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401(k)s Will be Unthinkable in 50 Years

Started by Habbaku, April 04, 2019, 12:55:47 PM

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Monoriu

#105
April 09, 2019, 09:28:20 PM
Quote from: DGuller on April 09, 2019, 09:22:17 PM

It's bad because you're not spending everything that you earned.  Money that is earned but not spent is money wasted.  If it's your desire to spend some of the money that you earned on your heirs, then that's not a problem, but if you're just concerned with your own material well-being or you have no heirs, then that's a waste.

I agree that not spending everything I earn is a waste.  But as I said there is no perfect solution.  Something has to give.  Out of all undesirable outcomes, including living in destitution in old age, having to depend on an insurance company, and leaving some money behind, I think leaving money behind is the least painful of all options. 

Habbaku

#106
April 09, 2019, 09:39:56 PM
God forbid you leave something behind to an heir or a charity of your choosing.  :huh:
The medievals were only too right in taking nolo episcopari as the best reason a man could give to others for making him a bishop. Give me a king whose chief interest in life is stamps, railways, or race-horses; and who has the power to sack his Vizier (or whatever you care to call him) if he does not like the cut of his trousers.

Government is an abstract noun meaning the art and process of governing and it should be an offence to write it with a capital G or so as to refer to people.
-J. R. R. Tolkien

Monoriu

#107
April 09, 2019, 09:49:21 PM
Finding an heir will be one of the most important tasks later in my life  :bowler:

mongers

#108
April 09, 2019, 10:06:05 PM
Quote from: Monoriu on April 09, 2019, 09:49:21 PM
Finding an heir will be one of the most important tasks later in my life  :bowler:

Look between your thighs.


Oh and someone else's too.
"We have it in our power to begin the world over again"

Monoriu

#109
April 10, 2019, 08:30:05 AM
A few years ago I was summoned to my bank for a financial planning session. 

Two people entered the room.  The female assistant announced that expert would give me a thorough analysis of the international situation.  The expert proceeded to name drop Putin, Obama, Xi, and produced lots of conspiracy theories on how they were plotting against each other.  It was sort of like the poor men's international section of this week's newspaper. 

After about 20 minutes of his babbling that had nothing to do with my financial situation, the assistant announced that the analysis had been successfully completed.  To no one's surprise, her conclusion was that I should buy an annuity.  They weren't surprised when I rejected the suggestion.  The expert then handed me a piece of A4 paper with some basic information on a high yield bond fund.  He said I put too much money in stocks, and needed to put some into bonds.  I then told him that I had an account in another bank, and there I parked my bonds.  It didn't change his recommendation at all.  I then spent the next few minutes telling them why it was a bad idea to put half of my money in that particular bond fund, including high fees, some of the companies didn't sound like they would be around for long, etc. 

The end. 

Habbaku

#110
April 10, 2019, 09:00:18 AM
Truly a masterpiece.
The medievals were only too right in taking nolo episcopari as the best reason a man could give to others for making him a bishop. Give me a king whose chief interest in life is stamps, railways, or race-horses; and who has the power to sack his Vizier (or whatever you care to call him) if he does not like the cut of his trousers.

Government is an abstract noun meaning the art and process of governing and it should be an offence to write it with a capital G or so as to refer to people.
-J. R. R. Tolkien

Caliga

#111
April 10, 2019, 09:51:46 AM
Quote from: Monoriu on April 10, 2019, 08:30:05 AM
A few years ago I was summoned to my bank
:hmm:

Since when do banks get to summon people?  Bitches work for me, not the other way around.
0 Ed Anger Disapproval Points

Habbaku

#112
April 10, 2019, 09:56:55 AM
In communist China, banks own you.
The medievals were only too right in taking nolo episcopari as the best reason a man could give to others for making him a bishop. Give me a king whose chief interest in life is stamps, railways, or race-horses; and who has the power to sack his Vizier (or whatever you care to call him) if he does not like the cut of his trousers.

Government is an abstract noun meaning the art and process of governing and it should be an offence to write it with a capital G or so as to refer to people.
-J. R. R. Tolkien

Monoriu

#113
April 10, 2019, 10:00:36 AM
Quote from: Caliga on April 10, 2019, 09:51:46 AM
Quote from: Monoriu on April 10, 2019, 08:30:05 AM
A few years ago I was summoned to my bank
:hmm:

Since when do banks get to summon people?  Bitches work for me, not the other way around.

Once in a while they call me and say they want a meeting.  All banks want to sell annuities and funds these days.  Sometimes I say yes, sometimes I say no.  I say yes because sometimes I do want to see if they have any good ideas (99% of the time they don't).  Sometimes they lure me in with gifts (silver coins, cakes.  They love handing out cakes). If they give me free cakes I feel honour bound to go.   

Habbaku

#114
April 10, 2019, 10:03:48 AM
Mono wants to have his cake and invest it too.
The medievals were only too right in taking nolo episcopari as the best reason a man could give to others for making him a bishop. Give me a king whose chief interest in life is stamps, railways, or race-horses; and who has the power to sack his Vizier (or whatever you care to call him) if he does not like the cut of his trousers.

Government is an abstract noun meaning the art and process of governing and it should be an offence to write it with a capital G or so as to refer to people.
-J. R. R. Tolkien

Monoriu

#115
April 10, 2019, 10:09:59 AM
I once bought some bonds from the bank.  They asked me to go to their office.  After signing the papers they admitted that it could be done through the phone.  They just wanted to see my face. 

The relationship between my banks and I get very interesting sometimes. 

derspiess

#116
April 10, 2019, 10:14:35 AM
Quote from: Monoriu on April 10, 2019, 10:00:36 AM
If they give me free cakes I feel honour bound to go.   

:lol:  That's awesome. 
"If you can play a guitar and harmonica at the same time, like Bob Dylan or Neil Young, you're a genius. But make that extra bit of effort and strap some cymbals to your knees, suddenly people want to get the hell away from you."  --Rich Hall

FunkMonk

#117
April 10, 2019, 10:20:33 AM
I so want to visit China soon.
Person. Woman. Man. Camera. TV.

crazy canuck

#118
April 10, 2019, 10:35:49 AM
You can purchase an annuity in the US - no free cakes though.

DGuller

#119
April 10, 2019, 11:21:50 AM
Quote from: Habbaku on April 09, 2019, 12:31:56 PM
I'm happy to hear you made the correct call to go to a professional. Far too many either do it themselves, go to a huckster (like DG's experiment a while back, though I recall he walked away), or simply give up in frustration.

A proper CFP or investment professional can do wonders for most people.
How do you go about finding a real professional for something like that?  Preferably without exhorbitant fees or gross abuse of trust?  Asking for a friend.
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