The Most Common Jobs For The Rich, Middle Class And Poor
Comments by Felix A. Montelara:
Police work averages in the 20% of higher paying jobs, surpassed by Doctors, Lawyer, and Executives. Should we consider that being part of the middle class or among the rich. Read the NPR article below and let know your opinion in the in the comment box.
Invest the maximum amount you are allowed (so you get the 5 percent government match) in the Thrift Savings Plan.
Pick the right fund (or combination of funds). Stick with them, except when you need to change.
Stir occassionaly for 20 to 30 years and wham, bam, you are a millionaire.
It’s been done. Seventy five current feds have TSP accounts worth a million or more, although most did it via the rollover route. .
So is the road to riches the stock market-index funds? It can be a bumpy ride taking you up and down depending on war, weather, economic conditions, the price of oil and even volcanoes in Iceland. Throw in the occasional asteroid strike to make it interesting.
Or do you get rich by playing it safe and sticking with the G-fund which invested in special U.S. Treasury securities that are not available to people outside the TSP? Its payoff is never heart-pounding exciting, but it has never had a loss.
Mike, an employee of the Department of Veterans Affairs takes the slow-but-sure approach. “Becoming a TSP millionaire can be done with zero risk strictly through investing in the G fund,” he says. ” There is no need to invest in the risky C, S, and I funds. Just contribute the max each year (currently $16,500) and over a 30 year career you will exceed a million.”
Over the last 10 years the G-fund and the much-neglected F-fund (bonds) have outperformed the stock-index C, S and I funds. But when the CSIs have a good year (like 30 percent returns) it can be avery good year.
Law enforcement officers often retire after 20 to 25 or maybe 30 years on the job. If an officer starts a law enforcement job in early 20 he would be eligible to retire by the ages of 40 to 50 something.
Retirement from law enforcement at this age needs to be planned. You most probably will have kids that are going to college. You will probably have a mortgage; therefore, your pension is likely not to be enough to cover all your living expenses. And you will end up getting another and probably in some type of law enforcement capacity.
In the 1980’s, I spent seven years “State” type law enforcement agency and vested in the retirement system. Years later after leaving the Puerto Rico Police Department, while working in a county Police department in Maryland in the mid 1990’s. I disregarded the reasons of vesting and pulled my money out of the Police of Puerto Rico retirement system and that was a mistake.
I later in the 2000’s I spent approximately 10 years with a county police department and vested in the retirement system taking a job in Federal law enforcement. This time I did not forget why I vested and left the retirement funds in the county police retirement system. I made a decision of leaving the county police for new law enforcement job that would pay six figures plus for the next 20 years. I figured, I would not have to deal with the stress of retirement and have to look for a new job at a lower rate of pay. making this part of my eventual exit strategy when the time arrived.
Well, here were are in close to 2015 and plan has generally worked out.
Five out of my seven my children are adults and I have no mortgage. As a matter of fact, I have no debt. As we all know the future is hard to predict. I do have two of my children that will be at college age at the time of my mandatory retirement. I have developed a plan to cover those expenses through a 429 education fund for each child.
Today, I receive a reduced pension from the Maryland county police department an even have the option health care benefits. I would have had a second partial retirement from the Police of Puerto Rico , but I took the money out of the retirement system. The good news, I never made the second mistake of cashing out the funds from the county police retirement system. I am still employed as a law enforcement officer with about five years to mandatory retirement.
Many of my county law enforcement counterparts have retired from the county police department (PD) and many without a plan.
Some have taken jobs with other local PDs. I know that some have even began to climb the promotional latter again. Some have stated over has Chief of Police in local PDs, educational institutions and Hospitals. Some have gone into private industry with fairly good paying salaries. Not bad for someone that may or may not have had a plan. However, I do know that most must have the second job due to the lack of a retirement exit strategy. Some of these folks would like to stay retired but financially are not able.
Now there are a few counterparts that planned their exits from law enforcement and have become entrepreneurs owning their business in areas where they showed passion, while working the job they loved as law enforcement officers. As one of county PD retiree told me, “I do what like and it does not feel like work. I can quick; whenever, I want but Why?”
If you start over in another law enforcement career, private industry, or become a business owner the reality is that you have rethink retirement. You have rethink what will retirement look like for you.
I ask you. Do you have a plan for retirement? Are you planning at least fives years ahead? If not begin planning your retirement today. What does this plan look like? Everyone has an ideal retirement vision. Define an area in your life for which you have a passion and begin the pursuing of it before retirement. This will allow you time to see if your passion can become profitable. Start networking with colleagues and friends to see if there any work that you want to do while in retirement.
At minimum get financially educated. Start your process of becoming debt free. It will lead you to becoming financial free and you can live the life in retirement you envisioned.
If you have a retirement story and want to share it with this community for other to learn and grow. If you want to learn more feel free to reply to this post and sign up for future posts. You may change someones future. If you want to contact me here is my contact information: email@example.com or text me 334 357 6410.
Side Hustle! Why my “normal” Law Enforcement Officer job isn’t cutting it anymore?
Brian Cain Law Enforcement Officer from Officer Dad and Felix A. Montelara Law Enforcement Officer from The Potential Millionaire two law enforcement officers discuss how your passion can lead to a side hustle that can be rewarding. Brian tells us about his love for the coffee through is involvement in the Georgia Bean Roasters Company. He also explained how a failed Kickstater® campaign thought him new life lessons. Brian has also found success being persistent and patient doing what he loves. Brian tells us that law enforcement officers blog as a side hustle but make every attempt to keep their identity private. I explain what should we do with the money we earn and how we should make it work for us.
I hope you enjoy the interview with Brian. If you want to learn more feel free to view www.potencialmillonario.com English blog or you can contact me at firstname.lastname@example.org, 334 357 6410.
Payday loans are a type of loan in which you can borrow money and repay it the next payday. A payday loan is an unsecured loan, for which you can be approved quickly but at a huge interest rate (should be illegal). The reason for the higher rates is the risk taken by the payday lenders.
If you are in debt and work or live an area where payday loan establishments are accessible to you, take a good look at them and know that if you do business with a payday lender at the exorbitant rates of payday loans understand that it will be a bad financial decision compounded on bad past financial decisions that lead you to considering borrowing from a payday loan lender in the first place.
Here is an explanation of how interest rates are calculated:
Determine how much you need to borrow then find out the finance charge amount and the loan term. Once you have the amount figured
Divide the finance charge amount by the loan amount. For example, if you borrow $100 and the total amount of finance change is $10, just divide the $10 with $100 and you will get 0.1
Multiply the 0.1 by 365 (the number of days a year), you will get 36.5 or if the loan is payable in 10 days then just divide 10 by 365 and you will get 3.65.
The number you get from step 3 must be multiplied by 100 for you to get the annual percentage rate a.k.a APR that you will need to pay.
I have placed a payday loan calculator below.
Just plug in the numbers and you will see how the title of this blog applies. Let me explain: if you were to keep renewing the example loan from above over and over again because of need your APR would be 365%. Compare that to a credit card cash advance or just borrowing from a friend at a double digit versus triple digit percent. Its like being robbed!
At PotentialMillionaire.net we understand that payday loans are legal and a source of funding. However, we also know that they are very dangerous for your financial health. We only ask that you consider alternate routes of financing if possible.
Meet Coach Jason Law Enforcement Officer and watch his interview with Brian Cain from Officer Dad. If you are wondering if you can get out of debt watch the second video in this post. I hope you learn that it is possible to be a law enforcement office (LEO) and not have debt.
Coach Jason was buried in debt. Then one day, his wife introduced him to Dave Ramsey. Dave taught him how to properly handle money and helped us create a plan to dig out of debt and start to build wealth.
In two 28 months, Jason and his wife paid off $77,232.88. On a single income as Law Enforcement Officer (LEO). No inheritances and no lotto winnings they just had plan.
Source: Brian Cain Officer Dad
Are you ready? Have you had enough? Do you want to stop living paycheck to paycheck? Are you tired of wondering where your money went? Ready to start telling it what to do? Checkout this video.
This is the very first post for “The Potential Millionaire” Law Enforcement Edition and I just want to say Welcome.
If you are in law enforcement you will find resources on this site to help you progress financially.
If you are thinking about joining the brotherhood of the thing blue line is the site for you to get started.
So, turn your dreams into reality. Stop living pay check to pay check. Stop exchanging your time for pennies on the dollar. Learn to manage your money. Learn how to create wealth out of you passions. Learn how to get out of debt. Most importantly learn how to create a plan for your future.
When I was a young officer I would gather with other officers and ask question like: Is it better to pat extra on my mortgage or should I pay my car off first. This Law Enforcement site will provide you with the answer to these and other questions you may have about your money. Prepare yourself to change your thinking about money , and you will change your life.
Welcome to a new tomorrow,
Felix A. Montelara
LEO, Speaker, Author, & Radio Host
If you want to reach me: Fmontelara@hotmail.com or leave me message at 334-357-6410.