Reply to Any 50yo+ with retirement savings less than $2million?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]My wife works at a financial profit and I work at the SEC with a 470K in combined income.  Our 3M home in Langley is already paid off.  We have about 10M in savings because I purchased Apple stock in 2001.  We’re very lucky.  I am 56 and DW is 38.  I am going to retire soon.[/quote]

Love this story! A close friend’s colleague bought Apple stock in the late 90s because her kid liked the Apple symbol! Instead of buying a new iPhone in 2015ish I invested that amount in stock and it’s up over 500%. Other than that I have a pension coming plus $350k in a 401k and $50k in multiple brokerage accounts. I 50 now, no kids, and want enough to be comfortable at retirement but know too many people who, sadly, passed at or before retirement to deprive myself today. [/quote]This is an interesting lesson for newbies and older folks like my self. 63.  I was cautious in my early 30s as I was constructing my investment portfolio, picked some dividend payers and a few growth stocks but mostly diversified mutual funds.  So I really never hit a home run on my stock investments.  And while my stock mutual funds have kept up with the market, no clear out performance.  But most of us  don't have the time or inclination like Charlie Munger to do the research to pick quality firms. But individual stocks  clearly have the ability to out perform, or in some cases, one stock can  make you financially independent.  Like Apple, NVDA, AVGO, XOM if bought years ago, etc.... Amazing stories of wealth building with stocks. [/quote]

The example you quote from PP (Apple) is an example of luck and survivor bias. I still remember the day, September of 2000, I walked into the Starbucks near the World Bank, saw someone on TV yakking about bad news for stocks, went back to the office and bought 150 shares of Apple and 100 shares of Starbucks. With stock splits and DRIP, those purchases have grown to about 9000 Apple and 1000 Starbucks shares, about 20% of my portfolio. Things could have very easily gone South. I just got lucky. Also, what I didn't (and most people don't) keep track of are the many losers I've had over time and the opportunity cost of holding cash hoping to time the market. All things considered, I would likely have been at the same level of net worth if I had diligently invested all my savings in index funds over time instead of picking stocks. [/quote]

unicorn honest post on this forum, thanks 
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