Full Timers - Are you saving for retirement?

by JimMichael 11 replies
It amazes me how many full time IM'rs are not saving for retirement.

I attended a networking event a few weeks ago, made up of around 50 self employed marketers. There was a talk from a financial guy, and he asked those who are not saving for reitirement to put up their hands.

Around 70% of the room did so, with some people in their 40s and 50s.

I have been diligently investing 1/3 of my income into retirement savings since the age of 23 - as I can see the benefit of making plans for the future.

Just wondering how the rest of the forum is doing?
#main internet marketing discussion forum #full #retirement #saving #timers
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  • I'm not too surprised by what you say. From day one there seems to be a "live for today" vibe among IMers. I suppose I'm a bit guilty of that, too, as I basically focus on the next big deal.

    To answer your question, yes, we are saving for retirement, we are on track financially and I suppose we could retire now except we're both enjoying our work too much. What would we do if we didn't work? And I'm not that anxious to switch over to a fixed income, even if it's more than adequate for our needs.

    You seem to be asking how prepared we are, so pick a number between $2 and $5 million and that will probably be close.

    I am 58, by the way.

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    • Profile picture of the author JimMichael
      Originally Posted by fluffythewondercat View Post

      I'm not too surprised by what you say. From day one there seems to be a "live for today" vibe among IMers. I suppose I'm a bit guilty of that, too, as I basically focus on the next big deal.

      To answer your question, yes, we are saving for retirement, we are on track financially and I suppose we could retire now except we're both enjoying our work too much. What would we do if we didn't work? And I'm not that anxious to switch over to a fixed income, even if it's more than adequate for our needs.

      You seem to be asking how prepared we are, so pick a number between $2 and $5 million and that will probably be close.

      I am 58, by the way.

      fLufF
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      Looks like you're well on track.

      I am also surprised at how little people think they need to save. I can see you're into the millions - which is perfect and where everyone needs to be.

      I had a friend tell me he is set as he has $200,000 saved for retirement. After reminding him that if he lives 20 years he will only be able live off around $10,000 a year (give or take a bit) - his face suddenly dropped.

      I also find people claim that they don't need to save as they'll sell their business and live off the sale......

      ......how many people said that in 2007 and lost everything when business folded?!

      I'm not scared of getting old, no
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  • I also find people claim that they don't need to save as they'll sell their business and live off the sale......

    ......how many people said that in 2007 and lost everything when business folded?!


    You're wise not to depend on that in the long term.

    Too many adverse events can happen in the meantime, such as a divorce where you have to sell the business and split the proceeds.

    A friend of mine has a business that grossed $1 million in 2010. He's amazing. Even in this economy he's had offers. He plans to sell it in a year or so and he has his next niche already picked out. (As well as the one after that.)

    I actually think this is a good time to sell a business in the U.S. Lots of people are sitting on big cash reserves, waiting nervously and hoping November brings about a big change. If I had one I wanted to sell I'd be getting the books in order and making it look really good.

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  • Profile picture of the author AmandaT
    I am one of those that isn't saving yet... I am focusing on growing my business. First I need my business to be making more, then I can focus on saving. I know what you mean though... everyone should be trying to save for retirement... before it sneaks up on you!

    Of course, I see myself retiring very late just because I enjoy work so much.
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    • Just as important as saving is learning how to curb bad spending habits.

      This was a tough one for me. I'm not going to pretend it's easy. A decade ago I had a job that paid $125,000 a year. I'm not a clotheshorse, but I would drop $700 at Bloomingdales without even waiting for a sale. We had amazing vacations. One year we went transatlantic on QE2 and returned on the Concorde.

      All that came to a screeching halt when I left that job and went to work for myself. I felt poor and I really didn't like that feeling. Finally got over it, though, and while I no longer enjoy shopping, I have fun building my businesses.

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  • Profile picture of the author Mark72
    I agree that it's best to invest some money in offline ventures to try to generate some residual income.

    However, IM is something you do because you have a passion for it and enjoy doing it. This is what what ultimately makes people successful at what they do.

    That being said, why would you ever want to retire?

    A JOB is what you retire from.
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  • Originally Posted by JimMichael View Post

    It amazes me how many full time IM'rs are not saving for retirement.

    I attended a networking event a few weeks ago, made up of around 50 self employed marketers. There was a talk from a financial guy, and he asked those who are not saving for reitirement to put up their hands.

    Around 70% of the room did so, with some people in their 40s and 50s.

    I have been diligently investing 1/3 of my income into retirement savings since the age of 23 - as I can see the benefit of making plans for the future.

    Just wondering how the rest of the forum is doing?
    My plan is to invest a lot of my earnings into a big property portfolio. The goal is to have 10 houses paid off earning me rental income each month.
    Ambitious perhaps, but I've found you have to think big to get anywhere in life
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  • Profile picture of the author LMC
    I've been putting a lot of my savings into this Indian Reservation Casino, they call themselves a bank but I think it's a scam...lol

    -----------------------

    But really... good post. I try to put 10% of all earnings aside for savings, learned it from a book called, "the richest man in babylon"
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    • Profile picture of the author JimMichael
      Anyone who has left it late should read 'Start Late, Finish Rich' by David Bach.

      I read it to see the situation from the perspective of someone who is in their 40s and hasn't started saving yet - I read it simply to scare me into not wanting to have to read it for 'real' at that age.

      It shocked me how, even if in your 40s you start a rigourous savings plan for retirement - you'll still likely retire below the poverty line.

      My blame is on Governments for not telling people in their 20s how important it is to start saving for the wrinkle years. Your 20s and 30s provide so much time for savings to compound. You simply can't benefit from that if you start late.
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    • Profile picture of the author JimMichael
      Originally Posted by LMC View Post

      I've been putting a lot of my savings into this Indian Reservation Casino, they call themselves a bank but I think it's a scam...lol
      "
      Sounds like my retirement savings plan - with this really friendly Nigerian investor I deal with via email.

      Would you believe it - his Uncle is the PRESIDENT! :p
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