There are many states including Iowa that are considering going to a merit based system for raises. Unions have lost there power a lot of places. In TX the state government is considering giving all teachers a $5k flat raise for next year. There is some opposition to that including those that want to give the money to the districts and let them divide it up based on teacher performance. As an educator (wife also an educator) a $10k family raise seems like a great deal to me though. My only vice with the merit based system in education is how they will grade each teacher, I just do not see a way to do it objectively.
When will you be able to retire?
- Thread starter SEIOWA CLONE
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There are many states including Iowa that are considering going to a merit based system for raises. Unions have lost there power a lot of places. In TX the state government is considering giving all teachers a $5k flat raise for next year. There is some opposition to that including those that want to give the money to the districts and let them divide it up based on teacher performance. As an educator (wife also an educator) a $10k family raise seems like a great deal to me though. My only vice with the merit based system in education is how they will grade each teacher, I just do not see a way to do it objectively.
You should be able to set up a trust with distributions at varying ages to protect against this situation. My FIL set up my wife's siblings with measured distributions to protect them against themselves. There was also an allowance in place in case of unexpected medical expenses.
I will soon be 52 and I am fully expecting to work to 70 - if I live that long.
I once bought some TicTacs while in the checkout line at the grocery store.
4% gave me 85% chance of success; 3% was 100% success. (35 years)
Looks like I'm going to need another million or two
Only YOU are responsible for your financial failures. #jimlad
My plan is to retire at about 30, move to the Yukon, and get eaten by a moose.
I’m laughing and crying at the same time. Laughing for you, crying for me.
I’ve only ever bought new cars for this reason. I keep my cars for 7-8 years or when the repairs start to cost money. I buy basic sedans, so the price for my 2015 was $25,000. Once you take the rebate for the new car and realize you lose 3 years of life with a 50,000 mile used car, the new one makes sense.
I think the reason they typically don't give you a number is because it is so subjective and open to a lot of variables (and ultimately different for everyone). I would say pick a number that you feel could get you to the finish line. Then you can start refining it based on potential expenses (both planned and unplanned), and any lifestyle choices you would like to make, while also accounting for how much you would like to leave your family when you have assumed room temperature.
I know he is a Ramsey guy, but Chris Hogan talks about the RIQ and does provide a number, although how valid is that number?
Bottom line, life is too unpredictable to be able to plan for all the contingencies of something this significant. I think the best bet is to "get it in the ball park" (have a range of options) and have a plan to continue to generate wealth that gives you a great chance to outlive the pile of money.
Sitting here thinking...... if I had $2MM in assets and no debt (house, investments that generate cash, etc.), it would make for an interesting decision / conversation as to whether or not I would still be working like I am today. I would have to make some lifestyle choices today to accommodate for a lesser lifestyle (to account for possible fluctuations in the account value and balance for the amount of liquidity I had / have).
If it was all liquid....you might not see me on this site again.
Because having to fight back someone who doesn’t understand basic money sucks.
Question. If I take a new BMW and write 50k on the windshield and then take a Yugo and write 55k on the windshield, which would you buy. Using the logic I get to work with, the more expensive one because it has to be better. And if you even consider trading vehicles, it better get done in a week or else you are being an *** and messing around.
As to the inheritance, I wouldn't plan on it........again too many variables. If it happens, use it as seed (or found) money and make it grow. It certainly will help accelerate you to your goals.
The reason your net worth is 2 mil to begin with is probably because you don't make impulse purchases like that.
One good thing is never consider your house an asset. Drives me crazy when Ramsey has his millionaire callers call and have 300k in retirement and a 725k house. Hey, great, but do you plan to sell that house and live in a tent to retire? No? Then don’t count it.
There is a reason that several investment companies won’t let you include your house as an asset. Because you shouldn’t.
That's what I'm looking for. A multi-millionaire super model.
Probably why I'm currently single!
