Author Topic: Annoying headlines preaching doom  (Read 1658 times)

High FIdelity

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Annoying headlines preaching doom
« on: March 25, 2015, 06:24:23 PM »
http://fortune.com/2015/03/25/fidelity-401k-millionaire/?xid=yahoo_fortune

While I can agree that not everyone can outperform the market and dont always have the most generous of 401k matches, this article smacks of complaining and trying to tell people they arent good enough or smart enough to figure it out.  Yes, there are those out there that may never see a million dollars when they retire, but many of the principles laid out in this site clearly explain it wont be a fast process and for the average American, they may initially feel like they need to give things up to do it.  Instead of telling people its almost impossible to become a 401k millionaire, why not help people figure out a way to do it?   This is why I appreciate this site.

Case in Point:  I was living in Manhattan for years and felt pressure to stay....this year I decided to change the calculus.  A simple move to Queens dropped my rent expenses 40% (tha'ts not a typo) and I found a stabilized building so I can build up savings to eventually buy something without rent spikes along the way.  Best move I could make at the time.  Just got a refub surfboard modem so will save another few bucks a month off my internet only connection...I got rid of cable over 2 years ago....another great move.  I was able to peg my yearly retirement deferrals to about 30% of gross salary.  As I had move expenditures, I will sort out the payback for that over the next 6 months and try to get to deferrals of 35-40% of gross salary (if I can).

Again, there are people on this site that blow the doors off what Im doing and started sooner and make me wish I had found this site 10 yeas ago when I hear where they are by comparison.  At the end of the day, I internalized the math, worked on my finances and educated myself financially and I feel very confident that all else being equal, I should be able to reach FI in my mid-fifties.  Every single retirement calculator (firecalc included) agree with that as a reasonable projection  I may not stop working right away, but its good to know I wont necessarily have to.

Man makes plans and G-d laughs.  All we can do is the best we can do with the information at hand.  Im grateful for what Ive learned here from Mr Money Mustache and every other intelligent opinion because it helps me ignore the drivel referenced above by sarcastic writers.

El Gringo

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Re: Annoying headlines preaching doom
« Reply #1 on: March 25, 2015, 06:56:59 PM »
I posted this article too. What I loved was that for once all of the comments are very mustachian. The author gets a ton of hate in the comment section!

High FIdelity

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Re: Annoying headlines preaching doom
« Reply #2 on: March 25, 2015, 07:13:34 PM »
+1 to that

I didnt even read the comments, but now that I am, you're correct.  Anyone wjo doesnt seriously save will allow this writer to have a self fulfilling prophesy.  If you save like you mean it, you'll be done way sooner.  Then you're playing with house money :)