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JC99 said:
When I had money in mutual funds they just seemed to be a vehicle for making my bank money and not me. Since I dissolved them and reinvested the cash myself (following sensible advise) the difference has been immense. Well, so far anyway.
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My parents used a mutual fund guy in the late 90s, early 2000's and my dad jokes he made the advisor more money than he ever made my dad as the guy was living in a small condo and my dad talked him into buying a newly built townhouse which of course went up hundreds of thousands of dollars in a relatively short amount of time, more than the guys condo ever would have. Nearing the end of the relationship he had the balls to request they get my brothers investments off his books as the amount was relatively small and HE wasn't making any money off it.

Looking into the future I'm going to have a very difficult time changing my mindset to withdrawing investments and spending the money on the technically "downward" part of my life as I age out. I already spend way below my means as it is. I can see the same with my parents, spending way less than their pensions pay, they have everything they need and nothing major to buy, and all the investments to take out soon. I hope they will take a couple 10-20k vacations here and there and get some enjoyment out of their hard work.
 
Mikedezo44 said:
Looking into the future I'm going to have a very difficult time changing my mindset to withdrawing investments and spending the money on the technically "downward" part of my life as I age out. I already spend way below my means as it is. I can see the same with my parents, spending way less than their pensions pay, they have everything they need and nothing major to buy, and all the investments to take out soon. I hope they will take a couple 10-20k vacations here and there and get some enjoyment out of their hard work.
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Same here.

My parents have always been frugal. It got them to a point where they have retired comfortably, but now unable to take themselves out of Save-Mode and switch to Draw-Down mode. I keep telling them to spend it while they're alive and that they are going to outlive their money, but they can't rid themselves of that scarcity mindset. They're not Baby Boomers, but tail-enders of the Silent Generation. They have the Depression Era/WWII habits of thrift and frugality.
 
Mikedezo44 said:
My parents used a mutual fund guy in the late 90s, early 2000's and my dad jokes he made the advisor more money than he ever made my dad as the guy was living in a small condo and my dad talked him into buying a newly built townhouse which of course went up hundreds of thousands of dollars in a relatively short amount of time, more than the guys condo ever would have. Nearing the end of the relationship he had the balls to request they get my brothers investments off his books as the amount was relatively small and HE wasn't making any money off it.

Looking into the future I'm going to have a very difficult time changing my mindset to withdrawing investments and spending the money on the technically "downward" part of my life as I age out. I already spend way below my means as it is. I can see the same with my parents, spending way less than their pensions pay, they have everything they need and nothing major to buy, and all the investments to take out soon. I hope they will take a couple 10-20k vacations here and there and get some enjoyment out of their hard work.
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My advice isn't for everyone but if you don't have people depending on you front end load what's left of your life.

A) You never know

B) If you end up in a hell hole squat you can out-brag your roomies.
 
Mikedezo44 said:
My parents used a mutual fund guy in the late 90s, early 2000's and my dad jokes he made the advisor more money than he ever made my dad as the guy was living in a small condo and my dad talked him into buying a newly built townhouse which of course went up hundreds of thousands of dollars in a relatively short amount of time, more than the guys condo ever would have. Nearing the end of the relationship he had the balls to request they get my brothers investments off his books as the amount was relatively small and HE wasn't making any money off it.

Looking into the future I'm going to have a very difficult time changing my mindset to withdrawing investments and spending the money on the technically "downward" part of my life as I age out. I already spend way below my means as it is. I can see the same with my parents, spending way less than their pensions pay, they have everything they need and nothing major to buy, and all the investments to take out soon. I hope they will take a couple 10-20k vacations here and there and get some enjoyment out of their hard work.
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Both of those paragraphs are very typical.

Advisor makes a guaranteed percentage of your money regardless of performance. Zero risk and guaranteed return for them is a good gig for them and crap for you. There are a few exceptions like MM's guy that justify what is paid by increasing your returns. That is fine but they are the exception by orders of magnitude from the leaches.

Most people have trouble switching from saving to consumption. Having a proper plan helps with that a lot. A plan that is stress-tested gives you the freedom to spend without worrying about tomorrow. There are also tricks that can help you spend. Having $x a month drop in your bank account similar to a salary results in more spending than letting investments ride and making a draw when you want something. As dead money builds up in your account, you find ways to spend it. Invested money (for most people) keeps growing until after you die.
 
nobbie48 said:
My advice isn't for everyone but if you don't have people depending on you front end load what's left of your life.

A) You never know

B) If you end up in a hell hole squat you can out-brag your roomies.
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I think there's a middle ground between squirreling everything away and spending it all as it comes into your hands. Sucks to not be able to afford creature comforts or adequate healthcare later in life.

For those without dependents, my advice would be to focus more on the income side rather than the spend side of the balance sheet: take on more relatively riskier investments. Not that you're gonna roll the dice and buy Stonks, but definitely more equities than RE or bonds for maximum returns. If the bottom fell out of the market (as it did a few times in my investing career), it was our own belts that needed to be tightened, not our kids. Then we just rode it out to the next cycle.

Then adjust your spend accordingly to what's coming in.

As I've gotten older, the asset allocation has definitely tilted more towards more conservative investments, paying out consistent dividends with a good history of regular increases.
 
nobbie48 said:
My advice isn't for everyone but if you don't have people depending on you front end load what's left of your life.

A) You never know

B) If you end up in a hell hole squat you can out-brag your roomies.
Click to expand...
Don`t be the wealthiest man in the cemetery, enjoy your life today while keeping an eye to the future. Don`t make money an obsession though. My ER nurse and Paramedic neighbor couple see "Here today, gone later today" pretty much everyday. You never know is right.
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