Comments for Renewable Wealth http://renewablewealth.com Sun, 19 Feb 2012 02:14:35 +0000 hourly 1 Comment on Most Retirement Advice is Worse than Useless — Part V: 4% of nothing by Brave New Life http://renewablewealth.com/articles/most-retirement-advice-is-worse-than-useless-part-v-4-of-nothing/#comment-15406 Brave New Life Sun, 19 Feb 2012 02:14:35 +0000 http://renewablewealth.com/?p=723#comment-15406 won't let me edit my html type... doh! won’t let me edit my html type… doh!

]]> Comment on Most Retirement Advice is Worse than Useless — Part V: 4% of nothing by Brave New Life http://renewablewealth.com/articles/most-retirement-advice-is-worse-than-useless-part-v-4-of-nothing/#comment-15405 Brave New Life Sun, 19 Feb 2012 02:13:45 +0000 http://renewablewealth.com/?p=723#comment-15405 I hope so. You stated: <i>"you’re going to have to be ready, willing, and able to adjust your strategy over time based on events in the real world.</i? and that is something i view as one of my advantages with a 3% safe withdrawal rate, so please don't rain on my parade... :( I hope so. You stated:

“you’re going to have to be ready, willing, and able to adjust your strategy over time based on events in the real world.</i?

and that is something i view as one of my advantages with a 3% safe withdrawal rate, so please don't rain on my parade… :(

]]> Comment on Most Retirement Advice is Worse than Useless — Part IV: The Devil’s Due by Sean Owen http://renewablewealth.com/articles/most-retirement-advice-is-worse-than-useless-part-iv-the-devils-due/#comment-15403 Sean Owen Fri, 17 Feb 2012 02:05:24 +0000 http://renewablewealth.com/?p=627#comment-15403 Thanks for writing! I'm really not trying to lay down the gloom and doom. This is meant to be a wake up call. The good news is that you can do far better than the standard script promises for you, despite all its fallacies. But you have to be willing to act, and act boldly. Most retirement advice is frankly just cowardly. Commentators aren't willing to put the whole, stark truth in front of you, even if they know better, because that's not what sells magazines or ebooks. Promising an easy way out sells. Telling people what they want to hear sells. Telling people they have to take a long, hard look at their priorities in life does NOT sell. Cut through all the bullshit, though, and there is a clear, simple path. Save more. Much, much more. If you do that, success is practically guaranteed Anyway, hope you stick around for what's to come. Thanks for writing! I’m really not trying to lay down the gloom and doom. This is meant to be a wake up call. The good news is that you can do far better than the standard script promises for you, despite all its fallacies. But you have to be willing to act, and act boldly.

Most retirement advice is frankly just cowardly. Commentators aren’t willing to put the whole, stark truth in front of you, even if they know better, because that’s not what sells magazines or ebooks. Promising an easy way out sells. Telling people what they want to hear sells. Telling people they have to take a long, hard look at their priorities in life does NOT sell.

Cut through all the bullshit, though, and there is a clear, simple path. Save more. Much, much more. If you do that, success is practically guaranteed

Anyway, hope you stick around for what’s to come.

]]> Comment on Min-Max Your Life by Tails http://renewablewealth.com/articles/min-max-your-life/#comment-15402 Tails Fri, 17 Feb 2012 02:01:38 +0000 http://renewablewealth.com/?p=241#comment-15402 Great post. I've been thinking about this for some time after reading ERE/MMM. The concept can even be enhanced by carefully researching whether the item that is important to you is even worth purchasing. For example, trading a dozen cheap knives for a dozen quality ones is a waste if one learns that a chef's knife and a paring knife can be used for most tasks. You mentioned that you have a set of cast iron cookware. Could you realistically get by with fewer pieces? This would result in greater savings. In other words, the actual expenditure is the same, over 30 years, if one trades 20 regular pots for 5 cast iron pieces. The beauty is when one realizes that he only needs two. The progression seems to be: --Standard: buy as much of everything as one has cash on hand, necessarily resulting in mostly sub-optimal purchases due to limited funds --Smart: buy as much of the best as one has cash on hand, still resulting in no cash after all purchases --ERE/MMM: minimize needs through education/self-sufficiency/sharing, only then buy the best Great post. I’ve been thinking about this for some time after reading ERE/MMM. The concept can even be enhanced by carefully researching whether the item that is important to you is even worth purchasing. For example, trading a dozen cheap knives for a dozen quality ones is a waste if one learns that a chef’s knife and a paring knife can be used for most tasks. You mentioned that you have a set of cast iron cookware. Could you realistically get by with fewer pieces?

This would result in greater savings. In other words, the actual expenditure is the same, over 30 years, if one trades 20 regular pots for 5 cast iron pieces. The beauty is when one realizes that he only needs two.

The progression seems to be:
–Standard: buy as much of everything as one has cash on hand, necessarily resulting in mostly sub-optimal purchases due to limited funds
–Smart: buy as much of the best as one has cash on hand, still resulting in no cash after all purchases
–ERE/MMM: minimize needs through education/self-sufficiency/sharing, only then buy the best

]]> Comment on Most Retirement Advice is Worse than Useless — Part IV: The Devil’s Due by chemistay http://renewablewealth.com/articles/most-retirement-advice-is-worse-than-useless-part-iv-the-devils-due/#comment-15401 chemistay Fri, 17 Feb 2012 01:03:54 +0000 http://renewablewealth.com/?p=627#comment-15401 Thank-you for this post (and the rest in the series)...I'm just started to learn and think about investing as I've never had much money and always horded the small amounts I do have. (I found MMM's blog a few weeks ago and it was such a relief....finally someone who thought about money the same way I did!) I've borrowed a few books from the library about investing and am looking everywhere I can for more information. This post in particular addressed many of my questions. I have another though: you paint a pretty dreary picture here - if the same person had simply saved $2100 every year in a savings account instead (even one with no interest) he/she would have over $80,000 (pre-inflation) in your ~40 year scenario. Do you have a good argument as to why someone should take on all the risks and expenses of the market if it's so easy to lose? Thank-you for this post (and the rest in the series)…I’m just started to learn and think about investing as I’ve never had much money and always horded the small amounts I do have. (I found MMM’s blog a few weeks ago and it was such a relief….finally someone who thought about money the same way I did!) I’ve borrowed a few books from the library about investing and am looking everywhere I can for more information. This post in particular addressed many of my questions.

I have another though: you paint a pretty dreary picture here – if the same person had simply saved $2100 every year in a savings account instead (even one with no interest) he/she would have over $80,000 (pre-inflation) in your ~40 year scenario. Do you have a good argument as to why someone should take on all the risks and expenses of the market if it’s so easy to lose?

]]> Comment on Most Retirement Advice is Worse than Useless — Part IV: The Devil’s Due by admin http://renewablewealth.com/articles/most-retirement-advice-is-worse-than-useless-part-iv-the-devils-due/#comment-15400 admin Fri, 17 Feb 2012 00:04:23 +0000 http://renewablewealth.com/?p=627#comment-15400 The funny thing is, not only is it possible, it's possible vastly faster than the 43-year plan here. Hang in there! Next post will get started on a more positive track. The funny thing is, not only is it possible, it’s possible vastly faster than the 43-year plan here. Hang in there! Next post will get started on a more positive track.

]]> Comment on Most Retirement Advice is Worse than Useless — Part IV: The Devil’s Due by David http://renewablewealth.com/articles/most-retirement-advice-is-worse-than-useless-part-iv-the-devils-due/#comment-15399 David Thu, 16 Feb 2012 23:01:32 +0000 http://renewablewealth.com/?p=627#comment-15399 Dang, I'll go kill myself now. No point in retiring at all. I love your candid truthful style, and I am not a doubter- but this just plan downright makes it seem impossible. Downer! Dang, I’ll go kill myself now. No point in retiring at all. I love your candid truthful style, and I am not a doubter- but this just plan downright makes it seem impossible. Downer!

]]> Comment on Most Retirement Advice is Worse than Useless — Part V: 4% of nothing by jlcollinsnh http://renewablewealth.com/articles/most-retirement-advice-is-worse-than-useless-part-v-4-of-nothing/#comment-15394 jlcollinsnh Wed, 15 Feb 2012 00:45:25 +0000 http://renewablewealth.com/?p=723#comment-15394 looking forward to it. great job on this series, Sean. looking forward to it.

great job on this series, Sean.

]]> Comment on Most Retirement Advice is Worse than Useless — Part V: 4% of nothing by Sean Owen http://renewablewealth.com/articles/most-retirement-advice-is-worse-than-useless-part-v-4-of-nothing/#comment-15393 Sean Owen Wed, 15 Feb 2012 00:38:43 +0000 http://renewablewealth.com/?p=723#comment-15393 What's the old saying about a good scare being better than good advice? ;) That is the last of the "worse than useless" series for the time being, though. The next series will be on actions to take. And there will be good news there, for those who are willing to do what it takes. What’s the old saying about a good scare being better than good advice? ;)

That is the last of the “worse than useless” series for the time being, though. The next series will be on actions to take. And there will be good news there, for those who are willing to do what it takes.

]]> Comment on Most Retirement Advice is Worse than Useless — Part V: 4% of nothing by jlcollinsnh http://renewablewealth.com/articles/most-retirement-advice-is-worse-than-useless-part-v-4-of-nothing/#comment-15392 jlcollinsnh Tue, 14 Feb 2012 21:30:09 +0000 http://renewablewealth.com/?p=723#comment-15392 OK, Sean.... ...you've got me out on the window ledge. The good news is coming when...? OK, Sean….

…you’ve got me out on the window ledge.

The good news is coming when…?

]]>