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Thread: 20-something + Retirement = What?

  1. #101
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    Originally posted by Sugarphreak


    I'd say you are better off working, getting somewhat established with your career and then spending a few months traveling here and there.

    This is just my 0.02, I am sure it isn't the popular opinion
    That's initially my mindset but now I'm contemplating on it...

    Originally posted by kaput
    Most of you career and house buying oriented vs life and travel people are overlooking the actual issue - kids! It's easy to do both until you have kids, then you're fucked.
    Whoa whoa... Hold on a minute lol. Baby steps, here haha.

    Originally posted by e36bmw///


    Couldn't agree more. However, i'd say finish your degree first.
    Already have a degree and a FT position in my early-20's

    Originally posted by davidI
    Alright, I've scrolled through all of the posts and feel the need to add my $.02. Sorry - going to be a long post.

    ...

    My advice...

    ...
    Thanks for that input, David! It really brought some insight on how to put my priorities forward.

    Obviously:

    - Debt needs to GTFO (1 down; 2 to go!)
    - Go 40/40 savings/travel then 20% on misc. starting July
    - Maybe go to NYC in Sept.
    - Definitely to Australia/Philippines in December
    - ???
    - Profit.

  2. #102
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    Originally posted by max_boost
    Don't complicate it. Buy what you can afford and live within your means. Unless your job pays you a shit tonne you will have to make a compromise. Just keep it real and be realistic.
    Originally posted by max_boost
    Like most kids flipstah is all over the map. Live, learn and grow. Stop trying to plan every single step of your life. Going with the flow doesn't hurt. That doesn't mean you just sit back and smoke weed all day lol It means don't get paralysis from over analysis.
    max_boost said it best and it's on page 1!

    Don't complicate things. You don't need to plan every single step of your life. Just know what you need to do going forward and head in the right general direction.

    Don't get paralysis from over analysis!

    You're already on good start by obtaining your FT job after your degree. Now just advance on your career path and make your money troubles go away

  3. #103
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    I'm 22 btw.

  4. #104
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    Originally posted by kaput Most of you career and house buying oriented vs life and travel people are overlooking the actual issue - kids! It's easy to do both until you have kids, then you're fucked.
    I disagree. When we travel, we take our daughter with us. And this is the year where we're planning on traveling a lot.

    "We need a vaccination for stupidity, with booster shots against an unwillingness to learn."

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    Originally posted by davidI


    Meet back in 5 years and you can tell him about all of the awesome experiences you've had in Australia, and he'll show you his 1200 thread count cotton sheets, Bunn Coffee Maker, and Armani jeans.



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    I've followed this thread with interest over the past few days. I figure I should also chime in if only because I like the way you think (aggressive in your desires) and I used to be in a similar situation.

    After high school, I did a 6 month exchange program in Germany, living with a guest family (going to school there). I "lost" a year of school back home but the experience for a 17-18 year old was amazing. Fast forward to a few years ago. After doing a year of university, I decided to go on tour in Afghanistan. That took 2.5 years of my life. I then went to live in SEA for just under a year. I've now just finished my degree at the age of 26 a few days ago and I'm currently in an airport on my way back out again to SEA. Not sure how long I'll stay. Might be a few months (then come back to look for work) or might be longer.

    Find your path man. Do it while you're young. I've met people in their 50s who had spent decades travelling or living abroad. A 53 year old Irish English teacher friend of mine put it nicely: "There's no retirement in what we're doing Bitteeinbit. But the way I see it: we're living for real".

    That being said, I'm aware of the financial pitfalls of "over-travelling". I don't want to be penniless at 45: I'm trying to invest as wisely as possible and hopefully open a business within the next few months. I want to create my own retirement income (similarly to you). So I also think that in the long-run you should still strive for that regardless. But in the short-term? How are you going to travel later on? Finding the time later on just gets harder and harder. The type of travelling done is also (usually) vastly different.

    To each his own. But saying that travelling while young is a waste is incredibly ignorant. At the risk of sounding arrogant, I think that despite my relatively young age, I've seen and experienced infinitely more than the average 26 year old who finished his/her degree at 22 and got a "steady" job right away. Sure, they have a few years on me in terms of seniority, but my experience brings assets to the table which they don't have. And it's not just intangibles like knowing oneself or gaining maturity, but also tangibles which employers might appreciate such as speaking 6 languages (4 fluently).

    So I say wait out for the house. A house "locks you up". That's the main reason I haven't bought one yet. I rather have some freedom and buy once I'm really settled. If you were pushing 30 and still had no plans then I might advise you otherwise but spending a few months travelling will do you no harm. Clear your debts, save a little then go for it.
    Last edited by bitteeinbit; 04-25-2012 at 02:11 PM.
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  7. #107
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    Originally posted by davidI


    Meet back in 5 years and you can tell him about all of the awesome experiences you've had in Australia, and he'll show you his 1200 thread count cotton sheets, Bunn Coffee Maker, and Armani jeans.


    hahaha,
    not keeping score but I think that point goes to me

    my bank may be empty but i'm having a pretty awesome time!

  8. #108
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    Originally posted by bitteeinbit

    So I say wait out for the house. A house "locks you up". That's the main reason I haven't bought one yet. I rather have some freedom and buy once I'm really settled. If you were pushing 30 and still had no plans then I might advise you otherwise but spending a few months travelling will do you no harm. Clear your debts, save a little then go for it.
    see this is the part that bugs the shit out of me... a house doesnt HAVE to "lock you up"

    since hindsight is 20/20 lets rework your life assuming you lived in calgary since im not fluent with your home land of quebec.

    bitteeinbit finishes highschool and works for a year. he saves up $10k, when he turns 19 he buys himself a present... a nice $200k 3 bedroom detached home. with a mortgage of $190k at a rate of 4% over 25years... lets say the term is 7 years to make this easy.

    he now decides he wants a couple roommates, he charges them $400 each. but since the mortgage is only $1000/month bitteeinbit can afford the place as it sits so he stashes the money from rent under his mattress (i dont feel like figuring out what it would be worth if it was invested).

    ffwd 7 years to today. bitteeinbit wants to see the world, sure over the past 7 years he has spent 21 weeks traveling... but he didnt really get to "see" the world. its always haunted him that he never did at the ripe age of 19... damn that house he bought!

    bitteeinbit mortgage is up for renewal. so he grabs the money from under his bed and goes down to the bank. his new mortgage is now $86,800 and was renewed over 25 years at 3%.... which is $410/month! he is also informed that his $200k house is now worth.... $360k!

    at age 26 bitteeinbit decides its time to see the world. he rents out the whole house and throws his stuff in a storage bin. the rent he gets is $1600/month. bitteeinbit can now live like a king in se asia till he dies without having too work again.... the end

  9. #109
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    Originally posted by Dumbass17

    hahaha,
    not keeping score but I think that point goes to me

    my bank may be empty but i'm having a pretty awesome time!
    i really dont want to get into a pissing contest... but i have traveled A LOT... not for years on end, or months... but many 3-4 week trips and shit load of 1 week trips. i have been around the world, not just to one other country...

  10. #110
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    Originally posted by ercchry


    i really dont want to get into a pissing contest... but i have traveled A LOT... not for years on end, or months... but many 3-4 week trips and shit load of 1 week trips. i have been around the world, not just to one other country...
    ...and not to get in another pissing contest. but i have been to several countries thank you very much. australia isn't my first trip, champ

  11. #111
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    Originally posted by ercchry


    see this is the part that bugs the shit out of me... a house doesnt HAVE to "lock you up"

    at age 26 bitteeinbit decides its time to see the world. he rents out the whole house and throws his stuff in a storage bin. the rent he gets is $1600/month. bitteeinbit can now live like a king in se asia till he dies without having too work again.... the end
    Being someone overseas with a house rented out in Calgary, here's my take: I fucking hate my house. No, it hasn't locked me down, but it's a pain in my ass.

    It is probably a good investment in a great location and I'll likely make money on it. Will the return be the same as my stock portfolio? Maybe. At least it's diversified. But a REIT would provide the same diversification. I'll also have to live in it again when / if I return in order to avoid capital gains (make it a primary residence).

    Have you looked at the cost to 'throw stuff in a storage bin'? For a house you're looking at $250-350/month at most storage places. I just reduced the rent on my place by a couple hundy in order to store my things in my garage and avoid the hassle of moving them, plus reduce the potential tax on my rental (not sure if I'd be able to write-off storage - doubt it).

    That brings me to the next point. Taxes. Both Income and Property Tax become a hassle when you're overseas. Mortgage renewals? Pain in the ass. Collecting rent. Pain in the ass.

    Oh, something broke at your place? Tenants need it fixed? Or, your tenants want to move out and you need to do an inspection? Not easy. To avoid the cost of flying home I skipped doing an inspection for tenants who moved out. Consequence? Broken window, scratched up stainless fridge and broken garage door spring. That was 2 years ago and none of it has been fixed since I don't want to spend the time in Calgary dealing with it. Current tenants owe me $1500 above their damage deposit for snow removal charges that came on my tax bill. The city obviously had to come do the walks because they didn't. I'm sure my neighbours hate my tenants.

    I haven't even mentioned all of the nice furniture, appliances, and stuff I have in storage. All of the electronics will probably seem out-dated by the time I return, if I return, and are just sitting in stroage. Waste of $. If I decide to work in another country long-term then I'll end up selling everything at a loss. Not a great investment.

    Basically, less is more until you're truly ready to settle. If you're content doing short trips the rest of your life then so be it. If you want to get out and truly experience the world and learn about yourself then I HIGHLY recommend being a minimalist until you are ready to settle.

    Just ask the 3 or 4 friends who told me they regret buying their houses (as I advised them not to) the last time I was home because they feel tied down.

    Another long post. I feel the need to rant on this subject for some reason. Shows how much I loathe my house, I guess.

  12. #112
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    Originally posted by codetrap


    I disagree. When we travel, we take our daughter with us. And this is the year where we're planning on traveling a lot.
    It's possible to travel with kids, for sure. But it's going to be more costly, and an entirely different experience than traveling as a 22 year old guy on your own.

    I'm not sure if you enjoy hot, big breasted, slutty Swedish girls or not, but I'm going there in 3 weeks on my own. Something tells me I'm going to have more fun without a kid in tow.

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    .
    Last edited by kaput; 03-12-2019 at 08:05 PM.

  14. #114
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    Originally posted by kaput
    ^Could you not hire a property management company to deal with some of the tenant issues your having while you are away? Why not rent your house furnished and get some value for all that stuff you have in storage? Especially if it's all going to be worthless and outdated by the time you come back.
    It is rented furnished. I'm scared to see what the condition of my furniture is now. The things in storage are things like books, clothes, electronics, sports equipment, tools, booze collection etc.

    Property management companies take 10-20% off the top. They will help with getting things repaired, collecting rent, and finding tenants, but you're still dealing with a middle man on it all which in my mind is just slightly more inconvenient than handling it yourself, at a cost of $1500+ / year.

    Plus, that doesn't solve any of the income tax / property tax issues and it is even less of an 'investment' given the additional costs.

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    Originally posted by davidI


    I'm not sure if you enjoy hot, big breasted, slutty Swedish girls or not, but I'm going there in 3 weeks on my own. Something tells me I'm going to have more fun without a kid in tow.
    Originally posted by rage2
    Shit, there's only 49 users here, I doubt we'll even break 100
    I am user #49

  16. #116
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    Originally posted by max_boost
    Haha, I don't deserve pimp status yet, but we'll see how it goes. My dissertation gets submitted this week so I'll get back to updating my travel blog with pics and stories.

  17. #117
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    Originally posted by davidI



    Basically, less is more until you're truly ready to settle.
    Very insightful David. This sums it up right there.

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    nm
    Last edited by e36bmw///; 03-05-2018 at 11:40 AM.

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    Originally posted by TomcoPDR


    Very insightful David. This sums it up right there.
    Thanks. I wish someone had instilled this in me 3 years ago as I would have saved $50k+ on submitting to the conusmer mentality.

    I highly recommend people read up on minimalism. There is a lot to it.

    One of my favourite quotes:

    Less money spent means more money saved

    More money saved means the longer you can live in financial peace and security

    Financial peace and security comes from owning less

    Less stuff owned means less to carry around, move or have to travel with

    Less responsibility for your stuff also means less maintenance and more time

    The more time you have, the more relaxed you will feel

    The more relaxed you are, the less you will care about stuff

    If you care less about stuff, it means you’ll care less about image

    If you care less about image, you will care more about experiences and memories

    If you care more about experiences and memories, you will be happier with less

    If you are happier with less, you’ll never want or need for more

    The less you want or need for more, the more you will feel free

  20. #120
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    Originally posted by e36bmw///


    I dont get your math here.
    7 years go by, mortgage goes from 190k to 86? Same $1000/month payments?
    .... You should read and not skim

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