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Old 04-13-2002, 09:19 AM
  #21
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Because I had to work yesterday, Audio beat me to it... Compounding Interest!!!

I don't know about your personal financial picture, or the emotional baggage that is always involved with it, but you and your wife really should sit down with a financial planner. And you may need to visit a few to find one you both are okay with.

Once your wife determines how much $$ she wants to retire on, and when, you can work backwards to see how much needs to be invested each month to get there. This is the important part -- START EARLY!!!!!!!!!!! The longer you wait to start a retirement fund, the more you have to save each month. Wait too long, and you will be old, poor, unable to work, and the cat food is not just fiction.

Vist the financial planner, you might be suprised how little you have to give up now to offer you wife the comfort she needs.

Chart

PS, my father had a massive stroke shortly after he retired early. We almost lost him; would have without an experimental drug the hospital was testing. Now he is a paralyzed man in his sixties with ongoing huge medical bills, and can not work to earn the money to pay them. THANK GOD he had insurance, and a nest egg from steady savings and investing along the way to pay them. He traveled and had adventures and experiences and toys along the way. But he watched were money was spent too, and tried not to waste it on things soon forgotten about.

I understand your desire to live, but your wife has a point also.

We are more likely to have a disability then an early death, so don't forget about disability insurance.

Sorry, I rambled there. To sum it up, you can have your cake and eat it too, IF YOU HAVE A PLAN, AND ARE DISIPLANED ABOUT IT. Most of us piss away enough each month on things we don't even remember, that we could be millionares if it was saved and invested.

Good luck.
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Old 04-13-2002, 10:42 AM
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I also believe in spending now. I don't know anybody on thier death bed to who said " I wish I had spent more time at the office"
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Old 04-13-2002, 10:45 AM
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Year amount total Value of
per year invested investment
at 10%


1 " $1,000 " " $1,000 " " $1,000 "
2 " $1,000 " " $2,000 " " $2,100 "
3 " $1,000 " " $3,000 " " $3,310 "
4 " $1,000 " " $4,000 " " $4,641 "
5 " $1,000 " " $5,000 " " $6,105 "
6 " $1,000 " " $6,000 " " $7,716 "
7 " $1,000 " " $7,000 " " $9,487 "
8 " $1,000 " " $8,000 " " $11,436 "
9 " $1,000 " " $9,000 " " $13,579 "
10 " $1,000 " " $10,000 " " $15,937 "
11 " $1,000 " " $11,000 " " $18,531 "
12 " $1,000 " " $12,000 " " $21,384 "
13 " $1,000 " " $13,000 " " $24,523 "
14 " $1,000 " " $14,000 " " $27,975 "
15 " $1,000 " " $15,000 " " $31,772 "
16 " $1,000 " " $16,000 " " $35,950 "
17 " $1,000 " " $17,000 " " $40,545 "
18 " $1,000 " " $18,000 " " $45,599 "
19 " $1,000 " " $19,000 " " $51,159 "
20 " $1,000 " " $20,000 " " $57,275 "
21 " $1,000 " " $21,000 " " $64,002 "
22 " $1,000 " " $22,000 " " $71,403 "
23 " $1,000 " " $23,000 " " $79,543 "
24 " $1,000 " " $24,000 " " $88,497 "
25 " $1,000 " " $25,000 " " $98,347 "
26 " $1,000 " " $26,000 " " $109,182 "
27 " $1,000 " " $27,000 " " $121,100 "
28 " $1,000 " " $28,000 " " $134,210 "
29 " $1,000 " " $29,000 " " $148,631 "
30 " $1,000 " " $30,000 " " $164,494 "
31 " $180,943 "


I hope the above chart loads right. (NOPE, IT DIDN'T. FIRST COLUMN IS YEAR, SECOND IS AMOUNT SAVED EACH YEAR, THIRD IS TOTAL AMOUNT YOU SAVED AT EACH POINT, 4TH IS TOTAL OF SAVINGS PLUS GROTH AT 10%. THE LAST NUMBER, $180,943 SHOULD BE UNDER THE LAST COLUMN) The point I'm trying to make is that as little as $1,000 a year at 10% over time adds up. (10% is reasonable over a long period, and $1000 a year equals cable TV and a few drinks). Note: it takes roughly 24 years to reach $90,000, but only 7 more to reach $180,000. This is truely a waiting game.

Take on debt, and you'll get in a hole that is hard to dig out of. You'll never have enough money for the fun things or savings, let alone both.

You and your wife need to reach an agreement on this. Fewer problems kill a marriage than money.

Too Old: That was kind of you to say.

Last edited by Chart; 04-13-2002 at 10:49 AM.
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Old 04-13-2002, 12:29 PM
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PERFECT subject for me......I grew up in a Scottish (my last name is Scott) miser of a household. It absolutly KILLS my father to open his wallet, my parents house was payed off in 1960!!We lived a conservative ''save save save" lifestyle our whole lives, a minibike....."out of the question" hand me down bicycles etc etc,I used to have to beg for a quarter for a pop after hockey! He'd say "you can get a drink at home" it goes on and on.familys of kids where my Dad worked had much better things than us and remember my parents were mortgage free, no wonder I had a paper route and got my first "real job " at 14. ...........But heres what happens, all we ever heard growing up was "save for retirement" but what happens is when you scrimp and save your whole lives is that when it comes time to open up that wallet later in life you cant do it!!! you dont know HOW to go on a trip, you dont know HOW to ENJOY liesure time because it costs money. And get this......that house they payed off in 1960, the builder came along and bought the house and the property and put 37 houses on it, we thought finally, they will get the crowbar out ,open that wallet and enjoy themselves, they went on a couple of trips but thats about it and us kids were like clapping and cheering at that. I swear to god they will die with a half a mill in the bank, EZ. Good for us kids but I feel sad they didnt go out and enjoy themselves more as they are both in their 80s now. My brother, same as Dad, Cheap as hell. The way I look at it I will leave behind alot of material things, a nice house, truck and boat, some hotrod cars as apposed to cash. There will probably be some people that will be able to retire a little earlier than me but I bet at the end of itall I will blow them away in a life experience comparison.
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Old 04-14-2002, 12:16 AM
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Look at the chart with just $1000 per year. Imagine if it were just 2 or 3 times that.
My father passed away 2 years ago, We were pretty short on funds growing up and my parents were generous to a fault. My father passed away with out much money, But he had a good life. If not for siblings leeching off of my mom she would do just fine.
Teach your kids the roots of labor, don't hand them the fruits of yours. I work and have since 14, Yet I can spend money with the best of 'em. Save some -Spend Some
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Old 04-14-2002, 09:26 AM
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Actualy you have simple chioces to help grow your retirement nest egg;
1.Win the lottery

2. Get a better job so you can do both (Stop whining)

3. Lottery

4. Kill her, you cut your living expeses in half (hide the body well, you don't want to retire as a prison *****)

5. Lottery

6 Bank robbery, be carefull (See # 4)

7. Blood, and Sperm banks pay

8.Remember that movie indicent proposal? You mite have a hard time finding someone to pay a million dollars to sleep with your wife, but I'm sure you can get twenty bucks fifty thousand times!

9. Did I mention the lottery?
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Old 04-14-2002, 10:28 AM
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How many times have you been married vs. divorced. I'll bet they find the bodies in your backyard under every new addition......
Did you see the thread about the Redneck neighbor? wonder how many are in his yard.
I fed all mine to the gators in lk jessup
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Old 04-14-2002, 11:30 AM
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note to self.....

stay out of LK Jessup with Nebulous..
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