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Message
Long Term Life Planning - How detailed do you get?
Posted on 10/27/14 at 5:04 pm
Posted on 10/27/14 at 5:04 pm
So there's a lot of talk about planning for retirement or planning for a car purchase, but do any of you create plans for your future as a whole?
I'm thinking about starting a personal project to detail how our money will be made and spent over the course of ten years. Included will be multiple goals and necessities that we want. I want it all documented.
Am I about to get too nit picky?
I'm thinking about starting a personal project to detail how our money will be made and spent over the course of ten years. Included will be multiple goals and necessities that we want. I want it all documented.
Am I about to get too nit picky?
Posted on 10/27/14 at 5:36 pm to StringedInstruments
My long term plan is:
Make a lot of money.
Save a lot of money.
Spend a lot of money.
Essentially.
Make a lot of money.
Save a lot of money.
Spend a lot of money.
Essentially.
This post was edited on 10/27/14 at 5:36 pm
Posted on 10/27/14 at 6:00 pm to Teddy Ruxpin
If:
a lot = a lot = a lot
Then:
Your plan is flawed.
a lot = a lot = a lot
Then:
Your plan is flawed.
Posted on 10/27/14 at 6:03 pm to StringedInstruments
Biggest long term stuff we try to plan ahead for is things like cars and house projects. When we're older and approaching retirement it'll have to be a lot more specific.
I'd be too worried about stressing on "the plan" if I tried to plan every dollar in and out for the next decade.
I'd be too worried about stressing on "the plan" if I tried to plan every dollar in and out for the next decade.
Posted on 10/27/14 at 6:07 pm to lnomm34
quote:
a lot = a lot = a lot
I think what he meant to say is what my plan is:
make - a shite load
save - a good chunk
spend - the rest on hookers and blow
Posted on 10/27/14 at 6:10 pm to Venelar
quote:
When we're older and approaching retirement it'll have to be a lot more specific.
dude, I dont know how old you are or how much you make, but start saving something for retirement now, even if it's just $50 a month. put it in a 401k (saves on taxes) and if your employer offers a 401k contribution, match it, that's free money. If you wait till your older itll be too late.
Posted on 10/27/14 at 7:20 pm to lnomm34
quote:
Your plan is flawed.
No it isn't.
Posted on 10/28/14 at 11:49 am to Teddy Ruxpin
Haven't really come up with a long term plan, so in the meantime, we have simply saved and invested as much as we could. Figured that when we finally do come up with a plan, by saving over the last 15 yrs, we'll be able to achieve our goal, whenever we figure out what that is going to be.
Posted on 10/28/14 at 3:08 pm to StringedInstruments
quote:
So there's a lot of talk about planning for retirement or planning for a car purchase, but do any of you create plans for your future as a whole?
Put at least the employer match into your 401k. (Go 10% if you can)
Max your Roth. ($5500 per year / $458.33 per month)
If you have an HSA (health savings account, generally an option for high deductible health plans) for your insurance, you also have the option to invest those funds as well.
You'd be surprised at how much you could end up with by ages 65-70.
Posted on 10/28/14 at 5:05 pm to dcrews
Life has a way of laughing at your plans. Health crises, natural disasters, accidents, family tragedies, mental health issues...plenty of shite happens in 10 years. You cannot realistically plan for it...save a lot, spend a little, and try to enjoy what comes. Planning it down to the Nth degree is a guarantee of failure, because even planners are hit by terrible, unforeseeable circumstances.
Posted on 10/28/14 at 6:07 pm to hungryone
quote:
Life has a way of laughing at your plans. Health crises, natural disasters, accidents, family tragedies, mental health issues...plenty of shite happens in 10 years. You cannot realistically plan for it...save a lot, spend a little, and try to enjoy what comes. Planning it down to the Nth degree is a guarantee of failure, because even planners are hit by terrible, unforeseeable circumstances.
this.
my step father gave me a great piece of advice 15 years ago, save all of your salary increases. I live on roughly what we made in 2000. My salary has grown, I just save the excess.
I recently gave myself a $200/month raise which was the only raise I have given myself since 2004, when I did about the same.
Posted on 10/28/14 at 6:18 pm to StringedInstruments
People will give you shite about planning/documentation, but I bet you'll end up faring better than most. I say go for it, but make sure your SO is on board from day 1 or it's going to be a fight.
In my house, we do a lot of "long term life planning" regarding our savings numbers/goals, but we also plan to quit work way before the normal retirement age so we sorta have to plan things out.
In my house, we do a lot of "long term life planning" regarding our savings numbers/goals, but we also plan to quit work way before the normal retirement age so we sorta have to plan things out.
Posted on 10/28/14 at 7:17 pm to Feed Me Popeyes
Right now you have it planned out, but what if the "normal retirement age" increases to 75 over the next 30 years? I think early on, maxing out tax advantages retirement savings should be the main goal. Don't sweat the small stuff. People in the 20s who plan to retire at 60 are going to find insurance rates are cost prohibitive when Medicare raises the eligibility age to 70 or 72. Unless universal free health care exists at that point, in which case the taxes will be so high, that it's a zero sum game (if you have money to retire on).
Posted on 10/29/14 at 8:33 am to StringedInstruments
There's never anything wrong with planning, but IMO if you try to get too detailed you'll wind up driving yourself crazy. You'll never be able to plan every single thing you want to purchase, or every unforseen circumstance. The second that happens and you stray from your plan you'll feel off track. It'll be very hard to enjoy those random spur of the moment purchases.
IMO plan for major expenses and purchases (bills, cars, house, trips, retirement, etc) and leave yourself an "allowance" to spend on random shite.
It's hard to enjoy life when it is planned in its entirety. Spontaneity is valuable IMO.
IMO plan for major expenses and purchases (bills, cars, house, trips, retirement, etc) and leave yourself an "allowance" to spend on random shite.
It's hard to enjoy life when it is planned in its entirety. Spontaneity is valuable IMO.
Posted on 10/29/14 at 8:52 am to StringedInstruments
quote:
I'm thinking about starting a personal project to detail how our money will be made and spent over the course of ten years. Included will be multiple goals and necessities that we want. I want it all documented.
Am I about to get too nit picky?
Yes you are being too nit picky with your approach, although I think going through the process of creating spending projections is very valuable.
The best thing you can do is create an outline, make yourself aware of the possible extremes (crises, debt, etc.. or a mountain of new wealth) and set targets for important goals. As Hawkeye95 mentioned, lay out a budget for your current income, and don't spend any raises. Long-term that is about as simple and productive of an approach as one can put together.
Posted on 10/29/14 at 9:18 am to white perch
quote:
dude, I dont know how old you are or how much you make, but start saving something for retirement now, even if it's just $50 a month. put it in a 401k (saves on taxes) and if your employer offers a 401k contribution, match it, that's free money. If you wait till your older itll be too late.
Sorry if it came out that way. We get our matches and max out our Roth's. I'm a big nerd on all this money stuff. I meant planning expenses when we retire such as what year we get a roof, a car, new AC etc...
Posted on 10/29/14 at 9:57 pm to Venelar
quote:
I meant planning expenses when we retire such as what year we get a roof, a car, new AC etc...
I am not able to predict my future that well. I'm just trying to have a shite load of money there when I get to be 65
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