Biggest financial goal? Financial independence. By that I mean, having enough investment income to cover three quarters of our family's current living expenses. This would allow my wife and I to transition to worthier causes and free up time to spend with our children and family. Why three quarters? Because when the transition occurs our expenses will be reduced and should cover all of our monthly expenses with additional savings. How are we getting there? By spending only 60% of what we make and investing the remaining in our children's education funds and our FI fund. If you are dreaming, dream BIG!
My husband and I were in graduate school when we married. We both also worked but needless to say money was tight and we refused to go into debt for a party even it was our wedding. We didn't think that was the way to start our lives together. We had the ceremony in the amphitheater of a beautiful public park (free) and the reception in the community center over looking the park (very inexpensive). We served only beer and champagne, and an abundance of hor d'oeuvres rather than a dinner. The music was provided by a medieval quartet in costume who included some fun bawdy songs. One member was the son of a friend so we they gave us a nice discount. A DJ might have been cheaper but the music made our wedding unique. And our friends would rather talk than dance anyway. We've been married 33 years now. After all, it's about the marriage, not the wedding. Spending thousands of dollars more on the celebration could not have made our memories any better than they are today.
Anyone should have seen this coming, with oil prices spinning out of control, and demand way up. Airlines live and die on the price of oil. And so do world economies, hint. I sympathize with frequent fliers, but times have changed.
Taking it personally is a choice. I feel as though this will be a trend with airlines world wide-even those that are state subsidized-wink, wink
Packing a big bag with lots of stuff is old-school, like driving everywhere when you can occasionally walk. So the airlines are taking up the slack.
"I won't attend any wedding without [an open bar]"
I don't even know what to say to this. I'm just glad you aren't in my family or friends. I'd be really hurt if someone don't attend my wedding on the sole basis of not having alcohol.
Thanks for pointing that out, John! I checked with a CPA friend, and she agrees with you that she doesn't think the two-year time frame is available anymore to spread taxes from your 401k to Roth IRA conversion.
Glad it's been helpful! I would always check with a financial professional for a second opinion on what the best plan is for you - as John points out below, there's always some changes to the process, like the taxes on a 401k-to-Roth IRA conversion possibly being all due in one year now, rather than the two-year possibility available in 2011. Good luck!
Good point! The more I'm researching 401ks and rollovers, the more I'm learning about the various rules I never even knew existed. I didn't know, for example, what exactly the Age-55 Rule was: that employees who leave their employer during the year they turn 55 or more can take a distribution from their company retirement plan without paying the 10% early withdrawal penalty (though they'll still pay income tax on the distribution). Thanks for sharing your advice!
My financial goal is to save up enough money to buy a mountain and build a house on it to live on. It's kind of silly and unrealistic, but it still motivates me to save.
Bought a home 3 years ago and the front lawn was mostly weeds. I spent last year planting and pulling tons of the weeds only to have my new grass die. I found out it was grubs a little too late so everything I planted last year is dead. This year I started again, after killing off the grubs. I can't tell you how many trash bags full of weeds I pulled. My wrist is so messed up because of the pulling. I pulled runners of grass and replanted in the bare areas and then I came across this blog. I thought, what the hell, it can't get any worse. Well, I did not add the beer or soda because we drink neither and I didn't even measure the other ingredients. It has been 3 weeks and my lawn looks so much better. It is even greener than my neighbor who used to be the envy of the neighborhood. I plan on doing it again in about a week. I still have a ton of work, getting things to fill in and pulling yet more weeds but I am well on my way. I am in Dallas Texas USA by the way
I'd like to live completely off my savings while traveling the world for a few years. After that, I'd like to have enough left over to settle down and buy a house.
Retirement on 1-1-2013 at age 57. FINALL! Being a cheapskate all these years and enduring the wrath of my kids and ex wife for it, It's finally paying off!!
Seems like a form of self-actualization...and it does work.
I used to subscribe to an Astrological/Horoscope magazine that suggested, as an exercise, every month on the day of the New Moon, you were to write down ten things you wanted...being somewhat specific, and at least marginally practical. Put the list away and come back to it the following month. Voila! Some of things on the list, you actually got!
This happened to me, and it's good to be reminded to try it again...because frankly, I need some stuff right now.
Without even consciously thinking about it, you are moving toward your goals with the first step being to write them down.
My dad used to make dried fruit with our dehydrator, but it always came out really thin and kind of brown and sad-looking. Never knew about the lemon juice trick!
Oh I forgot to mention that I also started taking a B vitamin supplement after reading an article about how people with B vitamin deficiencies tend to get cold sores more often. Anyways, it could be that or the lysine or the acyclovir or a combination of the three, but it seems like it's working so far!
I wonder if some people get cold sores in reaction to a Lysine deficiency? Taking Lysine supplements has definitely had no effect for me, but it really does seem to do the trick for some people.
Thanks for the mention!
Biggest financial goal? Financial independence. By that I mean, having enough investment income to cover three quarters of our family's current living expenses. This would allow my wife and I to transition to worthier causes and free up time to spend with our children and family. Why three quarters? Because when the transition occurs our expenses will be reduced and should cover all of our monthly expenses with additional savings. How are we getting there? By spending only 60% of what we make and investing the remaining in our children's education funds and our FI fund. If you are dreaming, dream BIG!
To not die broke.
I use my points for the annual membership fee.
My husband and I were in graduate school when we married. We both also worked but needless to say money was tight and we refused to go into debt for a party even it was our wedding. We didn't think that was the way to start our lives together. We had the ceremony in the amphitheater of a beautiful public park (free) and the reception in the community center over looking the park (very inexpensive). We served only beer and champagne, and an abundance of hor d'oeuvres rather than a dinner. The music was provided by a medieval quartet in costume who included some fun bawdy songs. One member was the son of a friend so we they gave us a nice discount. A DJ might have been cheaper but the music made our wedding unique. And our friends would rather talk than dance anyway. We've been married 33 years now. After all, it's about the marriage, not the wedding. Spending thousands of dollars more on the celebration could not have made our memories any better than they are today.
Dried mangoes are my favorite.
I talk to my wife or with friends.
My brother and I saved a lot on our respective weddings because we had a double wedding. We basically shared expenses for everything.
Anyone should have seen this coming, with oil prices spinning out of control, and demand way up. Airlines live and die on the price of oil. And so do world economies, hint. I sympathize with frequent fliers, but times have changed.
Taking it personally is a choice. I feel as though this will be a trend with airlines world wide-even those that are state subsidized-wink, wink
Packing a big bag with lots of stuff is old-school, like driving everywhere when you can occasionally walk. So the airlines are taking up the slack.
Next up price of food.
"I won't attend any wedding without [an open bar]"
I don't even know what to say to this. I'm just glad you aren't in my family or friends. I'd be really hurt if someone don't attend my wedding on the sole basis of not having alcohol.
How about saving a whole lot more than $5K? Our wedding was one of the most perfect nights of my my life and it cost less than $250. That's less than the "savings above n just the invitations! http://www.plantingourpennies.com/2012/06/11/what-did-our-wedding-cost/
My goal is to have all bills paid off before my husband turns 55 and to be able to survive on $1000 a month.
My question is, how do you even find an at-home job? All such jobs I've researched have turned out to be rip-offs.
Thanks for pointing that out, John! I checked with a CPA friend, and she agrees with you that she doesn't think the two-year time frame is available anymore to spread taxes from your 401k to Roth IRA conversion.
Glad it's been helpful! I would always check with a financial professional for a second opinion on what the best plan is for you - as John points out below, there's always some changes to the process, like the taxes on a 401k-to-Roth IRA conversion possibly being all due in one year now, rather than the two-year possibility available in 2011. Good luck!
Good point! The more I'm researching 401ks and rollovers, the more I'm learning about the various rules I never even knew existed. I didn't know, for example, what exactly the Age-55 Rule was: that employees who leave their employer during the year they turn 55 or more can take a distribution from their company retirement plan without paying the 10% early withdrawal penalty (though they'll still pay income tax on the distribution). Thanks for sharing your advice!
My financial goal is to save up enough money to buy a mountain and build a house on it to live on. It's kind of silly and unrealistic, but it still motivates me to save.
Bought a home 3 years ago and the front lawn was mostly weeds. I spent last year planting and pulling tons of the weeds only to have my new grass die. I found out it was grubs a little too late so everything I planted last year is dead. This year I started again, after killing off the grubs. I can't tell you how many trash bags full of weeds I pulled. My wrist is so messed up because of the pulling. I pulled runners of grass and replanted in the bare areas and then I came across this blog. I thought, what the hell, it can't get any worse. Well, I did not add the beer or soda because we drink neither and I didn't even measure the other ingredients. It has been 3 weeks and my lawn looks so much better. It is even greener than my neighbor who used to be the envy of the neighborhood. I plan on doing it again in about a week. I still have a ton of work, getting things to fill in and pulling yet more weeds but I am well on my way. I am in Dallas Texas USA by the way
I like WiseBread on Facebook.
I'd like to live completely off my savings while traveling the world for a few years. After that, I'd like to have enough left over to settle down and buy a house.
Retirement on 1-1-2013 at age 57. FINALL! Being a cheapskate all these years and enduring the wrath of my kids and ex wife for it, It's finally paying off!!
Seems like a form of self-actualization...and it does work.
I used to subscribe to an Astrological/Horoscope magazine that suggested, as an exercise, every month on the day of the New Moon, you were to write down ten things you wanted...being somewhat specific, and at least marginally practical. Put the list away and come back to it the following month. Voila! Some of things on the list, you actually got!
This happened to me, and it's good to be reminded to try it again...because frankly, I need some stuff right now.
Without even consciously thinking about it, you are moving toward your goals with the first step being to write them down.
My dad used to make dried fruit with our dehydrator, but it always came out really thin and kind of brown and sad-looking. Never knew about the lemon juice trick!
Oh I forgot to mention that I also started taking a B vitamin supplement after reading an article about how people with B vitamin deficiencies tend to get cold sores more often. Anyways, it could be that or the lysine or the acyclovir or a combination of the three, but it seems like it's working so far!
I wonder if some people get cold sores in reaction to a Lysine deficiency? Taking Lysine supplements has definitely had no effect for me, but it really does seem to do the trick for some people.