Multiple times, people here on Lemmy have assumed I have a 401(k), as if it's something everyone has, and it always amuses me.
this post was submitted on 14 Apr 2024
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It probably is something you should have after a certain age. If not a work supplied 401k, then at least your own managed Roth IRA. And if you're still on the younger side, it's perfectly understandable not to have a 401k yet.
From where should I have gotten the money to invest in it?
an actual career at a real company.
Well excuse me for not being the success you are. Fucking poor people not pulling themselves up by their bootstraps, am I right?
No. It's the exact opposite. It's your company not putting in the minimum to support it's employees.
Welcome to a life in the entertainment industry. In behind-the-scenes roles that didn't even have unions until recently in some cases and were usually contract positions anyway. And then a series of low-end jobs after that because I moved back to Indiana where I was from because there are no entertainment industry jobs here.
What can I say? I haven't been a success.
Hey, I see you a lot on here, and from one of your other comments in this thread I can see why I might see you more often.
You were probably being sarcastic with that success comment, but just in case you weren't... Success isn't a single definition, and I hope you don't dwell on the cookie cutter model of "success" too much. Be the absolute best you can be for yourself and those you love, that's success too.
I hope there's a positive outlook for you healthwise. And despite there being some short sighted shit birds, there's also some good folk on Lemmy/fedi, and I think you're one of em. Hang in there comrade.
Well if you stopped buying frivolous items like GROCERIES you'd have plenty to invest. Then you could enjoy your retirement for a comfortable 3 years before going back to work
We were talking to my daughter about this just yesterday. It's not even groceries. People think that if you spend $30 or $40 a month on things that make you and those you love happy, you'll never save enough to make yourself marginally more comfortable in the last 10-20 years of your life (if you're lucky) that will be uncomfortable no matter what.
So I suppose maybe if I denied myself and my child every pleasure in life, sure, I could put money in a 401(k). That is not something I would do and I certainly do not think it's a good lesson to teach a child. I'm sure someone will call that some sort of "live for today" or YOLO attitude rather than not giving your child the most miserable childhood you can.
I promise you, if you put that $30/month into your own IRA, you'll make her a lot happier when she doesn't have to support you when she's grown up.
The problem isn't spending a little to make you or your family happy, it's spending for consumable things today, that's going to put you at a huge disadvantage later.
I get it, I have two kids, it's fucking expensive. But you know what's even more expensive? Taking care of old people.
"I know you want that doll, honey, but I've put the money for it into an IRA and it will make you a lot happier when you don't have to support me when you're grown up." You do you with your kids, I'm going to get mine things that will make her happy.
And she already knows she has no obligation to support me. I've made that clear to her.
Do you really think she's just going to let you starve and live on the street?
And yes, that's exactly what you say. Funny how it's not things that make kids happy, it's spending time with them. Reading to my daughter her favorite book for the 1000th time is much more enjoyable than just buying her a new doll.
It's also a great lesson in short term happiness vs long term happiness.
You bought her a book? When you could have put that money in a Roth IRA?
You're clearly an abusive parent!
Stop being obtuse. You know what he means.
Also, libraries are great for kids to choose their own books. You just assumed he spent money on a book instead of time taking his kid to the library. It's true, kids don't care about money. They care about time you spend with them.
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You're saying you only have enough extra money each month for either a children's book, OR that book's value in retirement savings?
And assuming that's their life situation as well?
I'm the one being told that it's either buy a child a toy or invest in retirement.
Not by anyone in this thread.
Me:
People think that if you spend $30 or $40 a month on things that make you and those you love happy, you’ll never save enough to make yourself marginally more comfortable in the last 10-20 years of your life (if you’re lucky) that will be uncomfortable no matter what.
You:
I promise you, if you put that $30/month into your own IRA, you’ll make her a lot happier when she doesn’t have to support you when she’s grown up.
Me:
“I know you want that doll, honey, but I’ve put the money for it into an IRA and it will make you a lot happier when you don’t have to support me when you’re grown up.” You do you with your kids, I’m going to get mine things that will make her happy.
You:
And yes, that’s exactly what you say. Funny how it’s not things that make kids happy, it’s spending time with them. Reading to my daughter her favorite book for the 1000th time is much more enjoyable than just buying her a new doll.
So yeah, you did say either buy a child a toy or invest in retirement.
No I didnt.
Okay, well, you can do the whole "what are you going to believe, me or your own eyes?" thing, but I still quoted what you said.
No you didn't.
Really? This is what you're going with? That I didn't actually copy and paste directly from what you said when anyone can just scroll up and see that I did?
Dude, there are more than just you and me here :)
I didn't say any of those things. That was someone else.
However, in that case, the starting premise appears to have been you saying that there is only $30-40...no, nevermind. This is why I replied with short replies before. I really don't care enough about arguing on the Internet about this. Whatever it was, you're right. I said those things and everyone thinks whatever it was.
So I suppose maybe if I denied myself and my child every pleasure in life, sure, I could put money in a 401(k).
But that's unproductive hyperbole. Not every pleasure in life costs money, and lots of things you spend money on can be optimized. And even after doing that, if you still feel too squeezed, it might be worth considering a career change and a plan for how to get there.
It might be unproductive hyperbole, but I've been told that exact same thing more than once right here on Lemmy.
Sounds like you have an axe to grind. Sorry life has been hard for you friend. Hope it gets better. Hang in there.
You were telling your daughter that you're spending $30/mo on her to make her happy instead of saving it for your old age? I don't know how you communicated that, but on the surface that does not sound like a healthy thing to tell a child.
If you're worried about providing your daughter a fulfilling childhood, maybe also consider prioritizing time with her? You spend a lot of time on Lemmy dude, is that time you could be spending with her? Or are you on your phone a lot when you're with her?
Do you think that maybe you don't pay attention to what actual times of day I'm on Lemmy vs. when I'm not on Lemmy and think that maybe I spend those times with my family?
I'm here a lot because I'm currently very sick (I recently got back from the Mayo Clinic). I suppose that's my fault?
If you work for a company that has a 401k then you need to sign up for it. If the company has a match percentage then that is the absolute minimum you should contribute. And when you are younger you should set it up as a Roth so you pay taxes on it now.
This isn't a thing you should do at a certain age. The younger you start the better. The money just comes out of your paycheck, same as taxes.
I do not work for a company that offers such a thing. And I never have.
This is what I'm saying about assumptions.
You can sign up for a Roth IRA then, there's no need for anything from your employer to get one. As far as I recall there's no minimum amount of money you need to put in at start.
This is really good advice. There’s no minimum, but there is an annual maximum of $7K.
If your employer doesn't offer a 401k or similar plan, the IRA limits are actually higher.
With what money?
The money your earn for working.
Yes, all the underpaid people having to choose between food and rent just need to not spend money on either so they can invest it.
Yes, great insight!
You don't need anyone to invest the money for you. You can get a free account, with free trades, and then just buy index funds.
Even 5 dollars a day can put you close to millionaire over a 40 years.
I love that you assume people who can't afford both rent and food have 5 bucks a day just laying around.
I responded specifically to the claim that you need to hire a bot to do it for you. I made no assumptions about anything.
While I feel for people who really can't save anything because their situation is so dire. But that's not true for plenty of people and this idea that it's too expensive to save is just an excuse to never do so.
No, you replied to my post about people who can't afford both rent and food, whoch was preceeded by comments about how everyone has a job with a 401k whiach was proceeded by a comment about not having any extra money to invest after loving expenses.
Surr, most people should invest, but we were originally talking about how not everyone can do that and nobody listened because they assumed everyone has easy access to retirement investment options through their jobs and extra money to do so.
Go back and read the actual posts.
I responded to you obnoxiously claiming that you have to pay something (in your case, a bot) to do it for you.
I explicitly started my post with "you don't have to most someone to do it" to make it clear what my argument is about.
I'm sorry it wasn't clear. I'll try to do better in the future. Could you give me a pointer?
Provide the quote where I said that.
just need to bot spend
My bad. I translated that as you saying you "just need a bot to spend" but now see it was just a typo, and the meaning still should have been clear to me.
Seems weird that you focused on that and not the proceeding part about not being able to afford both rent and food. Why would a bot even be able to solve a situation where they can't afford things in the first place?
I apparently fixed it since I see "just need to not spend" and don't remember fixing it. Probably a delay in federation.
You can put $5 a week into it if you want to. $38/ week ($2k/yr) will get you the full $1K savers credit if you don't have access to a retirement account through work. So essentially you're only contributing $1k and doubling it with the tax credit.
That doesn't sound like enough to retire on.
Fine, then think of it as free money to supplement your income with when you're 60+.
You would be wrong. Compounding is an absolute beast. It's nearly a Million. Let's say you are 25 and just starting out. You manage to put in $1000 a year and get the $1000 credit. Let's say you do this exact same thing until you are 65. You invest it in the S&P500 Index which historically returns ~10% annually...
Balance at 65: $929,444
Total contributions: $80,000
Employee contributions: $80,000
Employer match: $0
Investment returns: $849,444
If only I had an extra $1000 a year.
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