Don’t forget to ask them if it’s safe for you to retire with only 30MM in the bank.
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Yeah, the goal in 10 years is off by an order of magnitude.
If I had 30 I’d already be retired.
hi bogleheads,
i have 30 million liquid in the bank, 60 million in bonds and my dad is mohammed bin salman, the head of the house of saud. do i have enough to retire?
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I genuinely feel sorry for some of them. I have 8 million dollars and spend 5k a month what do I do!?
Go spend some fucking money you miserable POS
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Each of these topics has been discussed to death over there. Good place to start.
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The majority of people are learning ways to retire off of <100k. Its still that way now and its a much more of a helpful discussion to have than having 30 mil - especially when people cant maintain a savings plan when they know that cant reach some preffered horseshit recommendation to be able to golf in silicon valley until the age of 110.
is such a thing really possible? is this #vanlife?
Its lots of things. Its paid off homes, trailors, living in the boondocks, living with others, govt assistance, social security. People dont just jump in front of a bus if they dont reach the 5 mil - well some do, but most find a way.
Boomers can do it with generous public sector pensions and government assistance in the form of social security and medicare. But they hate socialism very, very much.
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In other countries, old people just live with their families.
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I just realized that when my mom sold her house about 2 years ago that she deposited the proceeds in her ML account, which they’ve helpfully kept in a fund that earns 0.05% interest.
Now I’ve got to convince her that even if she wants to keep it in a safe asset, she can earn 5% in a money market fund. But I’m not sure she’s going to believe me.
She can get a risk free 5.5% in a HYSA right now. Im very much regretting not moving my savings to one sooner than I did.
lol boomers, always
What’s the deal with HYSA? Can someone give me cliffs?
It’s a savings account with a relatively high interest rate. Not sure what else you’re expecting. I’m not sure there is a non-cliffs version of that.
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Higher yields typically come with higher risk, so wondering what’s the catch, if any?
The catch is that the rate is high because there are fairly safe alternatives that have an even higher expectation. They are also not quite as liquid, though.
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Rates have been zero for so long that there wasn’t really a distinction between a good rate on savings and a bad one (i.e. 0.75% vs 0.15%). When rates went up, a lot of huge banks stuck with their 0.15% type rates while many online banks raised rates creating the distinction between a “savings account” and a “high yield savings account”.
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What’s an example of a higher yield alternative that is close to as liquid?
I make withdrawals/deposits to my 4.5% HYSA multiple times daily.