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I’m a diy 66year old new retiree. I’m also a proud follower of Jack B. I started out investing with the mentally of invest first the live off the rest. Borrowing from my 401k wasn’t an option and it bothered me to see others do it with no problem. My annual salary during my working year never exceeded $40k. But we never had to live off a budget. If the money wasn’t there, we didn’t buy it. Because of how we lived, I’m proud to say I’m a member of the two comma club and the idea of a budget still eludes me. So to the youth, spend within your means, don’t treat your retirement funds like a checking account and stay invested.
Alan,
As to your title the S and P hit an all time high yesterday and never reached correction territory. I fear for what some investors will do when another bear returns.
To quote another Jack Bogle, “Don’t just do something, stand there!”
As for me I used the drop in the market to move forward a few months of Roth conversions incrementally at a lower valuations. During the COVID drop I did the same buying incrementally as the market dropped.
The lesson learned is market drops it creates opportunities to take advantage of. The key is not to try to figure out when the market hits bottom but to make small incremental changes as it swoons.
Congratulations, Alan! Your investing journey is a great example of how disciplined investing can lead you to 90% of your retirement goals.
Glad to see you made it to the “two-comma club” as well. Welcome, new member, and Congratulations.
It really is a simple process. NOT easy, but simple.
“Because of how we lived, I’m proud to say I’m a member of the two comma club and the idea of a budget still eludes me.”
This describes us to a T.
My wife and I only cleared 100K income the last few years our professional careers but we are in the same club. I have to admit though, like Dan I had to pause to figure out the “two comma club” even though I have been reading finance information for decades.
Great first post. I hope there’s more to come!
This is us too. I hadn’t heard of the two comma club either. Good one. Chris
Alan, what a great first post. I hope it finds its way to someone in need of solid advice. My 40I(k) didn’t allow loans. My coworkers did not like that, but I bet not having loans helped many in the long run.
I’ve never heard the term “two comma club”; I hope you don’t mind if I borrow it.
PS: Dick Quinn is gonna love you!
Sage advice in one paragraph.