What was your luckiest financial endeavor or gift?

[Anonymous]

Anonymous wrote:Dad talked me into starting an IRA when I was 19. Put in the max every year. It was $2k at the beginning.

“The eighth wonder of the world is compound interest,” were his exact words at the time.

THANK YOU, DAD!

+1000

We are doing the same with our kids. Sat down and showed them how much they will have at retirement if they only contribute to an IRA from first job (age 17/18) until age 30 and then stop. They would be well on the way to a great retirement with that only, not that they would actually stop. Add in 401K from 22-30 and they will have $3M+ at retirement if they stop everything at age 30.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Dad talked me into starting an IRA when I was 19. Put in the max every year. It was $2k at the beginning.

“The eighth wonder of the world is compound interest,” were his exact words at the time.

THANK YOU, DAD!

Guessing he paid for college for you?


I was putting anything I earned from 16-22 toward my college tuition bills.

[Anonymous]

Anonymous wrote:My grandpa mentored an immigrant that he met by chance in the 1970s. The guy had no friends or family in the states, was homeless, and no job. My grandpa got him 2 jobs- one FT with benefits and a second after hours gig, invited him to all of the family holidays, set him up with housing assistance, would drop off meals and baked goods and garden veggies and flowers from my grandma.

The guy got prostate cancer about 10 years ago and towards the end him and grandpa spent a ton of time together. The guy never married or had kids. I guess at one point my grandpa mentioned that his (grandpa's) biggest regret in life is not accumulating enough to leave his grandkids anything in his will. The guy split his own will 6 ways among my cousins and I in honor of my grandpa. We each got a little over $50k.

My grandpa is still an 89yo cool dude, still living alone and mentoring, who my 3yo and 6yo daughters adore and ask to go see all the time.

Your grandpa sounds like an amazing man!

[Anonymous]

Won a personal injury settlement as a college student.

Bought a house in DC in 1998 and sold it for twice as much 13 years later.

[Anonymous]

Anonymous wrote:Won a personal injury settlement as a college student.

Bought a house in DC in 1998 and sold it for twice as much 13 years later.

Actually, I'm wrong, sold it for 4x as much. Need more coffee!

[Anonymous]

Anonymous wrote:

Anonymous wrote:Investing about $500K into TSLA stock in 2019 before it’s meteoric rise and multiple stock splits. And then selling the stock in late 2021 for Long Term Capital Gains. Never have to work again if I choose not to. And I don’t even own an EV. I admit there was a lot of luck in this but I when I saw people with lower incomes buying these cars I figured it was a good investment. The Biden administrations energy policies just added fuel to the fire.

Depending on when you bought in 2019 and sold in 2021, that’s a roughly $5M to $20M capital gain. Good for you. Ouch on the tax bill but at least it was the lower long term capital gains rate.

Anyone who has $500K to invest in an individual stock is already doing well.

[Anonymous]

Anonymous wrote:Won a personal injury settlement as a college student.

Bought a house in DC in 1998 and sold it for twice as much 13 years later.

I hope the injury wasn’t too bad!

[Anonymous]

I married into a family that owns a media empire. They employ me, too. But things are looking rocky.

[Anonymous]

Anonymous wrote:I married into a family that owns a media empire. They employ me, too. But things are looking rocky.

Haaaa

[Anonymous]

Money that you accrue slowly over decades, is better than easy new found money. IOW saving/investing over years and building wealth is better than variance or luck. I built a dividend paying portfolio that generates over $60k in passive income in taxable accts. Doesn't include retirement savings either. Real wealth is built over time, getting lucky is simply getting lucky. I would rather hit doubles and singles than go for home runs. I did miss google when it IPOed at $85 years ago, I just didn't have the funds to invest at that time. That was the one I missed. GLTA

[Anonymous]

I went to school for performing arts. Dreamed of a career in that field. Luckily my parents rescued me from abject poverty by inviting me to join the family business. They never made me start from the bottom rung either. I worked hard but I was also handed a lot and I am extremely grateful.

[Anonymous]

Anonymous wrote:I went to school for performing arts. Dreamed of a career in that field. Luckily my parents rescued me from abject poverty by inviting me to join the family business. They never made me start from the bottom rung either. I worked hard but I was also handed a lot and I am extremely grateful.

Hmm trying to figure out what this is from

[Anonymous]

Anonymous wrote:

Anonymous wrote:I went to school for performing arts. Dreamed of a career in that field. Luckily my parents rescued me from abject poverty by inviting me to join the family business. They never made me start from the bottom rung either. I worked hard but I was also handed a lot and I am extremely grateful.

Hmm trying to figure out what this is from

Not from anything it’s just a random poster.

[Anonymous]

Anonymous wrote:Dad talked me into starting an IRA when I was 19. Put in the max every year. It was $2k at the beginning.

“The eighth wonder of the world is compound interest,” were his exact words at the time.

THANK YOU, DAD!

I hope my kids feel the same! Both our our kids have been working since they were 14 mowing lawns. We also have had them set up Roth IRAs each year. Most importantly I hope this just gives them a mindset about saving, investing and planning. Starting these things very early really pays off big time.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I went to school for performing arts. Dreamed of a career in that field. Luckily my parents rescued me from abject poverty by inviting me to join the family business. They never made me start from the bottom rung either. I worked hard but I was also handed a lot and I am extremely grateful.

Hmm trying to figure out what this is from

Not from anything it’s just a random poster.

No---just like the previous one, it's a take on some movie/show...just don't know which one