alone. Get a qualified financial advisor to help you. Yes, you will pay them a portion of your earnings each year. But you'll also have a guide to stop you from pulling money at the bottom of the market and who can explain the financial world to you. If you're seriously thinking about retirement now, start looking for an advisor. Find one that fits with your personality, because you want them for the next 30+ years of your life.

    And then invest slowly, watch it grow, and keep building your business daily!

    EDIT: I'm not your financial advisor, so this isn't financial advice. This is a general overview of investing for retirement. Don't trade on this advice alone - there is a LOT more behind it that you'd need to know to make an informed decision.
     
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  17. clovers

    clovers Junior Member

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    I would research IRA and also annuity products.
     
  18. blackhataffiliate

    blackhataffiliate Senior Member

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    Problem with this is that most of these financial pros make money on a per trade basis and will tell call and worry the crap out of you about the next "hot stock" so they can make those buy/sell commissions.

    Try finding a fee based and not a commission based advisor who does not have any 'financial ties" to what you buy and sell.
     
  19. rhyeal

    rhyeal Newbie

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    Blackhataffiliate - I totally agree with you. Some clarification on the industry (try asking your current financial guy which of these they fall under. They should know immediately)

    There are two levels of duty in the financial world: suitability and fiduciary. And there are two levels of licensure that go along with it - broker and investment advisor.


    The guys that call you with the next hot stock are brokers. In fact, nearly everyone in the financial world is licensed as a broker. We have to be under US law in order to sell you any sort of stock or bond or mutual fund. And yes, in some products, there is a fee for buying or selling it. Those that only make money when you buy or sell a stock will constantly bug you to buy or sell. That's how they pay their rent. They're held to a suitability standard - what they sell you must be suitable for you at that moment.


    Investment advisors are generally paid a fixed fee yearly or a percentage of assets under management. They make more money when you make money. They get paid less when you lose money. So the incentive is to keep your money making money for both of you. They generally have a fiduciary standard. That's a moral, ethical, and legal standard to ensure the investments you're in are suitable for you at the moment they put you into it and for as long as you maintain that investment.

    I totally agree that you need to find a fiduciary for your investing, especially for retirement. If you want to check, Google FINRA's BrokerCheck and enter their name. They should be registered as an Investment Advisor as well as a Broker.
     
  20. Ste Fishkin

    Ste Fishkin "I'm watching you.." - Apricot Jr. VIP Premium Member UnGagged Attendee

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    Go with an english bank, they are mostly publicly owned and always get bailed out.