/biz/ - Business & Finance

[Anonymous No.55804238]

I'm 40.
I take home $38K/year.
I have$30K in savings.
I want to retire in 10 years.
What do I do to make this happen?
I also plan to try to max out a Roth IRA every year til then. Any tips on how to set that up for max profit?
Thanks.

[Anonymous No.55804247]

>>55804238
>I take home $38K/year.
>I want to retire in 10 years.
Who's gonna tell him

[Anonymous No.55804263]

>>55804247
Yeah, I know.
That's why I'm reaching out.

[Anonymous No.55804264]

>>55804238
Not possible.
With $300k in the market you could maybe make like $10k to $20k in yield.
That doesn’t seem like it’ll happen with your income. Sorry but what are you doing? I made more than that at 24 with a lib arts degree.
Buy a cheap plot of land and a trailer and drink yourself to death.

[Anonymous No.55804273]

>>55804238
Learn a new new skill fast.

[Anonymous No.55804278]

>>55804264
>Buy a cheap plot of land and a trailer and drink yourself to death.
Legitimately my retirement plan.

[Anonymous No.55804283]

>>55804263
Sir, this is a Siberian kangaroo boxing forum.
Best of luck

[Anonymous No.55804314]

>>55804238
Start putting every cent into chainlink (LINK).

[Anonymous No.55804317]

>>55804238
How much do you spend per year?

[Anonymous No.55804329]

>>55804238
Pic related, the retirement plan for poor people

[Anonymous No.55804346]

>>55804238
Put it all on link. I’m serious. You will never have an opportunity like this again.

[Anonymous No.55804359]

>>55804314
>>55804346
remember when you told people to do that for the last 4 years and they all proceeded to lose 50-90% of their money?

[Anonymous No.55804395]

>>55804238
I'm 45. I make $115k yr and have a $600k net worth. I will never be able to retire. So what does that tell you?

[Anonymous No.55804408]

>>55804395
You will retire at 65 with a nice fat $3,000,000 and a beach house with a pool that your grandchildren will enjoy.

[Anonymous No.55804409]

>>55804395
Your 45 and missed Bitcoin please kill yourself

[Anonymous No.55804413]

>>55804264
I have a medical degree and work in direct patient care. My field is going to shit, probably because we don't prescribe pharmaceuticals.
I work long hours with a commute.
It's making me want to die. I can't afford to flat out quit. But I don't want to be doing this in 10 years. I just want to relax.
I'd like to be able to go to part time, but to do that and maintain my income, I'd have to make like $40/hour. I don't see that happening.
I just don't want to work so many of my life's hours away any more. It's horrible.

[Anonymous No.55804424]

>>55804413
What is the degree in do make so low wages?

[Anonymous No.55804439]

I want to jeet and tell you to invest in a shitcoin I'm holding about $45k of but I'm afraid you'll buy it and it'll crash and you'll be worse off with no savings. Wish I actually had good advice, anon

[Anonymous No.55804459]

>>55804424
I don't want to dox myself, but it is in physical rehabilitation. CMS and the federal government cut our reimbursement ceilings deeper every single year which means that wages in the field cannot grow as most clinics are losing profit because of it. Again, this is due in part to pharma lobbying with way more resources and making gains while probably paying under the table to slash ours so that we cannot be as effective and they can scoop up more life long customers. Health care in the US is fucking FUCKED.
And I'm burnt out. I love what I do, I really believe in it, I and it's not all about money (though I could stand to make more), but I can't take doing it 40 hours with a commute any more. I need to cut my time or get out early. I'm fucking dying here.

[Anonymous No.55804472]

I think a lot of you are missing that OPs take home is 38k, presumably post all expenses and taxes and responsibilities and people to take care of
In ten years that’s 410k in savings of OP saves all of it

To help, you should look at being able to achieve enough money each year during retirement to maintain a life style you deem you can afford

[Anonymous No.55804570]

>>55804472
>401k
I contribute to an account, but my employer doesn't offer a match.
So I'm thinking I should stop contributing to it and start contributing to a Roth IRA.
Smart or retarded?

[Anonymous No.55804601]

>>55804459
Anon, if you're a Physical Therapist I recommend you getting into some kind of kinstretch or End Range Conditioning certification, and using that to get clients, instead of waiting for your field to do better kek, that's what I'm doing besides of being a pond baggie

[Anonymous No.55804605]

>>55804601
is that kinstretch bullshit true?

[Anonymous No.55804607]

>>55804459
So you're not a doctor

[Anonymous No.55804610]

>>55804601
>He admitted being a baggie
Kek baggie

[Anonymous No.55804621]

>>55804238
Start an online business on the side and grow it until it at least 2x your annual salary then quit you job and go full time. Or game your money on shitcoins and get lucky.

[Anonymous No.55804635]

>>55804601
>KINSTRETCH®
Thanks, but KINSTRETCH® doesn't look great for the patient population my clinic tends to serve. And I doubt that getting another ® certification is going to meaningfully boost my wages.
What in the fuck is a "pond baggie"?
>>55804621
What "online business" do you suggest? Any experience with this or just talking out of your ass?

[Anonymous No.55804671]

>>55804601

[Anonymous No.55804681]

>>55804238
That sucks. I pay almost 2x that in taxes every year. My only advice to you is to make more money. You won't get ahead if you're making just enough to barely cover your living expenses.

[Anonymous No.55804692]

>>55804329
I've got over 2 million dollars in realestate under my name and that's also my retirement plan.

[Anonymous No.55806002]

>>55804263
Why the fuck you don't get a real job you useless manlet? I'm younger than you and make 120k...I'm not even saying I'm smart cus I'm not. I'm saying you are being robbed and you allow it. Get a real job

[Anonymous No.55806045]

>>55804238
Max out student loans and go back to school for a higher value medical skill. Get employed in the army or other military branch to cancel out student loan debt as much as possible.

[Anonymous No.55807465]

>>55804621
A solid online business could be helpful but investing in shitcoins will guarantee nothing. His annual pay is low and he probably should get a better job and possible invest in future tech like in-car VR tech which is beginning to change the narrative of car entertainment or add coding to his career which may not still give him the desired retirement timeframe.

[Anonymous No.55807493]

>>55804238
You're not retiring in a 1st world country, that's for sure. Save up another 17k a year, then move to one of the shitter parts of the Philippines and you can retire to a lower middle class life.

[Anonymous No.55807581]

>>55804329
Clean my toilet bitch

[Anonymous No.55807650]

Real answer Op, assuming you make around $50k if you can live off $17k a year somehow and invest the rest you can retire in around 10 years

If you want real solutions to achieve that goal that doesn’t require making more money then your best bet is to work remotely if you can on that income and live in third world

[Anonymous No.55807745]

Have you ever traveled or lived outside the USA for any significant amount of time? I'm talking in a country with low cost of living, like SE Asia or much of South America?

[Anonymous No.55807752]

>>55804238
>>55804247
Acquire second job.

[Anonymous No.55807913]

>>55804570
What advantage do you see in the Roth?>>55804472
Take home normally means just after taxes.

[Anonymous No.55809491]

>>55804238
Just one way anon, ape into Btc and hold till the next cycle. Be sure to store in a self custodial wallet for security.

[Anonymous No.55809538]

>>55807650
this image comes from a really great blog post -> https://www.mrmoneymustache.com/2012/01/13/the-shockingly-simple-math-behind-early-retirement/

tl;dr prioritize reducing your expenses as much as possible. earning more also helps. but reducing expenses is more important.

[Anonymous No.55809698]

>>55807650
this fucking image is that reason I set my goal saving rate at 75%

>>55809538
Yeah it's really interesting because the saving rate is non-linear (income - spending) / income = saving rate

[Anonymous No.55809940]

>>55804238
>I have$30K in savings.

If AVAX hits $5-7, you need to dump this all into that.

It's that simple.

In 10 years, you'll have at least a couple of million dollars.

[Anonymous No.55809971]

>>55804413
create a brand of products and sell on amazon, its that simple. I came across this body sponge rack that sell 300 units a week at $15 a pop. They're literally making $200,000k a year selling a plastic rack because they have good branding.

There's 10000 ways to make money online goofy and you're working like it's 1994

[Anonymous No.55810068]

>>55804238
It is the most niggerish jew strategy to allow oneselves the exclusive right to handle the mass populations retirement money. You allow a large portion of the world's wealth to funnel through you by way of regulation and, should I say, tax penalty. You are the goyim on the outside, and you only have a reciprocal jew chance of ever really making it. You will work a miserable job saving shekels until you are too old and decrepit to do much of anything. By then you are discarded and forgotten, perhaps your name etched in stone that someone visits for a couple decades, and then, lost; forgotten. In the meantime, come to /biz and gamble on jesheetcoins and contemplate suicide on /b to continue your miserable shitposting life.

[Anonymous No.55810577]

>>55804314
You sure?

[Anonymous No.55810605]

>>55809491
I have no problem managing BTC and other major altcoins on Tap, anon. As long as it's a fully regulated company, it's never an issue. I've got my DOT and ETH there.