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I had an hour free tonight, kids went to friends house. And what did I choose to do with my time? watch tv shows? no. take bath? no. nap? no. I decided to figure out where my money will go for next 10 years. I love seeing it written down and crunching numbers.

Here is what I came up with, thought I'd share. From now until September 2009 ( when I turn 30! ) I will put all extra money into my EF. Try to build it up to 6 months of living expenses including gas, food, etc. So I am thinking about $15,000. Should be able to do.

Then at age 30. I will start a retirement fund. $100 a week for max of $5000 a year in a Roth. At the same time as that I am starting a seperate savings account for my kids. If I put $75 a week in that for 5 years ( my son will be 16 then ) I will have over $20,000. I plan to buy my kids their first car. Its something I have always wanted to do. Then keep putting $75 a week in for 5 more years (my dd will be 16,) $20,000 for her. That excites me. I know you will say put away for college or save and if they dont want a car, then so be it. But I think there is enough college grants/programs that down the line I will be able to help them.

As this is going on ( starting sept 09), I want to start putting $800 extra a month toward my principal and a lump sum payment of $3000 a year (what i get back in taxes usually) on my principal too. If I do that then my mortgage will be paid off by November 2014. (8 years early on a 15 year loan)


This is mostly starting September 2009, and lots can change before then I know but the way I live, and the income I bring in this is all do-able. Now lets say that for some reason in the future there is a 2nd income in the house (LOL) then I can figure it all out again!

Ok my hour is over, kids home. Now isnt this how everyone spends their free time?? LOL
 

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:lol:

That sounds totally like how I am sometimes. Today was Dakota's first day of school without me there and what did I do for my hour? I walked home, took a shower and then checked bills. I can't wait to see what I end up doing when both kids go to school and I get 3 hours to myself four to five days a week...

Thank God there's the gym. :D
 
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I like balancing my check book and allocating my paycheck.
 
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HA! My wife says I'm addicted to FV and she calls all of you "my other wife".

I always have Quicken and Excel running on the computer and I can't tell you how many times/ways I've run the "numbers" to determine when we will be debt free. :laugh:

I even run "what if" scenarios... what if, we win 5000 in the lotto minus taxes gives us $$ to pay down that debt. So that means.......... :bump:
 

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Numbers are our friends! Sorry, I couldn't help myself. Make more room in the number dorks "boat", I'm so there! I like seeing what my numbers are & figuring it this way or with that... etc.
 
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Then at age 30. I will start a retirement fund. $100 a week for max of $5000 a year in a Roth.
What interest rate are you figuring on for your Roth? Try playing with 10%, over 30 years, and see where you end up with $100/wk going in. :D
 
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Discussion Starter #10
What interest rate are you figuring on for your Roth? Try playing with 10%, over 30 years, and see where you end up with $100/wk going in. :D

OMG. i didnt figure out a percentage. Oh great another hour. LOL. is there a calculator on that. LOL
 

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In excel, try =FV(0.1/52,52*30,-100,0)

Assuming you have Excel.

0.1 = interest rate
52 = periods per year (weeks)
30 = # of years
100 = contribution per period

DONT ask me why the amount has to be negative it just does, I dunno...
 

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HA! My wife says I'm addicted to FV and she calls all of you "my other wife".

I always have Quicken and Excel running on the computer and I can't tell you how many times/ways I've run the "numbers" to determine when we will be debt free. :laugh:

I even run "what if" scenarios... what if, we win 5000 in the lotto minus taxes gives us $$ to pay down that debt. So that means.......... :bump:
That is way too funny! lol Tell her we don't mind sharing if she doesn't!
 

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HA! My wife says I'm addicted to FV and she calls all of you "my other wife".
Listen, I told you, I don't mind if we see each other so much, but *I* get to be the man at least half the time!
 

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Discussion Starter #14
In excel, try =FV(0.1/52,52*30,-100,0)

Assuming you have Excel.

0.1 = interest rate
52 = periods per year (weeks)
30 = # of years
100 = contribution per period

DONT ask me why the amount has to be negative it just does, I dunno...

do not have excel but thanks. looking for a calcualtor now. im interested because i was just figuring $5k a year for 30 years. $150,000. now im curious!
 

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Ok, are you sitting?

$100/wk invested in a strong growth mutual fund with an average 10% year return works out to $989,443.28

Bump it up to $101.07 and you get $1,000,030.32. :D
 
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Discussion Starter #16
omg really?! is 10% average for that type of investment?


Now i need to redo my numbers with $101.07! LOL.


OMG this changes everything. ;)
 

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Depends on the investment. Is 10% the average? No. But a good investment adviser should be able to find you growth funds with a long (5+ year) track record of at least 10%. T. Rowe Price, as just one example, has since 1969 or so averaged 17% growth.

If there's one area not to go cheap when you spend money, its on getting financial guidance for investing! ;)
 
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You are not alone, some times I feel obsesive - It is something that I have to work on though.
 
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