These numbers show Suze Orman is right about needing $5 million to retire

vanzandt · Oct 21, 2018

volpri said:
True. Just buried my 34 year old daughter last month. Such a good daughter. Never gave us any real troubles to speak of growing up. She and her husband have 3 children. She loved her family. We did all we knew to do for her, that we were able to do. Even took her to Houston to Md Anderson. No one could help her. She and her husband worked hard in their business to become debt free so they could do other things besides just work. They were getting closer to the goal. Now she is gone.

A terrible aggressive cancer in her appendix, colon, and liver that also metastasized to her bones.

Live is short and uncertain. ENJOY it without worrying so much about money and remember to HELP others along the way. I miss my daughter EVERY day. Money, possessions, materialism all fade away quickly when faced with death.

LIFE is to be lived, enjoyed, and shared. It is soon over and we fly away.
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There are no words.... I am so so sorry for you. I can not imagine. Stay strong... there's a path there somewhere... you'll find it.

volpri · Oct 21, 2018

smallfil said:
Sorry for your loss. It is always hard to lose a loved one. My mom passed away in 1995 and it seems it was just yesterday. The wounds heal but, you never forget! Money in the end just makes life easier for most people! And how many people will actually, accumulate $5 million during their lifetime? Probably, very few and it does not matter too in the greater scheme of things!
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Money doesn’t bring true happiness but it has been known to cause a smile or two along the way!

Working the fingers to the bone trying to accumulate millions ..well..in the end it is not worth the energy, stress, and trouble. IMO

I think trading offers a great way to make money ...as needed ...without all the stress that comes from running a normal income producing business or job. Of course it has it’s own stresses, problems and adversities to overcome but it is a business that a body can just walk away from for a few months rest to get a different perspective on life or to just do something one enjoys doing. No bosses. No deadlines. No products to handle and move or distribute. No people problems (unless the wife is against the trading senario LOL!). No employees unless running a fund.

Trading does offers a very MOBILE and unique way to make money for immediate expenses without worrying about years in the future.

But it can turn into a greed trap if one is not careful. And it can become quite addictive.

THERE IS MORE TO LIFE THAN TRADING!

That said, it is great way to provide for the necessities of life without the restricting elements that a regular business or job imposes on a person. Providing one has found a way to become profitible trading.

volpri · Oct 21, 2018

vanzandt said:
There are no words.... I am so so sorry for you. I can not imagine. Stay strong... there's a path there somewhere... you'll find it.
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Thanks.

SimpleMeLike · Oct 21, 2018

trader99 said:
https://www.marketwatch.com/story/t...-about-needing-5-million-to-retire-2018-10-15

There's been a lot of debate between the FIRE(Financial Independence Retire Early) movement and Suze Orman about what amount is right. The FIRE movement has its pros in that retiring you get to enjoy life, not work for the man, potentially better health, and gain meaning in life. Suze Orman is right in that retiring early you will have not saved enough for emergency in your old age, inflation, unexpected things.

I can see both points. But for me the FIRE movement with just $1M to retire is way too risky! Anything can happen as you get older. A lot of these FIRE people are millenials are people in their late 20s to 30s.

Now that I'm back in Corporate America and starting to think long-term. I still feel woefully unprepared for retirement. I'm saving for retirement through 401K now. But it's no where it needs to be. I'm hoping trading on the side will kick in more money too.

How do ET traders do long-term financial planning?

Making great trades is good and all. But gotta think the big picture. I guess I don't feel secure even with decent paying corporate job. While my pay is decent, it's not as great as Silicon Valley peeps. But they have higher living expenses.

I am strategizing on how my swing trades can kick in more money now that I don't have to trade everyday.

Just curious what are some good approaches you guys have used or thought. I know there's trader status which can be a huge tax savings.
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trader99,

LOL, what in the world is someone going to do with $5 million at age +66 years old? This does not include social security.

No seriously, how the heck Suzan can tell everyone they need $5 million? LOL HAHHAHAHAH. Sounds ridiclous.

I wouldn't worry about saving $5 million for retirement. That is a very impossible goal to reach for the average family with kids, emergency fund, vacations, personals savings, kids college, etc.

I think saving $5 million for retirement is stupid and people should REALLY focus on enjoying life AND doing and buying whatever they want. I put what I can afford in 401K, BUTTTTT, I focus more on savings for fun stuff like saving for a 72 Chevelle classic, shopping, enjoying my kid, and family. I can care less about retirement, I am enjoying life now. I been poor before and I am decent living income now.

What in the world are you going to do with $5 million at 66 years old and be dead in about 10 more years. Sounds miserable to me.

Enjoy life now, make money now, don't over stress about retirement. who cares.

If I have a million dollars at 66 years old. That is more then enough.

SimpleMeLike · Oct 21, 2018

Scataphagos said:
The very best thing you could do would be to learn to be a good investor/trader. You may find yourself having to "trade for a living" after you retire.
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Exactly!! If you a good trader, money should not be a worry to you. Just trade in retirement. No need to listen to Susan or the news people. They just talking silly. $5 Million for everyone to retire LMAO HAHAHAHAHAHA Everyone better starting eating crackers and riding their bikes to work. I say screw retirement, enjoy work forever and make money now and do whatever you wanna do.

volpri · Oct 21, 2018

A person who dealt with and counseled terminal patients recently once said that most terminal patients accepted the fact that they were dying but where the depression overcame them was that they did not do the things in life that they really wanted to do and they felt like they had missed out.

ElCubano · Oct 21, 2018

volpri said:
A person who dealt with and counseled terminal patients recently once said that most terminal patients accepted the fact that they were dying but where the depression overcame them was that they did not do the things in life that they really wanted to do and they felt like they had missed out.
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A hospice nurse for 25 years plus put out a book or a study saying the number one regret of her patients was working too hard, another one was holding a grudge or not saying I’m sorry or not working harder to repair damaged relationships.

My grandmother was poor yet one of the happiest people I ever met. She derived that from serving others,,,, giving more than she ever took.

SimpleMeLike · Oct 21, 2018

volpri said:
A person who dealt with and counseled terminal patients recently once said that most terminal patients accepted the fact that they were dying but where the depression overcame them was that they did not do the things in life that they really wanted to do and they felt like they had missed out.
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Great comment volpri and I am sorry for the loss of your daughter. I hope happiness for you and your family.

Thanks for the comment.

ElectricSavant · Oct 21, 2018

volpri,

I do not know you or your daughter. I only know what you post as an anonymous poster. Without any disrespect I would like to offer my condolences for what its worth. You are a fellow trader and I have enjoyed some of your posts here in ET.

I know you do well in a choppy environment...Hang in there and keep on keepin' on...

Good Trading to You.

ES

volpri said:
True. Just buried my 34 year old daughter last month. Such a good daughter. Never gave us any real troubles to speak of growing up. She and her husband have 3 children. She loved her family. We did all we knew to do for her, that we were able to do. Even took her to Houston to Md Anderson. No one could help her. She and her husband worked hard in their business to become debt free so they could do other things besides just work. They were getting closer to the goal. Now she is gone.

A terrible aggressive cancer in her appendix, colon, and liver that also metastasized to her bones.

Live is short and uncertain. ENJOY it without worrying so much about money and remember to HELP others along the way. I miss my daughter EVERY day. Money, possessions, materialism all fade away quickly when faced with death.

LIFE is to be lived, enjoyed, and shared. It is soon over and we fly away.
More...

fan27 · Oct 21, 2018

volpri said:
True. Just buried my 34 year old daughter last month. Such a good daughter. Never gave us any real troubles to speak of growing up. She and her husband have 3 children. She loved her family. We did all we knew to do for her, that we were able to do. Even took her to Houston to Md Anderson. No one could help her. She and her husband worked hard in their business to become debt free so they could do other things besides just work. They were getting closer to the goal. Now she is gone.

A terrible aggressive cancer in her appendix, colon, and liver that also metastasized to her bones.

Live is short and uncertain. ENJOY it without worrying so much about money and remember to HELP others along the way. I miss my daughter EVERY day. Money, possessions, materialism all fade away quickly when faced with death.

LIFE is to be lived, enjoyed, and shared. It is soon over and we fly away.
More...

So sorry for your loss. The previous owners of our house just buried their 9 year old daughter due to an aggressive form of brain cancer that has a zero percent survival rate. Life can be brutal. Hope you find some relief.