He who gets wisdome loves his own soul; he who cherishes understanding prospers. Proverbs 19:8
Often people don't plan well during the earlier years of their lives and, consequently, when faced with college expenses for their children or retirement, they panic and try to generate in five years what they should have saved over the previous twenty. That's like counting on the lottery for your retirement funds.
Taken from the Investing for the Future calendar by Larry Burkett.
I know that I didn't plan any type of savings any of my lifetime...and the savings plan that I started at the beginning of this year has gone awry.
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Comments: 10
very true
A college graduate decides she is going to start investing $200 a month into a Roth IRA growth mutual fund that goes up by an average of 12% a year. She diligently saves from age 22 to 65, and increases contribution by 3% each year. The ending balance at 65 is about $4.4 million. Not too shabby, huh?
thanks for the words of wisdom
Very True. Thanks for sharing
Thanks, Marsha.
thanks dear
Well.....don't feel bad, I spent my entire IRA. I used it mostly though for living expenses. I bought my cats, started the doll collection and used the rest for living expenses. I know I probably could have done better with it, but at the time also, it was "cash" money and I didn't want all that much cash on me. What to do with it? Bury it? I had suggestions, but I decided to just use it to my immediate benefit. The cats are an investment because they are show quality cats. I won't always get out of their kittens what they are actually worth, but they will produce quality kittens close to the CFA standard, or and that is not a promotion of any kind, just a fact of my immediate situation.
I have only one daughter is like her father and has no ambition or interest in education. She is settled in right now as a "being kept wife" by her husband. He is a detective now researching class C crimes in our area, was the chief of police, and is on the city board for something or other. So Melissa was always into community things, was a cheerleader all through school and every club you could imagine. She complained about me being gone away from her and she was gone more than I was. At least I was gone most of the time at a job. She was always off on some kind of "fun" event. Anyway....she continues on now pushing and supporting her husband into more and more. They are good for each other I suppose. She is active in the community in every way she can be and at school.
very nice
I've saved when I was able, but life kept getting in the way. At least my house mortgage is paid. That was a giant step in being able to retire.
extending a Helping Hand
Thanks!