Good morning!

I’ve seen suggestions to save 15 to 20 times whatever income you’ll in retirement. So if you think you’ll need $30,000 per year, you’ll need to save $450,000 to $600,000 by retirement. But that’s just a base calculation to get you started…

And remember, Financial independence is where the interest your money earns is greater than your expenses, no matter where/when that may be.
If your expenses are $30,000/year, and you can get 8% on your savings, then you’d need $375,000 invested. If you can get by on $20,000, then you’d only need $250,000 at that same 8% in order to be Financially Independent. If you are able to save that amount by age 50, then you’d be FI, and you can choose to work, or retire – your choice.

Retirement Question????

Hi all, I am wondering if some of you out there can give some retirement advice and information.
Basically, I am wondering when one knows that they have enough to retire. What advice/formulas, books or experts (besides DR) have you been using to make that decision. One big concern will be Health insurance.

My DH and I are still in our 40’s, but we have been saving since we left college and have never really carried a debt outside our mortgage. We have money saved for retirement, investments, and kids college. Our only debt is our mortgage which has an excellent rate (less than 3%) and we owe less than 30% of its value.

I’m just wondering how to know when enough is enough and what our goals should be.


I am really trying to stay positive and live in gratitude

I am grateful that we are able to find the money to cover all these emergencies lately. I am.

But the other part of me is going: geez. The $2,500 I spent buying the 4Runner when the Saturn died, I could have paid off Comerica. The $500 deductible from the accident? Could have paid off Capital One (almost.) The $450 I’m now going to have to spend covering DS’s TMobile stunt (even if he pays for it eventually)? Could have paid off WalMart.

So the point of this is (besides me whining): It’s really like Dave says! He uses the example if your kid needed a life or death operation and you had to come up with $5k, you’d come up with the money. But we fail to be THAT (gazelle) INTENSE when it comes to getting out of debt.

These past few months have shown me that I need to be more proactive about finding another income stream. The child care gig is just not going to cut it. I get that they are freaking out at the idea of spending $800 a month, but I can’t continue to keep my life on hold for them if they’re not going to commit to the 20 hours a week like they said they were.

So I’ve been hitting the cyber streets applying for jobs and more child care gigs.

Oy, Well it could be worse

The Honda Pilot is back in the shop, this time the transmission place. This is the one which was rear-ended. Fortunately, the tranny guy is leaning toward the damage occurred as a result of the accident, so as soon as the insurance company agrees, we can go rent another car & they’ll pick up the cost. But in the mean time, it’s catch as catch can.

Then I went to go pay the cell phone bill and got the shock of my life: $911 !! Granted that included the $160 which was “due” a week ago, the $140 “due now” and the $100 in restoration charges but that still left a huge whopping amount unaccounted for.

I won’t over bore you with details. It turns out my youngest created an Instagram account which my kids aren’t allowed to have (long story, it’s a good reason why), then “some girl” contacted him via Instagram, he gave “her” his phone number and they’ve been texting to the tune of 2000 text messages at .20 each because the number is in Canada.

GOOD NEWS: I paid $200 today ( I was already planning on paying $160), TMobile waived all my restoration fees and late charges ($120), aren’t going to charge me a late fee for $150 “due now” if I pay by August 17th, and took the rest (about $500) and split in to interest free 5 monthly payments.

So it’s going to be ugly for the next 5 months and DS14 is going to be scrounging yard work jobs to help pay it off, but it could have been a lot lot worse.

Including the fact that he and i had a conversation about how this is how (usually) teenager (girls) disappear. “Some 15 yo guy” friends them on FB or IG, phone numbers are exchanged. texts happen and before you know it, plans are made to meet in the middle of the night and your kid is gone forever because the “15 yo on the other end” is really some 55 year old pidophil. On top of some stuff that happened at the campout, DS14 has decided I’m not such a stupid, unreasonable mother after all.