Especially maximize company matches for tax deferred compensation like 401 K's...it is indeed 'free money' and portable to whatever employers you move to throughout your career. I was always amazed at the number of employees that did not participate in employer matched programs.
SFR Two years out....Retirement
- Thread starter NukeLDO
- Start date
Sorta fishing-related
I figured that since I needed a job to support myself and a family, I might as well get into a profession that I liked. It doesn't seem so much like a job or work when you love what you do, and they still give you a paycheck for it.
WaterDragon
Just Hatched
Sorry that your entry into the workforce wasn't what you had hoped - you're not the first (this I know).
Here's something to consider. You have a full decade ahead of you to make mistakes in career choices - even with the changing economy, that's what your twenties are about. You have the time to recover from nearly any bad career choice - particularly if you are single.
If this job is bad, what would you rather do? If you know, chase it. If not, figure something and try that. And don't be afraid to go to someplace new if that's where the opportunity appears to be. New people, new location, new outlooks.
When the time comes for the eventual compromises that have to be made by most people, don't have regrets that you didn't chase your dreams for even a little while.
WaterDragon
Just Hatched
And to reiterate what someone else said - staying healthy and fit. I survived two major medical emergencies because I was physically strong and healthy.
I copied the above, as, IMO, right on the money.
I've been retired for 15 years now ( I went early), so I know stuff:
Either, or both of you, may have skill sets that may enable you to sell some of your golden years (and stroke your ego) as a "consultant"....DON'T....Your golden years will go by very quickly (trust me), so don't sell them off...You don't get to add them on at the end.
Don't bring your former work status with you. When you're retired, you're only what you are at the moment...a clean slate...don't waste time clinging to your glory years. Ie: I don't consider myself an ex-engineer/supervisor/kick-ass whatever...I'm a husband/father/grandfather/flyfisher/pickleball player, etc. In other words: I live in this moment, relishing each day as it comes...and its' the best job I never had....
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The aches and pains that most of us who are approaching retirement are jealous of your 21 year old body. While it's important to plan for your future, don't neglect enjoying your youth. I was basically a ski/ fishing bum until my mid 30s. At which point I decided to buckle down on a career. I poured myself into a career and family life for 20+ years and now I'm in reasonably good financial and physical shape. My point is don't focus solely on a career and making money in your youth, there's time for that. There are things that you'll wish you would have done, that you just aren't capable of when you're older
I kinda took my retirement on the front end. I worked a ton but in lower paying jobs. (Bicycle mechanic and ski tech in a mountain town). But I made a lot of turns and rode a lot of miles, and my wife had a go at being a professional bike racer. It was cool. I have some regrets as I head into my 50s and am scrambling to put together a retirement. But I don’t regret it!
This thread has got me thinking tho about what the next steps are…
This thread has got me thinking tho about what the next steps are…
wanderingrichard
Life of the Party
@johnnyboy
Growing up as a tail end "boomer" in a rural setting, I often heard "I always wanted to go there, and do that, but I didnt" from many of my elders.
Don't let yourself fall into that trap. Go, Do That, See That.
At the same time, save as much as you can. Live as minimal as you can. You don't NEED 2 brand new Scott rods with Nautilus reels when a Walmart SA or Cortland rig will do. Or a $80,000 bro dozer Silverado when a simple AWD sedan will do the trick. Myself included, a lot of young people let themselves get caught up in huge debt buying expensive stuff they don't need.
The caveat to that is if you're a budding businessman trying to grow. Then the dynamics change a bit. But I'll let the businessmen and women here expound on that.
Then, again, If the job doesn't work, move on. But, have a plan in place when you do. I can't tell you how many contracts I walked away from because it wasn't working, wasnt safe, whatever, but I always made sure I had a plan or a new employer in place before I did. And sometimes, those contracts paid a bit less than the one I just left, but I was happier.
There's gonna be lumps, bumps and hiccups along the way. That's life. But as others have said make your mistakes early. Capitalize on them later. I've seen positive career changes come out of that.
Growing up as a tail end "boomer" in a rural setting, I often heard "I always wanted to go there, and do that, but I didnt" from many of my elders.
Don't let yourself fall into that trap. Go, Do That, See That.
At the same time, save as much as you can. Live as minimal as you can. You don't NEED 2 brand new Scott rods with Nautilus reels when a Walmart SA or Cortland rig will do. Or a $80,000 bro dozer Silverado when a simple AWD sedan will do the trick. Myself included, a lot of young people let themselves get caught up in huge debt buying expensive stuff they don't need.
The caveat to that is if you're a budding businessman trying to grow. Then the dynamics change a bit. But I'll let the businessmen and women here expound on that.
Then, again, If the job doesn't work, move on. But, have a plan in place when you do. I can't tell you how many contracts I walked away from because it wasn't working, wasnt safe, whatever, but I always made sure I had a plan or a new employer in place before I did. And sometimes, those contracts paid a bit less than the one I just left, but I was happier.
There's gonna be lumps, bumps and hiccups along the way. That's life. But as others have said make your mistakes early. Capitalize on them later. I've seen positive career changes come out of that.
Similar here. I hitchhiked back and forth across the country, worked in restaurants and painting houses and other jobs in many states, lived in my truck for a few years, got really involved in some causes, and had a blast. I had plenty of slack, but little money and didn't save any of it. Now I'm 52, have been paying into a 403b then 401k for about 12 years, and have saved up maybe a year or two of living expenses. I'm now putting 13% into my 401k with I think a 4% match.
I don't regret a thing. Be young while you're young! But I might end up back living in my truck when I retire.
JACKspASS
Life of the Party
Man, alot of great advise in this thread. I'm a long ways from retirement and from my perspective start investing as early as you can, even if it's $100/month, find a career in something you love to do, make time to enjoy your passions. If you wake up everyday enjoying life, then you aren't staring at the retirement clock waiting for it to hit a certain age.
True this...get the nest egg snowball rolling early. Small installments compounding early on much better than trying to play catch-up towards the later working years.
Yeah, single handedly no less. You're welcome!So...
You enjoyed single handedly destroying our sport fisheries did ya ?
So it was you Salmo?! Just as I suspected! You try to be so coy with that conservation/fisheries MO, but all along you are Satan with a Spey rod. Evil, pure evil!
On the old forum, according to a former member there who went by Freestone Angler, once he learned that I worked as a fish biologist, even though I never worked a day for WDFW, I was responsible for everything he felt was wrong with fish populations and fish management. I must have made a hundred posts connecting the dots for him, but he never wavered. It was me, pure and simple, ya' know, the way simple people like things.
For those over 50, also take advantage of the 401K catch-up. For 2023, the catch-up $7,500.00.
SF
SF
For the younger folks reading this:
If you are going to have kids know that they are expensive to raise - about $17k/year on average (seems low to me). That does not include college expenses either. In today's society college education is almost mandatory. It is also expensive - $20k/year or easily higher for room, board, tuition, books, etc. Taking out your hard-to-save money in your later years meant for retirement to pay for an education is not a great idea. Consider setting aside money for your kids via a 529 Plan or Washington GET Plan. A 529/GET plan gives you a tax-advantaged way to save for education. You can stash money on an after-tax basis and then grow it tax-free. When you withdraw the money for qualified educational expenses, you won't pay any taxes on the gains, either. Also in-laws, grandparents, a rich aunt/uncle or your parents can contribute money to a 529/GET. One of the greatest gifts you can give your kid is an education AND having them graduate debt free.... In addition, the money spent paying back student loans can be used to start their retirement plan instead.
As others have said, start saving early. Take full advantage for 401Ks, IRA/Roth IRAs. Compounding is a wonderful thing. Really understand why it is so important.
One does not need to live life to a the fullest but you can live it well. Make sure you have enough to take you and your kids on some great vacations/trips/experiences. It is a part of an education/experience that one carries in their memories for life and may affect life/career choices in years to come.
If you are going to have kids know that they are expensive to raise - about $17k/year on average (seems low to me). That does not include college expenses either. In today's society college education is almost mandatory. It is also expensive - $20k/year or easily higher for room, board, tuition, books, etc. Taking out your hard-to-save money in your later years meant for retirement to pay for an education is not a great idea. Consider setting aside money for your kids via a 529 Plan or Washington GET Plan. A 529/GET plan gives you a tax-advantaged way to save for education. You can stash money on an after-tax basis and then grow it tax-free. When you withdraw the money for qualified educational expenses, you won't pay any taxes on the gains, either. Also in-laws, grandparents, a rich aunt/uncle or your parents can contribute money to a 529/GET. One of the greatest gifts you can give your kid is an education AND having them graduate debt free.... In addition, the money spent paying back student loans can be used to start their retirement plan instead.
As others have said, start saving early. Take full advantage for 401Ks, IRA/Roth IRAs. Compounding is a wonderful thing. Really understand why it is so important.
One does not need to live life to a the fullest but you can live it well. Make sure you have enough to take you and your kids on some great vacations/trips/experiences. It is a part of an education/experience that one carries in their memories for life and may affect life/career choices in years to come.
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