Posted on 11/13/2006 4:47:45 PM PST by 69ConvertibleFirebird
The second characteristic I notice of happier people in their old age is a sense of reality about saving and investing.
DUDE!!!
( Flame suit... On. )
Pot heads that can't get out of bed? Okay...
Kids will cost you about a million over a lifetime. Skip them! jk!
I don't know too many successful people who don't drink. I know less successful people who drink more than 2-3 a day/party.
I know no successful people who smoke pot.
Yes, he does specify "excessive alcohol use."
All things in moderation....
Another very insightful and intelligent post by Mr. Stein.
You probably do know some successful people who smoke pot, many people keep their drug habits secret.
I work in construction, and we are all drug tested. Thank God, I hate druggies.
He does have VERY good columns. I just found him about one month ago. It's well worth reading his previous columns...
I just found a situation similar to this about six months ago. This VERY bright, attractive, woman who I worked with was starting to work odd hours. Then she would not come in for long periods of time. Then she got married. Then one week later the ring was gone. Then she was put into drug rehab never to be seen again. I had no idea that it was a drug problem.
I would have to say that she is proving Ben Stein right, though (drug use = not successful). She spent all of her money on drugs and now doesn't have a job. Hard to save for retirement like that...
Later read.
LOL....unsuccessful marriages. That's a gem
Any FReepers gone this route? I have some money I just rolled over from the 401k from my previous job that I recently rolled over into an IRA. Although I'm only 25, I don't want to just let it sit there until I'm 59 1/2 or whatever age I'm allowed to withdraw money from it and only have enough cash to last me a few years after I retire.
Far out, man!
I have nothing against index funds per se--the expenses are dirt cheap. Personally, I prefer an active manager who can react to changing market conditions, and remove a stock from the portfolio once it has run its course, but that's just my preference.
The important thing is to diversify. Do not only invest in an index of large domestic stocks (like an S&P 500 or a Dow index). Get an index fund with some small and mid-sized companies, and get an international fund as well. If you have access to a REIT (real-estate investment trust) index fund, use that as well. At 25, you probably don't need to worry about bonds. Just spread things out over several baskets, and you'll make out much better in the long run.
Left my money in the old 401k index funds, the cost was very low, and every penny you can get to compound interest is going to hopefully grow exponentially. Have a new 401k + a IRA, so to not have too much in one place. Though almost 100% is in stocks, my time horizon is about 20 - 30 years, so when I am in my 50's, I can slowly start to move into more conservative investment vehicles.
Alcohol is chemically just poison to the body, quit after watching my brother trying to drink himself to death on hard liquor, saw too much of myself in that, and never want to be like that.
Pot, poison to the mind, I got enough woes without adding to them.
Life is to be enjoyed, and though some will swear by alcohol and pot, it's not my idea of fun or joy. I thank the lord for enlightening me on this, I wouldn't have figured it out on my own.
Very true, but my main predicament is trying to figure out how I can diversify a small amount of money--i.e.: less than 5k, and all of that is currently in an IRA account. Can I really do anything with that money other than let it sit and collect interest?
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