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How are you planning for your future?

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mmmegan38

Asked by mmmegan38 at 11:55 AM on Nov. 12, 2010 in Politics & Current Events

Level 29 (39,651 Credits)
Answers (9)
  • Not really planning for my future...lol. I guess we are saving (a little) and we have a pretty good trust growing for my DD. Everyone in my family adds money to it for her b-day & holidays. We also collect change & add that monthly. I forget what kind of trust it is, but it's a GREAT invesment for your child. If she does not touch it until she is 30, she will literally have over a million bucks in there! But, i'm sure she'll want a car on day...LOL.

    I'll probably have to go back to working full time when DD is older so we can invest more money into OUR future. We're working on it some right now, but it's hard when you have family & bills. Right now, DD comes first. I honestly worry about her future more than i do my own.
    samurai_chica

    Answer by samurai_chica at 12:00 PM on Nov. 12, 2010

  • Well, we have the obvious 401k. We're also in the process of becoming debt free. We have one car loan and a studen loan left then we'll start throwing money at the house. Our goal is not to take on any more debt as we get older, except buying another house when we move and again, we'll be trying to pay it off ASAP.
    Journey311

    Answer by Journey311 at 12:09 PM on Nov. 12, 2010

  • My husband and I started putting $5/week each into a savings account nearly 20 years ago... Once we reached $1000 dollars, we marked that our emergency fund. still putting money into it, but now it is a % of our income. It's amazing how much $$ adds up when you even set aside $1 ( or even~$.50) a day.. Then we started retirement funds for each of us. In the beginning we didn't have much, $15-30/month... But it was a start. If it meant no movie/date night that month~ It caused us to be creative. Then when we had our oldest we started a 529 for my daughter. Then we added a HSA. Starting small but at least it was something. With our youngest, we opted not to do 529, but rather another IRA.. We bought our first home in 1998 for $45,000. We now rent that home out as well as other homes we have purchased while relocating...Via living without credit cards and living frugally we are able to put a substantial amount away.
    grlygrlz2

    Answer by grlygrlz2 at 12:10 PM on Nov. 12, 2010

  • 401K, and then we take a % out of my husband's paycheck as soon as we get it and it goes into our money market account. I also have an inheritance that we don't touch - that alone should be enough for us to retire if we continue not to touch it for the next 30 years.
    missanc

    Answer by missanc at 12:23 PM on Nov. 12, 2010

  • We are over 50, both have been working contiguously since the 70s- started saving a large portion of our salaries from the early 80s and out of school. The more we earned, the more we saved. We have been lucky and made some very lucrative real estate moves along the way, and recently downsized from a very large, expensive home to a more moderate size. We also limited our family size because we wanted our kids to have plenty of opportunities- having money allowed that to happen.


    The key for us, no mommy lapses (beyond 2, 6 month paid maternity leaves Company+ Disability+ saved time), and always living within our means.

    Sisteract

    Answer by Sisteract at 12:33 PM on Nov. 12, 2010

  • Investments
    older

    Answer by older at 6:03 PM on Nov. 12, 2010

  • My husband and I both made healthy 6-figure salaries by our mid 20's, and with that income bought our own homes (long before we met). We invested heavily in the stock market during the dot-com era, started 401k's. I own three properties in addition to our home, that I lease (two were due to an inheritance, the other was my single girl home), which nets enough income to pay two mortgages and all of the taxes/fees associated with them and their upkeep. I was a WAHM for 8 years and now we save/invest my entire teaching salary, live off my husband's salary, the rental incomes, and our children will inherit significant trust funds starting when they turn 25.

    We're confident that we will not have to worry about money for our retirement and will not need social security (since it won't be there anyway!), and our children should be set for life--even if they never work (but they will!) :o)
    LoriKeet

    Answer by LoriKeet at 6:06 PM on Nov. 12, 2010

  • We've paid off all debt except for the actual property loan, and that should be paid off in 1/3 of the mortgage time. We owe nothing on the homes we're building ~ and we're building them ourselves. The bulk of our current income goes directly to savings, and the rest is spent mostly on raw materials and ongoing upgrades to make the property a paying business within a few years.

    We already have our own well/septic, we have an alternative water supply, the capability of wind generated power, and we're setting up a full solar grid. We grow our own food, raise animals for dairy/meat, and within 2 years should have a monthly budget of under $200/month.

    I would consider purchasing more land without worries if any adjoining property becomes available.
    Farmlady09

    Answer by Farmlady09 at 11:49 PM on Nov. 12, 2010

  • We have a a retirement plan that money goes into every month. 2 savings accounts that we put money into every month. As well as a CD for our son that we put money into every month.
    ILoveCade

    Answer by ILoveCade at 2:27 AM on Nov. 13, 2010

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