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6 ways to retire poor

Started by Steve @ bripblap · 10 months ago

Inspired by this clever little piece on âSix Ways to Waste Money Nowâ from Bankrate.com via MSN, here are my six tips on how to retire poor:
Donât set up any automatic investments. Even though dozens of financial experts have recommended it, automatic investments are ... Continue reading »

10 comments

GoldnSilver
1 year ago

Funny :)

I understand #2. I personally wouldn't w/d from my retirement accounts prematurely. However, is there ever an instance where it'd be legitimate to early w/d? ex. illness; to fund a medical cost. I feel bad for people who have to do this.

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bripblap
1 year ago

I guess if you had no other resources to fall back on then you could use your retirement accounts, but I doubt that's usually the case. I see a lot of my colleagues using their retirement savings to help fund their down payment on a house. If someone needed it to pay for expensive life-saving surgery I wouldn't fault them...

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Danny at Money Socket
1 year ago

I got a kick out of this post, especially the day trading part. Its funny that the real estate mentality for a lot of home owners here in the San Francisco bay area is just like that. Owners have gotten lucky all this time so they think its going to keep going up to infinity.

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plonkee
1 year ago

Of course what I really want you to do is to abuse your health and then move to the UK and use our universal free health care. That'll make my day.

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bubelah
1 year ago

One of my co-workers cashed out his 401(K) to fund his son's wedding (St.Patrick's Cathedral on Fifth Ave in NYC).....And, get that, the son is quite rich himself, BUT as was explained to me by my elderly co-worker when he saw my look ("Are you Crazy?") that is customary in their culture (Egyptian). I said to him: "You always brag how successful your son. How come he didn't refuse your money to pay for the wedding?" He answered that if he ever needs help (financially) when he is retired his son will take care of him and his wife. Ok, good for him then.

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bripblap
1 year ago

@plonkee: I'll probably wait until I have some incredibly expensive-to-treat conditions - would that be OK? :)

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FIRE Finance
1 year ago

Great post, we tried to trackback but was receiving errors from your server. We cited you as one of our favorites in our Sunday Review #35.
Keep up the excellent blogging.
Cheers,
FIRE Finance

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GT
1 year ago

Great post - love the "Abuse your Health." Health and healthcare are going to be the huge x-factors as the population gets older.

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