What Stpid Thing Have You Done Today? - Page 14

DreadPirateRoberts · 01-20-2010, 10:03 PM

Quote:

Originally Posted by Prudence

GD - same goes for college tuition. After my parents got over the shock of being penalized for saving for the rainy day (which was smart, given my dad's health at the time), they decided to do a lot of home improvements, since home value at the time didn't factor in to the calculations. Don't know if that will be the same in situation in 18 years, but you might want to keep it in mind.

You could insulate the house with dollar bills.

Ghoulish Delight · 01-20-2010, 11:24 PM

We'll see. I've still got one more avenue to explore, calling HUD directly to see if they've got any programs we qualify for. When the guy at the bank who holds our mortgage realized my savings were too high to qualify for any of the programs he had access to, that's who he referred me to.

This whole exercise has highlighted the need for us to start working with a financial adviser. We've got saving and are doing nothing useful with it. We've now got the possibility of a college tuition to start thinking about, who knows what we'll be responsible for as our parents seem to insist on continuing to age, and then of course there's retirement, whatever that may or may not look like in 30 (40? 50?) years. It would be nice to get some help with planning.

BarTopDancer · 01-20-2010, 11:33 PM

With regards to college savings - a long time ago I signed up for UPromise. It gives you a cash back type award that can be rolled into a 529.

There are lots of ways to utilize it, but I just have my plastic linked to it. If I'm shopping online I'll check and see if they have a larger bonus for using the click-thru link on their site. Otherwise, I shop as normal. Anything I get is a bonus.

Moonliner · 01-21-2010, 10:06 AM

Quote:

Originally Posted by Ghoulish Delight

We'll see. I've still got one more avenue to explore, calling HUD directly to see if they've got any programs we qualify for. When the guy at the bank who holds our mortgage realized my savings were too high to qualify for any of the programs he had access to, that's who he referred me to.

This whole exercise has highlighted the need for us to start working with a financial adviser. We've got saving and are doing nothing useful with it. We've now got the possibility of a college tuition to start thinking about, who knows what we'll be responsible for as our parents seem to insist on continuing to age, and then of course there's retirement, whatever that may or may not look like in 30 (40? 50?) years. It would be nice to get some help with planning.

If you put $2,000 in an IRA plan now by the time Theo retires it will hold about $500,000.

€uroMeinke · 01-21-2010, 08:12 PM

Quote:

Originally Posted by Moonliner

If you put $2,000 in an IRA plan now by the time Theo retires it will hold about $500,000.

I wonder if that will be a large sum in 2077

DreadPirateRoberts · 01-21-2010, 10:16 PM

Quote:

Originally Posted by Moonliner

If you put $2,000 in an IRA plan now by the time Theo retires it will hold about $500,000.

I want to know where you are going to get an 8.5% return for every year until he retires.

Ghoulish Delight · 01-21-2010, 10:22 PM

When it comes to retirement, it's not a particularly large sum in 2010.

Alex · 01-21-2010, 11:06 PM

Quote:

Originally Posted by DreadPirateRoberts

I want to know where you are going to get an 8.5% return for every year until he retires.

8.5 is kind of high. Average DJIA return over the last 65 years is 6.52%. Doesn't seem that far different but $2000 invested on January 1, 1945 would have only returned $137,000 on January 1, 2010.

Still, put away $2000/month for retirement from birth and get 6.52% back and Theo'll have a nice $56 million nest egg. I'm guessing that even in 2075 that will be decent living.

Ghoulish Delight · 01-21-2010, 11:23 PM

Quote:

Originally Posted by Alex

Still, put away $2000/month for retirement from birth and get 6.52% back and Theo'll have a nice $56 million nest egg. I'm guessing that even in 2075 that will be decent living.

All Theo has to do is buy out our mortgage company and that $2K/month (and then some) is all his!

DreadPirateRoberts · 01-21-2010, 11:32 PM

I had planned to do something like that for our kids with a Roth IRA, unfortunately the money has to be earned income, so that kind of throws a wrench in the plan.

01-20-2010, 11:24 PM	#132
Ghoulish Delight I Floop the Pig Join Date: Jan 2005 Location: Alternative Swankstyle Posts: 19,348	We'll see. I've still got one more avenue to explore, calling HUD directly to see if they've got any programs we qualify for. When the guy at the bank who holds our mortgage realized my savings were too high to qualify for any of the programs he had access to, that's who he referred me to. This whole exercise has highlighted the need for us to start working with a financial adviser. We've got saving and are doing nothing useful with it. We've now got the possibility of a college tuition to start thinking about, who knows what we'll be responsible for as our parents seem to insist on continuing to age, and then of course there's retirement, whatever that may or may not look like in 30 (40? 50?) years. It would be nice to get some help with planning. __________________ 'He who receives an idea from me, receives instruction himself without lessening mine; as he who lights his taper at mine, receives light without darkening me.' -TJ
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01-20-2010, 11:33 PM	#133
BarTopDancer Prepping... Join Date: Jan 2005 Location: Here, there, everywhere Posts: 11,405	With regards to college savings - a long time ago I signed up for UPromise. It gives you a cash back type award that can be rolled into a 529. There are lots of ways to utilize it, but I just have my plastic linked to it. If I'm shopping online I'll check and see if they have a larger bonus for using the click-thru link on their site. Otherwise, I shop as normal. Anything I get is a bonus. __________________ Spork is the new MacGyver Postcards From My Edge
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01-21-2010, 10:22 PM	#137
Ghoulish Delight I Floop the Pig Join Date: Jan 2005 Location: Alternative Swankstyle Posts: 19,348	When it comes to retirement, it's not a particularly large sum in 2010. __________________ 'He who receives an idea from me, receives instruction himself without lessening mine; as he who lights his taper at mine, receives light without darkening me.' -TJ
	Submit to Quotes

01-21-2010, 11:32 PM	#140
DreadPirateRoberts Senior Member Join Date: Mar 2006 Posts: 2,483	I had planned to do something like that for our kids with a Roth IRA, unfortunately the money has to be earned income, so that kind of throws a wrench in the plan.
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