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Some Religions (unnamed) have a rule that 10% of your gross goes to the church or (your going to hell) Would be a good Rule for (Retirement Planning)...just thinking... tb
@John Chisum: Patrick O’Shaughnessy was 22 when he started a career in money management, just months before the financial crisis of 2008. “My timing could not have been worse,” he says.. After a particularly bad meeting with a client, who referred to him as a “limp dick little asshole” for a badly performing portfolio, O’Shaugnessy left the room questioning his career choice.
Six years later, the markets are a different place. Stocks are booming and O’Shaughnessy’s fortunes have risen with them. O’Shaughnessy is now a principal at his father’s firm, O’Shaughnessy Asset Management and has written his first book: Millennial Money: How Young Investors Can Build A Fortune. He makes a compelling case for why millennials should get over their fears and embrace the stock market – and do it quickly.
from the article: "There is a third asset, crucial to retirement preparedness, in which millennials actually have an advantage over their parents: their own human capital."
Millennials by some broad definitions range in birth years from 1982-2000. So, in theory; some have been in the workplace for 14 years and others have 4 more years of high school. Again, in theory; this group is actually employed "enough" to be able to save for retirment. One presumes there are numerous studies with all of the charts and graphs, indicating this group, and its ability to save for retirement, with the absence of a defined pension benefit that was available to "some" of their parents.
Lastly, as I've noted previously at Fundalarm and MFO; this time is different. Hell, it is always different after the economic and financial arena goes through a "house cleaning".
Their (the millennials), not unlike any other group; ability to have a retirement program, if they choose, is to understand, have and maintain a budget for their net income going forward. Broad personal high debt for the wrong choices, will chew upon their financial plans and spit them onto the floor.
I think O'Shaughnessey,was one of the guys who used to call me and "want to manage my investments" I used to have a standard answer: "NO you Don't" after a few moments of silence, they would say "why not"? My answer (write this down) Because you lose ANY of my money, I'm goin to Kill you, If I lose any of my money, who am I going to blame" priceless.... they will hang up
Maybe just a tad off the topic of this thread but pumped from a killer hike among arches and rock shelters in the middle of nowhere... I'm 67 and no way would I ever want to be young again. My generation had that great bull market of the 80s and especially the 90s and wealth accumulation fell into our laps with such ease. Every generation feels theirs were the best of times. But we Baby Boomers (especially the earliest of us) *really* did have the best of times, and in more ways than just financial.
Bucs suck, Rays suck, Hockey team is ok but I hate ice, All I got left is Golf, the Beach,Drinking bud and having fun, Oh almost forgot a little time on investing, but can't buy anything at todays prices, can't sell anything (what to do with the money?), Oh checking for helpful hints on investment sites, but not much info. there either, Mona's no help, so double digit profits again this year and stuck, give me another beer, "Good wife" on soon! don't miss it
I generally agree with you about this era, our time. But, as time moved into the mid-60's; some of the wheels came off, here and there.
I recall receiving my military draft notice in the mail. In thinking about this after the fact and when I was in the active military; I considered the circumstances, of which I had not really thought much about beforehand; that my father had survived WWII and returned home in 1945. I did recall seeing several young uncles go to war again during the Korean War; and now I was away from home for a similar circumstance. My thoughts revolved around WWII ending in 1945, then in the early 1950's another war was in place and now a fully active and engaged war again that had really ramped up by 1965. For sake of easy numbers......1945, 1955 and 1965. Holy crap, what a sad cycle. And while I was away and across the Pacific; friends who had remained home, but were part of the Michigan National Guard were riding in jeeps with loaded rifles as parts of Detroit burned to the ground; among other large cities at the time. Ironically, long after I thought the Viet Nam should have been done with, and I was now a civilian again; and related to my specialized training in the military, I was contacted about employment by Federal Electric; which at the time was a large government contractor and a sub company of the hugh ITT company. A large sum of money was offered, to me, for the work. 1971 and "How would you like to work for us in Saigon?"
Well, I didn't take that job!
So, until 1966; for a young punk, white kid who had grown up in a country side filled with wonderful neighbors and farm land, life was pretty good for a lower-middle income family. 'Course, Mom didn't work outside of the home, in a permanent job.
Everything was still rolling along as far as the "normal" machine of commerce in the U.S. A young person could still be hired by any of the big 3 auto in Michigan, at $4.25/hour in 1971, with full benefits after 90 days.
I did obtain another high paying job in 1971, but away from Saigon. I worked my butt off for 1 year, saved as much money as I could, and then decided that I had to do something, now or never. From May of 1972 until August of 1974, I traveled around the U.S., back packed Europe and North Africa. I returned to Michigan from Europe with exactly 10 cents in my pocket and then an I.O.U. to an American Airlines lady who loaned me $3 to complete my plane ticket to Detroit from NYC. I wouldn't trade this period for anything else I had done. I was old enough and experienced enough to not be an American smartass traveler, and young enough to endure the physical side of the journey.
I have visited with my elders as much as possible over the years. The stories are as varied as may be expected. Because of race or background of a family, the experiences of the "best of times" during any given period point to many areas.
Mostly, I have been fortunate, because in a large part; that I had a very stable and common sensical upbringing. But, I also chose my own paths to discovery; that still exist today. I remain curious about too many things today, and have to shut some of these off; or I become overwhelmed by "stuff".
With, part of this, somewhere; is why I am an investor. But, I can't really pinpoint a turning point about this nature. My two and one-half years of travels really continued to open my mind about the whole world around me; and remains of benefit today with considerations about investments. Twas the best "informal" education I will ever receive.
For those much younger than myself and who have expressed a desire to understand part of the '60's; I have always directed them to the 1973 movie, American Graffiti. This movie offers a very good image of the variety of circumstances and people during the nasty period of the 1960's. I always discover characters that are not unlike those whom I knew, including myself.
Well, I/we really wandered off the path with this, eh? Opened my door.......to some things that should be in the book. And thank you, Junkster, for your openess and continued support to our brain cells here at MFO.
Catch, really a great post. Hope everyone reads it. One thing that stuck out is how almost 100% of our moms were stay at home mothers. My how times have changed! The innocent years changed around late 63 when Kennedy was assassinated and/or the Beatles early 64. Late 60s were a time of drugs and war protests. I was never against that war. Dumb, dumb, dumb me!! So many lives lost and for what? Sadly, many I know who fought in Vietnam died early or are messed up psychologically. Then again, on today's hike was an oldtimer that served two tours during that war. And he had a productive life/occupation (albeit 4 wives) You and rono must be among the exceptions who served our country then and came out A-OK. (Albeit rono is a gold/silver bug so who knows) Thanks for your service and rono too.
Great post Catch. That was the great thing back then, that a lower middle income family could live well. Food was always on the table and shoes on the feet.
I smiled, reading that, Catch. Thank you. My parents never spoke about it much, but I am well aware of the gas, tire, butter, meat rationing during WW II. Nylon stockings? You gotta be kidding me. Even the green and red label on Lucky Strikes changed to white and Red. The military needed the green paint. So dad told me. Was he pullin' my chain? LSMFT. FREE cigarettes at the USO. How times change, eh?
Comments
Would be a good Rule for (Retirement Planning)...just thinking... tb
Six years later, the markets are a different place. Stocks are booming and O’Shaughnessy’s fortunes have risen with them. O’Shaughnessy is now a principal at his father’s firm, O’Shaughnessy Asset Management and has written his first book: Millennial Money: How Young Investors Can Build A Fortune. He makes a compelling case for why millennials should get over their fears and embrace the stock market – and do it quickly.
Regards,
Ted
Can The Stock Market Save Millennials:
http://www.theguardian.com/money/2014/nov/06/can-stock-market-save-millennials
His Book: 'How Young Investors Can Build A Fortune'
http://www.amazon.com/Millennial-Money-Young-Investors-Fortune-ebook/dp/B00JTIU1QM
Millennials by some broad definitions range in birth years from 1982-2000. So, in theory; some have been in the workplace for 14 years and others have 4 more years of high school.
Again, in theory; this group is actually employed "enough" to be able to save for retirment. One presumes there are numerous studies with all of the charts and graphs, indicating this group, and its ability to save for retirement, with the absence of a defined pension benefit that was available to "some" of their parents.
Lastly, as I've noted previously at Fundalarm and MFO; this time is different. Hell, it is always different after the economic and financial arena goes through a "house cleaning".
Their (the millennials), not unlike any other group; ability to have a retirement program, if they choose, is to understand, have and maintain a budget for their net income going forward. Broad personal high debt for the wrong choices, will chew upon their financial plans and spit them onto the floor.
More coffee please......
Take care,
Catch
"NO you Don't" after a few moments of silence, they would say "why not"?
My answer (write this down) Because you lose ANY of my money, I'm goin to Kill you, If I lose any of my money, who am I going to blame" priceless.... they will hang up
Regards,
Ted
If you had to endure the pain of a 1-8 home team (Tampa Bay Buccaneers), you too would be drinking that horrible beer for breakfast!
Mona
so double digit profits again this year and stuck, give me another beer, "Good wife" on soon! don't miss it
I generally agree with you about this era, our time.
But, as time moved into the mid-60's; some of the wheels came off, here and there.
I recall receiving my military draft notice in the mail. In thinking about this after the fact and when I was in the active military; I considered the circumstances, of which I had not really thought much about beforehand; that my father had survived WWII and returned home in 1945. I did recall seeing several young uncles go to war again during the Korean War; and now I was away from home for a similar circumstance. My thoughts revolved around WWII ending in 1945, then in the early 1950's another war was in place and now a fully active and engaged war again that had really ramped up by 1965. For sake of easy numbers......1945, 1955 and 1965. Holy crap, what a sad cycle. And while I was away and across the Pacific; friends who had remained home, but were part of the Michigan National Guard were riding in jeeps with loaded rifles as parts of Detroit burned to the ground; among other large cities at the time.
Ironically, long after I thought the Viet Nam should have been done with, and I was now a civilian again; and related to my specialized training in the military, I was contacted about employment by Federal Electric; which at the time was a large government contractor and a sub company of the hugh ITT company. A large sum of money was offered, to me, for the work. 1971 and "How would you like to work for us in Saigon?"
Well, I didn't take that job!
So, until 1966; for a young punk, white kid who had grown up in a country side filled with wonderful neighbors and farm land, life was pretty good for a lower-middle income family. 'Course, Mom didn't work outside of the home, in a permanent job.
Everything was still rolling along as far as the "normal" machine of commerce in the U.S. A young person could still be hired by any of the big 3 auto in Michigan, at $4.25/hour in 1971, with full benefits after 90 days.
I did obtain another high paying job in 1971, but away from Saigon. I worked my butt off for 1 year, saved as much money as I could, and then decided that I had to do something, now or never. From May of 1972 until August of 1974, I traveled around the U.S., back packed Europe and North Africa. I returned to Michigan from Europe with exactly 10 cents in my pocket and then an I.O.U. to an American Airlines lady who loaned me $3 to complete my plane ticket to Detroit from NYC. I wouldn't trade this period for anything else I had done. I was old enough and experienced enough to not be an American smartass traveler, and young enough to endure the physical side of the journey.
I have visited with my elders as much as possible over the years. The stories are as varied as may be expected. Because of race or background of a family, the experiences of the "best of times" during any given period point to many areas.
Mostly, I have been fortunate, because in a large part; that I had a very stable and common sensical upbringing. But, I also chose my own paths to discovery; that still exist today. I remain curious about too many things today, and have to shut some of these off; or I become overwhelmed by "stuff".
With, part of this, somewhere; is why I am an investor. But, I can't really pinpoint a turning point about this nature. My two and one-half years of travels really continued to open my mind about the whole world around me; and remains of benefit today with considerations about investments. Twas the best "informal" education I will ever receive.
For those much younger than myself and who have expressed a desire to understand part of the '60's; I have always directed them to the 1973 movie, American Graffiti. This movie offers a very good image of the variety of circumstances and people during the nasty period of the 1960's. I always discover characters that are not unlike those whom I knew, including myself.
Well, I/we really wandered off the path with this, eh? Opened my door.......to some things that should be in the book. And thank you, Junkster, for your openess and continued support to our brain cells here at MFO.
Take care,
Catch
The innocent years changed around late 63 when Kennedy was assassinated and/or the Beatles early 64. Late 60s were a time of drugs and war protests. I was never against that war. Dumb, dumb, dumb me!! So many lives lost and for what? Sadly, many I know who fought in Vietnam died early or are messed up psychologically. Then again, on today's hike was an oldtimer that served two tours during that war. And he had a productive life/occupation (albeit 4 wives) You and rono must be among the exceptions who served our country then and came out A-OK. (Albeit rono is a gold/silver bug so who knows) Thanks for your service and rono too.
Thank you for your service.