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| TommyT-Bone | Retirement Planning | ||
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Chair-man of the bored
 
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Posted on: 2010/6/27 14:27
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| teebee | Re: Retirement Planning | ||
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2014 Memorial Day Car Show Winner!
 
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I'd have to agree....we've been lucky to pretty much control our debt. Right now, the only debt we have is the mortgage, and we are less than three years away from having that done. I want the wife to continue putting away the amount I was paying on my Corvette (which we paid off earlier this month) into an account where we can have a nest egg ready for the next car purchase.
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Posted on: 2010/6/27 15:36
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2007 Atomic Orange 3LT coupe. Borla Exhaust One of Americas' proud Deplorable 
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| BillH | Re: Retirement Planning | ||
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The Stig Moderator
 
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" I made my coffee, turned on the local news and planted my ass on the couch. The wife was getting ready to head out at 6:30 as she always does. As she was leaving she cast me a glance. One of those guilt laden, you SOB looks as she headed off to work."
Practice looking like you've planned a busy day. |
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Posted on: 2010/6/27 16:44
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Every man dies but not every man lives. |
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| flyboy | Re: Retirement Planning | ||
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Elite Guru
 
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Mine's home all day, so I have to do my "out of sight, out of mind" planning. |
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Posted on: 2010/6/27 16:59
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| Steve40th | Re: Retirement Planning | ||
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Elite Guru
 
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Good points on retirement. When I retire from the service,at age 44, that doesn't mean I will retire from working.
I have been socking money away for 10 years. Not much, then the market hasnt helped much. Kids etc are the part that make retirement more difficult as they can reduce your moneys fast. |
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Posted on: 2010/6/27 17:23
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Ko'u ohana aia ku'a ikaika |
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| Ultraman | Re: Retirement Planning | ||
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2015 Memorial Day Car Show Winner!
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Staying out of debt is key to success. Sometimes you have to be in debt such as a mortguage or business expansion. Credit card debt and home equity debt means you are probably living beyond your means. That's why I drive a nice paid for C4 instead of in debt for a C6.
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Posted on: 2010/6/27 22:24
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2010 Grand Sport Coupe Gone but not forgotten... Vote DeSantis in 2024.... Make the IRS go away... |
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| Steve40th | Re: Retirement Planning | ||
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Elite Guru
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True, if you did a C6 payment a month on modifications on your C4......  |
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Posted on: 2010/6/27 22:40
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Ko'u ohana aia ku'a ikaika |
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| Matatk | Re: Retirement Planning | ||
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Webmaster
 
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It's funny how when someone writes down "common sense" it becomes some great standard to live by.
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Posted on: 2010/6/28 2:06
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2002 EBM convertible, Magnusson supercharger, cam, headers, etc. 1989 Corvette...RIP |
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| TommyT-Bone | Re: Retirement Planning | ||
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Chair-man of the bored
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Well that's just common sense. |
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Posted on: 2010/6/28 12:05
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| CentralCoaster | Re: Retirement Planning | ||
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Senior Guru
 
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Sorry but that article is sorely outdated.
Even mortgage debt isn't good debt and not dependable as an asset. I've been widdling my expenses down to the bone, and the non-mortgage debt I do have is under 2%. The mortgage on the other hand, is killer. A $100,000 mistake right there, basically cancelling out my earning potential. For debt, the APR matters, and the terms of the debt, nothing else. Whether you own your house and have a crapload of 5% debt on a Lamborghini, or you own the Lambo and have the 5% on house... doesn't make a difference. |
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Posted on: 2010/7/2 3:07
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| Vetron87 | Re: Retirement Planning | ||
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Elite Guru
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My wife and I planned for retirement since the 80's, when she retired from teaching in 07 we had zero debt except for monthly bills. When I retire next year from teaching I plan on teaching vocational welding during the year. Veba account will cover our health insurance until 65. I feel like I'm in control but Murphy's law can always bite you in the ass. VA benefits are there for me but have never checked them out. I would rather have my VA benefits go towards the young guys coming back from Afgan and Iraq.
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Posted on: 2010/7/2 3:25
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| TommyT-Bone | Re: Retirement Planning | ||
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Chair-man of the bored
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Maybe it is outdated but the 5 major points are still valid. An incredible number of people don't do anything for their future and are resigned to a life of labor. The point is to save and pay off debt. Don't live above your means unless you want to work till the day you die. No Lambo's till you have the cushion. If your house is paid off even if it worth less than what you paid for it is still a roof over your head. What sucks is that people live in the same house for decades and are taxed out of it by property tax increases and insurance increases.
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Posted on: 2010/7/2 8:53
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| Vetron87 | Re: Retirement Planning | ||
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Elite Guru
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Totally agree Tommy. Seems like savings and investing in "Your" future has elluded the majority of families today. Maybe its growing up poor, risking my life in war or maybe the drive to never look back an embrace what the future holds that makes planning easier for me. I'm working 1 more year for a selfish reason and it comes in the form of a Camero SS and help find a replacement for my woodshop. People would rather pay someone else their hard earned money(bills) than pay themselves. |
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Posted on: 2010/7/2 14:18
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| flyboy | Re: Retirement Planning | ||
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Elite Guru
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Here's a good rule, "never pay someone to do something that you can do yourself".
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Posted on: 2010/7/2 14:30
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| CentralCoaster | Re: Retirement Planning | ||
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Senior Guru
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That saying is why both of my motorcycles don't run, why my garage isn't built, why my DeWitt radiator sits on the shelf and my car's paint is falling off, and the steering box on my truck is shot. Or, I guess the lesson is, if you're capable of doing it but not capable of making time for it, you can't do it yourself. |
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Posted on: 2010/7/2 19:39
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1985 Z51, ZF6 |
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| TommyT-Bone | Re: Retirement Planning | ||
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Chair-man of the bored
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As everyone knows around here, I farm out lots of projects I could do myself. Time and effort make it all worthwhile. Sometimes I just like to get something done and over with and done by a pro. I have a tendency to do it wrong.
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Posted on: 2010/7/2 23:46
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