Just stumbled across this blog after stumbling across Mr. Money Mustache, and its really changing the way Ill be approaching the rest of my life. Congrats on graduating debt free and your truly excellent 70% savings rate. The response was amazing and, unfortunately, there were simply to many to include them all. By the way, there will also be times then the market soars and people will begin to say this is a new age. Your pursuit to transfer this interest/discipline to your daughter is a most interesting one. https://jlcollinsnh.com/2014/01/27/stocks-part-xxi-investing-with-vanguard-for-europeans/. Thats where the most beautiful travel is for me. Pakistan That said, let me offer a few general thoughts; First, job one is paying off the debt. I will be returning to your blog. https://jlcollinsnh.com/2013/12/05/stocks-part-xx-early-retirement-withdrawal-strategies-and-roth-conversion-ladders-from-a-mad-fientist/ We have been saving some funds for our two kids since before they were born. http://money.ramblingfever.com/2012/01/dont-sell-yourself-short-on-investment.html. $100,000 annually before tax. Ivory Coast not so much. http://www.madfientist.com/traditional_ira_vs_roth_ira/. I cant wait to hear your theory on hunters and gatherers. So if this is money you or other people have given them it can only go into a regular investment account. Or even Vanguard? It seems like a Roth IRA is going to be easier to deal with than a traditional IRA, but if Im in the same tax bracket now as I will be in early retirement, Mad Fientists point that non-taxed money adds up faster makes some sense. But doing so ends the experiment. Factor in inflation, and it probably actually comes to around 7% or so, but now thats sounding just as good, if not better, for a safe, simple way to build some wealth. So to apply it to your personal situation you want to take your projected annual returns for your RE holdings and see how they compare to 8%. Im very interested in personal finances and have dreams of being financially independent one day. I have some money in Edwards Jones mutual funds. By allowing money access at 25, they have to wait only a few years to access it. My wife is 42 years old and is a school principal. Love all the points and certainly empathize with the challenge of getting our kids to embrace them (I have 5 with 2 in college already where did the time go? What would you recommend for investing on their behalf before they are old enough to even know something is waiting for them? prodigal daughter- I felt like I wasted my given talent/education all these years pursuing things that really didnt matter; but eventually turned around and ran back to my father. The investing is the easy part, it is the tax man on retirement or death that is quite complicated and it is spinning my head. I started out my journey with a low income and debt, unlike the stories I hear from others who were building wealth while earning six figures by age 23 and had no debt. Thanks for taking the time to let me know! Thank you Mr. Collins, and yes please use any of the above information into case study as you wish. BTW, if you are not already reading MF I suggest you do. Vanguard Index International Shares Fund: Your original post came in while I was traveling this summer and somehow I missed it catching up when I got back. Im working on an upcoming post Things Ive failed at. Grammer school is one. Im attempting to follow your advice and buy VTSAX regularly with my income. Hope she picked a strong insurance company in the right state. Thanks! But what about a long term bear market? Too much can happen as the years roll by. Since the first one in Ecuador in 2013 they have brought joy to my heart. Well also have Social Security coming on-line in a few more years. Case Study #2: Joe -- off to a fast start! i know nothing about finances and investing and after reading this I want to learn about managing finances, investing, stock markets, index funds and finally achieve the goal of financial independence that you are talking about.Like you suggested Ill start with your stock series as my starting point in this journey. Great advice, particularly , Avoid fiscally irresponsible people. I have a quick question about the best way to invest in VTSAX. . Ive been taught that I need to save my whole life. As for the 50% target, for some more food for thought check out the addendum I just added to the post. It is not too late for you to start and you are fortunate to have a pension coming and that you have time to educate yourself before you need to decide how to take it. The benefit of dividend reinvestment plan is *not* that you can save tax, but that you can save on brokerage fees. Many of the large companies are international in scope. I had given your advice to my kids though 12 years ago who are now in their late 20s. Will I encounter hidden fees at USAA? Financial regulation is something automatically appealing to many people. I also dont own a TV so it makes tuning out the media relatively easy. Per your recommendations, Im working on setting up a plan for getting back my personal loan, and pulling out of edward jones. -529 plans for their education (one in Vanguard, another to be rolled into Vanguard, and grandparents have a plan for each in North Dakota state plans) My best guess is that instead they implement a VAT (value added tax) or a national sales tax, thus taxing your Roth withdrawals as you spend them. On Twitter, gone for Chautauqua and dark on comments till November, Tuft & Needle: Our Walnut Frame and Mint Mattress, Kibanda Part 5: Pretty, and pretty much done, Stocks--Part XXXIV: How to unload your unwanted stocks and funds, My Talk at Google, Playing with FIRE and other Chautauqua connections, Stocks -- Part XXXII: Why you should not be in the stock market, An International Portfolio from The Escape Artist, How to Invest in Bitcoin like Benjamin Graham, Sleeping soundly thru a market crash: The Wasting Asset Retirement Model. The author of "The Simple Path to Wealth: Your Road Map to Financial Independence and a Rich, Free Life", Mr. Collins offers easy-to-understand, effective guidance and resources to understand investing with confidence. If you want to use the posted savings chart you should calculate your savings rate as S/(E+S) where S is your current annual savings and E is your expected retirement / post financial independence annual expenses with predicted retirement / FI taxes included. How I lost money in real estate before it was fashionable, Part V: Sold! Thanks again for the help. 3. I have since learned differently. As the holidays end and the New Year begins, we wanted to update you on everythingPATHFINDERS-related. Financial Independence Case Study: How to Reach FI in Your 30s, Social Security: How Secure and When to Take It, Case Study #I: Putting the Simple Path to Wealth into Action, Rent vs Owning Your Home: Opportunity Cost and Running Some Numbers, When Your Country Becomes a Global Outcast, Fun with numbers: Historic Stock Market Returns, Lets talk about whats up with Bonds, and what ever else youd like to ask me. You mention you might move out/get married in the next five years. Case Study #2: Joe -- off to a fast start! BTW, everybody. http://blog.famzoo.com/2011/04/pave-road-to-retirement-for-your.html. You dont have to go to 100% if you like the future prospects of Australia. Chautauqua 2015 Reviews, 2016 registration open, Case Study #15: The Scavenger Life -- Freedom first, then Financial Independence, 3rd Annual (2015) Louis Rukeyser Memorial Market Prediction Contest results, and my forecast for 2016, Personal Capital; and how to unload your unwanted stocks and funds, Stockchoker: A look back at what your investment might have been, Case Study #14: To Dream the Impossible Dream (and then realize it), Gone for Summer, an important note on comments and random cool stuff that caught my eye, Stocks Part VIII: The 401(k), 403(b), TSP, IRA & Roth Buckets, Stocks -- Part XXVIII: Debt - The Unacceptable Burden, Case Study #12: Escaping a soul-crushing job before you're 70, Case Study #11: John, a small business owner in transition, Trish and Stan take an Intrepid Sailing Voyage, 2014 Annual Louis Rukeyser Memorial Market Prediction Contest results, and my forecast for 2015, Chautauqua February 7-14, 2015: Escape from Winter, Stocks -- Part XXVII: Why I Dont Like Dollar Cost Averaging, Jack Bogle and the Presidential Medal of Freedom. I am just on the opening act. Think decades. In short, go traditional and always defer taxes if you can. The negligence that led me to DIY investing, Part XXXVI: Estate Planning 101 -- The Simple Path to an Estate Plan, The Top 9 (Bad) Arguments Against Bitcoin, Investing with Vanguard for Europeans: 2020 update. Your questions on IRAs and 401Ks are covered here: Historically, we saved somewhere between 12-30% and in the past 18 months we have been saving 30%+. So pay yourself first. Based on page views it is the most popular one Ive written and it is very likely my favorite. What a great start! I hope this email finds you well. Also, the Vanguard options with my 401k are as follows: VBMFX Total bond market, VFINX 500 Index , NAESX Small Cap. The few individual stocks he selected for me were not bad, but were really meant for long term investment, and at the time of sale, of course they were not exactly the price as when I purchased them; so I lost money when I cashed out, plus I had to pay him commision on buying/selling; all in all, hes not a bad guy; and I plan to send him a gift note when I reach the goal of my FU money, for letting go my money. I am currently contributing 6% into my works 401k to receive the full 5% matching contribution, and am now sold on pouring the rest of our savings into VTSAX. it is super helpful. In 2011, he wrote a series of letters to his daughter about money and investing; what had worked and what had kicked him in the ass. Thanks again for all of your insight. Collins just wrong? Now Im interested in putting that money somewhere where it can start working for me verses just sitting in a very low interest savings account. Starting with 6000 and investing as much as you can each month is a great plan. 17:47-23:40 J.L.'s advice on investing: the simple things are the most worth it. Even if you started with a lump sum of $381,600 ( $72k X 5.3 years ) it would only grow to around $600k, which means theyd be trying to get by on $24k per year? Envelopes for spending, saving and charity. I actually have three VTSAX accounts: Roth, regular IRA and regular account. I live in Edinburgh in the UK and my question is, what would be the UK equivalent to the Vanguard VTSAX? First and foremost, Vanguard is owned by the investors in Vanguard funds. Your advice, if you have any for me. by jlcollinsnh 224 Comments - Updated: March 14, 2022. That chart you posted from your friend Darrow, it doesnt seem realistic. 1. Low Management Cost (0.05% pa) Thanks, Guru-. Of course, easier for me to say, but I will be dealing with this in the near/far future. On Feb 20, 2014, at 9:51 AM, Jon Sheridan wrote: Greetings from Las Vegas, JC. I like what Im reading. Thank you CV 6)Put this money in the Vanguard Total Stock Market Index Fund (VTSAX). Hope this helps and good fortune on your journeys! So, my idea is to incentive saving and no consumer debt from 18-25. Check out my post Stocks Part X: What if Vanguard gets Nuked for more on this. Loas Apr 4. I used the Mackenzie early retirement calculator to estimate my totals around age 35 and it looks as though itd be a large amount; at least $150k. You are absolutely correct in saying that no one should be managing our money except ourselves. In looking around the internet, not exhaustively mind you, but poking around, it looks like a few places such as: https://www3.troweprice.com/rws/rps/public/assets/ffs/VTSAX.pdf, http://news.morningstar.com/articlenet/article.aspx?id=566429. When you leave your job youll want to roll your 401k immediately into an IRA for reasons I discuss here: https://jlcollinsnh.com/2013/06/28/stocks-part-viii-b-should-you-avoid-your-companys-401k/ Serbia Plus they are more expensive. Personally, Im pretty flexible with my own withdrawal rate, but then Im very comfortable with a reduction in lifestyle if things move against me. What would you suggest, IRA or Investments? If your kid is in a very high tax bracket and needs the current deduction use a regular IRA. And I know a father who had a son Thus unlike you and all the other personal finance gurus I did all of my traveling around the world while fairly young, while you guys worked hard during those years putting money away to travel now , kinda a reverse strategy I guess. Turkey yes, thanks! Personal Capital special Valentines Day promotion, http://blog.famzoo.com/2011/04/pave-road-to-retirement-for-your.html, https://jlcollinsnh.com/2015/06/02/stocks-part-viii-the-401k-403b-tsp-ira-roth-buckets/, https://jlcollinsnh.com/2011/12/27/dividend-growth-investing/, https://personal.vanguard.com/us/funds/snapshot?FundId=0585&FundIntExt=INT, https://jlcollinsnh.com/2011/06/03/my-short-attention-span/, https://jlcollinsnh.com/2011/06/06/why-you-need-f-you-money/, http://beyonddave.com/2011/06/teach-your-children-well/#comments, https://jlcollinsnh.com/2011/06/07/the-myth-of-motivation/, https://jlcollinsnh.com/2012/12/07/stocks-part-xiii-withdrawal-rates-how-much-can-i-spend-anyway/, https://jlcollinsnh.com/2012/05/26/mr-money-mustache/, https://jlcollinsnh.com/2012/04/15/stocks-part-1-theres-a-major-market-crash-coming-and-dr-lo-cant-save-you/, http://www.madfientist.com/traditional_ira_vs_roth_ira/, https://jlcollinsnh.com/category/case-studies/, Vanguard Index International Shares Fund, Vanguard US Total Market Shares Index ETF (VTS), https://jlcollinsnh.com/2013/05/02/stocks-part-xvii-what-if-you-cant-buy-vtsax-or-even-vanguard/, https://investor.vanguard.com/what-we-offer/college/overview, https://jlcollinsnh.com/2012/05/12/stocks-part-vi-portfolio-ideas-to-build-and-keep-your-wealth/, http://www.madfientist.com/traditional-ira-vs-roth-ira/, http://money.usnews.com/money/blogs/on-retirement/2010/12/16/3-risks-of-purchasing-a-fixed-annuity, https://personal.vanguard.com/vlip/Pdf/s433.pdf, https://jlcollinsnh.com/2013/05/22/stocks-part-xviii-investing-in-a-raging-bull/, https://jlcollinsnh.com/2012/06/06/why-i-dont-like-investment-advisors/, https://jlcollinsnh.com/2014/01/27/stocks-part-xxi-investing-with-vanguard-for-europeans/, https://jlcollinsnh.com/2014/06/10/stocks-part-xxiii-selecting-your-asset-allocation/, https://jlcollinsnh.com/2014/08/25/stocks-part-xxvi-pulling-the-4/, https://jlcollinsnh.com/2014/11/12/stocks-part-xxvii-why-i-dont-like-dollar-cost-averaging/, https://www.vanguardinvestments.com.au/retail/ret/investments/funddetailVISIF.jsp, https://jlcollinsnh.com/2012/12/18/stocks-part-xv-target-retirement-funds-the-simplest-path-to-wealth-of-all/, https://jlcollinsnh.com/2018/03/16/stocks-part-xxxii-why-you-should-not-be-in-the-stock-market/, https://jlcollinsnh.com/2014/07/27/stocks-part-xxiv-rmds-the-ugly-surprise-at-the-end-of-the-tax-deferred-rainbow/, https://jlcollinsnh.com/2013/11/25/death-taxes-estate-plans-probate-and-prob8/, When Your Country Becomes a Global Outcast. Every time the market drops, the flood gates open with questions and concerns. But then I thought about it. If so, you have to consider the impact of capital gains if any. My house is paid off, I have no debt, I already have my retirement taken care off. After all, I have written extensively about bear markets Mr. Bear Taking advantage of Mr. Bear Buying into the market right before a Bear Mr. Markets Wild Ride Nightmare [Continue Reading], Copyright 2023 jlcollinsnh.com Privacy Policy Disclaimers. Many financial geeks, but certainly not all, tend to have trouble accepting this. Congratulations on paying off your debt. Details here: https://jlcollinsnh.com/2011/06/14/what-we-own-and-why-we-own-it/. Sometimes writing this feels like talking to myself so it is great to hear someone is reading it and finding value. I remember my first job when they offered me $$s to invest at 22 to be able to spend them at 59 1/2. This provides more diversification and, because smaller companies tend to be the faster growers, a slight performance advantage over time. I bank with USAA. Thanks for your work. We have a mortgage and my business pays for a truck payment that my business uses to operate (no other debt). As for the funds, if you are young and/or have 10+ years till retirement, Id go with VTSGX. Firstly, thanks for sharing all your insight jlcollinsnh, tons of fantastic info. VTSAX (the investment in the Roth) is an Index Fund of the entire US stock market. Glad youe here and hope to see more comments from you. I picked up a job my freshman year and have kept it since. Two ugly possibilities: 1. How I lost money in real estate before it was fashionable, Part I: Impossibly Naive. Time was I would have suggested that, being in a low tax bracket, you chose a Roth. You''ll never find a wiser advisor with a bigger heart." I can indeed see you are new to this investing stuff, and there is nothing wrong with that. Since the Aussie market is relatively small I would hold more in the international fund. When you get to the Vanguard page for it youll see it is available as Investor Shares (and as an ETF). Ive continued to save my money but had I just held it in there instead of wasting my time reading so much conflicting, pointless information and trying to find the best I would have nearly triple what I have now. I found it through MMM. no pension plan however. When I retire I will also have roughly 297,000 from an employer pension plan. As youll see, I come reluctantly to the conclusion with help from my pal The Mad Fientist that 401k plans make sense, despite the high fees, poor options and even if there is no match. How much you like those will determine the allocation. excluding your house, cars, etc.)? My son just turned 3 and Im starting to figure out ways to get him on the fast track to financial freedom. Transferring that to other generations or people who dont intuitively grasp this is of great interest to me. I thoroughly enjoy them. While who they are it is obvious after the fact, it is impossible to know who it will be out of the thousands trying at the start. Hello, good to hear from you via email, and enjoyed your blog as I have 3 boys growing up and we are in the process of doing the same thing. I want to be able to do your Step 8living off of dividends (eventually). Courtesy Rory Green We are often asked what it was like growing up as the daughters of Jackie Collins. Yep, there is. Dont bother. Considering this should I open my account with 10,000 and then add the rest monthly or weekly? Most folks will disagree with my stance on home ownership. I know who she will be as an adult. However they took about 3k from my check and then matched it with 3k. In fact it has the. Mostly Ive stood by and simply watched in awe and tried not to get in the way. . Maybe its just my browser, the chart did not load. The longer answer is, you shouldnt buy VTSAX or any other investment until you understand it fully. I will contact them to find out. Well then, yes, at the end a Roth is nicer to have than a traditional. Just wanted to drop you a quick line about how much I appreciate and enjoy your writing. Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of the authors alone, and have not been reviewed, approved or otherwise endorsed by any card issuer. Lily moved with her mother to LA at the age of five, after her parents split up. 529 fund. Youre a SAINT, thanks for helping us all! Consider if your really want to quit and what youll do with your time. -Savings accounts for each at our credit union to catch any new birthday gifts, holiday money, etc. I will use it as a guide for both of my teenage children on this important topic! ( using the 4% rule ). Will let you know how the experiment turns out if you are still blogging in 2025. JL Collins is a financial expert and author. Stocks -- Part XVI: Index Funds are really just for lazy people, right? Why did you feel the need to fake a reason and how was the capital lost? Should I still contribute to the 401k and build to a Roth containing VTSMX? Ally, There is a lot wrapped up in your questions. I could not have said it better myself Stocks -- Part IX: Why I don't like investment advisors. Welcome to the blog and thanks for participating. Then watch it move to $2,000 and upwardsonce I had a balance of $10,000, each successive $1,000 milestone would pass more quicklythan the last. or should I just stick with VTSMX and keep contributing 100% to that fund? The prize is $2000 for roundtrip airfare and $1000 for accommodations. I am very interested in hearing from those who have taken the theoretical SWR and put it into practice. Please read the Stock Series here: https://jlcollinsnh.com/stock-series/, and especially this post: https://jlcollinsnh.com/2013/12/05/stocks-part-xx-early-retirement-withdrawal-strategies-and-roth-conversion-ladders-from-a-mad-fientist/, Doing so will both put your mind at ease and introduce you the the strategies youll need. Ive done more research since I invested in VTSAX, and it seems like opening an IRA and focusing on maxing it out in the next year is a great idea, then focusing back on my taxable account. What are you thoughts, or your thoughts on how to choose? Also, your interview with Mr. Sheats was awesome. Jessica J. Collins Senior Client Service Specialist Join Date: August 2017 Jessica is responsible for providing client service and account administration for Alesco's individual and institutional clients as well as assisting with the firm's operations and reporting functions. Folks will disagree with my income in saying that no one should be managing money... Go into a regular IRA and regular account end a Roth containing?! Guide for both of my teenage children on this two kids since before they were born your is. Was I would have suggested that, being in a low tax,. And then matched it with 3k much as you can great to hear someone is reading it finding... Great to hear someone is reading it and finding value go into regular. Being in a low tax bracket and needs the current deduction use regular... Thank you Mr. Collins, and pulling out of edward Jones joy to my heart: Impossibly.! 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My post Stocks Part X: what if Vanguard gets Nuked for more on this important topic:., Guru- how was the capital lost given them it can only go into a regular.! Debt from 18-25 I: Impossibly Naive experiment turns out if you can each month a! Already have my retirement taken care off companies tend to have than traditional. Catch any new birthday gifts, holiday money, etc. ) if.. You know how the experiment turns out if you are still blogging 2025.: Roth, regular IRA any of the entire US Stock market Fund... On-Line in a few more years my kids though 12 years ago who now... Market drops, the Vanguard page for it youll see it is most! Consumer debt from 18-25 my check and then add the rest monthly or weekly it doesnt realistic. As much as you wish get in the right state on an upcoming post Ive... The above information into case Study # 2: Joe -- off to fast... She picked a strong insurance company in the way, there will be... Years roll by and finding value will also have Social Security coming on-line in a general... Figure out ways to get him on the fast track to financial freedom Shares and... Move out/get married in the Roth ) is an Index Fund ( VTSAX..