Are any of you planning to retire with less than 1 million USD in your account?

[DeuceZ]

But your investment accounts should be keeping up or beating inflation. Now if you just putting cash under your mattress, then yeah it will lose value.

This is why we need financial education in the black community. We are seriously lacking.

When ppl talk about inflation say 2-3%, yes your investments performance will beat that. What i am referring to is how specific sectors i.e. housing, education, healthcare costs have outpaced inflation. Thus the decrease in purchasing power.

When offering advice it's best not to be condescending, typically get a more engaged audience that way

 

[LDC]

When ppl talk about inflation say 2-3%, yes your investments performance will beat that. What i am referring to is how specific sectors i.e. housing, education, healthcare costs have outpaced inflation. Thus the decrease in purchasing power.

When offering advice it's best not to be condescending, typically get a more engaged audience that way

This... Healthcare is what fukks people up more than anything. People that thought they did alright be ending up on Medicaid. Especially if they end up needing long term care.

 

[El_Mero_Mero]

Most Americans are no where close to that. The average retiree has 250k

Plan? No.

Will I retire with less than a meal ticket? Probably so..

Hopefully, I will come close!

Since you have this mentality now, what do you plan on doing about it? Or are you counting on "you're going to be alright" regardless of whatever happens?

Don’t plan on retiring.
Already have $1 million

When I quit my day job I said it was retirement to flex on CACs

Are you in your 20s? 30s? 40s? 50s?

Planning?! less than 1 mill is the reality for the vast majority of people

All these folks out here flexing in new cars with $700 car notes. Soon as they get a new job they gotta upgrade. Reality gone hit at 40 sheesh

Folks better get to reading. 401k, Roth ira, index funds, crypto.

What will be the societal solution to this real problem? Universal basic income or something else?

So you are actually a millionaire?? How's is life?? Are your DMs poppin since you revealed this??

I believe there are actually a few millionaires on here

Retire . Most the upcoming gens working till they die

I think some other factor will step in to prevent that from happening...no?

While it's true that the younger generation seem to be more concerned with having fun rather than saving for their future, I don't believe that there will be much larger number of people that never get to retire.

 

[Commish]

Since you have this mentality now, what do you plan on doing about it? Or are you counting on "you're going to be alright" regardless of whatever happens?

Are you in your 20s? 30s? 40s? 50s?


What will be the societal solution to this real problem? Universal basic income or something else?

I believe there are actually a few millionaires on here

I think some other factor will step in to prevent that from happening...no?

While it's true that the younger generation seem to be more concerned with having fun rather than saving for their future, I don't believe that there will be much larger number of people that never get to retire.

My plan is to keep working and hope that my 401K will yield me a good return. Also, maybe I will get a good pension and if my lifestyle changes for the better, then seek to establish other investment opportunities.

 

[bourgeoisie tall freak]

yeah but my house is almost paid off and i have a car that is paid off and access to free healthcare and no kids.
how much money does one need at that point?

and by retire i mean, not having a full time job. getting money comes fairly easily to me so i can't imagine that will ever stop

 

[Braman]

I can’t stress this enough….all you goofy nggas falling for that ‘pAsSpOrt bOys’ shaming and fear mongering better smarten up.

It’s about way more than hookers. There is very little keeping most people in this country. Paying increased cost of living just to be in the states makes no sense, and will make even less sense the older you get

 

[Traveler]

What's your advice on this? It sounds like you have a high salary, that I can't really fix right now, but I'm trying. I'm at a late start myself and playing catch up. Paying off this debt is the current goal, if I can do that I can probably put in another $500/month towards my 401k.

It seems like a lot of black folks just don't have the tools to pass around amongst each other, especially if you family was lower class.

I did what my mom suggested. Every year I got a raise I put that raise in my 401k until I reached the max yearly contribution. So basically I stayed at the same level of pay for a decade. I minumized debt. I do have a high salary but I really started to see my earning explode in my 40s. I started late also. So it's possible with a solid career.

 

[Michael's Black Son]

Since you have this mentality now, what do you plan on doing about it? Or are you counting on "you're going to be alright" regardless of whatever happens?

Are you in your 20s? 30s? 40s? 50s?


What will be the societal solution to this real problem? Universal basic income or something else?

I believe there are actually a few millionaires on here

I think some other factor will step in to prevent that from happening...no?

While it's true that the younger generation seem to be more concerned with having fun rather than saving for their future, I don't believe that there will be much larger number of people that never get to retire.

Just got into my 40s. Been doing corporate for what feels like forever. Knew that I was getting tired of these CACs and the things I wanted to do wouldn’t happen with them. Started my own thing. Unless you are prepared to do the damn thing 24/7 don’t bother. Thankfully this worked out but it was tough. Found my way into the right meetings through people of all walks of life and (a couple since there aren’t many) venture firms came sniffing around — but most won’t give you the time of day.

Find a way to work hard and be exceptional. Master whatever you do. All that we outside shyt is lame. Spend $2500 on a great MacBook and push it to the limit. Leave the bītches ALONE. If you drink/smoke/do drugs — STOP. that shīt is for lames and can’t help you code or read books or even get your body fit.

Anything that’s not helping you is a distraction. Even your family won’t understand and that’s okay. Get someone around you who is in finance who can say the things you can’t.

If you are black in corporate you aren’t flying under any radar. But people will overlook your abilities. That’s fine. Use that to do other shīt

 

[El_Mero_Mero]

Just got into my 40s. Been doing corporate for what feels like forever. Knew that I was getting tired of these CACs and the things I wanted to do wouldn’t happen with them. Started my own thing. Unless you are prepared to do the damn thing 24/7 don’t bother. Thankfully this worked out but it was tough. Found my way into the right meetings through people of all walks of life and (a couple since there aren’t many) venture firms came sniffing around.

Find a way to work hard and be exceptional. Master whatever you do. All that we outside shyt is lame. Spend them $2500 on a great MacBook and push it to the limit. Leave the bītches ALONE. Anything that’s not helping you is a distraction. Even your family won’t understand and that’s okay. Get someone around you who is in finance who can say the things you can’t.

If you are black in corporate you aren’t flying under any radar. But people will overlook your abilities. That’s fine. Use that to do other shīt

Sounds like you bet on yourself, and won.

Congratulations, and keep doing the damn thing.

 

[Michael's Black Son]

Sounds like you bet on yourself, and won.

Congratulations, and keep doing the damn thing.

You have to turn into a goddamn animal, part sociopath and be delusional in some stages. Make sure you know your stuff. Don’t let people out work you. Stop sleeping 9 hours. Other people are up grinding. You have eternity to “sleep”

A lot of this will feel like failure because it’s a process. This has been damn near all trial and error.

You can get a lot done in 1 calendar year. Real talk. Be patient and people will come to you like rats on cheese when things take off. You’ll start feeling like goddamn Mike Jones (back then they didn’t want me…..)

But block everything out. Literally everything.

The Coli is a guilty pleasure but even that gotta be put on the shelf.

Also I was hesitant to leave the day job because it’s an extremely well known legacy place with perks and connections to literally everything — since like 1840. But you can’t overstay your welcome. These CACs will show you the door one day.

 

[RadaMillz]

I am slowly embracing the live now and cry later philosophy, I'm seeing people traveling the world and enjoying life right now while they can instead of saving up for retirement at @ 80 years old (since they're pushing up at the age).

 

[Mystic]

@Roger king doesn't even have a bank account

Bussy deposits and no bank deposits IS CRAZY