I've Read UNSCRIPTED
- Jul 25, 2007
I think what you’re really trying to say is that if it doesn’t matter if all 3 work hard. What matters is if one person made $15/hr and another $50/hr and the third $500/hr.Completely agree. That was a big point I was tryin to make. Thus why X man and Z woman both resulted in "still can't retire". It wasn't that they didn't work hard it was that they didn't allocate the efforts of their work correctly to reach their goal. Retirement.
Of course Y did. And of course he had some kind of kind of work ethic.
Never even implied he didn't have to do anything.
But the point in contrast to X & Z, he didn't work hard. At all. In contrast. Furthermore he spent 1/3 of the time as X & Z to get to his retirement goal. In both how many hours per day he worked and when he eventually achieved his goal.
X busted his back, figuratively for decades and ontop of that had a family to be responsible of.
Z got up at 4AM, cold called, prospected, work work worked all the way till nearly midnight for decades.
Y worked 3 hours a day from his desk for less than 1 decade.
That was the point. He worked effectively, and smart. Not 'hard'. Atleast not in the realm of X/Z.
And using what Andy said, working 'hard' wasn't required for Y as long as he had good work ethic.
Exactly! Completely agree.
Even though I feel a level of preparedness could have saved you that ordeal in that scenario, yes. You need to know how to work hard to be ready for when the universe throws you a curve ball.
Great points WJK.
" In these cases, each needs to learn how to take care of their money that they have made in order to transition to the next step. "
Pretty much sums up their plight in one sentence.
Well I didn't spend too much detail on what they did with their money. But I was thinking that X, Y, & Z all wanted to reach an 'escape' number to retire. X & Z had to keep working not necessarily because they were bad with money. Although surely has to be some errors in there. But moreso they thought as long as they worked hard and keep working "one day I'll retire rich!".
That's the whole point. Was basically just trying to relate X & Z to the average American's mentality. Especially for X. Now that you bring up money management; it's going to be very hard even as an iron worker.
You said Iron Worker's make good money. ANd that's true... if X was single.
This show's salaries for iron workers. The top 20% make 90Kish at the most.
After taxes you're looking at 70Kish. No way X is going to retire with millions needed to retire him and have money in the bank for his 4 kids and wife; bringing in 70K after taxes. Considering I'd argue atleast 70% of that goes into the family and living expenses.
Edit: I don't know investment math so had to re-run all my numbers.
So he's saving 21K a year. Just working hard and saving 21K a year...
However in the trades you don't hit your peak till atleast 5-9 years in. If not 10+ but lets say 9. He started at 25, started making 90K at 34... He's 64 now. 30 years.
Starting Amount $21,000.00
Total Contributions $630,000.00
@ 8% returns
So if all that actually follows out, it is possible he can retire with 2.5M at 64.
Which is 518,000 per person in the family.
So if he planned things well and if the stock market and all that actually stayed static all those years sure.
But that would require additional planning than just work work work. And setting aside money, and even then it took him 3 decades, and horrible health. Contrast that to Y or even Z.
Congralutions X, you're a millionaire! Now you can actually spend the last 5 years of your life (on average) with your now nearly grown adult offspring.
That's the long description to the point I'm trying to make with this thread.
You can have all the work journals, back busting hours invested and even be in a good paying field. But that is not enough or even required to be successful financially if freedom is the goal.
The same can apply to Z even if she was making 100,000 a year (75K after taxes)
Yes you can argue X should not have had kids yet then (especially 4!) if his finances weren't together. But that's a whoooole 'nother topic.
And on top of that, it matters how they managed their money.
After 10 years it’s certainly possible that the person that made $50 an hour has retired while the one making $500 an hour is still a slave to his job or business.
And in all cases they will be way ahead of the person that was lazy and didn’t work at all.