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Forum » I'm 36 and feel so far behind on retirement investments.
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Thread: I'm 36 and feel so far behind on retirement investments.

post 10000258622 Yesterday, 07:02 PM
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  1. MikeLowrrrey
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I'm 36 and feel so far behind on retirement investments.

Got about $32k in investments. 30k in rollover ira. 2k in regular brokerage.

At this rate it's gonna take me forever to get any real ground. It's bad enough people are saying $1 million isn't enough.

I'm getting desperate and wish I could make more money. $83k feels measly and I don't really buy luxury items.
post 10000258627 Yesterday, 07:05 PM
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  1. TheParish
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What kind of debts do you have? Savings?
post 10000258630 Yesterday, 07:07 PM
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  1. dropped40lbs
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Wagie life sounds so dystopian
post 10000258632 Yesterday, 07:08 PM
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Originally Posted By MikeLowrrrey⏩
Got about $32k in investments. 30k in rollover ira. 2k in regular brokerage.

At this rate it's gonna take me forever to get any real ground. It's bad enough people are saying $1 million isn't enough.

I'm getting desperate and wish I could make more money. $83k feels measly and I don't really buy luxury items.
Me too brah. Feels bad man.
post 10000258645 Yesterday, 07:16 PM
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  1. MikeLowrrrey
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Originally Posted By TheParish⏩
What kind of debts do you have? Savings?
$18k credit card debt because i was making a poverty $55k at last job. Also got my SUV. They wouldn't add much to my investments. Be nice if I can invest $2k/month.


Been thinking about another part time job, Idk. I need about a $150k salary to feel ahead of investing
post 10000258669 Yesterday, 07:40 PM
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  1. Zere0wn
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your only way out of this is to make substantially more money. I wouldn't bother with a part time job as they don't have the ability to generate substantially more income.

if your current job has upward mobility, bust your ass and get that. if it doesn't, find a new job.

depending on your car payment i'd consider selling it for something cheaper

once you hit 110k you can stack some cash

once you hit 130k you can spend money again

until then spend nothing
My ALT is elevated. 75.
post 10000258675 Yesterday, 07:43 PM
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  1. John L
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Aren’t you a single guy? Why are you consooming so much that you have 18k in credit card debt?
post 10000258676 Yesterday, 07:44 PM
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  1. Zere0wn
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Originally Posted By John
Aren’t you a single guy? Why are you consooming so much that you have 18k in credit card debt?
Yea, you should be ok on 83k to at least not have debt.
My ALT is elevated. 75.
post 10000258679 Yesterday, 07:46 PM
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Originally Posted By Zere0wn⏩
Yea, you should be ok on 83k to at least not have debt.
He said he was making 55k at his last job but that’s still no excuse because right after that he said he also has his SUV so I am assuming he bought a car he couldn’t afford
post 10000258686 Yesterday, 07:56 PM
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  1. Zere0wn
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Originally Posted By John
He said he was Malik’s 55k at his last job but that’s still no excuse because right after that he said he also has his SUV so I am assuming he bought a car he couldn’t afford
yes even 55k as a single man is enough to not have debt

buying a new car, especially with payments, while still having credit card debt is INSANE
My ALT is elevated. 75.
post 10000258726 Yesterday, 08:34 PM
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  1. MikeLowrrrey
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Originally Posted By John
Aren’t you a single guy? Why are you consooming so much that you have 18k in credit card debt?
Because i had a poverty salary for years. Car break down, that $700 repairs add up. $900 for new tires, etc. QAnd I didn't even have a car note.


My current salary, i put away $200/month for repairs. Glad I did because my SUV needed $2600 for AC repairs. No credit card needed.
post 10000258730 Yesterday, 08:37 PM
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#12
  1. MikeLowrrrey
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Originally Posted By John
He said he was making 55k at his last job but that’s still no excuse because right after that he said he also has his SUV so I am assuming he bought a car he couldn’t afford
Nah, SUV is $400/month.

Besides that, buying used cars with cash was biting me in the ass.

My Lexus i planned on driving till the wheels fell off. 156k miles.....well that didn't work because the transmission was going out. Got tired of sinking money into it so I traded.
post 10000258737 Yesterday, 08:47 PM
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  1. Zere0wn
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i'm not understanding what you're saying, but generally repairs are less than a car payment.

you also could look into doing some repairs yourself

regardless unless you have a dumb expensive SUV you don't need to sell it at your salary, even if it would help

what you need to do is not spend money on anything else. no going out to eat/drink, make coffee at home, etc.
My ALT is elevated. 75.
post 10000258739 Yesterday, 08:48 PM
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  1. notthis
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Should pay off the credit card debt with the investments. Credit card debt is probably at 20%. Unless you can get those zero APR balance transfer offers. I used those to pay off my credit card debt when I had it.
post 10000258743 Yesterday, 08:51 PM
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  1. imbored21
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Wife up a torta with money. Sorry bro it's the only way. You literally have zero shot of catching up to homeowning moggers like me.
post 10000258744 Yesterday, 08:52 PM
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  1. Zere0wn
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Originally Posted By notthis⏩
Should pay off the credit card debt with the investments. Credit card debt is probably at 20%. Unless you can get those zero APR balance transfer offers. I used those to pay off my credit card debt when I had it.
this is probably smart too

if I had cc debt i'd sell anything that isn't nailed down to pay it off. 15-20% adds up fast and will cripple you. I'd prioritize it over an emergency funds, etc. sell investments too
My ALT is elevated. 75.
post 10000258746 Yesterday, 08:54 PM
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  1. imbored21
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so your networth is 32k-18k debt = 14k? You should have 30 times that at your age if you want to retire. Dude you have to find a wife with money.
post 10000258755 Yesterday, 09:03 PM
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  1. GuineaDago585
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You have more than many people.

I wish I started investing far sooner. I was aware and even had a Robinhood account during Covid that I should’ve used wisely instead of betting on shitcoins and penny stocks, but in my early-mid 20s I was never deliberate enough. Also was apathetic due to my low income. All I have so far is about $40k in a 401(k).

So yeah it probably feels like playing catch up now but a few years of consistent investments can make up for lost time. Especially since you’ve seen nice income growth too.

Edit: sell the SUV brah. Sinking $2600 into A/C repairs is not worth it.
post 10000258757 Yesterday, 09:04 PM
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  1. Zere0wn
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Originally Posted By imbored21⏩
so your networth is 32k-18k debt = 14k? You should have 30 times that at your age if you want to retire. Dude you have to find a wife with money.
he can do it on his own, he doesn't need to leech
My ALT is elevated. 75.
post 10000258775 Yesterday, 09:26 PM
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  1. MikeLowrrrey
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Originally Posted By notthis⏩
Should pay off the credit card debt with the investments. Credit card debt is probably at 20%. Unless you can get those zero APR balance transfer offers. I used those to pay off my credit card debt when I had it.
Nah that'd be dumb. You never empty your investments.

I will say I'm paying almost double the minimum payments. Once I clear the other 2 cards, I can pay $800/month on the past.
post 10000258785 Yesterday, 09:30 PM
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#21
  1. MikeLowrrrey
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Originally Posted By GuineaDago585⏩
You have more than many people.

I wish I started investing far sooner. I was aware and even had a Robinhood account during Covid that I should’ve used wisely instead of betting on shitcoins and penny stocks, but in my early-mid 20s I was never deliberate enough. Also was apathetic due to my low income. All I have so far is about $40k in a 401(k).

So yeah it probably feels like playing catch up now but a few years of consistent investments can make up for lost time. Especially since you’ve seen nice income growth too.

Edit: sell the SUV brah. Sinking $2600 into A/C repairs is not worth it.
Selling the SUV makes no sense. It's already old, selling it for another car could mean more problems. It rides pretty good too even at 170k miles.


The $2600 was worth it since it'll be 100+ heat index. Also didn't have to use credit cards.
post 10000258796 Yesterday, 09:44 PM
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  1. Zere0wn
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Originally Posted By MikeLowrrrey⏩
Nah that'd be dumb. You never empty your investments.

I will say I'm paying almost double the minimum payments. Once I clear the other 2 cards, I can pay $800/month on the past.
buddy, no offense but in your situation you probably should take others advice seriously. you go you into this spot, dont trust yourself with finances until you educate yourself more.

even chatgpt would likely tell you to sell the investment to pay the credit card

personally unless it was money in a retirement account I wouldn't hesitate to sell their investment to pay the card. even in a retirement account I likely would.
My ALT is elevated. 75.
post 10000258798 Yesterday, 09:46 PM
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  1. Zere0wn
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Originally Posted By MikeLowrrrey⏩
Selling the SUV makes no sense. It's already old, selling it for another car could mean more problems. It rides pretty good too even at 170k miles.


The $2600 was worth it since it'll be 100+ heat index. Also didn't have to use credit cards.
i'd have bought a set of tools for $100 , spent another $100 on parts, and spent a weekend on YouTube and saved $2400
My ALT is elevated. 75.
post 10000258801 Yesterday, 09:47 PM
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Comparison is the thief of joy
post 10000258812 Yesterday, 10:00 PM
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Originally Posted By Zere0wn⏩
buddy, no offense but in your situation you probably should take others advice seriously. you go you into this spot, dont trust yourself with finances until you educate yourself more.

even chatgpt would likely tell you to sell the investment to pay the credit card

personally unless it was money in a retirement account I wouldn't hesitate to sell their investment to pay the card. even in a retirement account I likely would.
Yea you really need to pay off the bad debt first.

Let’s say interest is 20% MONTHLY!

Your investments are not going to out perform that.

Pay off debts immediately
Srs.

O.G Srs. From Fitmisc.net

Original IP ban from bb.com
post 10000258819 Yesterday, 10:10 PM
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Originally Posted By Zere0wn⏩
he can do it on his own, he doesn't need to leech
how? He would have to save 50k/year at this point to catch up to the average person. There's no shot.
post 10000258822 Yesterday, 10:11 PM
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Originally Posted By imbored21⏩
how? He would have to save 50k/year at this point to catch up to the average person. There's no shot.
Earn more, spend less. This is America the sky is the limit
My ALT is elevated. 75.
post 10000258837 Yesterday, 10:33 PM
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  1. TheParish
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Originally Posted By MikeLowrrrey⏩
$18k credit card debt because i was making a poverty $55k at last job. Also got my SUV. They wouldn't add much to my investments. Be nice if I can invest $2k/month.


Been thinking about another part time job, Idk. I need about a $150k salary to feel ahead of investing
If you don't have some passion/loyalty for your job, try and look for one that pays better. Would you move to another region or state?

Like most of the people here are also saying, cut back the unneeded expenses and get out of the debt asap. Once those shitty debt payments are gone you'll be able to save and invest in retirement.
post 10000258842 Yesterday, 10:49 PM
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Originally Posted By MikeLowrrrey⏩
Got about $32k in investments. 30k in rollover ira. 2k in regular brokerage.

At this rate it's gonna take me forever to get any real ground. It's bad enough people are saying $1 million isn't enough.

I'm getting desperate and wish I could make more money. $83k feels measly and I don't really buy luxury items.
It’s never too late to turn things around - just don’t do nothing
post 10000258867 Yesterday, 11:45 PM
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That isn't bad. You're not too far off. If you had zero, that's something.

Keep putting money into the SP500 type investments, sit back and just stay alive. Tech is going to change the world a ton in the next 10-15 years anyway, nobody knows how it will be. It may cost extremely little to own the essentials in 20 years because of tech so you may be more than ok
Dodge SRT Fan
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