I am 23...make 50K...no debt...college degree. I feel like a millionaire, i have no idea how anyone can complain about being single and making 50k in a decent cost of living city.
I am 23...make 50K...no debt...college degree. I feel like a millionaire, i have no idea how anyone can complain about being single and making 50k in a decent cost of living city.
amillie wrote:
I am 23...make 50K...no debt...college degree. I feel like a millionaire, i have no idea how anyone can complain about being single and making 50k in a decent cost of living city.
How much life insurance do you have? Do you own a home? Have you established a trust for your future kids? How about the kids' tuition? How much do you contribute to your 401K, Roth IRA?
Have you thought about what to do when your wife quits her job to stay home with the kids?
You're single, but you need to think about these things now! Quick, before it is too late.
Lame-O-Matic wrote:
amillie wrote:I am 23...make 50K...no debt...college degree. I feel like a millionaire, i have no idea how anyone can complain about being single and making 50k in a decent cost of living city.
How much life insurance do you have? Do you own a home? Have you established a trust for your future kids? How about the kids' tuition? How much do you contribute to your 401K, Roth IRA?
Have you thought about what to do when your wife quits her job to stay home with the kids?
You're single, but you need to think about these things now! Quick, before it is too late.
Kin hell, he's 23! Give him a couple of years to get financially stable.
much lower ceiling.
check back in on them in 30 years.
Randy Oldman wrote:
Kin hell, he's 23! Give him a couple of years to get financially stable.
Listen, that was me 10 years ago. I was as rich as I could be and now I make 4 times that amount and feel like I am barely making it day-to-day.
I wish I had established life insurance at an earlier age. My wife's father set her Whole Life coverage up when she was born. We did the same for our kids. 500k Dividends will pay the premium by the time she is 12. Any additional is gravy.
I am very responsible with money, it is just that I feel like it is hard to afford luxuries after all of the necessary saving... and then the taxes................
My kids will be set, at least I think they will. I have worked MY ASS OFF to set up my children, and with the swipe of a pen Obama can take it all away from them. That scares me.
Sorry for making this political.
Randy Oldman wrote:
Lame-O-Matic wrote:How much life insurance do you have? Do you own a home? Have you established a trust for your future kids? How about the kids' tuition? How much do you contribute to your 401K, Roth IRA?
Have you thought about what to do when your wife quits her job to stay home with the kids?
You're single, but you need to think about these things now! Quick, before it is too late.
Kin hell, he's 23! Give him a couple of years to get financially stable.
Psst a lot of folks don't buy-in to this churchmousewife whitepicket fence pop-um-out yearly 2 car garage onehour commute countryclub dinner on saturday night 18 holes on sunday SUV for the wifey candyapplered sporter for me world you believe is normal.
comes the technicolor yawning wrote:
Psst a lot of folks don't buy-in to this churchmousewife whitepicket fence pop-um-out yearly 2 car garage onehour commute countryclub dinner on saturday night 18 holes on sunday SUV for the wifey candyapplered sporter for me world you believe is normal.
Yes, because my two hobbies, running and cooking, require me to belong to a country club and drive sports cars.
I am talking about savings, insurance, taxes and tuition. How did you manage to pull country clubs, golf and SUVs out of that?
I am simply talking about being a responsible parent. I don't care what you do, but once you get married and have kids, you'd better take care of them. Otherwise you are a drain on society. Go be a free spirit and we can fund your lifestyle, toughguy!
comes the technicolor yawning wrote:
Psst a lot of folks don't buy-in to this churchmousewife whitepicket fence pop-um-out yearly 2 car garage onehour commute countryclub dinner on saturday night 18 holes on sunday SUV for the wifey candyapplered sporter for me world you believe is normal.
WTF are you even talking about?
[quote]Lame-O-Matic wrote:
I have life insurance through my job. After I put my kids through college they can fend for themselves, the little jerks.
God help us if Obama seizes dictatorial power from Congress and raises taxes to the levels they were under Reagan or Bush Sr. Sorry to get political.
Randy Oldman wrote:
I have life insurance through my job. After I put my kids through college they can fend for themselves, the little jerks.
God help us if Obama seizes dictatorial power from Congress and raises taxes to the levels they were under Reagan or Bush Sr. Sorry to get political.
I hate to break it to you but the insurance through your job will never pay out.
What about your wife? Do you honestly not have life insurance on your own?
You haven't paid very close attention to estate taxes, have you? It would behoove you to do a bit of research. Granted, you have no estate, so why should you care.
If you have no college degree, I'm assuming you could have worked your way up for the last 4 years, 55k could be achievable. In four years with a college degree, your chances of getting that are more likely. I'm fresh out of college making 65k before bonuses. If I can, so can you.
Randy Oldman wrote:
I have life insurance through my job.
Ouch.
While it may be convenient to do so, relying solely on life insurance from your employer can be a bad idea. Most employer life insurance options usually restrict the amount you can have. The life insurance that’s included with your employee benefits is usually only one or two times your annual salary, but most financial experts recommend you have life insurance in the amount of 5 to 7 times your annual salary.
Also, even if you can sign up and pay for additional life insurance through your benefits plan, you’re usually restricted to relatively small amounts. To make sure you have enough coverage, you should supplement your employer-provided life insurance with your own policy.
Also keep in mind that with all employee benefits, you are at the mercy of the company you work for... you can work only with the options the company gives you. Nothing is guaranteed. While you may have an affordable life insurance plan today, the rate could go up or the plan could be canceled next year. What happens if next year is the year you need that life insurance?
Just like with most other employee benefits, if you leave your company, you cannot take employer-provided life insurance with you. While you may be healthy enough to qualify for life insurance now, you don’t want to risk leaving your company in the future and then being unable to qualify for an individual policy. Every year you get older is more of a chance you'll be denied. Just sayin'
No, I do not sell insurance. I am a copywriter.
Lame-O-Matic wrote:
I am simply talking about being a responsible parent. I don't care what you do, but once you get married and have kids, you'd better take care of them. Otherwise you are a drain on society. Go be a free spirit and we can fund your lifestyle, toughguy!
You assume wife and kids are required to be a normal person. That assumption is faulty sir. I don't buy into it either.
If I have a 2.25 Million net worth at age 55 (House paid off and not included in net), should I really bother with the 5 X salary insurance I have at work?? Or should I just divert the premiums to the 401K next year? Work only pays for the 1X.
OK it is in Yen, but you get the point.
Some of you people are some the whiniest/fearful people I have met. What is the point of this life if all you think about it is your retirement/Roth IRA/Kids tuition/Mortgage/Financially Stable???!!! Jesus, make the little brats work for their money like you did and go on more vacations and enjoy yourself. All that worrying is for nothing....
sdfe345 wrote:
All that worrying is for nothing....
Some people want to provide wealth for their children. Wealth is accumulated over generations. You desire vacations and spending sprees, others desire saving for their kin. Why are you judging them?
yoyomama wrote:
If I have a 2.25 Million net worth at age 55 (House paid off and not included in net), should I really bother with the 5 X salary insurance I have at work?? Or should I just divert the premiums to the 401K next year? Work only pays for the 1X.
OK it is in Yen, but you get the point.
It depends on the tax implications. What are you referring to? Life insurance? Retirement? If you die with a bunch of money in the bank, your estate is getting hosed by the state and feds. If you are sincere, sit down with a CPA and lawyer and figure it out.
sdfe345 wrote:
Some of you people are some the whiniest/fearful people I have met. What is the point of this life if all you think about it is your retirement/Roth IRA/Kids tuition/Mortgage/Financially Stable???!!! Jesus, make the little brats work for their money like you did and go on more vacations and enjoy yourself. All that worrying is for nothing....
Ah... to be poor, immature and irresponsible. Sounds nice!
there are no kids in my future wrote:
You assume wife and kids are required to be a normal person. That assumption is faulty sir. I don't buy into it either.
Okay, sorry. I wasn't referring to you reclusive hobbits who live in caves. Sorry to bother you.
No man is an island!
Too many people avoiding taxes. We have 2 unnecessary wars to pay for. Why do they hate America?
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