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For me, even $5K per month wouldn't change much of anything. All that would do is increase my savings rate. I'm 8 years from retirement. By the time you take out taxes, that's about $350K above current plan in the retirement war chest. It helps but it is not life changing.
For me, even $5K per month wouldn't change much of anything. All that would do is increase my savings rate. I'm 8 years from retirement. By the time you take out taxes, that's about $350K above current plan in the retirement war chest. It helps but it is not life changing.
Being that close to retirement you wouldn't travel more, buy a dream car, get a personal assistant or anything like that to just make your life that much better/easier?
Wouldn't change anything for me outside of feeling more secure financially. All it would accomplish me would be driving my debt down faster and making my want to buy a co-op/condo in Manhattan, NYC more a reality. Might make me an alcoholic too as I already don't know what to do with my leftover money other than the debt.
for 5K+ a month, it would completely change my life. Kids would go to the best schools.
All debts would be paid off in 3-4 years. After that I would retire.
Being that close to retirement you wouldn't travel more, buy a dream car, get a personal assistant or anything like that to just make your life that much better/easier?
I just paid cash for a new car in March. I telecommute and live at a ski resort in the winter and on the coast in the summer so I'm already living where I want to be. I've already done the 4,000 square foot house on an acre in a "good" Boston inner suburb once in my life and don't ever again want a big, expensive house to project manage. I just got done remodeling my paid-for summer cottage and zeroing out a small mortgage on it. I do enough business travel that I kind of like sleeping in my own bed and the 600,000+ frequent flyer miles I have in various programs sit there waiting until I'm retired.
$5K per month might speed up my remodeling schedule on my winter place and have me do a few deferred projects at my summer place but I'd mostly bank the money. I'd rather have that money to spend when I have all the free time to spend it.
Personally, 8 weeks of paid time off would be more valuable to me than $5K per month. At the moment, I get 17 days of PTO and 10 company holidays. My income stream is fine. I'm all about my leisure time.
I just paid cash for a new car in March. I telecommute and live at a ski resort in the winter and on the coast in the summer so I'm already living where I want to be. I've already done the 4,000 square foot house on an acre in a "good" Boston inner suburb once in my life and don't ever again want a big, expensive house to project manage. I just got done remodeling my paid-for summer cottage and zeroing out a small mortgage on it. I do enough business travel that I kind of like sleeping in my own bed and the 600,000+ frequent flyer miles I have in various programs sit there waiting until I'm retired.
$5K per month might speed up my remodeling schedule on my winter place and have me do a few deferred projects at my summer place but I'd mostly bank the money. I'd rather have that money to spend when I have all the free time to spend it.
Personally, 8 weeks of paid time off would be more valuable to me than $5K per month. At the moment, I get 17 days of PTO and 10 company holidays. My income stream is fine. I'm all about my leisure time.
What do you do for a living and how can I get involved lol
For $1000-2000 more a month I'd know that even if I didn't save enough for my kids' college, I could pay for most as I go.
We could travel more, remodel the house.
Of course, all of it would be even better on $5000+ more a month, but I only answered $1000-2000 because this is realistic (one of us can get a raise/find a better paying job to net this much more).
Did not realize that, but that was pretty spot on for me lol. Learn something new everyday...
Yeah, and it turns out that a 20% increase in income isn't necessarily all that life changing. Most people just tend to spend more and don't necessarily gain any additional financial security.
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