Retirement

[Mortdooley]

I quit my job at 56 and took the lump sum to an investment firm. The problem I found is that the mindset of these "investment" advisors is to not run out of money before you die. My mindset is to always see the balance growing after living expenses to know how lavish a lifestyle I can afford. I told my advisor I wanted growth and dividends, he wanted to put me on a budget and suggested that I return to work for a few more years. After a few years of letting him choose my investments I educated myself on how to take care on my own portfolio. Now I have almost tripled my starting balance and doubled the dividends. What I learned should be taught to High School students so they could start investing as soon as they have an income! Their total income could include passive income from their investments.

[sprintcyclist]

I quit my job at 56 and took the lump sum to an investment firm. The problem I found is that the mindset of these "investment" advisors is to not run out of money before you die. My mindset is to always see the balance growing after living expenses to know how lavish a lifestyle I can afford. I told my advisor I wanted growth and dividends, he wanted to put me on a budget and suggested that I return to work for a few more years. After a few years of letting him choose my investments I educated myself on how to take care on my own portfolio. Now I have almost tripled my starting balance and doubled the dividends. What I learned should be taught to High School students so they could start investing as soon as they have an income! Their total income could include passive income from their investments.

well done

[Mortdooley]

The problem with Financial Advisors is that they want to sell the public what they get a fee for. Advisors have no intention of stealing anyone's money but will not advise putting it anywhere that doesn't also make them money. I stopped buying Mutual Funds because of their low return and bought the best Stocks I had trust in. My biggest mistake was wanting both growth and dividends to come from the same stocks.

[sprintcyclist]

The problem with Financial Advisors is that they want to sell the public what they get a fee for. Advisors have no intention of stealing anyone's money but will not advise putting it anywhere that doesn't also make them money. I stopped buying Mutual Funds because of their low return and bought the best Stocks I had trust in. My biggest mistake was wanting both growth and dividends to come from the same stocks.

Fair thoughts.
I have invested for decades in my own right. With not as much success as you

[Mortdooley]

I've made plenty of mistakes but fortunately I am not a gambler and those mistakes were all some type of missed opportunity. I sold only one stock for a true loss and it now sells for more than I paid. Almost every stock I have ever owned is worth more today than when I bought them, even the ones I sold. If I were younger I would put any uncommitted money into SPX which is the S&P 500 and leave it alone. Now I look to buy solid company stocks that pay a nice dividend and the price is stable. One of my big advantages was starting during the stock dip of 2009, I got in and rode the recovery up. I firmly believe these so called crashes are just dips to increase the wealth of powerful people. Those with lots of cash to invest during these times see opportunities to buy stocks that are basically "on sale". 2020 was another example of stocks "on sale". These cycles are planned for and those in the know take huge advantage of them!

[sprintcyclist]

I've made plenty of mistakes but fortunately I am not a gambler and those mistakes were all some type of missed opportunity. I sold only one stock for a true loss and it now sells for more than I paid. Almost every stock I have ever owned is worth more today than when I bought them, even the ones I sold. If I were younger I would put any uncommitted money into SPX which is the S&P 500 and leave it alone. Now I look to buy solid company stocks that pay a nice dividend and the price is stable. One of my big advantages was starting during the stock dip of 2009, I got in and rode the recovery up. I firmly believe these so called crashes are just dips to increase the wealth of powerful people. Those with lots of cash to invest during these times see opportunities to buy stocks that are basically "on sale". 2020 was another example of stocks "on sale". These cycles are planned for and those in the know take huge advantage of them!

well, doesn't sound like you made too many mistakes to me.

[Mortdooley]

I made enough mistakes the first few years, I should had taken a more active roll in my investments earlier.

[sprintcyclist]

I made enough mistakes the first few years, I should had taken a more active roll in my investments earlier.

Me too.
I am not disciplined enough. Have got better but it has taken me far too long.

[Valkie]

I made up my super in the last 15 years of my working life.

I paid super for my whole working life, but it wasn't growing at even 1/2 of what I was putting in.
About 16 years ago, I was told about a super fund a friend was in.
So I went and had a chat.
Turns out I had 5 super funds, none growing ( some even going backward).
He talked us through the process of amalgamation of all the super into one.
He also suggested getting rid of life insurance and other (fund drains).
He said if I was set on life insurance, keep it away from my super.
Then we worked out a plan for early retirement on a comfortable income.
Over the next 10 years I watched as my super grew at a rate I had not previously seen.

He also suggested working out what we thought we could live on and put the rest into super and a fixed deposit to see if we could live on it.
We found no real problem, but I wasn't allowed to put in as much as I liked into super due to grubberment rules.
So a fixed term bank account got the extra, a healthy sum, which I could funnel into my super through other grubberment rules about 1 off deposits.

Last year, I retired, on a comfortable income just slightly less than I was taking home for the last 5 years.
We have a good super balance and in March we were advised that we had spent less than the fund made in profit on my savings.

Had I not got into this mob, I doubt I could have ever retired.
They look after my money and only charge against profit.
They also keep me informed with an email each month on status and if we have any needs.

[sprintcyclist]

I have got a pretty good super and we have been topping ours up for 8 or so years now.
That's made a big difference.
One of my supers a defined benefit. Probably not as good as it sounds.

Have managed to talk one of my sons into seeing a financial advisor, so that could be good.
He is really 'bone headed', hopefully he will do what this guys says.