Retirement Targets

CascadeClone

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Ran across some quotes and vids from Grant Cardone. Stuff like him just tries to make anyone not uber wealthy seem dumb and small.

One of my sales guys in Europe named his son Grant in honor of Cardone. He's an super intelligent guy, PhD, owns apartment blocks in his home country. He credits Cardone with really helping him become a focused and relentless salesman. Which he absolutely is. Guy works like 16 hours per day, while running his kids around too. Takes 3 Americans to match him.

That said, looking at the Cardone website, there's a lot of clickbait crap there now. It's not just sales training, its all that motivational crap, and get rich quick real estate bs. Guy must have jumped the shark.
 

CycloneDaddy

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One of my sales guys in Europe named his son Grant in honor of Cardone. He's an super intelligent guy, PhD, owns apartment blocks in his home country. He credits Cardone with really helping him become a focused and relentless salesman. Which he absolutely is. Guy works like 16 hours per day, while running his kids around too. Takes 3 Americans to match him.

That said, looking at the Cardone website, there's a lot of clickbait crap there now. It's not just sales training, its all that motivational crap, and get rich quick real estate bs. Guy must have jumped the shark.
What good is wealth if you dont live long enough to enjoy it.
 

bos

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What good is wealth if you dont live long enough to enjoy it.
Truth. Absolutely. Part of my plan, however, is to pass on generation wealth and hope that it continues to build and offer opportunities myself and previous generations didnt have. I love the idea that my kids, their kids, or whoever down the line could take some of that and get a headstart on entrepreneurial type endeavors. On the other hand, they could just spend it frivolously and put the family back where it started. That does happen.
 
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CycloneDaddy

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Truth. Absolutely. Part of my plan, however, is to pass on generation wealth and hope that it continues to build and offer opportunities myself and previous generations didnt have. I love the idea that my kids, their kids, or whoever down the line could take some of that and get a headstart on entrepreneurial type endeavors. On the other hand, they could just spend it frivolously and put the family back where it started. That does happen.
I will be setting up a trust so the kids will only be getting a certain % each year once Im gone. Or I might just spend it all in hookers and blow.
 

CascadeClone

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What good is wealth if you dont live long enough to enjoy it.
Agree, and I will be retiring early for that exact reason.

But this guy, 16 hours is not what you probably picture. He is available all that time, and probably legit works most of it. But he also works out, works from home with his wife and kids around, travels. He's the most self-disciplined person I have ever met. You know how people gripe that wfh means their boss expects them to be available 24/7? He LIKES working like that, its just seamless for him.
 
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yowza

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Truth. Absolutely. Part of my plan, however, is to pass on generation wealth and hope that it continues to build and offer opportunities myself and previous generations didnt have. I love the idea that my kids, their kids, or whoever down the line could take some of that and get a headstart on entrepreneurial type endeavors. On the other hand, they could just spend it frivolously and put the family back where it started. That does happen.
I agree. I'd like to enjoy it for sure and for a long time, but I'd at least be at rest if I departed this Earth earlier that I provided more than enough for those that remained. I've told my wife that, that it isn't about me, I just want to be sure everyone left would be taken care of without tremendous stress.
 
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yowza

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Agree, and I will be retiring early for that exact reason.

But this guy, 16 hours is not what you probably picture. He is available all that time, and probably legit works most of it. But he also works out, works from home with his wife and kids around, travels. He's the most self-disciplined person I have ever met. You know how people gripe that wfh means their boss expects them to be available 24/7? He LIKES working like that, its just seamless for him.
Is it a blessing or a curse to be one of those people that only needs say 4 hours of sleep a day? At times I really envy people like that and other I am thankful I can shut down for 8 hours straight at times.
 
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yowza

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You assholez should be embarrassed to make $400k a year. People can't live on that


Yeah those kind of statements from him are not just helpful. I know he talks about needing funds for legal defense. If someone is not engaged in business and just has investments, and has the regular insurance polices, why do I need to worry about $200k per month for legal expenses like he encountered.
 

yowza

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I will be setting up a trust so the kids will only be getting a certain % each year once Im gone. Or I might just spend it all in hookers and blow.
That is what we did because ours are young yet and are easily attracted to shiny things.
 

KnappShack

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It saves us almost $1,000 in State taxes …. the returns are pretty blah but I hate paying taxes and I like having a defined bucket of money for their education.

The tax savings seems low if my returns in other investments are better. Then if the kids don't go I get slapped around with taxes or have to trickle the funds into a Roth. $7,000/year? In theory we'd have a good chunk in an account that would get smoked with taxes if they don't go.
 

CycloneDaddy

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The tax savings seems low if my returns in other investments are better. Then if the kids don't go I get slapped around with taxes or have to trickle the funds into a Roth. $7,000/year? In theory we'd have a good chunk in an account that would get smoked with taxes if they don't go.
I dont disagree … Im fairly confident the youngest will go so Im not worried about it. At worse we would probably just use it to establish 529s for potential grandkids.

At the end of the day for us it is just 1 bucket of several to get to where we want to be at by age 50.
 

CascadeClone

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I still don't trust the 529 plans. I try to talk myself into it and always end up not doing it.
Its a great way to sort of "make an excuse" to save for their college, saves a little state tax, no tax on gains either.

I started saving for my kids when one was ~10 and the other ~6. Put away ~$2-4k each depending on the year. Both did 8 semesters at ISU and graduated. I still gave them each $2k per year as "parent contrib" while in college. Oldest got out with ~$10k debt (owed to 1st National Bank of Dad) and the youngest there was some leftover.

So they give me a hard time for being a tight-ass (which is fair lol) but they both got full scholarships, and neither was good at sports!
 
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Lewey24

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I will be setting up a trust so the kids will only be getting a certain % each year once Im gone. Or I might just spend it all in hookers and blow.
The best advice I heard on that was from a podcast I listen to, the guy said his view on inheritance is “Give your kids enough that they can do anything they want in life, don’t give them so much that they can do nothing.”
 

CyPhallus

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Buy GME calls tonight short expiration and this thread is all a moot point. I'll see y'all at the end of the day tomorrow.
 
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