Message from @ThisIsChris

Discord ID: 532718441182920704


2019-01-09 22:56:13 UTC  

This channel is to discuss budgeting, saving, getting out of debt, credit, and retirement planning.

2019-01-09 22:56:18 UTC  

2019-01-09 23:26:00 UTC  

Awesome channel idea!

2019-01-09 23:35:18 UTC  

@Zyzz thanks šŸ˜ƒ

2019-01-09 23:38:04 UTC  

@Zyzz since you're here, I want to ask your opinion on something. I heard a wonky idea on TastyTrade that might actually make sense. They were pointing out that since IRAs are for really long-term investing, especially when young (I'm like 30+ years out) that you should load them with high risk-reward. Sosniak (one of the main host) suggested buying straight /ES futures in there. Since IRAs are for very long term investing, this actually makes sense to me when your time horizon is 30 years out. What do you think?

2019-01-10 00:21:26 UTC  

I agree with the high risk/high reward. With that said I wouldnā€™t advise being 100% invested in high risk/high reward stocks/funds if you think a recession is on the near horizon. Iā€™ve scaled back my IRA/401k investments into cash/more defensive focused funds

2019-01-10 00:22:05 UTC  

But when you think the economy is about to turn up I absolutely advise going all in

2019-01-10 00:32:53 UTC  

@Zyzz cool thanks! it makes a lot of sense, strange that my current employer's 401k options are so limited when you think of it all this way.

2019-01-10 01:02:58 UTC  

Yeah I have the same issue with my 401k although I think it's workable. I am given access to a whole host of Vanguard funds with "target retirement dates" between 2015 and 2065. Obviously the longer out the retirement date, the higher the risk. Recently I switched into 40% cash, 30% 2065 target retirement, and 30% 2015 target retirement. I don't want to exit the market entirely but I want to position myself to be more defensive. If this January rally continues then I think I may pull a little more out of the 2065 fund

2019-01-10 01:03:11 UTC  

This is the 2nd longest bull market cycle in our country's history

2019-01-10 01:03:27 UTC  

the dotcom bubble (120 months) is the longest on record

2019-01-10 01:03:46 UTC  

if we make it to July 2019 w/o a recession then we will have broken it

2019-01-10 01:04:14 UTC  

historical data and the law of average dictates that we are near the peak of the cycle

2019-01-10 01:04:53 UTC  

I'd rather keep my money on the sidelines and wait for a really good deal to spring up and then buy

2019-01-10 01:05:33 UTC  

The way to get rich is to keep $10 million in your checking account in case a good deal comes along. - Charlie Munger.

2019-01-12 00:38:08 UTC  

What is a "good" starting salary right out of college?

2019-01-12 00:39:13 UTC  

That depends on profession, geographic location, private / public section, etc...

2019-01-12 00:40:15 UTC  

Cost of living and familial plans may dictate your impression of a ā€œgoodā€ salary.

2019-01-12 00:42:06 UTC  

What are you studying?

2019-01-12 01:18:21 UTC  

computer science

2019-01-12 01:18:49 UTC  

but by "good" I don't mean "good for what I'm studying", I mean, "enough to live a comfortable life"

2019-01-12 01:19:01 UTC  

though I imagine that depends on region

2019-01-12 01:26:28 UTC  

Thatā€™s a worthwhile major. Itā€™s useful across multiple industries. I work with a large technology company that does some CS / software engineering (in your general geographic area) that starts people around $60k -$70k

2019-01-12 01:28:16 UTC  

Iā€™m sure thereā€™s better and worse starting points, contingent on your internships, externships, experience, grades, focus, etc.

2019-01-12 01:56:33 UTC  

salary after 1 year for my school is $49,000

2019-01-12 01:59:03 UTC  

Seems ā€œgoodā€ if you are a single guy with minimal commitments.

2019-01-12 02:01:56 UTC  

I am lol

2019-01-12 02:05:16 UTC  

I suggest reading The Millionaire Next Door. It gives wise guidance on frugality and living within ones means. Making a lot is irrelevant if a man canā€™t understand how to spend properly. There are men that make $250k per year but live paycheck to paycheck because they spend $245k per year. The key is making $50k (or $75k or $100k or $150k) but spending a fraction of it with the long game in mind.