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LOL Yes, I just did this last week. I ran it out the amount of time it will apparently take to get debt-free... we currently owe $750k (two houses and $300k in student loans!). Spending $5k a month to pay off bills, I'm hoping to be debt-free and have $600k in investments in 12 years! I'll check back in 12 years and let you know how off I was! LOL I didn't factor in any raises or growth on investment, so I'm hoping that's worst-case scenario, but who knows, life has a way of kicking you in the face sometimes
Tax time next year you will be getting a big kick in the face. Your tax burden is going up. Government overspent and looking at you and me to pay higher taxes. that means less money for downsizing your own debt.
I was able to forecast my pension account over 20 years, but only because the return was very stable and could not vary by more than a few percent. I could forecast my savings over 10 years plus, and when I could pay off my mortgage almost to the month, but the real difficulty lay in forecasting expenses and the performance of variable-return investments. The only solution for me was to save as much as possible and more than I hoped I had to.
In the end, I didn't have to save so much, but I sure am glad I did.
Wait a minute... it's NOWHERE NEAR the end yet!
What the "H" am I talking about?
Tax time next year you will be getting a big kick in the face. Your tax burden is going up. Government overspent and looking at you and me to pay higher taxes. that means less money for downsizing your own debt.
Nah, it just means less money in savings. I planned on a set amount every month for bills ($5k) when I ran my forecasting. Honestly, I think we should be taxed more. I'm from Canada though... I'm used to paying a much higher rate.
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