Author Topic: Breaking news on CNBC, why save when you can work forever!  (Read 2283 times)

magnet18

  • Stubble
  • **
  • Posts: 170
Breaking news on CNBC, why save when you can work forever!
« on: June 25, 2018, 07:01:33 AM »
https://www.cnbc.com/2018/06/22/forget-saving-more-try-working-longer.html

This almost feels like they're trying to sell the idea of "you can spend an extra 1% your whole life and make up for it by working for "just 6 more months"

fattest_foot

  • Pencil Stache
  • ****
  • Posts: 639
Re: Breaking news on CNBC, why save when you can work forever!
« Reply #1 on: June 25, 2018, 01:49:41 PM »
Can't wait for the next article titled, "Try dying sooner."

Who needs savings when you're already dead?

boyerbt

  • Bristles
  • ***
  • Posts: 291
  • Location: Ohio
Re: Breaking news on CNBC, why save when you can work forever!
« Reply #2 on: June 25, 2018, 02:34:53 PM »
It seems suspicious and counter intuitive that the interactive map shows how long $1M will last in each state based only on the money spent and now while still growing at all? Is this how the "average" person assumes retirement works? The day you retire you pull all of your investments out of each account and put them all into one big pile and hope they last until you die?

magnet18

  • Stubble
  • **
  • Posts: 170
Re: Breaking news on CNBC, why save when you can work forever!
« Reply #3 on: June 25, 2018, 09:24:00 PM »
Hey, i just found all this fire stuff and actually started taking an interest in finance 6 months ago, sadly until then that's what I assumed
I thank God I'm young enough I haven't done anything dumb like buy a new car
Compound interest was only ever tought in relationship to savings accounts, and retirement was a simple save up till 65, burn down graph

Bumperpuff

  • 5 O'Clock Shadow
  • *
  • Posts: 75
Re: Breaking news on CNBC, why save when you can work forever!
« Reply #4 on: June 26, 2018, 12:57:28 AM »
Until I started reading the early retirement sites I had never thought about investment returns or the like. The standard info is save 10-20% of your income, invest it in 60% stock and 40% bonds, and work until you are 65.

Once I got a permanent job and did all that I started looking around to find out what I should be doing with all the money I wasn’t spending.

EricL

  • Pencil Stache
  • ****
  • Posts: 921
Re: Breaking news on CNBC, why save when you can work forever!
« Reply #5 on: July 17, 2018, 03:23:38 PM »
What I can't belief is the "How Long $1 Million Lasts in Each State" interactive map.  I did the math backwards to get an idea of what the calculations were.  For California, it states that $60,877 annual expenditures would exhaust $1 million in 16.5 years.  Which it would - if the $1 million wasn't invested in anything more lucrative than under your mattress.  WTF? 

FatCat

  • Stubble
  • **
  • Posts: 244
Re: Breaking news on CNBC, why save when you can work forever!
« Reply #6 on: July 17, 2018, 03:46:50 PM »
How did they determine the annual expenditures on that map? The one for my state is more than most people make here. I'm assuming that's for an individual and not a household.

Swish

  • 5 O'Clock Shadow
  • *
  • Posts: 67
  • Age: 32
  • Location: Canada
Re: Breaking news on CNBC, why save when you can work forever!
« Reply #7 on: July 17, 2018, 04:05:36 PM »
It seems suspicious and counter intuitive that the interactive map shows how long $1M will last in each state based only on the money spent and now while still growing at all? Is this how the "average" person assumes retirement works? The day you retire you pull all of your investments out of each account and put them all into one big pile and hope they last until you die?

You obviously have not learned anything from the "The Book of Dragons" that the article is heavily referencing.