Thread regarding Cisco Systems Inc. layoffs

Info on BrokerageLink per below.

https://www.google.com/url?sa=t&source=web&rct=j&url=https://workplaceservices.fidelity.com/bin-public/070_NB_PreLogin_Pages/documents/msu_BrokerageLink_Brochure.pdf&ved=2ahUKEwjyzLTJtufrAhVFbKwKHewNBWAQFjAKegQIDRAJ&usg=AOvVaw2XW7JMB7GF3xjoSgs12PLM

I have contrarian advice that you young folks may find valuable. You will thank me for when you are old and gray:

ENJOY YOUR YOUTH. Literally enjoy it. Don’t let frugality limit your enjoyment during the years where enjoyment is possible! You make good money now - enjoy it. Travel the world every chance you get. Visit new places. Make new friends. Do FUN stuff - Learn new things. Splurge. Stay at 5 Star hotels every now and then. Treat yourselves. Eat wonderful Michelin Star meals. Learn to appreciate fine wines. Buy property. Start small, leverage the equity, buy more.

Yes - Put money away for retirement (And yes do the self directed brokeragelink option). But do NOT live like a pauper thinking it will set you up for the golden years. Absolutely DO NOT live like a pauper. Live every minute like you are at the top of your game.

Here is the reality...

Your health and longevity are never guaranteed. Enjoy life and the riches it gives while you can.

When you are old and reach an age where you require care, the advice any financial planner or lawyer will give you is to get all of your assets out of your name. Give them away (to your children or whomever). If you don’t, those assets will be depleted extremely quickly by the systems in place to ensure you are cared for.

That window between your retirement age and the “needing assistance” age is VERY SHORT in the grand scheme of things. VERY SHORT. And during that window, you won’t be able to jump as high, run as far, sing as well, dance as well as you can today. You will find that your body and mind aren’t what they once were. Balancing on a surfboard as an old man may not be possible. Swimming with the dolphins as an old lady may not be possible. Climbing steps, walking long distances... these may become impossible. Your health may suddenly dictate whether or not you can travel, or what you can eat and drink. Your longtime partner in life, the person/people you planned on FINALLY enjoying things with after leading a frugal/meager lifestyle throughout your youth may suddenly be gone. New partners may not be easy to find.

So Experience everything you can at least once. Experiences can never be taken away. All experiences shape us.

Enjoy yourselves. Enjoy your money — you earned it. Enjoy life.

PS - Take a lot of pictures :)

OP:
Great post. Can you or someone else tell me more about the link you mentioned? What is the BrokerageLink?

“ I did lived life like this and i am in the same shape financially as the original writer. However, I did not live in poverty as some on this post indicated. Had enough for a couple of vacations a year. Went out to dinner a couple of times a week, put 3 children through college (no student loans). It all depends on what you expect of life. I couldn't believe how some of my colleagues needed their commission check to pay off their credit cards. These are people with two full time incomes (one was nearly identical to mine) and no children. My spouse never worked full time,... I never put myself in that position and have never paid a cent of credit card interest in my life. My parents had me working at an early age, so knowing that $$$ isn't free I could't buy the expensive coffees,... as I knew they were a waste of hard earned cash. This worked for me, and know I am extremely comfortable now. But do 'whatever works for you'.

Congratulations on your success. You have a lot to be proud of and your story is inspirational.

I dropped out of college and went and worked in the entertainment industry for a decade. During that time I accumulated a networth of just over 10 million. Got laid off due to an executive change. Could have easily retired but didn't want to be bored the rest of my life so decided to get into IT and ended up at Cisco. It was amazing to me how little Cisco pays. I'm astonished someone would be foolish enough to work 18 years and only walk away with 2 million. I enjoy It but I'm thoroughly glad this wasn't my first career.

so on grade 12 I have 300k in CSCO stock, 100k in bought stock, 1million in 401k, and a million dollar 8k sq ft house, with 11 cars, ....so its easily doable, at least when they were throwing around RSUs and bonuses. doubt you will be able to do that again at cisco unless director or above. Sorry early in career , you missed the boat. Boomers win, ER is just icing on cake.

It is extremely difficult to live in CA and not buy an expensive home, unless you want to buy a house that is 30+ years old and is in the "hood". I am looking to get out of this crumbling state and keep my salary in a state where cost of living is 1/2 what it is here. Property taxes alone where I live are 1k/month and only going up because "for the children" propositions keep getting passed.

I did lived life like this and i am in the same shape financially as the original writer. However, I did not live in poverty as some on this post indicated. Had enough for a couple of vacations a year. Went out to dinner a couple of times a week, put 3 children through college (no student loans). It all depends on what you expect of life. I couldn't believe how some of my colleagues needed their commission check to pay off their credit cards. These are people with two full time incomes (one was nearly identical to mine) and no children. My spouse never worked full time,... I never put myself in that position and have never paid a cent of credit card interest in my life. My parents had me working at an early age, so knowing that $$$ isn't free I could't buy the expensive coffees,... as I knew they were a waste of hard earned cash. This worked for me, and know I am extremely comfortable now. But do 'whatever works for you'.

This is WISE advice for younger people. Unfortunately for people that are not young and not following this it is an the same situation. I gave a young friend similar advice now that he is buying a home. I told him to meet with a financial advisor on best plans. 15-year mortgage, invest what you can, live modestly, and follow similar plans as above. For me, this was not a realization until was about 45. We invested greatly when young. We don't have nearly $1M. We are near $500k, will have 2 pensions, and house paid off when we retire. All in, we are looking at about an overall (30 years retirement) of about $3M between pensions, 401k, and home equity. Over my 20 years working, I can't tell you 90% of what I wasted money on. That is the sad part. I can tell you the other 10% were vacations and vehicles. The other 90% was basically throwaway which is a tragedy.

This is not bad advice. Who says live in poverty? This is essentially what I am doing now. Max 401K + Roth. Less house than I can max afford but nice enough; keep the cars for 10-12 years - who cares about new cars - they last and look fine anyway nowadays and cars all look the same - from a 1/2 block away, is it a Lexus or a Hyundai? - can't tell. Reasonable, but fun vacations - rent a cabin with extended family, fun road trips, etc. Some nice take out or a restaurant on a Friday night - but otherwise keep it simple. Life is good, 401K is good. Anything can happen, but looking to retire at 60 with almost full salary replacement. Save often and early kiddies!

I like this: Summary of the post: how to spend your life in poverty in order to get $2 million at age of 60. not sure if it worth it, My father is a postman and passed away 2 months after retirement.. nothing to do k–led him with heart attack..so what even if you have 2 million?

Yes saving is more important than earning. That being said, If you never make more than 40k a year you're f'd. It's not hard to save 20-30% every year

Several close neighbors at Cisco. Two there over 20 years now. They are living large...houses with three separate A/C systems. Wine cellar. Europe vacations. BMW. Beach house. They are both not too happy right now. Wish them luck.

Laugh all you want. Your choice. Some day the gravy train will end. Be ready. Have a homemade ham sandwich for lunch.

Just took the early retirement and have almost the same story. Cisco is a grind, but if you can do it you come out pretty good in the end. Never lived in poverty, in fact lived in a country club before downsizing a little over a year ago in preparation for retirement.

Nay on the 6-0. LR'd in mid 40s.

Enjoy the $6.50 Lattes :)

Yep Investing often and early is the key to wealth. Forget that huge house or expensive car, save for yourself

Summary of the post: how to spend your life in poverty in order to get $2 million at age of 60.

great advice on investing in general. definitely helps to have started early