Tag Archives: investment

Should I Rollover My 401k? The Cons

Common financial sense says that you should rollover your 401k into an IRA account as soon as you leave a job. Besides keeping all your financial accounts in one place (so you don’t have a bunch of orphan 401k accounts floating around), fees on typical 401k accounts are painfully expensive (remember in our last post we discussed how after 30 years on a $100k investment every .10 increase in percentage points will cost over $50,000 in fees.)

However, there are some lesser known reasons why you should leave your 401k where it is, at least for the short term.

1. Penalty-Free Retirement at 55 vs 59

The government isn’t ok with you withdrawing funds from your IRA before 59 1/2, but for some reason you’re allowed to withdraw from your 401k at 55. This doesn’t make any rational sense but government rules never do (source)

2. Roth Conversions Get Much More Expensive After a Rollover

A few years ago the government made another rule that doesn’t make any sense — you’re not allowed to contribute to a Roth IRA (i.e. after-tax money that you can take out for free in retirement and that you can pass on to heirs tax free) BUT you are allowed to put money in a traditional IRA, post-tax, and immediately convert this to a Roth IRA tax free. (Did I mention the government makes NO FREAKING SENSE?) However, if you have additional IRA funds, especially ones you haven’t paid tax on yet, you have to pay a pro-rata fee for the percentage you want to convert. I’m going to write a separate post about this pro-rata rule because it’s so complicated I don’t even understand it yet, but basically once you have more funds in traditional IRAs you’re liable for tax on part of them as well if you want to do a Roth conversion, and this can be very expensive and eat into your future earnings (source)

3. Better Creditor Protection

In yet another rule that makes no sense (notice a trend here) 401ks are protected more than IRAs in the case of lawsuits and such. How screwed you are in the case of a personal liability lawsuit depends on what state you live in. For example, New Hampshire and New Mexico have no protection against creditors for your IRA, whereas your 401k can’t be touched. (Say it with me now – this doesn’t make any freaking sense!) In some states, such as Texas, Arizona and Washington, your IRA is treated with the same protection of a 401k , so this rule wouldn’t apply to you (source)

4. Fees Can Be Lower (Though This is Unlikely)

Often the 401k offers access to different funds then you would have access to as an average investor. A lot of articles argue that you could be better off staying with a 401k funds… but make sure to look into the fees of these funds. Mutual funds can cost 1.4% per year or .80%, but those are still high fees compared to a basic Vanguard fund at .10% to .25%. Ask yourself if you really think this fund will perform better than an index fund (hint – it probably won’t, or at least not enough to make up for lost earnings due to fees) (source)

Can you think of any other reasons to keep your 401k at your old employer? #2 and #3 seem to be the best arguments. Tomorrow I’ll share a post that further explains Roth conversions – because they confuse the heck out of me so I need to do some better research, and I’ll share my findings with all of you!

AMZN: Sell or Hold the Overvalued Stock?

As my investments add up (now valued at $298k) I’m trying to make smarter moves when it comes to (mostly) holding and yet selling when all signs point to it being time to let go of a stock. In the case of AMZN, this seems to be one of those times.

AMZN — which I have $3897 in at the moment, a nice 89% gain from my initial $2100 investment — yet the stock sticks out in my portfolio list like  sore thumb due to its 835 PE. Given slowing growth I’m fairly confident that the stock will continue to retreat in value for the remainder of 2014. Starbucks is the only other stock anywhere near this and that’s at a 253 PE. Compare this to AAPL at 16 and GOOGL at 30 and one can say that AMZN is probably overvalued right now. Don’t get me wrong, I think Amazon is a great company, but the stock market has been a bit too kind to it. Now, like many holders of AMZN, I’m trying to decide what to do.

Continue reading AMZN: Sell or Hold the Overvalued Stock?

OMG: 36% of Americans Have NO Retirement Savings

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The concept of “retirement” always seemed a bit funny to me — after all, why save up all of your recreational time for the years when your body is expediting its rate of decomposition? Retirement wasn’t always a thing just as engagement rings were not always a thing (read a good recap of how retirement came to be on The New York Times.)

It turns out that when you’re older, keeping your mind and body busy with work can help you live longer (no really, it’s proven that retirement has a detrimental effect on health in old age.) Research from the Institute of Economic Affairs and the Age Endeavor Fellowship found that both mental and physical health can suffer — increasing the likelihood of clinical depression by 40% and having a diagnosed physical condition by 60%. That said, not everyone has the luxury of working until they kick the bucket, even if they wanted to, and even if it would be better for them statistically speaking. Between disabilities caused by your body slowly falling apart and the fact that many employers just don’t like old people, most employees stop work well in advance of the time their soul peaces out.

For “us millennials” we have this opportunity to determine what we want in our retirement or non-retirements, to at the least have a choice that many boomers now don’t have because of the great recession. Continue reading OMG: 36% of Americans Have NO Retirement Savings

Prosper and Lending Club P2P Investment Update

When I started investing in P2P (person-to-person) lending, back when it got its start, proper regulations weren’t in place. Thus, as you can see above, my returns were kind of crappy in the early days. Now that the P2P sites had to add much more stringent regulations, my returns aren’t that bad at 7%-8%. This is how my Prosper account is performing:

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While I only had about $350 remaining in my Prosper account, given the results to date, I decided to put another $500 in and see how it performs. This is definitely a test and alternative investment while I focus primarily on my stock accounts.

Continue reading Prosper and Lending Club P2P Investment Update

Roth IRA Eligibility & Non-Fixed Income

In 2014, one is eligible if their AGI is under $114,000 as a single person and $181,000 for a married couple ($5500 per person max.) For a single person, between $114k and $129k your contribution amounts begin to phase out, with no contribution allowed when you earn over $129k. [estimate your AGI here]

Sans contributing a bunch of money to charity, getting your AGI down is a bit of a challenge and mostly impossible. Trust me, when I was in my early 20s and making $50k a year I would have loved to have this problem, but given cost of living is so high where I live (our 825 square foot 1 bedroom is $2250 a month without any utilities included!) monthly income disappears fast. Your AGI includes any income received from employment AND dividends (so us dividend investors have even higher AGIs even if we automatically reinvest any proceeds, which sucks.) Then you get to deduct only your IRA/401k contributions, student loan interest, alimony, moving expenses, 50% of self-employment tax, and a few other things that aren’t relevant to most working people. In other words, outside of the $17.5k maximum for a 401k, you can’t really lower your AGI.

Investing in a Roth IRA is one way to get some tax advantages for a long-term retirement account. I’ve already maxed out my 401k for 2014 ($17.5k) which reduces my AGI but probably not enough to qualify for a Roth. Meanwhile, a traditional IRA benefits phase out at much, much lower income levels, so investing in a traditional IRA as a “high” income earner is almost pointless (even though you can’t take a deduction, if you open a traditional IRA you can still earn tax-free growth until you take you your money later in life, but it really isn’t a great benefit and you are locking your money away for the long term vs just investing it in a taxable account.)  Continue reading Roth IRA Eligibility & Non-Fixed Income

Somewhat Aggressive Financial Goal Setting

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Science tells us that when we set goals we’re more likely to accomplish them. It has been with the help of starting this blog that I’ve managed to grow my networth from less than $25k to over $250k. Now the stakes are raised.

My next big goal is $500k by 2018.

Fortunately, I’ve found myself in a career that pays reasonably well. I could be making more money, but I’ve also found that, as many of the finance gurus say, it’s not about how much you make but how much you keep. I’ll never claim to be a frugalista, but I’ve managed to control my spending to the point where my savings have grown into a sizeable nestegg for anyone who doesn’t live in such an expensive region of the world. Here, where average starter homes cost $1.2M, it’s slightly more than pocket change, but it’s a start.

Readjusting My Savings Goals for the Mid-Long Term

Previously in Mint I had three goals set up for the short term. I track my retirement accounts under one goal, my taxable investments and liquid cash under another, and then my college savings account (529 plan) in another (just because that’s an oddball I set up once in case I ever want to go back to school, but I’m not investing any more in at the moment.) Continue reading Somewhat Aggressive Financial Goal Setting

Sharebuilder: How Much Did I Spend?

In my ongoing attempt to better understand my annual rate of return on my taxable Sharebuilder portfolio, my readers have noted that I need to look at how much was actually invested annually to solve this. So here we go. More math to follow.

Total Dollars Invested & Withdrew Per Year (*not counting taxes & fees)

Year Invested Withdrawal
2008 $2350 0
2009 $6300 -$300
2010 $24270.72 -$1261.74
2011 $28350 -$51.8
2012 $19944.68 -$2947.87
2013 $7308 -$24896.98

Taxes Each Year

Year ST gain/loss LT gain/loss Total Gain/Loss Qualified Dividends Ordinary Dividends FT Withheld
2011 -$3226.97 -$1894.53 -$5121.5 $483.7 $0 -$12.39
2012 -$1108 -$767.85 -$1875.85 $1278.64 $63.29 -$7.5
2013 -$1254.74 $8122.4 $6867.66 TBD TBD TBD
Total -$129.69  $1762

Withdrawal Details

11/10/2011 MTW ING DIRECT INSTANT WITHDRAWAL XXXX6243 -$51.8
2/6/2012 MTW ING DIRECT INSTANT WITHDRAWAL XXXX6243 -$70.07
9/14/2009 ACD ELECTRONIC FUNDS WITHDRAWAL -$300
9/24/2010 ACD ELECTRONIC FUNDS WITHDRAWAL -$1621.74
8/30/2012 ACD ELECTRONIC FUNDS WITHDRAWAL -$2427.8
2/19/2013 ACD ELECTRONIC FUNDS WITHDRAWAL -$2982.14
6/10/2013 ACD ELECTRONIC FUNDS WITHDRAWAL -$6914.84
7/8/2013 ACD ELECTRONIC FUNDS WITHDRAWAL -$15000

Transfer In Details

 Date Type Type Details Total Transfer
1/18/2008 ACH ACH DEPOSIT – ONE-TIME $500
1/23/2008 ACH ACH DEPOSIT – ONE-TIME $500
1/23/2008 ACH ACH DEPOSIT – RECURRING $50
2/25/2008 ACH ACH DEPOSIT – RECURRING $50
2/28/2008 ACH ACH DEPOSIT – ONE-TIME $250
3/18/2008 ACH ACH DEPOSIT – ONE-TIME $500
3/25/2008 ACH ACH DEPOSIT – RECURRING $50
4/23/2008 ACH ACH DEPOSIT – RECURRING $50
5/23/2008 ACH ACH DEPOSIT – RECURRING $50
6/24/2008 ACH ACH DEPOSIT – RECURRING $50
7/23/2008 ACH ACH DEPOSIT – RECURRING $50
8/25/2008 ACH ACH DEPOSIT – RECURRING $50
9/23/2008 ACH ACH DEPOSIT – RECURRING $50
10/23/2008 ACH ACH DEPOSIT – RECURRING $50
11/25/2008 ACH ACH DEPOSIT – RECURRING $50
12/23/2008 ACH ACH DEPOSIT – RECURRING $50
1/23/2009 ACH ACH DEPOSIT – RECURRING $50
2/11/2009 ACH ACH DEPOSIT – ONE-TIME $200
2/20/2009 ACH ACH DEPOSIT – RECURRING $100
2/24/2009 ACH ACH DEPOSIT – RECURRING $50
3/3/2009 ACH ACH DEPOSIT – ONE-TIME $200
3/6/2009 ACH ACH DEPOSIT – RECURRING $100
3/20/2009 ACH ACH DEPOSIT – RECURRING $100
3/24/2009 ACH ACH DEPOSIT – ONE-TIME $300
3/24/2009 ACH ACH DEPOSIT – RECURRING $50
4/3/2009 ACH ACH DEPOSIT – RECURRING $100
4/6/2009 ACH ACH DEPOSIT – ONE-TIME $100
4/8/2009 ACH ACH DEPOSIT – ONE-TIME $200
4/17/2009 ACH ACH DEPOSIT – RECURRING $100
4/20/2009 ACH ACH DEPOSIT – ONE-TIME $1000
4/23/2009 ACH ACH DEPOSIT – RECURRING $50
5/1/2009 ACH ACH DEPOSIT – RECURRING $100
5/15/2009 ACH ACH DEPOSIT – RECURRING $100
5/20/2009 ACH ACH DEPOSIT – ONE-TIME $600
5/26/2009 ACH ACH DEPOSIT – RECURRING $50
5/29/2009 ACH ACH DEPOSIT – RECURRING $100
6/12/2009 ACH ACH DEPOSIT – RECURRING $100
6/23/2009 ACH ACH DEPOSIT – RECURRING $50
6/26/2009 ACH ACH DEPOSIT – RECURRING $100
7/10/2009 ACH ACH DEPOSIT – RECURRING $100
7/23/2009 ACH ACH DEPOSIT – RECURRING $50
7/24/2009 ACH ACH DEPOSIT – RECURRING $100
8/7/2009 ACH ACH DEPOSIT – RECURRING $100
8/11/2009 ACH ACH DEPOSIT – ONE-TIME $300
8/21/2009 ACH ACH DEPOSIT – RECURRING $100
8/25/2009 ACH ACH DEPOSIT – RECURRING $50
9/2/2009 ACH ACH DEPOSIT – ONE-TIME $300
9/4/2009 ACH ACH DEPOSIT – RECURRING $100
9/23/2009 ACH ACH DEPOSIT – RECURRING $50
10/15/2009 ACH ACH DEPOSIT – ONE-TIME $300
10/23/2009 ACH ACH DEPOSIT – ONE-TIME $300
10/23/2009 ACH ACH DEPOSIT – RECURRING $50
11/9/2009 ACH ACH DEPOSIT – ONE-TIME $200
11/24/2009 ACH ACH DEPOSIT – RECURRING $50
12/23/2009 ACH ACH DEPOSIT – ONE-TIME $200
12/23/2009 ACH ACH DEPOSIT – RECURRING $50
1/5/2010 ACH ACH DEPOSIT – ONE-TIME $200
1/25/2010 ACH ACH DEPOSIT – RECURRING $50
2/23/2010 ACH ACH DEPOSIT – RECURRING $50
3/23/2010 ACH ACH DEPOSIT – RECURRING $50
4/23/2010 ACH ACH DEPOSIT – RECURRING $50
5/4/2010 ACH ACH DEPOSIT – ONE-TIME $500
5/25/2010 ACH ACH DEPOSIT – RECURRING $50
6/2/2010 ACH ACH DEPOSIT – ONE-TIME $300
6/9/2010 ACH ACH DEPOSIT – ONE-TIME $1000
6/23/2010 ACH ACH DEPOSIT – RECURRING $50
7/6/2010 ACH ACH DEPOSIT – ONE-TIME $2000
7/13/2010 ACH ACH DEPOSIT – ONE-TIME $2000
7/23/2010 ACH ACH DEPOSIT – RECURRING $50
8/24/2010 ACH ACH DEPOSIT – RECURRING $50
8/31/2010 ACH ACH DEPOSIT – ONE-TIME $3000
9/3/2010 ACH ACH DEPOSIT – ONE-TIME $670.72
9/23/2010 ACH ACH DEPOSIT – RECURRING $50
9/24/2010 ACH ACH DEPOSIT – ONE-TIME $3000
10/12/2010 ACH ACH DEPOSIT – ONE-TIME $3000
10/22/2010 ACH ACH DEPOSIT – ONE-TIME $4000
10/25/2010 ACH ACH DEPOSIT – RECURRING $50
11/23/2010 ACH ACH DEPOSIT – RECURRING $50
12/7/2010 ACH ACH DEPOSIT – ONE-TIME $2000
12/23/2010 ACH ACH DEPOSIT – RECURRING $50
12/29/2010 ACH ACH DEPOSIT – ONE-TIME $2000
1/11/2011 ACH ACH DEPOSIT – ONE-TIME $10000
1/25/2011 ACH ACH DEPOSIT – RECURRING $50
2/16/2011 ACH ACH DEPOSIT – ONE-TIME $2000
2/23/2011 ACH ACH DEPOSIT – RECURRING $50
3/8/2011 ACH ACH DEPOSIT – ONE-TIME $2000
3/9/2011 ACH ACH DEPOSIT – ONE-TIME $1000
3/22/2011 ACH ACH DEPOSIT – ONE-TIME $1000
3/23/2011 ACH ACH DEPOSIT – ONE-TIME $1000
3/23/2011 ACH ACH DEPOSIT – RECURRING $50
4/11/2011 ACH ACH DEPOSIT – ONE-TIME $1000
4/26/2011 ACH ACH DEPOSIT – RECURRING $50
5/3/2011 ACH ACH DEPOSIT – ONE-TIME $1000
5/19/2011 ACH ACH DEPOSIT – ONE-TIME $1500
5/24/2011 ACH ACH DEPOSIT – RECURRING $50
6/23/2011 ACH ACH DEPOSIT – RECURRING $50
7/25/2011 ACH ACH DEPOSIT – RECURRING $50
8/23/2011 ACH ACH DEPOSIT – RECURRING $50
9/7/2011 ACH ACH DEPOSIT – ONE-TIME $500
9/23/2011 ACH ACH DEPOSIT – RECURRING $50
10/18/2011 ACH ACH DEPOSIT – ONE-TIME $500
10/25/2011 ACH ACH DEPOSIT – RECURRING $50
11/1/2011 ACH ACH DEPOSIT – ONE-TIME $300
11/10/2011 ACH ACH DEPOSIT – ONE-TIME $500
11/17/2011 ACH ACH DEPOSIT – ONE-TIME $500
11/23/2011 ACH ACH DEPOSIT – RECURRING $50
12/14/2011 ACH ACH DEPOSIT – ONE-TIME $3000
12/16/2011 ACH ACH DEPOSIT – ONE-TIME $1000
12/28/2011 MTD ING DIRECT INSTANT DEPOSIT XXXX6243 $1000
1/3/2012 MTD ING DIRECT INSTANT DEPOSIT XXXX6243 $1000
1/17/2012 MTD ING DIRECT INSTANT DEPOSIT XXXX6243 $455
1/20/2012 ACH ACH DEPOSIT – ONE-TIME $1000
1/24/2012 ACH ACH DEPOSIT – RECURRING $50
2/2/2012 ACH ACH DEPOSIT – ONE-TIME $2000
2/9/2012 MTD ING DIRECT INSTANT DEPOSIT XXXX6243 $269.52
2/23/2012 ACH ACH DEPOSIT – RECURRING $50
2/28/2012 ACH ACH DEPOSIT – ONE-TIME $1000
3/19/2012 ACH ACH DEPOSIT – ONE-TIME $500
3/23/2012 ACH ACH DEPOSIT – RECURRING $50
4/2/2012 ACH ACH DEPOSIT – ONE-TIME $1000
4/17/2012 ACH ACH DEPOSIT – ONE-TIME $1000
4/24/2012 ACH ACH DEPOSIT – RECURRING $50
5/3/2012 ACH ACH DEPOSIT – ONE-TIME $2000
5/8/2012 MTD ING DIRECT INSTANT DEPOSIT XXXX6243 $120.16
5/23/2012 ACH ACH DEPOSIT – RECURRING $50
6/18/2012 ACH ACH DEPOSIT – ONE-TIME $1000
6/25/2012 ACH ACH DEPOSIT – RECURRING $50
7/24/2012 ACH ACH DEPOSIT – RECURRING $50
8/23/2012 ACH ACH DEPOSIT – ONE-TIME $2000
8/23/2012 ACH ACH DEPOSIT – RECURRING $50
9/25/2012 ACH ACH DEPOSIT – RECURRING $50
10/22/2012 ACH ACH DEPOSIT – ONE-TIME $3000
10/23/2012 ACH ACH DEPOSIT – RECURRING $50
11/6/2012 ACH ACH DEPOSIT – ONE-TIME $2000
11/26/2012 ACH ACH DEPOSIT – RECURRING $50
12/6/2012 ACH ACH DEPOSIT – ONE-TIME $1000
12/26/2012 ACH ACH DEPOSIT – RECURRING $50
1/23/2013 ACH ACH DEPOSIT – RECURRING $50
2/25/2013 ACH ACH DEPOSIT – RECURRING $50
3/25/2013 ACH ACH DEPOSIT – RECURRING $50
4/23/2013 ACH ACH DEPOSIT – RECURRING $50
5/23/2013 ACH ACH DEPOSIT – RECURRING $50
6/25/2013 ACH ACH DEPOSIT – RECURRING $50
7/22/2013 MTD CAPITAL ONE 360 DEPOSIT XXXX6243 $1300
7/23/2013 ACH ACH DEPOSIT – ONE-TIME $2000
7/23/2013 ACH ACH DEPOSIT – RECURRING $50
8/2/2013 ACH ACH DEPOSIT – ONE-TIME $2500
8/23/2013 ACH ACH DEPOSIT – RECURRING $50
9/24/2013 ACH ACH DEPOSIT – RECURRING $50
10/23/2013 ACH ACH DEPOSIT – RECURRING $50
11/4/2013 MTD CAPITAL ONE 360 DEPOSIT XXXX6243 $908
11/25/2013 ACH ACH DEPOSIT – RECURRING $50
12/24/2013 ACH ACH DEPOSIT – RECURRING $50
1/23/2014 ACH ACH DEPOSIT – RECURRING $50

Annual Rate of Return

In today’s post on WTF is going on with my investments, I finally looked at all of the money I put into investing in 2008-2013. My math may be wrong (if you see anything weird here let me know) but I think my rate of return, not taking into account fees, is at about 4% each year (3% if you don’t count dividends.) Yuck.

Total Investment: $88573
Total Withdrawal: $29383
Cash After Withdrawal: $59190
Current Account Value: $77591

Growth 2008-2013: $18401
Total Dividends: $4051 ($810/year)
Annual Growth Avg w/out Dividends: $2870 (3%)
Annual Growth Avg w/ Dividends: $3860 (4%)

Is there something wrong with my math here?

Mission Impossible? $250k in the bank by 30

As I stare at my PersonalCapital.com Net Worth of just $166,978 in May 2012, I can’t help but feel like my goal of $250k networth by the age of 30 (or, 17.5 months away) is impossible.

That’s $83,022 left to save, or approximately $4.9k per month for the next 17 months. Since I only make about $5k after taxes, that, indeed, is an impossible feat. At best, with bonuses, I make $110k per year pre-tax, which comes out to an average of $6k per month. Still, spending just $1.1k a month for the next 17 months and obtaining all of my bonuses is unlikely, and yes, pretty impossible too.

My only hope is that my investments perform extremely well, and not extremely lousy ($163,747 of my total networth is currently in stock-heavy investment accounts.) I’m concerned my stocks will see losses instead of gains in the coming year, which will completely ruin my hope to be anywhere near $250k by November 2013.

5% interest, 18 months = $176,180
5% interest + $10k per year, 18 months = $192,125
5% interest + $20k per year, 18 months = $208,070
8% interest, 18 months = $183,784
8% interest + $10k per year, 18 months = $200,304
8% interest + $20k per year, 18 months = $216,824
10% interest, 18 months = $188,913
10% interest + $10k per year, 18 months = $205,819
10% interest + $20k per year, 18 months = $222,724

According to Personal Capital, my investments are currently 15% up in the last 6 months. That may not last. I’d like to see my account go up 30% this year, as then suddenly my dreams of $250k by 30 start looking a bit more possible. If they could make 30% for 1.5 years going forward, even without adding a cent, I’ll be at $242,710 by November 2013. With $10k per year of savings, that would bring me to $263.6k by 30, and would be a huge success.

I’ll be tracking my progress as always, to report on how close or far from the mark my investments are putting me.

I Will Teach — Me — to Be Rich

Earlier today on my lunch break I opened up the PDF first chapter of Ramit Sethi’s “I Will Teach You To Be Rich” and read through it quickly.

One part that stuck out was early on when he poses the question “what do you define as rich?” He argues that you first must figure out what rich means to you in order to get there.

What does “rich” mean to me?

It means…

  1. Having enough passive income to not have to work.
  2. Having enough passive income to fund my own business.
  3. Having enough passive income to fund my own business and fail. Maybe 3 times.
  4. Being able to work when I want, for who I want.
  5. Having enough money to donate large sums each year without feeling like it hurts my ability to achieve above goals.
  6. Manage to do this while also having a family with 2-3 kids and supporting an upper middle class lifestyle and occasional splurges.

A few years ago, I would have said “making over $50k a year.” Well, that was never rich in my mind, but it sure came close. I recently reviewed my social security statement for the past six years and realized that with the exception of last year, my largest yearly income to date was $25k. Last year I made about $63k. This year, I should hit $80k-$100k. And that still doesn’t feel rich. I feel less rich now than I did when I was making $25k because instead of wealth being impossible, it instead is a hard, yet achievable road of long hours, late nights, working for ‘the man’, or finding the right startup to get lucky at.

If I never have kids, never buy a house, avoid graduate school, and maintain my current level of saving ($50k per year) with a 5% rate of return on average, I’ll have over $1 million by the time I’m 40.

But is that rich? Not at all.

What does “being rich” mean to you?