In the NEWS

Penn Reckoning
University of Pennsylvania President Liz Magill resigned Saturday amid backlash over remarks made during a congressional hearing about on-campus antisemitism Tuesday. Reports of antisemitic harassment have increased at US universities since the start of the Israel-Hamas war two months ago, prompting scrutiny of those institutions' responses. A major donor withdrew a $100M partnership with Penn Thursday as a protest of Magill's comments.




Diamond Deal
Shohei Ohtani, one of baseball's biggest stars, will depart the Los Angeles Angels and head across town to the Los Angeles Dodgers after signing a contract reportedly worth $700M. In total value, the 10-year deal is believed to be the biggest contract signed by any athlete in global sports history.



Texas Abortion Battle
The Texas Supreme Court paused a lower court's ruling over the weekend allowing a Dallas-area woman to receive an abortion despite the state's new laws limiting access to the procedure. The case is believed to be the first of its kind in the US since Roe v. Wade was overturned last June.



Retirement
This Princeton grad's startup raised $161M to help people plan for retirement.


If you're one of the whopping 110 million Americans over age 50—or a wise Millennial looking to get ahead—SmartAsset's no-cost tool makes it easy to find vetted financial advisors who serve your area. Research suggests that people who work with a financial advisor could end up with 15% more money to spend in retirement.¹


Science

• European Union reaches world's first comprehensive set of regulations for AI; plan creates a risk ranking system for different types of AI and allows consumers to file complaints against platforms (More)
• Paleontologists discover 75-million-year-old fossil of a Gorgosaurus, a species of tyrannosaur from what is now western North America, with its final two meals preserved in its stomach (More)
• Physicists demonstrate optical tweezers—focused laser beams that can hold and move tiny objects—which can position single molecules so precisely they can be used for quantum computing (More)

Retiring on $2,300 each Month

Retirement is a time of frugality for many, since other than Social Security and pension payments, many folks don't have much money coming in. If you're not rooted to a specific location, you are free to move to where the living comes cheaply, like the 10 small towns on this list.

For this study, GOBankingRates considered small towns with populations of less than 30,000 where you can retire on a budget of $2,300 or less, using data from ApartmentList June 2022. 

We also used Sperling's Best to find the cost of living index for every city on the list and data from the Bureau of Labor Statistics' 2020 Consumer Expenditure Survey. 

We then added monthly housing, grocery and healthcare costs together to find where a person 65 and older could get by on the $2,300 budget.

Equally important was a city's livability score -- the cities on this list had to have a score of 65 or higher as sourced from AreaVibes. When all was said and done, three states dominated the list.   READ MORE...

Best Cities In Which To Retire

Living on a fixed income during retirement doesn’t mean you have to miss out on any opportunities to have a fulfilling retirement. While it might seem difficult to find a place to retire that is affordable and also checks off all your boxes in terms of climate and social life, there are several cities that have it all.

To help you find a place to retire that fits your economic and lifestyle needs, GOBankingRates has created a list of the best places to retire for $2,000 a month that are not only affordable but also feature warm weather and sunny skies.

12. Pittsburgh
Total Monthly Expenditures: $1,776.08
Livability score: 75

In Pittsburgh, retirees can rent a one-bedroom apartment for the cost of $990.40 per month. The city features a monthly grocery average of $415.95, and monthly healthcare falls on the lower end at $369.72. Those looking for social opportunities during retirement might want to consider this city, as 20% of the population is 65 and older.

11. Temple, Texas
Total Monthly Expenditures: $1,794.41
Livability score: 75

Temple is a great option for retirees looking for a warm and sunny climate, as the average temperature high for the city falls at 78 F and the average low at 55 F. Temple’s monthly rent falls at $971.40 and grocery costs for this city average $401.95 per month.

10. Roanoke, Virginia
Total Monthly Expenditures: $1,750.60
Livability score: 75

Roanoke is a great place for social butterflies as 20% of the city’s population is 65 and older. The city’s rent falls at $887 per month and the monthly grocery costs fall in the middle of the pack at $392.07.

9. Longview, Texas
Total Monthly Expenditures: $1,684.45
Livability score: 78

In Longview, retirees can expect to save the most on groceries as the average monthly cost falls at $378.89 — the cheapest out of the cities on this list. The rent for a one-bedroom apartment in Longview falls at $877.60 and monthly healthcare falls in the middle at $427.97. The weather is nice too with an average high of 77 F.

8. Huntsville, Alabama
Total Monthly Expenditures: $1,703.78
Livability score: 79

Retirees in Huntsville can rent a one-bedroom apartment for an average cost of $855 per month. The grocery bill for this city falls in the middle at $395.36, with monthly healthcare costing $453.42. The average low here is only 51 F.   TO DISCOVER THESE OTHER CITIES...  CLICK HERE...

Plan Your Life

If I were to advise someone in high school what to do with their lives, I think this is what I would tell them...  

First, learn what you can in high school but have fun as well.

Second, join the Air Force after graduation and as soon as you can after you become designated with a skill, start taking college classes...

NOTE:  If you are in the Air Force, your likelihood of being sent to any war zone is next to nothing

Third, plan on remaining in the Air Force for 20-24 years...

Fourth, plan to have received a BA and MA degrees (perferrably in Education) by the time you leave the Air Force.

NOTE:  if you are 18 years of age when you graduate from high school, you will be only 38 years old after serving 20 years or 42 if you stay for 24 years.

Fifth, relocate in a Southern State and try to find employment at a Community College while you pursue a PhD in  Education.

NOTE:  Plan to work at this Community College for another 20 years or until you are 67 years old and can return with full Social Security Benefits.

So, you are now 67/70 years old and you are living in the South where is cos of living is lower than most other State and you are receiving 3 sources of retirement income:

• 20+ years from military
• 20+ years from Community College
• Full Benefits from Social Security (because you worked 40 quarters or 10 years that your paid FICA)

So...  let's just say that you are going to receive $1,500 each month from each one of those...  that will give you a retirement income of $4,500 each month for the rest of your life...  this does not include possible income from your spouse if you decide to get married.

HERE's another idea...

If you save $2.50/day and at the end of each month you put that money into a Mutual Fund...  and, if you do this for 40 years...  at the end of those 40 years you will have $500,000 that will give you a monthly income of $2,000/month for the rest of your life.

If you were to do the Air Force/Community College life plus the Mutual Fund savings, when you retired you would have an income of $6,500 each month.

The key is to plan out your life and then spend the rest of your life executing your plan...  Once you have developed a plan, you will have plenty of time to enjoy life along the way...

2015

My wife and I have been retired since 2015, so we have 5 years of retirement behind us...  and...  it is my opinion (whatever that is worth) that I will live at least another 2 decades which would take me to age 93...  My mother lived to almost 96 and my father lived until 89...  but, does that heritage support my longevity?  Maybe...  maybe not...  but, it is what drives my motivation.

At the beginning, my wife and I traveled a lot that included flights to Europe, Cruises to the Caribbean, and auto trips to various places of our interest all around the United States.  About the time that COVID hit us, my wife and I had pretty much decided that traveling no longer suited us.

Airports and Customs more than anything else caused our traveling dreams to end....  not to mention the fact that very few people in Europe these days seem to have made the decision that they no longer wanted to speak english....  and, more importantly, the food in Europe was not necessarily cooked to our Southern Tastes, at least those foods we could recognized.

A few years ago, we donated all our luggage to a local Church to sell at their Yard Sale and in order to travel now, we would have to purchase new luggage that to us seems like a needless expense.

The Great Smokey Mountains is only about 90 minutes away from our home in East TN and the Cherokee Gambling Casino is only 30 minutes beyond that...  although, neither my wife nor I have that much interest in gambling these days...  and if we do decide to gamble our limits are about $20/night.

While using our combined Social Security income, most of our monthly expenses are covered because of where we live in East TN...  this is not the case in other parts of TN or the case in other nearby States.  Our savings covers the other part of our expenses and allows us to travel in an average way...  so, we elect to focus on Myrtle Beach even though we have tried other places from time-to-time...  and, each time we do, we quickly realize we should have gone to Myrtle Beach.

Preparing to Retire

East coasters are best positioned to retire with flush nest eggs than Americans in other parts of the country, according to new data.

Connecticut residents have the highest retirement savings account balances out of the entire country with an average of $523,568 saved per household, according to data from Personal Capital, an online financial advisor and personal wealth management company. The analysis is based on balances of IRAs, Roth IRAs, 401(k)s, and 403(b)s of 2.8 million anonymous users across the country.

Other New England and Mid-Atlantic states follow Connecticut, such as New Hampshire (No. 2) with an average of $494,562 saved, New Jersey (No. 3) with an average of $489,664, and Virginia (No. 5) with $468,579 saved. The geographic outlier is Alaska (No. 4) with an average balance of $489,070.  READ MORE

 INCREASE THE SIZE OF THE SUPREME COURT...

MAKE WASHINGTON DC A STATE...

MAKE PUERTO RICO A STATE...

END THE FILABUSTER...

ALLOW ALL ILLEGAL IMMIGRANTS IN...

CENSOR CONSERVATIVE VOICES...

DEFUND THE POLICE...

IF YOU ARE WHITE YOU ARE A RACIST...

WHITE PRIVILEGE MUST END...

This is no longer the country in which I was born and I really don't recognize her anymore...  These changes will not really impact me that much since I am retired and really do not have to play these games anymore...  and, as long as the Stock Market continues to grow, my retirement income will grow as well...  If the Stock Market stops growing and declines, I have money in straight saving accounts and can simply use that money as is needed and there is enough money to pay my wife's and my expenses until we are both 95 years of age...  What could impact us negatively is INFLATION and if that happens we will just have to reduce our expenses as we have already done and can continue to do...

Governmental changes will not really impact us...  but, they will impact YOU...  and your future unless you do something about it.  If you decide to ignore, then down the road you will pay the price...  and, down the road, I will be dead and will not care...

Personal Financial Planning

HOW MANY OF YOU HAVE CALCULATED YOUR NET WORTH?

HOW MANY OF YOU KNOW YOUR RETIREMENT AGE?

HOW MANY OF YOU HAVE DETERMINED YOUR RETIREMENT INCOME AND NEEDS?

The average American has answered none of the above questions...

The average American has not thought about retirement...

The average American saves no money.

The average American has some sort of debt.

Retirement Questions:

1. What is your retirement age?
2. How much Social Security will you receive?
3. Do you have a 401K or other savings plan at work?
4. Do you have any investments?
5. Are you in good health and will you stay that way?
6. How many homes will you buy and sell?
7. How many vehicles will you buy and trade in?
8. How many children will you have?
9. Will you pay for their college education?
10. How many companies will you work at?
11. Will you relocate out-of-State?
12. How much Life insurance do you have?
13. How much car insurance?
14. How much home owner's insurance?
15. How much money do you save each year?
16. Is your debt increasing or decreasing?
17. Do you exercise and eat healthy?
18. How much alcohol do you drink?
19. Are you managing your stress?
20. Do you drive the speed limits?

Profound Happiness and Enjoyment

One of the decisions that my wife and I made during the last few years of working before retirement was for me to take some consulting and teaching jobs since whatever income I generated would not impact or reduce my Social Security since I waited until age 67 to claim Social Security.  We decided to use that extra income to refurbish the house, especially the kitchen and bathroom...  but also to put in a 26 foot round pool, surrounded by a large deck with a gazebo and hot tub.

We knew that we could make this financial commitment because 5 years earlier, we achieved our financial freedom by becoming debt free 

Looking back at our paperwork...  all of this was done 10 years ago and I have been retired 6 years.  There have been some repair bills on the hot tub but that is because we were advised to use powder chemicals when we should have been using liquid chemicals...  and just normal wear and tear.  However, the pool has never needed maintenance but we have had to purchase a new motor.  During the summer months, the motor operates 24/7, so replacing only one motor is not that bad.

I am in a state of PROFOUND HAPPINESS AND RELAXTION every time I lower my body into the hot water of the HOT TUB.  Out hot tub seats 6 people, so there is plenty of room for me to extend out my entire body with my arms over the sides to hold me up.  I close my eyes and remain in that position for a good 30-40 minutes.  Then, I turn on the jets that massage my upper and lower back which is especially comforting when I have overworked in the yard.   I have lower back issues anyway so the massage is just a good way to keep my back relaxed.

I would say that I am in the hot tub every other day/night out of 365 days for a total of about 180 times a year and I get in the pool during the summer weeks about once or twice a week and typically that is for exercise purposes because I walk around the perimeter for about 20-30 minutes...  after 4-5 revolutions one way, I turn and walk in the other direction against the water currents that my movement created.

This past summer, when we could not go to MYRTLE BEACH because of COVID, our backyard pool and hot tub got a workout and while others stayed inside, we were outside enjoying ourselves either in the sun or the shade, it did not matter.

This was money well spent...

BTW...

most hot tubs last 10 or years and most pools last a little over 7-8 years...

my wife and I made of point of taking good care of both...

and, it has paid off.

At 73, I figure I only have 5 good years left maybe 7, but after 80, it is going to be a little difficult getting in and out of the hot tub.

Since my wife no longer enjoys the hot tub (for reasons that only her own), if we ever need to replace this one, I will invest in a 2-3 person tub as I really don't need all the extra space.

End of the Week Thoughts

Being retired, I have plenty of time to think, reflect, and write about those moments in my life that seem relevant to me know, but maybe not then...  when they were taking place...  and, instead of writing my thoughts in a state of silence, I have purchased a cheap pair of headphones and am listening to classic rock station on the interest from 1964-1977...  and, as it brings back memories, I write...  life don't get no better than this.

From 1962-1966, I attending high school in Cairo, Egypt as the son of a Diplomat so the house that we lived in was rather GRAND to say the least.  The living area was upstairs with a bathroom for each large bedroom and there were 6 bedrooms.  Downstairs, we had two rather large living rooms one of which had a stage for a small band, a kitchen, pantry, dinning area, and a all glass sun run in which we ate our morning meals.  There was a patio completely surrounding the house and an acre yard that was completely enclosed by bushes.

We had a cook who had an assistant and we had a house boy who cleaned and a gardener who maintain the outside yard.  My dad had an embassy car and driver who would also take us wherever we needed to go when he wasn't driving my dad somewhere.

It wasn't the life of a billionaire or even a millionaire, but it was a life of WEALTH and PRIVILEGE...

When I graduated from high school, I decided, for some reason, that I never wanted to live like that anymore...  that I wanted to live like the COMMON PERSON lived...  so, I lived in a trailer out in a field with no neighbors while attending college for 3 years until I decided that I wasn't satisfied and after dropping out, joined the US NAVY as an enlisted man which had never happened in our family...  I was later told.

Military life was not for me either...  too many rules and regulations...  and too much power and control, especially over those who were of a lesser rank, even though from one man to another man, we were all equal...  in the eyes of God.

Throughout my life, I did WITHOUT most everything that I did not need but as I grew older, I decided to reward myself with a few things...  convincing myself that I had finally earned them.  MONEY and thee quest for MORE MONEY was never something that I needed, even though I had earned both a BA degree and an MBA which was a ticket back then to HIGHER MONEY INCOMES.  I remained in the south where incomes were low and in education where incomes were even lower.

After 45 years of BEING CONTROLLED BY INCOMPETENCE or by those who because they were being controlled too had to act like they were incompetent, I decided to retire...   and, after calculating my finances...  decided that I a little bit more than I needed to live until my wife and I were 95 years old...  and, this was based upon the COST OF LIVING in East TN only...  if we moved somewhere else, even in the same State, it would cost us more to live.

Every year, I calculate our finances and I now look at me dying today and would my wife have enough money to pay the bills until she was 95 and after each calculation, the answer is always YES...  and, that includes living a MODEST LIFESTYLE like has been the case ever since I left high school.

So...

today, my wife and I went COVID was not here, took 4-6 (7 day) vacations each year and we would go out to eat once a week when not on vacation.  We have no need for additional clothes nor do we have any need for additional furniture for the house.  During the last few years of my career, I worked consulting gigs to earn some extra money for a pool, large deck, and hot tub and to refurbish our kitchen and our main bathroom making it handicap accessible.  We also had a large bedroom and bath built downstairs in half the basement, leaving the other half for a 2 car garage.

After 6 years of retirement, I an conveniently satisfied with everything that I have and do not miss anything that I don't have.  I have exactly what I need, nothing more, nothing less.  I have just enough money on which to live and enjoy my life as I want to enjoy my life.  AND...  we have been debt free for over 10 years.

I don't have an expensive car.

I don't fly first class.

I don't have a private jet.

I don't have a luxury yacht.

I don't have a big fancy house.

I don't have a million dollars.

Retirement and Beyond

When will you retire...  if ever?

My father retired at age 62 with a pension from the Federal Government (that now is no longer) and a pension from the US Military with the pay of Naval Caption just under an Admiral...  not bad for being in the Reserves for 26 years.  His retirement was more than I ever made annually...  

I retired at age 67 with about $500,000 in the bank...  no pension from any company...  only Social Security...  however, my wife and I combined our Social Security which helped a lot and we had eliminated our debt over a decade ago...  However, we had a small investment that paid us about $1,000 each month +/- so we never had to pull any money out of our savings...  plus I taught about 6 night classes for a local university...

The odds are that if you can retire at all, it will be at the age of 70...  and, no doubt 75 for your children and their children as retirement age creeps up to 80.

Social Security will be gradually reduced over the years but it will still be available possible in the neighborhood of 50-75% of what it is today.  The average social security check is about $1,500.

Advances in medical technology will enable people to live longer and longer so one will either need to keep working or make sure that they have enough in savings or income coming to them from other sources.

It would not surprise me at all that by the year 2050, our life span will increase from right around 80 to right around 100... and, by the year 3000, it will be 120 to 150...

However, by the year 3000, there is also a good possibility that we will not longer be living on this planet we call earth...  which is difficult for some of us who care to comprehend.

• How much money will you need in retirement?
• Will you be debt free?
• How much money will you have saved or invested?
• How many jobs will you have had?
• How many homes and vehicles?
• How is your health...  do you eat healthy and exercise?
• How do you manage stress outside of drinking alcohol?
• How will you compensate for inflation?
• How long will it take for prices to double?

Back in the 1960's, I paid $.18/gallon for gasoline and cigarettes were $.25/pack and a hamburger was $.15 and wages were $.75/hour...  that was over 50 years ago...  and, you know what the prices of things are today...  can you imagine what they will be like in 50 years from today?  I was 23 years of age 50 years ago...

American Capitalism

Capitalism is often thought of as an economic system in which private actors own and control property in accord with their interests, and demand and supply freely set prices in markets in a way that can serve the best interests of society. The essential feature of capitalism is the motive to make a profit.

Unfortunately...  capitalism does not always serve the best interests of society but it always serves as a motive to make a profit.  In fact, making a profit is the single most important feature of capitalism and what draws people into the capitalistic form of employment, either as an entrepreneur, as a owner of a factory or some form of enterprise, as a college graduate, or even as a common laborer or factory worker.

In capitalism, workers earn their wages from a company and not from the government for essentially not working at all.

Stockholders provide the necessary capital (funds) that enable for businesses to expand and grow and in return they are provided with a quarterly dividend and a potential growth of their stock in case they ever wanted to sell what they owned.

The downside of this arrangement is that companies oftentimes make decisions based upon what is in the best interest of the stockholder not necessarily what might be in the best interest of the company's employees or their future...  especially when two companies decide to merge together in order to improve economies of scale and raise their stock prices...  they no longer need all the employees of both companies...  so, there are typically layoffs.

RESULTS:  

Winners are the stockholders of the new company and its surviving employees

Losers are those who lost their jobs for one reason or another

NOTE:  Employees learn to stab each other in the back in order to protect their current and future positions with the company, leaving a bitter taste in everyone's mouth and a desire to finally retire as quickly as one can...

FINANCIAL PLANNING Part IV

Ideas to Save Money...

When buying a newer car:

• Don't buy a brand new one
• Look for a year old car (can save $10-$15,000)
• a leased vehicle
• leased by a company not an individual
• low mileage
• Once this car is pay off, save the payment money
• Use saved payment money to buy new leased vehicle

Upgrade your present home every 3-5 years:

• Purchase a $50,000 home (2020 - age 25)
• Only renovate bathroom/kitchen
• Sell for $75,000 (2025 - age 30)
• Shelter capital gains money from taxes
• Buy 2nd home for $100,000 
• Only renovate bathroom/kitchen
• Sell for $150,000 (2030 - age 35)
• Shelter capital gains money from taxes
• Buy 3rd home for $200,000
• Only renovate bathroom/kitchen
• Sell for $250,000 (2035 - age 40)
• Shelter capital gains money from taxes
• Buy 4th home for $300,000
• Only renovate bathroom/kitchen
• Sell for $350,000 (2040 - age 45)
• Shelter capital gains money from taxes
• Buy 5th home for $400,000
• Only renovate bathroom/kitchen
• Sell for $450,000 (2045 - age 50)
• Shelter capital gains money from taxes
• Buy 6th home for $500,000
• Only renovate bathroom/kitchen
• Sell for $550,000 (2050 - age 55)
• Shelter capital gains money from taxes
• Buy 7th home for $600,000
• Only renovate bathroom/kitchen
• Sell for $650,000 (2055 - age 60)
• Shelter capital gains money from taxes
• Buy 8th home for $700,000
• Only renovate bathroom/kitchen
• Sell for $750,000 (2060 - age 65)
• Shelter capital gains money from taxes
• Buy 9th home for $800,000
• Only renovate bathroom/kitchen
• Sell for $850,000 (2065 - age 70)
• Claim ONE TIME exemption from IRS on Capital Gains and purchase a less expensive home
• Pay off mortgage debt
• Save about $250,000 to $500,000

NOTES:

1. This concept assumes that the economy is continuing to grow
2. This concept assumes that each year you will receive wage increases
3. This concept assumes that you purchase a house that is in good physical condition
4. This concept assumes that you use common sense when renovating
5. This concept assumes that you take good care of your home
6. This concept assumes that you don't mind moving every 5 years
7. This concept assumes that you select homes in viable communities

Just Relaxing a bit...

About 12-15 years ago, after my wife and I paid off our mortgage on the house, we decided to renovate the outside of our house in case we did not have enough money to afford to go on a vacation to Myrtle Beach, SC which is where we both like to go in the summers.
\

Our first order-of-business was to install an above ground about 24-26 feet in diameter, then build a deck around the pool big enough for me to completely walk around to clean and wide enough to add a 12 foot by 12 foot gazebo along with a 5-person hot tub next to the wall of the house since the pool proper was about 10-12 feet away from the house. 

During those 12-15 years, we have had to do nothing to our pool or pump (except add a new motor) but our hot tub (a Hot Springs Prodigy) has required maintenance twice at a cost of about 1/2 of what we paid for it.  Part of the problem is that we were using powders to clean the tub and that was causing problems even though powders is what the seller recommended we use.  Once we switched to liquid, our only issues has been replacing the heating elements. 

A month ago, our hot tub stopped heating the water and we called the technicians expecting a $2,000 bill and decided that we would use our COVID-19 stimulus money from the Government but it was just a bad switch in the electrical box which cost us substantially less except for the huge labor fee.

My wife sits under the gazebo most every day in the summer when it is not raining or lays in a lounge chair soaking up the sun and if she gets too hot, cools off in the pool.  I use the pool on a daily basis but have to wear long sleeves because of my Melanoma and the sun, but what I do is walk around the circumference of the pool for exercise.

As far as the hot tub is concerned, I use it at least every other night all year long, remaining in the 104 degree water for about 30 minutes each time.  The jets are pre programmed to only last 15 minutes for health reasons.

Our investment in our backyard was the best money we every spent and those monies did not come from salary or savings but from consulting fees that I earned on-the-side as a second job.  If I had remained in NC, my skill set would have been a dime-a-dozen and no consulting would have ever come my way, but in TN I was unique and consulting gigs were easy to acquire.

FINANCIAL PLANNING Part III

In Financial Planning Part II, I talked about 401K's and the money that they could provide for you in retirement and while they are not the best source a savings, they are a source of savings and if your employers offers you one and is matching then put into 401K as much money as you need to in order to receive your employer's maximum match.






This post is about DEBT.

Debt will SUCK the life out of all families and their future, not to mention monies needed for a retirement that you are probably not even thinking about.



You must eliminate your debt!

Right now you are probably thinking how in the hell am I going to do that?

You can start by:

1. quit buying cigarettes if you still smoke
2. stop drinking alcohol everyday - maybe only on the weekends
3. stop going out to lunch at work
4. stop buying stuff you don't really need
5. be frugal in your purchases

These 5 items will get you started but what do you do with the money that you are saving?

You pay off your debt?

Let's suppose that you have the following debt?

• mortgage @ $1,000/month
• car loan @ $400/month
• school loans @ $300/month
• credit card @ $200/month

Recommended Approach:

1. Pay off credit card debt first with money you have scrounged up
2. Use money you have scrounged up with credit card debt money to pay off school loans
3. Use scrounged up, credit card, & school loan monies to pay off car loan
4. Use all those monies to pay off mortgage
5. Save all debt reducing monies to save for RETIREMENT

Not possible you claim...

Bullshit...  I say...  and, I know it can be done because I have done it...

I found ways to save money first.

Then I worked a second job.

After debt was paid off, I did two things:

     First - I renovated house for retirement with half the money

     Second - I saved the other half of the money

FINANCIAL PLANNING... Part II

In Part I (although, it was not labeled Part 1), I ended with 401K that many employees have set up with their employers, some of which match substantially and some of which match minimally.  Here's the information on your 401Ks...

Average 401(k) balance: $11,800. 

Median 401(k) balance: $4,300

SOURCE: NerdWallet Feb 7, 2020

If this is YOU, and YOU are 35 years old, YOUR average balance or Median balance could double or triple by the time you actually retire at age 70 which is doubling your current age...  this means that the average balance in YOUR 401K could increase to $23,600 (doubles once) or even $47,200 (doubles twice)...

NOW, let's round off the doubling twice amount and YOU are left with about $50,000.

NOW, let's suppose YOUR employer's contribution increases YOUR 401K to $100,000.

HOW LONG will YOUR  $100,000 last?

The CURRENT AVERAGE Social Security payout in 2020 is $1,800/month.

By the time YOU reach retirement age, it is estimated that you will only receive 80% of what is being received today, which means you will receive only $1,440/month.

Let's suppose that you are married, now that Social Security allowance for YOU and YOUR SPOUSE is $2,880 or rounded off is $3,000/month.

CURRENTLY, the average cost of living across the USA is $5,000/month.  So, you will need another $2,000/month or $24,000 each year and $240,000 over a decade...

But, 

YOUR 401K is only $100,000 and therefore will only last YOU and YOUR SPOUSE less than 5 years, assuming your money earns no INTEREST...  if we add INTEREST then YOUR money will probably last you 5 years...

DOES THAT SOUND LIKE A 

GOOD PLAN TO YOU???

Financial Planning

WHY DO YOU SUPPOSE A CARPENTER MEASURES TWICE AND CUTS ONCE?

For those of us who are intellectuals the answer to that question does not come easy... 

although, to a writer, it makes a little sense when we think about the tedious process of editing a manuscript... 

yet, neither of those areas reflect the true meaning of the carpenter's work because the true meaning revolves around and is totally dedicated to the concept of PLANNING.

Whether we are College educated, Trade School educated, Military educated, or simply High School educated, we are taught and have been exposed to the concept of PLANNING but seldom use it for our PERSONAL FINANCES.

Why do I suspect this?

BECAUSE Americans do not typically save money...  in fact, most Americans tend to borrow more money than they really need since they WANT more than they can AFFORD.  The has the same affect/effect of NOT PLANNING AT ALL.

Americans do not plan to have children, but they do like and often desire to have SEXUAL INTERCOURSE...

Americans don't plan to have heart issue, liver issues, or lung issues, but they do like and often desire to NOT EXERCISE, SMOKE CIGARETTES, and DRINK ALCOHOL...

Americans don't plan to keep working because they do not have the money to retire, but they do like and often desire to spend more than they earn.

HARDLY ANYONE HAS A FINANCIAL PLAN for the next 5-10 years let alone a plan that takes them into retirement....

Why do you suppose AMERICANS are like that???

BUT...  But...   but...   I have a 401K at work...  doesn't that count?

More about this in a later post.