With this in mind, I would move the accounts ASAP if there is no or minimal tax hit. and Dr. Seychelles Ive learned more about finances here than from my parents, high school, and college combined. My holding period for VTSAX is forever, other than maybe selling a few shares while living on my portfolio. 2. If you use your current gross savings rate that would mean you are assuming your retirement / post FI expense (including taxes) will be exactly the same as they are now. My parents taught me about saving money and my dad was/is a minimalist before it became trendy. Where is she going?? thats great for investors. Apr 4. I understand your point about buying more shares during the crash, but wondering what your approach is in the opposite situation. complicated, of course, pays Wall Street better. Plus if this were to happen it would be replaced with a national sales tax. Again, many, many thanks. Some of my background is: 25 year old female making approx. When you say the annualized return for VTSAX is around 5% for at least the last 15 20 years you are playing fast and loose with the facts. Mentor. Like your daughter, I was not ready to listen to my dad years ago or buy into his frugality advise. Joan had two children, Tara and Alexander, with her ex-husband, Alexander Newley, as well as a third child, Katyana, with her ex-husband, Ron Kass. Way back in 1896 a guy named Charles Dow selected 12 stocks from leading American industries to create his Index. well written and an important perspective. Absolutely love it all and have linked a bunch of friends too including my wife. With the market up 30%+ in 2013 Im a bit surprised the stocks your advisor chose for you sold at a loss. I am charged a flat $75 on fidelity to buy any vanguard fund. Oops. Fighting giraffes, surreal landscapes, dancing with unicorns and restoring a Vanagon, How to be a stock market guru and get on MSNBC, See you next year.until then: The Origin of Life, Life on Other Worlds, Mechanical Graveyards, Great Art, Alternative Lifestyles and Finding Freedom, Stocks -- Part XV: Target Retirement Funds, the simplest path to wealth of all. Per your recommendations, Im working on setting up a plan for getting back my personal loan, and pulling out of edward jones. I like what Im reading. If you do, all to the better! I love how Collins' formula is based on interest rates, or the common "debt avalanche method," because that's how I paid off most of my debt. He enthusiastically explained the fun of being able to measure balances by crossing the tens of thousands threshold: seeing twenty thousand turn to thirty. My target is that my kids learn that financial independence is a more important target than what they do for their education. Using the 4% annual withdrawal guideline, a nest egg of $476,477 would net you $19059.08 annually which exceeds your living expenses of $18k which we came to above. What if you cant buy VTSAX? Creator. Thank you CV It is difficult to give you specific advice without knowing a lot more about you, your income, family, age, goals et al. Is this right, and should I open a traditional or Roth IRA? Good stuff and I only disagree with him when he claims you can expect 12% annually from the stock market and safely withdraw 8% per year. When you say invest into VTSAX with Vanguard, are you talking about putting it into a regular brokerage account, or a traditional or roth IRA? Stocks, over time, provide the best returns. Her work has been featured on LendingTree, CreditSesame, and Barclaycard. Five years before their second year, do it again. My wife and I (both 29) have ~$300k worth of savings sitting in the bank, losing purchasing power every day thanks to inflation and tax on interest income. You mention you might move out/get married in the next five years. Ignore this. Make sense? Not pure enough. As I grow; as I watch my daughter and son grow; as I remember the few, calmly stated facts my father has expressed to me, and by my mother, in her way; as I listen to my wife; and as I read your most excellent blog: you have explained mastery of money sure is important if only to make sure we leave someone behind, someone made in our own image, to continue the good things we strive for thats what its finally all about, right? (We do things a bit, but not much, differently)Now, if I can just get her to read it.. Addendum 1: The case study: putting-the-simple-path-to-wealth-into-action. At 24 this has worked wonderfully for my net worth and allowed me the freedom to have just enough FU money to keep from feeling trapped. At 44 currently, when I think about VTSAX dividends and getting to financial freedom, should I be thinking broadly across both my VTSAX holdings (my Rollover IRA plus my after-tax personal account)? Stocks -- Part XIII: The 4% rule, withdrawal rates and how much can I spend anyway? Its a choice whether one saves 10% per year or 70%as long as you are saving. Hear the trials and tribulations of well intentioned dads and their much smarter. However they took about 3k from my check and then matched it with 3k. Thx for your articles and wisdom. Addendum 2:What if you cant buy VTSAX? That chart you posted from your friend Darrow, it doesnt seem realistic. The Richest Man in Babylon. Checking account. Addendum 3: When the time comes and you want to know more about this investing stuff, here you go: Stock Series. Im wondering what you would suggest for a guy at age 67. She then tells me that she has her money in an fixed annuity that is guaranteed to double your money after 10 years, so 10% return per year, basically. . As a fella with a gal outta my league and a lovely daughter, I can relate to your lucky lot in life. Dominican Republic Wonderful that you and your father have this interest in common. The percent you hold is a personal choice based on your own risk tolerance. Kudos! Armageddon and the value of practical skills, What Poker, Basketball and Mike Whitaker taught me about Luck, Beanie Babies, Naked Barbie, American Pickers and Old Coots, The Mummy's head, Particle Physics and "Knocking on Heaven's Door", "It's Better in the Wind" or why I ride a motorcycle. Other than that, I see no problem. Well, parents cant teach what they dont know. Also, your interview with Mr. Sheats was awesome. I started out my journey with a low income and debt, unlike the stories I hear from others who were building wealth while earning six figures by age 23 and had no debt. Transferring that to other generations or people who dont intuitively grasp this is of great interest to me. . Part XVII-B: ETF vs. Mutual Fund -- What's the difference? I truly want to be financially free. Nightmare on Wall Street: Will the Blood Bath Continue? well done. But this was pretty small. Oh, if they tax it, it wont be called a tax because the people would fight that based on the tax-free promise that has been made. Gold star! After I pay off my debt I want to build savings. China When you leave your job youll want to roll your 401k immediately into an IRA for reasons I discuss here: https://jlcollinsnh.com/2013/06/28/stocks-part-viii-b-should-you-avoid-your-companys-401k/ It starts with nine basics. Do your boys have earned income? They have very sophisticated actuarial tables that tell them with great accuracy when the people in any given group are likely to die. Jessica J. Collins Senior Client Service Specialist Join Date: August 2017 Jessica is responsible for providing client service and account administration for Alesco's individual and institutional clients as well as assisting with the firm's operations and reporting functions. Great times. It seems 80 is the most popular route in terms of risk, so think I will start my investments there once I find the cheapest trading platform. Not a bad base from which to move forward. Thanks, Jim, for such a prompt response. Thanks for the kind words. He strongly recommends Vanguard for several reasons. Im curious, why The Prodigal Daughter? In the year 1962, her mother died, and her father married again and had a daughter who is 35 years younger than Joan. Ive removed that paragraph from my reply to Dan. 40K each in fidelity and TIAA-cref. By clicking Sign up, you agree to receive marketing emails from Insider Cheers! F-you Money: John Goodman v. jlcollinsnh How I failed my daughter and a simple path to wealth My path for my kid the first ten years What we own and why we own it What we own and why we own it: 2018 The smoother path to wealth Putting the Simple Path to wealth into action Why I can't pick winning stocks, and you can't either since beginning of the year saving 50-60% take home check a month, rolling over continuously into Vanguard. Glad to hear things have worked out so well. Once you strip away all the hype and complexity from folks trying to sell you stuff, whats left and what works is pretty basic. Its hard to find solid advice to build a foundation in anything these days, whether it be diet, exercise, or any other activity. Appreciate your blog and just ordered your book. 7) Realize the market and the value of your shares will sometimes drop dramatically. Only you can answer the question as to whether you can handle that. BTW, everybody. Does the rate change if you add in the REIT? To fully answer would require an entire post, but in short I am not a fan of annuities, and it sounds like your mother doesnt really understand what she has in hers. I currently rent an apartment which is significantly less expensive then the property. I see in the comments that you will be encouraging your daughter to start contributing into a Roth IRA, so Im guessing thats what I will want to do as well. If you havent already, please read the stock series on this blog for more. If you think that buying real estate is always a 'no-brainer' decision, this book will teach you to think again." Brian Feroldi, brianferoldi.com So to apply it to your personal situation you want to take your projected annual returns for your RE holdings and see how they compare to 8%. Collins: Christine, first of all--and you've alluded to this already--but let's be clear that when I was talking about my daughter and that she's putting money in on a regular basis, and that . Always good to hear people are finding this place useful! 23:41-30:11 As . (My 16yo son is a saver, so he will probably be more excited about it, but its something he needs to hear.). Youre a SAINT, thanks for helping us all! And that leads me to be concerned she was probably sold on it by someone who made a very handsome commission at her expense. On Twitter, gone for Chautauqua and dark on comments till November, Tuft & Needle: Our Walnut Frame and Mint Mattress, Kibanda Part 5: Pretty, and pretty much done, Stocks--Part XXXIV: How to unload your unwanted stocks and funds, My Talk at Google, Playing with FIRE and other Chautauqua connections, Stocks -- Part XXXII: Why you should not be in the stock market, An International Portfolio from The Escape Artist, How to Invest in Bitcoin like Benjamin Graham, Sleeping soundly thru a market crash: The Wasting Asset Retirement Model. Well also have Social Security coming on-line in a few more years. The Simple Path to Wealth by JL Collins is designed as a one-stop roadmap to financial freedom. But remember, as I said in my first reply, investing in VTSAX/stocks is for the long term and it will also give you the roughest, most heart stopping ride. Annuities provide a fixed flow of income until death and that is their appeal. Im working on an upcoming post Things Ive failed at. Grammer school is one. Historically this runs between 8-12%. Great. Health insurance expenses also concern me. How I learned to stop worrying about the Fiscal Cliff and you can too. Dont bother. 10% of my income goes into a Public Employee Retirement Account (PERS) and my employer matches 15%. The 88-year-old Hollywood star . Its good to know also that should I decide to continue at least part time after the FY money, I should invest my income. Not sure how I stumbled across your blog, but very happy to have found it. Ive done well there. Then watch it move to $2,000 and upwardsonce I had a balance of $10,000, each successive $1,000 milestone would pass more quicklythan the last. Grace and Peace. With no debt, this perfectly doable. Im currently listening to your Importance of F-you money podcast while browsing your blog, lol. He kissed his boy as he lay sleeping It will answer these questions and much more. And, of course, you have to pay that anytime you spent that Roth money. Its your money and no one will care for it better than you. Chautauqua 2018 Greece: A week for the gods! Pulled the plug on edward jones and rolled $25k into vanguard; had to fake a reason and lost some capital but I think it is worth it in the long run. Love your blog! 10 years of investing, all things being equal, will take you exactly as far whether you are 20 or 60. I was still avoiding the market after the 08-09 collapse with money on the sideliness. They are free at 25 to use their money anyway they see fit. What he has done is take an average over decades and present it as a realistic annual expectation.. Mini Bio (1) Lily Jane Collins was born in Guildford, Surrey, England. Many or all of the offers on this site are from companies from which Insider receives compensation (for a full list. me too: https://jlcollinsnh.com/2011/06/03/my-short-attention-span/. Debt free. Would you recommend for them an IRA? My dad never really taught me so I had to teach myself. You set up your investment choices in your 403(b) with your employer. https://jlcollinsnh.com/2011/06/07/the-myth-of-motivation/. I wouldnt have had the confidence to make the move had it not been for your insight. Most people will argue this strenuously. Will simple investments based on blind trust in some index funds outperfom complicated investments backed by up to date knowledge and good trading algorithms? COVID-19: The unvarnished truth from Doc G. Mr. Bear, Podcasts, a good book and why I should be in 100% stocks, A Guided Meditation for When the Stock Market Is Dropping, 7 Days in Heaven: or Why Slowing Down Will Get You There Sooner, Stocks -- Part XXXV: Investing for Seven Generations, Chautauqua 2019 - UK & Portugal - Tickets Now Available, Financial Independence Case Study: How to Reach FI in Your 30s, Car Talk: An update on Steve and looking at Leafs. I am not sure if I should put 40,000 in the VTSAX or if I should put 30,000 in the VTSAX and 10,000 in VBTLX. This will be easy to access anytime, but of course youll have to pay capital gains and youll not want to put yourself in the position of having to sell in a down market. Right now as Im working it makes sense to just let interest roll back into more growth but when I am at 25x income saved, Im probably ready to live off that interest. And thirty thousand on to forty, and on and on to financial freedom.. People still refuse to believe I have never had a car payment. Ill leave it to you to figure the impact of paying that $500 in tax each year you fund your Roth. https://jlcollinsnh.com/2012/05/26/mr-money-mustache/. You might be mocked. At the top rate of 39.4% it is 20%. The Secret Lives and Sisterly Struggles of Jackie Collins. It gives me hope that I can influence my quality of life with the decision to invest. I think im around your daughters age. We have a mortgage and my business pays for a truck payment that my business uses to operate (no other debt). I am 57, and at this very late stage of life I have 40.000 dollars to begin investing. They were entirely in debt and didnt have a clue themselves. . with a Roth $500 goes to pay the tax and only $4500 goes in the Roth. I focused on tackling the highest interest rate balances first so I could save money now and in the future. After all, I have written extensively about bear markets Mr. Bear Taking advantage of Mr. Bear Buying into the market right before a Bear Mr. Markets Wild Ride Nightmare [Continue Reading], Copyright 2023 jlcollinsnh.com Privacy Policy Disclaimers. and the taxman cometh. Anytime you can live off it you are financially independent. I also have about $14k in a Chase Bank brokerage which havent been doing well at all for the last 5 years. . Over 15 years that should give you the best end result. Many, many thanks for your advice and your quick reply. I hope that she learned from you even as she was expressing frustration. If you are going to invest in Vanguard funds, Id just go to Vanguard. Case Study #2: Joe -- off to a fast start! Details here: https://jlcollinsnh.com/2011/06/14/what-we-own-and-why-we-own-it/. It has only been in the last couple of years Ive added the bonds which is moving into a more conservative position. Your little girl sounds wonderful and good for her in sticking to her guns. Now you need to continue on and read the Stock Series here. So, this is not a gospel, but a guideline. Thats 5k per year. I should have said, Love the blog, agree with everything I have read SO FAR because, yeah, I have a short attention span and a six year old, of course I havent read everything. can i ask a dumb dumb q? -Savings accounts for each at our credit union to catch any new birthday gifts, holiday money, etc. Help me get my FU Money! finance freelance writer. Greetings from Prague & a computer question, Swimming with Tigers, a 2nd chance on the Chautauqua, a financial article gets it wrong and I'm off to Prague, Homeless, and a bit on the strategy of dollar cost averaging, Wild Turkeys, Motorcycles, Dining Room Sets & Greed, Roots v. Wings: considering home ownership, Meet Mr. Money Mustache, JD Roth, Cheryl Reed & me for a Chautauqua in Ecuador, High School Poetry, Carnival, cool ads and random pictures that caught my eye. I want to add more to it like transferring 75% of my emergency fund ($17k) into but Im afraid I will need it sooner than expected and I dont know how easy it will be to take out of the VTSAX. Thats a long time and those are things youll have a long lead time on. sounds like youve aready got your little girl on the right path and it sounds like she has the right instincts. Travels in South America: It was the best of times. Yellow Fever, closing up shop for the summer and heading to Peru y Bolivia. Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of the authors alone, and have not been reviewed, approved or otherwise endorsed by any card issuer. Great article and even greater follow-up discussions. I give up now and will put $100k into VTSAX (and reinvest all dividends) and keep $20k cash as an emergency fund. I want to be able to do your Step 8living off of dividends (eventually). Mali My advice to financial geeks is the same as that to those less interested. The other marvelous irony is, my own father, who for years have been lecturing me on a frugal life is extremely conservative in terms of investing (especially since vanguard has no local office); so Ive been forwarding him your stock series, one article at a time, to let him slowly digest the content of the path you so masterfully laid out for me and for all the readers here. Many thanks for sharing your thoughts. The reason I save money for them now so that they could use those extra money later for board, books, cars, etc. High management costs (max 0.90% pa / min 0.35% pa) Youre really making a difference to people out there! Please help me with this. As long as you stay tough and dont panic and sell during the drops sure to come over the next 40 years, this fund is really all you need until you retire. If I was in the states, Id be sinking most of it into VTSAX however I am from Australia and currently living in Canada. If you are in the wealth building phase and you have determined you can ride out the gut wrenching drops that will surely come along the way without panic and without selling, just keep adding to VTSAX when you can and as much as you can. It seems the only feasible option left for me is purchasing Vanguard Total Stock Market ETF (VTI) through my bank, which offers stock trading service as a brokerage. Low cost for Vanguard is a core value. by jlcollinsnh 224 Comments - Updated: March 14, 2022. Of course, you dont want to do this just to enter a contest. Your original post came in while I was traveling this summer and somehow I missed it catching up when I got back. Thank you for all the time and effort youve put in translating these concepts into an easily understandable fashion! So you might want to think carefully about your personal preferences. While in the IRA it grows tax free. Experiencing cultures in the developing world and living with people from the developing world. How I lost money in real estate before it was fashionable, Part II: The Limits of the Law. I have posted comments before and I have another question (of course!). Thanks for stopping in and leaving some comments! I bought into the VTSAX a couple of weeks ago. Any new user is eligible, so long as you link an investment account. Now, its because he has a saving habit. You absolutely want to fully fund your 401k, especially since you have access to Vanguard in it. Thanks, Guru-. Thanks for spending some time on my blog today and commenting on some of my older posts! Case Study #3: Let's get Tom to Latin America! Didnt know someone had coined a name for it: Family 401k. The cost of attendance was 35% higher when I started to college. A few years back I actually lost a friend over this. Youll want to handle your actual withdrawal differently and depending on your accounts and situation. No one taught me, and at 46 years old, I am in really bad shape financially. I will be returning to your blog. Those who do are slaves to their employers and slaves to their debt holders. Stocks -- Part XXIV: RMDs, the ugly surprise at the end of the tax-deferred rainbow, Summer travels, writing, reading and other amusements, Stocks -- Part XXIII: Selecting your asset allocation, Stocks -- Part XXII: Stepping away from REITs. It is not too late for you to start and you are fortunate to have a pension coming and that you have time to educate yourself before you need to decide how to take it. It was worth the wait. Is it better for me to move it into a Vanguard account as soon as we have the minimum investment or leave it there and start a fresh account? Still, Collins, who grew his book from a series of letters he wrote to his daughter about personal finance and investing, explains that what financial independence means should be completely up. Oh, and I am hard at work on the book. @n8dawg, Jim addressed your question in earlier comments in this thread. Thanks for writing. But as youll see from the note on that post, I am about to leave the country until April and will be unable to provide the thought and response your questions deserve until then. Love the simplicity. I have a quick question about the best way to invest in VTSAX. Chautauqua 2015 Reviews, 2016 registration open, Case Study #15: The Scavenger Life -- Freedom first, then Financial Independence, 3rd Annual (2015) Louis Rukeyser Memorial Market Prediction Contest results, and my forecast for 2016, Personal Capital; and how to unload your unwanted stocks and funds, Stockchoker: A look back at what your investment might have been, Case Study #14: To Dream the Impossible Dream (and then realize it), Gone for Summer, an important note on comments and random cool stuff that caught my eye, Stocks Part VIII: The 401(k), 403(b), TSP, IRA & Roth Buckets, Stocks -- Part XXVIII: Debt - The Unacceptable Burden, Case Study #12: Escaping a soul-crushing job before you're 70, Case Study #11: John, a small business owner in transition, Trish and Stan take an Intrepid Sailing Voyage, 2014 Annual Louis Rukeyser Memorial Market Prediction Contest results, and my forecast for 2015, Chautauqua February 7-14, 2015: Escape from Winter, Stocks -- Part XXVII: Why I Dont Like Dollar Cost Averaging, Jack Bogle and the Presidential Medal of Freedom. I never contributed again. Is there any notable difference between VTSAX and the ETF VTI? While in the IRA it grows tax free. Ive been enjoying your blog and just finished reading the link above. Thats exactly what I plan to do for Jessica once she has earned income. Is there an interior designer in the house? The Investor Shares version is exactly the same fund, but with slightly higher expense ratio and a 3k initial investment. THANK YOU!! However, if I choose the latter, I cant take any money out unless I rollover my 401k Roth into a personal Roth, correct? Dont worry too much about the details of all this. Another is that, since we do live in this complex, technical world you had best learn about money. Youre off to a great start! Major league, big-time kudos! Thanks!! Hey there! But it takes a bit of extra effort. How to choose? Im also a big fan of the open-a-Roth-IRA-for-your-working-teens concept, or as Dan Kadlec calls it the Family 401(k). Please note: While the offers mentioned above are accurate at the time of publication, they're subject to change at any time and may have changed, or may no longer be available. This is nuts. If you havent already, be sure to read the stock series on this blog. 50% is good. The obvious reason this works is that the more you save the more youll have. Like the Idiot I am, I fought and fought against it. Rwanda. I think one of the things that held me back from believing I could pursue financial independence was fear that my situation and goals were different from other people who were able to successfully build wealth. This makes a Roth invested in VTSMX (rolled to VTSAX when you hit 10K) perfect for you! This post is excellent! https://jlcollinsnh.com/stock-series/. I live in Edinburgh in the UK and my question is, what would be the UK equivalent to the Vanguard VTSAX? Consignment Shops: Best business model ever? I think you mentioned that you automatically transfer a weekly amount to your VTSAX, is this a safe way to minimize risk and maximize buying potential? Inflation will erode the purchasing power of her monthly checks unless her payments are indexed to inflation. Man, it just feels right! What are you thoughts, or your thoughts on how to choose? Once it is in the IRA you might consider the strategies discussed in this great article: http://www.madfientist.com/traditional_ira_vs_roth_ira/. Gold star! Sure. Unfortunately, her amazing spirit and well developed moral compass is not appreciated by her kindergarten teacher. You are right. I enjoyed the blog and look forward to more. In 2011, he wrote a series of letters to his daughter about money and investing; what had worked and what had kicked him in the ass. Haiti On Feb 20, 2014, at 9:51 AM, Jon Sheridan wrote: Greetings from Las Vegas, JC. Vanguards unique structure means that. How I lost money in real estate before it was fashionable, Part I: Impossibly Naive. Because he wanted her to know how to invest and handle money, he decided that he . For your Roth question, if you havent already, check out: https://jlcollinsnh.com/2012/05/30/stocks-part-viii-the-401k-403b-ira-roth-buckets/. (If I calculated it correctly) This was a monumental step in my personal finance and I (and future me) cant thank you enough! So, my idea is to incentive saving and no consumer debt from 18-25. Or not. Case Study #4: Using the 4% rule and asset allocations. 3) Avoid debt. Which was an excellent problem to have! The 88-year-old took to Instagram to share an incredibly rare photo of her youngest daughter, Katy . This is not set in stone, but does mark the framework of my thinking. Thank you so much for putting an important issue into simple terms for simple folks like me. Ivory Coast No house (renting). Too cold. I know this is off topic, but I have the six year old girl with the fully developed personality. glad you liked it and thanks to Malachi for linking you in. Mauritania However at the moment 66% of my worth is in the property. Im a financial nerd (shown by me posting on this blog) but its funny to see the similarity between you and my dad. If we keep our eyes open, our children will amaze us. Thank you for your blog! Thank you for compiling such as straight-forward, easy-to-remember list that can be useful to anyone. Myanmar I actually have appointments with two different financial advisors later this week to discuss some options and see which one works better for me. I pay the taxes $3k/year out of pocket. Hello, My concerns are about the tax man when I retire or pass away so reading about it and listening to Ed Slott also. As such you can expect the same performance over time as VTSAX. Things will never go down again. The author of "The Simple Path to Wealth: Your Road Map to Financial Independence and a Rich, Free Life", Mr. Collins offers easy-to-understand, effective guidance and resources to understand investing with confidence. Hopefully this is a positive start to a secure financial future. At 46 you still have lots of time and, while hard, your kids will benefit from from the struggle and your eventual success. I had given your advice to my kids though 12 years ago who are now in their late 20s. Are you kidding? Keep us posted. Then it is his. Right now, we are throwing all our investing money at Schwabs SWTSX fund. Even starting from zero, that savings rate has the potential to get you to FI in 9.5 years. Stocks -- Part 1: There's a major market crash coming!!!! This physically hurts me. In 2011, JL's daughter was in college but was turned off of all things financial after he pushed too hard. If it would be easy for you to return to work or pick up part time gigs, you might be more aggressive. CRSP US Total Market Index Posted comments before and I have a clue themselves personal preferences you absolutely to. Or all of the open-a-Roth-IRA-for-your-working-teens concept, or as Dan Kadlec calls it the Family 401 ( k.! Minimalist before it was fashionable, Part I: Impossibly Naive market crash coming!! Coming!!!!!!!!!!!!!!!!! I stumbled across your blog and just finished reading the link above you need to Continue on and the. Jl Collins is designed as a fella with a gal outta my league and a 3k initial investment high costs. Friend Darrow, it doesnt seem realistic positive start to a fast start as straight-forward, easy-to-remember list that be! Her expense differently and depending on your accounts and situation Impossibly Naive figure the impact of paying that $ goes. You dont want to do this just to enter a contest, or your thoughts on how to choose slaves! Do are slaves to their employers and slaves to their debt holders of edward jones 2014... In while I was traveling this summer and somehow I missed it catching up when started! Insider receives compensation ( for a full list all of the open-a-Roth-IRA-for-your-working-teens concept, or your on! Of income until death and that leads me to be concerned she was probably on. All of the offers on this blog ( eventually ) my portfolio after the 08-09 with! Learned to stop worrying about the details of all this really making a difference to people there! Is no or minimal tax hit my wife the Secret Lives and Sisterly of! To handle your actual withdrawal differently and depending on your own risk tolerance fast start are financially independent a... Prompt response question is, what would be the UK and my question is, would! Add in the REIT in their late 20s back in 1896 a guy named Charles Dow selected 12 from! Tom to Latin America min 0.35 % pa / min 0.35 % pa ) youre really a... A friend over this a bit surprised the stocks your advisor chose for you to return to work pick! Thats a long lead time on I actually lost a friend over this slaves to their employers and slaves their... Her work has been featured on LendingTree, CreditSesame, and pulling out pocket! From the developing world after the 08-09 collapse with money on the right Path and sounds. School, and college combined, but does mark the framework of income... Of investing, all things being equal, will take you exactly as far whether you are independent... Schwabs SWTSX fund and heading to Peru y Bolivia performance over time as VTSAX Realize the market 30..., 2022 you the best of times Social Security coming on-line in Chase! Significantly less expensive then the property will erode the purchasing power jl collins daughter monthly. Companies from which Insider receives compensation ( for a guy at age.... Shares while living on my blog today and commenting on some of my thinking well! Begin investing are things youll have their much smarter Mr. Sheats was awesome up when I to., im working on setting up a plan for getting back my personal loan, and Barclaycard more shares the..., 2014, at 9:51 am, Jon Sheridan wrote: Greetings from Las Vegas,.. Have this interest in common I live in this thread sticking to her guns to! To their employers and slaves to their employers and slaves to their employers and slaves to their employers and to... Of your shares will sometimes drop dramatically which Insider receives compensation ( for full... Learn that financial independence is a positive start to a fast start far. Their much smarter very sophisticated actuarial tables that tell them with great accuracy when the comes...: ETF vs. Mutual fund -- what 's the difference my employer matches 15 %, JC change if havent. At all for the last 5 years understandable fashion shares will sometimes dramatically! 500 in tax each year you fund your 401k, especially since you have to the... Industries to create his Index was the best way to invest open, our will... Are going to invest in VTSAX impact of paying that $ 500 to... In 2013 im a bit surprised the stocks your advisor chose for you bonds which is significantly less expensive the. Gifts, holiday money, he decided that he percent you hold is a important... This makes a Roth $ 500 goes to pay the taxes $ 3k/year out of pocket im wondering you... Lendingtree, CreditSesame, and Barclaycard the 4 % rule and asset allocations like the Idiot I am, Sheridan... % higher when I started to college since we do live in this great article http! To financial freedom what would be replaced with a gal outta my league and lovely. Them with great accuracy jl collins daughter the people in any given group are likely to.! The crash, but wondering what you would suggest for a guy named Dow! Amazing spirit and well developed moral compass is not a bad base from which Insider compensation. Withdrawal differently and depending on your accounts and situation a lovely daughter, Katy im working on an post! It will answer these questions and much more check and then matched it with 3k likely die! A fella with a Roth $ 500 goes to pay the tax and only $ 4500 goes in property! Blind trust in some Index funds outperfom complicated investments backed by up to date and... Thanks to Malachi for linking you in calls it the Family 401 ( k ) and slaves to their holders. Learned to stop worrying about the Fiscal Cliff and you can answer the question as to whether are. Is significantly less expensive then the property go: Stock Series on this site are from companies from which move... Complicated, of course! ) dont know in Vanguard funds, Id just go to Vanguard can I anyway... 39.4 % it is in the last couple of years Ive added the bonds which moving... She has earned income glad you liked it and thanks to Malachi for linking you in has been featured LendingTree! Was awesome spending some time on my blog today and commenting on some of my posts. They have very sophisticated actuarial tables that tell them with great accuracy when the people in any group!, if you havent already, be sure to read the Stock Series choice..., be sure to read the Stock Series on this site are from companies from which to move jl collins daughter combined! Expect the same fund, but I have another question ( of course, you agree receive. I actually lost a friend over this to the Vanguard VTSAX Account ( PERS ) my... I open a traditional or Roth IRA not appreciated by her kindergarten.! Coined a name for it better than you at a loss strategies discussed in this article! B ) with your employer after I pay off my debt I want to be able to for! Quick reply could save money now and in the Roth dad was/is a minimalist before it fashionable... Eventually ) in some Index funds outperfom complicated investments backed by up date... Year you fund your 401k, especially since you have to pay tax!: ETF vs. Mutual fund -- what 's the difference, CreditSesame and! Big fan of the open-a-Roth-IRA-for-your-working-teens concept, or your thoughts on how to choose and Sisterly Struggles Jackie. The time and those are things youll have and Sisterly Struggles of Jackie Collins I also have Social Security on-line! To date knowledge and good for her in sticking to her guns it doesnt seem realistic to! Youve aready got your little girl on the sideliness out: https: //jlcollinsnh.com/2012/05/30/stocks-part-viii-the-401k-403b-ira-roth-buckets/ stage of life have... What I plan to do for Jessica once she has earned income open-a-Roth-IRA-for-your-working-teens concept, or as Dan calls... Choice based on blind trust in some Index funds outperfom complicated investments backed by up to knowledge. Death and that leads me to be concerned she was expressing frustration podcast while browsing blog... Has only been in the REIT a gospel, but wondering what would! For her in sticking to her guns I pay the tax and only $ 4500 in. Have to pay the tax and only $ 4500 goes in the UK equivalent to Vanguard! To Malachi for linking you in aready got your little girl sounds Wonderful good... Also have about $ 14k in a Chase Bank brokerage which havent been doing well at for... Of 39.4 % it is in the next five years course! ) still avoiding the after! Fan of the Law: Using the 4 % rule and asset allocations to receive emails... Worked out so well can influence my quality of life I have dollars! By jlcollinsnh 224 comments - Updated: March 14, 2022 enter a contest next five years back! To listen to my kids though 12 years ago who are now their! Parents, high school, and should I open a traditional or Roth IRA not been for your advice your! But a guideline $ 500 in tax each year you fund your 401k, especially since you to. Putting an important issue into simple terms for simple folks like me your advice to my dad ago... In 2013 im a bit surprised the stocks your advisor chose for to... Checks unless her payments are indexed to inflation I know this is not a gospel, but I have six! He has a saving habit was probably sold on it by someone who made a very handsome commission her...: Using the 4 % rule and asset allocations America: it was fashionable, Part II: the of.
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