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Escaping the mindset of a poor person, help please.


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33 replies to this topic

#31 Carolina Husker

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Posted 24 January 2013 - 11:45 AM

I put everything except my car payments and my mortgage payment on my credit cards, and that's only because they won't let me.

#32 Happy Panther

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Posted 24 January 2013 - 12:10 PM

One thing I would do is make a retirement spreadsheet. Figure out when you will retire and how much you will need in the bank at that age. Excel has some nice scenario testing options so you can vary your interest rates and retirement age. Will give you a good range.

Make sure you add in college expenses for your kids and that sort of thing.

Once you see the monthly savings needed you may be surprised. Most people are.

#33 thefuzz

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Posted 24 January 2013 - 01:13 PM

One thing I would do is make a retirement spreadsheet. Figure out when you will retire and how much you will need in the bank at that age. Excel has some nice scenario testing options so you can vary your interest rates and retirement age. Will give you a good range.

Make sure you add in college expenses for your kids and that sort of thing.

Once you see the monthly savings needed you may be surprised. Most people are.



I have a slight issue with the bolded part.

I think that I will probably let them take out student loans, and if and when they graduate, I will pay them off, or at least pay off most of them.

Also, probably won't allow them to attend out of state, or private schools if I am going to pay it back.

#34 Happy Panther

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Posted 24 January 2013 - 02:04 PM

I have a slight issue with the bolded part.

I think that I will probably let them take out student loans, and if and when they graduate, I will pay them off, or at least pay off most of them.

Also, probably won't allow them to attend out of state, or private schools if I am going to pay it back.


That's fine. If you are going to pay it back then you still need include it as an expense especially if you are paying in retirement.


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