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For what it's worth, since it was first used in this thread, I have assumed "accumulation phase" is about accumulating retirement savings/security, which I think is what that phase in life is for most people. Not accumulating boats or sports cars. I agree with you the latter is ridiculous.
Thanks for the link. I always wondered how to find an estimate of that.
Car buying rule. Want a BMW? Once your income hits 400k go nuts.
I think it's highly likely that the income cap will be eliminated at some point, which should dramatically assist in the longevity of the system. Hopefully that will go along with reform of SSI, which is the growth driver and also the subject of lots of fraud.
God bless.
That's insane.
Yeah - I agree. IMO 20% is a good number. The article does kind of point out, by contrast, that most people buy way, way too much car. Or worse lease them (some 75% of luxury cars on the road are on leases.).
I'd happily go without a car if I lived in a place like Chicago, DC, NYC, etc. It's not really an option for most places.The whole "don't buy this car" thing is always weird to me. People waste their money on all kinds of dumb #### - vacations, drinks, shopping, bigger house than they need.
I enjoy driving.
People buy crap they can't afford all the time. I've known couples that rarely see each other because they bought huge homes well beyond their means trying to keep up with the Jones's. I mean like miss your kid's childhood because you are working two jobs or volunteering to go overseas just to not lose it to a foreclosure. The stupidity of seem people is truly astounding. Just ask them how happy that house made them! Car is the same same thing, only on a slightly smaller scale.
Idiopathic Juxtafoveal Telangiectasia. The first doctor we saw here locally had never seen an actual case. (only read about it) He referred us to another specialist that had seen it once before. Basically, the blood vessels turn at a right angle and cross in front of the retina, leaving behind scar tissue and blocking vision. It's really random on when and how it will effect her vision. If there's one thing that we both learned from it, is to be happy with what you have. It's the reason we chose to pay off our mortgage when we received an inheritance. It may not have been the shark move, but it was one more thing we didn't have to worry about. We try to live life each day as if nothing is guaranteed. Objects mean very little to us. Money seems insignificant when you can't see what you bought. Life is more about experiences and memories that remain in your mind.
Based on doing some simple math for me using current rates and being max, it’s about $24k per year at 62, so you have $120k by 67. The difference in monthly is $800 if you wait till 67 so around 150 months or 14ish years. If you use say 6% investment, the $120k has doubled by year 14, so honestly you might not ever catch up because that $800 might not ever catch up.
It's not necessary to drive in Chicago. But, more importantly, it just isn't fun to drive in Chicago. And it's expensive.
It's not necessary to drive in Chicago. But, more importantly, it just isn't fun to drive in Chicago. And it's expensive.
I certainly got that impression in my few visits. Probably better to rent a car when you want to drive somewhere like vacation.
I view this in this way:
No it won't, not for you. If you start saving for retirement now, you might be retiring at 60 while everyone else you know retires at 80, even if they make a lot more money than you.Survivor7700 said:
Same.
So what percentage of your check once you get a career job do you suggest to put away in the 403b or 401k?
The max allowed. Learn to live off the rest. At least in the beginning.
Depends how much you make, but like the other guy said, put in the max allowable. If you make 30 grand that would be tough, but do it anyway and just work more for a little while
Within reason. Make sure you get every penny of the match, but don’t build up CC debt because you are maxing ou the 401k. The match is a 50-100% return usually, but CC debt is 20% type losses. Also, once it’s in the 401k it’s locked up outside of loans (only work if at same job and plan - can be required to pay back immediately if switch) or taxed and penalized.
Thank You, like I said I just started college but am leaning towards getting an RN Degree as well.
My parents have taught me the not running up credit card debt by example so I am good there.
Then go get a job at a decent hospital system working as a nursing aide, and have your school paid for while you are working there.
Right now I just started at a Community College and am getting the Pre-Requisites out of the way. That is a great idea.
Yep - at low income levels that money can mean a lot. I've always liked the idea of starting out at 10% and upping it 1% every year when a raise comes in. It softens the blow a bit.
Don't know much about Kiyosaki, but his quote "spend lavishly on the things that matter to you and brutally cut the rest" is great advice. For me after my wreck the car mattered little. Now, if the bike inside was hurt I was gonna be pissed. It's always a trade between pleasure now or pleasure later and what you care about.The whole "don't buy this car" thing is always weird to me. People waste their money on all kinds of dumb #### - vacations, drinks, shopping, bigger house than they need.
I enjoy driving.
Start saving now.Survivor7700 said:
Where I work, a part time employee gets a tuition reimbursement of $3,000 per year for undergrad (double that if you work full time).
south to a certain point, camp, repeat..
Plan is no House payment and NO car payments..
If you don't have car payments at some point in time a new car will be needed and it's either payments or using some of the nest egg.Plan is no House payment and NO car payments..
Daughter graduates college May 2019 and is getting married September 2019... It is nice to know that those two BIG expenses will be over and down with next year.
I turn 51 in this December and can start increasing the amount of money I put in my ROTH IRA, and other investments after the wedding.
I am attending a Community College right now and the school is a very good one for Nursing so that is probably the way I would go. I will start looking at Aide positions at the local hospital in my area. Thank you so much.
Perhaps. Depends really. As I mentioned above, I work from home and my wife is already retired. We put perhaps 3k a year on our two cars COMBINED. Once I'm retired, that could drop even more. Cars could easily last 20 years or more.
Between healthcare, kids spending and potentially downsizing house all causing change in future spend, I have a tough time even answering for my situation.
Start with your current lifestyle and spending as a baseline.
