Home     Forum     401k     401k Rollovers
    Register   Login   Members   Search   FAQs     Recent Posts    




losing job what now...best options?

Reply to topic
Money Talk > Retirement Planning

Author Thread
newbie2017
Member


Cash: $ 2.35

Posts: 11
Joined: 05 Sep 2017

losing job what now...best options?  Reply with quote  

52 in spring....losing my job. Not alot of options as Im uneducated but Ive saved money. I have 120k in a Ira/invested with edward jones. 256k saved in cash sitting at 1.85% Equity of my home is around 250k Small car collection, considering selling 1/2 of it in the spring.

.Zero debt other than living expenses. Broken down they are 9000 k a year. Thats everything down to the tv and electric. Question is in my situation what would be the best advice to do with that money at my age. i will not more than likely find a similiar income as it was a family business that is closing. So my pay check is going to take a big hit. Im gonna be living thin as they say. I have amassed this amount of money but not certain my best avenue to keep it growing as adding to it is going to pretty much stop. Life sucks sometimes...but im trying not to let this sink me. Any advice is welcomed.
Post Tue Dec 17, 2019 5:23 pm
 View user's profile Send private message
newbie2017
Member


Cash: $ 2.35

Posts: 11
Joined: 05 Sep 2017

 Reply with quote  

16 views an no input?...lol Sad
Post Tue Dec 17, 2019 9:14 pm
 View user's profile Send private message
oldguy
Senior Member


Cash: $ 751.45

Posts: 3654
Joined: 21 May 2006
Location: arizona
 Reply with quote  

Sorry about the job loss. And congratulations on building up your $376,000 account.

Personally, I would invest that $376,000 more aggressively, If you earned about 8% on the $376,000 that would be $30,000 per year.

Depending on where you live,, most any minimum wage job will cover your $9000/ year expenses. Eg, if you are in Seattle where the Min Wage is $15, your earnings would be about $30,000 per year for full time work. Or if you are in a low-income state, say $8/hour), that would be $16,000 per year.

Using the rule of 72 - if you invest that $376k at 8% and let it grow, it would double about every 9 years. So, it would be $752,000 at age 61 - $1,504,000 at age 70 - and so on.
Post Tue Dec 17, 2019 10:32 pm
 View user's profile Send private message
newbie2017
Member


Cash: $ 2.35

Posts: 11
Joined: 05 Sep 2017

 Reply with quote  

Thanks old guy.......well I cannot invest all of that money or I will have nothing to live on until I find a job that hopefully keeps me afloat. So that number will be less than the 376 mentioned. I sold recently two of my collector cars....so Im sitting at 123k current market with edward jones and have 306k in money market earning the 1.85 percent.

im curious as we have spoke before of the rule of 72 why the 3% change ? you mentioned 8% recently is this post not 11%

So, if you want your money to grow, you need to select a risk level that out-paces inflation. I like to use an 11%/yr return risk level. At 11%, my money doubles about every 6.5 Years. (The Rule of 72) If you want to invest for 20 years, you should get about 3 "doubles"
Post Tue Jan 14, 2020 6:47 pm
 View user's profile Send private message

Reply to topic
Forum Jump:
Jump to:  
  Display posts from previous:      





Money Talk © 2003-2018