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  #21  
Old 28.08.2011, 15:42
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Re: The only way for anyone to retire now is to become a millionare

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US friend of mine said he's just going to live life to the full and then shoot himself at 55.
Is life over at 55? Hhmmm, ever noticed how many silver haired guys are at the controls of those big 'planes that fly us everywhere?
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  #22  
Old 28.08.2011, 15:47
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Re: The only way for anyone to retire now is to become a millionare

So, is this a case of "first-world problems" ? I know I face many first-world problems - I mean, my mobile can only make calls, send texts & take pictures! How pathetic is that? My wife and I are able to live simply, since we've done it before - although I'm currently at the point that it is uncomfortable when I have to go even a long weekend without internet access ...

Still, I'm not planning to rely on any inheritance (if my parents choose to leave me one) or my children in my retirement - in fact, I'd prefer to transfer most of any inheritance I receive from my parents directly to my children, so they can use it to give my grandchildren a great life! Of course, I won't link the amount they inherit to the number of children they have ... although the idea has crossed my mind on more than one occasion ...
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  #23  
Old 28.08.2011, 15:48
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Re: The only way for anyone to retire now is to become a millionare

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Sadly desperate, in the UK many of the young people I knew did just that - spend, spend, spend - and then go belly up (bankrupt) and thought it was just a 'good laugh' almost a badge of honour.


A lot of wisdom in the movie Risky Business
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Old 28.08.2011, 16:19
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Re: The only way for anyone to retire now is to become a millionare

Last week, we had a friend over. We went to have dinner outside and break the fast of Ramadan. We came back it was around 11pm. We saw a man sleeping in front of our building with a suitcase next to him.

My first reaction was: Ok, if someone begin to sleep here, others will begin too and this place will look bad since it is a nice area.

We went upstair, all in our thinking for ourselves. I suddenly said to my friend and husband that this man probably had nothing to eat since a while. And we should prepare him something to eat.

So we made sandwiches with plenty of meat, a big 2 litter of water bottle, cheese, yogurt and a coffee.

We went downstairs to give it to him. He was in his mid-50s, didn't speak much english but was obviously from Eastern Europe.

He had with him probably all he owned and no where to sleep with an empty stomach. But he was there, here, looking for a better life.

He was so happy to have some food, I guess it has been a while since his last meal. In the period of Ramadan, we chose to fast to feel what someone poor feels. He should also have the right to break his fast, no?

I have more respect for that man than any greedy person who can't see life outside their bank account and what they own.

He didn't come back, he was probably just passing by, looking for a place to go back on his feet.

His smile was priceless.
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  #25  
Old 28.08.2011, 16:35
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Re: The only way for anyone to retire now is to become a millionare

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Last week, we had a friend over. We went to have dinner outside and break the fast of Ramadan. We came back it was around 11pm. We saw a man sleeping in front of our building with a suitcase next to him.

My first reaction was: Ok, if someone begin to sleep here, others will begin too and this place will look bad since it is a nice area.

We went upstair, all in our thinking for ourselves. I suddenly said to my friend and husband that this man probably had nothing to eat since a while. And we should prepare him something to eat.

So we made sandwiches with plenty of meat, a big 2 litter of water bottle, cheese, yogurt and a coffee.

We went downstairs to give it to him. He was in his mid-50s, didn't speak much english but was obviously from Eastern Europe.

He had with him probably all he owned and no where to sleep with an empty stomach. But he was there, here, looking for a better life.

He was so happy to have some food, I guess it has been a while since his last meal. In the period of Ramadan, we chose to fast to feel what someone poor feels. He should also have the right to break his fast, no?

I have more respect for that man than any greedy person who can't see life outside their bank account and what they own.

He didn't come back, he was probably just passing by, looking for a place to go back on his feet.

His smile was priceless.
Nice story, confirming that happiness is very subjective. At the end of the day though, this person was also driven by greed.
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Old 28.08.2011, 16:39
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Re: The only way for anyone to retire now is to become a millionare

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Nice story, confirming that happiness is very subjective. At the end of the day though, this person was also driven by greed.
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Old 28.08.2011, 16:40
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Re: The only way for anyone to retire now is to become a millionare

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Nice story, confirming that happiness is very subjective. At the end of the day though, this person was also driven by greed.
Ok, most mammals are, no? How about other animals? Too? If hunger is greed, then we all are greedy about 4x a day.

I am not sure how relevant that is, though. The only way I can think about future is making sure there will be some decent one for my child and that I can provide as long as it is needed and wise. Who cares if the time of my retirement is in my late 60s, people I know who should be retired are far from it, anyways, A) they live in a poor country, B) they are hard working folks who wouldn't know what to do, anyways. So, the idea of somebody not caring if life is worth it after 55, is a tad weird to me. We are not worth living only when young, are we.
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  #28  
Old 28.08.2011, 16:43
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Re: The only way for anyone to retire now is to become a millionare

I know Zuger - I gave up my hard worked for career and a large part of my pension to help my parents- but it shouldn't be 'expected' as such, and has nothing with 'bringing your kids right'. It must be hard for you being so far away- at least I could jump on a plane or a train from UK to CH.
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  #29  
Old 28.08.2011, 16:47
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Re: The only way for anyone to retire now is to become a millionare

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I know Zuger - I gave up my hard worked for career and a large part of my pension to help my parents- but it shouldn't be 'expected' as such, and has nothing with 'bringing your kids right'. It must be hard for you being so far away- at least I could jump on a plane or a train from UK to CH.
Thats right, I forgot all about that! Youre a great case in point.....

The problem for me is making my folks take the financial help. They would rather work all day still. Its a slow deterioration of their quality of life

They have too much pride I guess?
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  #30  
Old 28.08.2011, 16:49
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Re: The only way for anyone to retire now is to become a millionare

*yawn*

70 000CHF income per year. Equals 4700CHF per month.
Rent: 1700
Food, travel and entertainment: 1000
Insurance and bills: 500
Incidentals (an item of clothing, a birthday present, a special night out): 500

Save: 1000CHF/month.

Start at age 30 (better to start at age 23 but unfortunately unrealistic).

1000CHF per month invested into ultra long term mutual funds gives a reliable 8.5% per year (this is on average over 20+ years, some years they'll go up, some years down). We'll take most measures of inflation to be around 2.5% on average over the lifetime. Net return is therefore around 6% annually.

After 30 years, at the age of 60, you'll end up with 1 000 000CHF

With wise, low risk investment thereafter (lower risk than prior to retirement of course) You can achieve 4% annual growth giving 40 000CHF annual income forever.

The biggest problem with all of this is "Social Security" the world's largest, most damaging, pyramid scheme.

Here's our plan - don't worry about saving for retirement. Just give a percentage of your wages to help the elderly now, and then other people will give a percentage of their wages when you get old! Easy. Don't consider that the population is static or shrinking, that people are living longer and wanting to work less....

This action of the government, telling people (for votes no less) that they will be looked after on retirement so they don't have to save or rely on their kids who can now just join a punk metal band and smoke weed (they always used to save or rely on their kids) has created this problem literally from thin air.
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  #31  
Old 28.08.2011, 16:50
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Re: The only way for anyone to retire now is to become a millionare

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Ok, most mammals are, no? How about other animals? Too? If hunger is greed, then we all are greedy about 4x a day.
Yes we are Now, back to the original topic (which wasn't "kill myself a 55"): can you really maintain your current comfortable lifestyle unless you are a millionaire at retirement age?
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  #32  
Old 28.08.2011, 16:59
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Re: The only way for anyone to retire now is to become a millionare

HA HA! You must work as a financial planner in the US....! Thats a very American prognosis youve given there. The truth is, before 1983 equities returned only 3% per year.

Demographic trends mean that equities will be more inclined to grow at 2% to 5% per annum going into the next 30 years.

SMI has moved side-ways (correlation of 1 to the Yield curve!) since 1995. While the Nikkei has lost 78% since 1990...!

Oh! and Emerging Markets? Taiwan, Singapore, Thailand, and Korea are still at their same levels as they were in the early 1990's....

Its simply not that easy my friend.

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*yawn*

70 000CHF income per year. Equals 4700CHF per month.
Rent: 1700
Food, travel and entertainment: 1000
Insurance and bills: 500
Incidentals (an item of clothing, a birthday present, a special night out): 500

Save: 1000CHF/month.

Start at age 30 (better to start at age 23 but unfortunately unrealistic).

1000CHF per month invested into ultra long term mutual funds gives a reliable 8.5% per year (this is on average over 20+ years, some years they'll go up, some years down). We'll take most measures of inflation to be around 2.5% on average over the lifetime. Net return is therefore around 6% annually.

After 30 years, at the age of 60, you'll end up with 1 000 000CHF

With wise, low risk investment thereafter (lower risk than prior to retirement of course) You can achieve 4% annual growth giving 40 000CHF annual income forever.

The biggest problem with all of this is "Social Security" the world's largest, most damaging, pyramid scheme.

Here's our plan - don't worry about saving for retirement. Just give a percentage of your wages to help the elderly now, and then other people will give a percentage of their wages when you get old! Easy. Don't consider that the population is static or shrinking, that people are living longer and wanting to work less....

This action of the government, telling people (for votes no less) that they will be looked after on retirement so they don't have to save or rely on their kids who can now just join a punk metal band and smoke weed (they always used to save or rely on their kids) has created this problem literally from thin air.
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  #33  
Old 28.08.2011, 17:03
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Re: The only way for anyone to retire now is to become a millionare

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1000CHF per month invested into ultra long term mutual funds gives a reliable 8.5% per year
Not sure what you mean by ultra long term mutual fund, but the 25-year UK endowment mortgage i started 15 years ago has yet to make a positive return - it is still worth less than the sum of payments made into it. They still quote4, 6, 8% returns in their projections (as required by FSA) and they still take their (ever growing) fees - but it won't even come close to paying off the original projected figure....
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  #34  
Old 28.08.2011, 17:06
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Re: The only way for anyone to retire now is to become a millionare

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Yes we are Now, back to the original topic (which wasn't "kill myself a 55"): can you really maintain your current comfortable lifestyle unless you are a millionaire at retirement age?
NO ONE maintains their lifestyle in retirement. To think you will is a myth. And you shouldn't anyway. It's a different chapter in your life with different parameters.
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Old 28.08.2011, 17:09
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Re: The only way for anyone to retire now is to become a millionare

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NO ONE maintains their lifestyle in retirement. To think you will is a myth. And you shouldn't anyway. It's a different chapter in your life with different parameters.
This reaks of defeatism
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  #36  
Old 28.08.2011, 17:11
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Re: The only way for anyone to retire now is to become a millionare

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This reaks of defeatism
What are you talking about? I don't even WANT to live the same life in retirement. Right now I have a 3 bedroom house with a garden and we have two cars. When I retire I don't want to clean a three bedroom house and cut all those hedges. I want to live in a condo and drive a scooter.

There is nothing defeatist about that (WTF!!).
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Old 28.08.2011, 17:14
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Re: The only way for anyone to retire now is to become a millionare

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What are you talking about? I don't even WANT to live the same life in retirement. Right now I have a 3 bedroom house with a garden and we have two cars. When I retire I don't want to clean a three bedroom house and cut all those hedges. I want to live in a condo and drive a scooter.

There is nothing defeatist about that (WTF!!).

Seriously! in 25 years I better be driving a scooter and heckling youngins. But in reality I will be in a 10 m2 room sharing a kitchen and bathroom with the other 14 people on my floor....oh wait, I do that now too, so no biggie
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  #38  
Old 28.08.2011, 17:16
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Re: The only way for anyone to retire now is to become a millionare

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HA HA! You must work as a financial planner in the US....! Thats a very American prognosis youve given there. The truth is, before 1983 equities returned only 3% per year.

Demographic trends mean that equities will be more inclined to grow at 2% to 5% per annum going into the next 30 years.

SMI has moved side-ways (correlation of 1 to the Yield curve!) since 1995. While the Nikkei has lost 78% since 1990...!

Oh! and Emerging Markets? Taiwan, Singapore, Thailand, and Korea are still at their same levels as they were in the early 1990's....

Its simply not that easy my friend.
US Stock market returns from 1926 - 1999 were 11% annually on average. But no, I'm not from the US. http://www.finfacts.ie/stockperf.htm
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Old 28.08.2011, 17:20
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Re: The only way for anyone to retire now is to become a millionare

Never believe all that you read
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Old 28.08.2011, 17:22
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Re: The only way for anyone to retire now is to become a millionare

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Never believe all that you read

I won't believe this statement
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