I stumbled across one of your articles today, and it brought me to this one. Having survivied a very similar scenario (it is happening everywhere), I began to feel much better when I realized that my state annuity, which gives me a guaranteed monthly amount, was the equivalent of having $800K invested in the stock market, being drawn upon for that same monthly amount. Who knew?! However, no matter what happens in the stock market (which could tank at any time, as we have all experienced at least twice, both in 1999, and 2008, and now overdue for the next "tanking"), it is possible that we might be better off with the state annuity. Just saying ... I do think you will achieve your goal of being debt free; you are doing all of the right things from a frugal/wise approach. * At this point, I and many "real" financial advisors, will assure you that it is fine for you to tell your children to pay for the remainder of their education, etc., because that is your gift to them in several ways, 1) they learn to be self-sufficient and they are young enough to clear that debt while you are not; 2) and you will be able to sustain yourself as you grow older, without putting a financial burden on them in the future, when they are growing their own families, trying to buy their own house, etc. That action is the loving thing to do as a good parent. Do it without feeling guilty. * So that your beloveds do not end up where we did due to financial ignorance, have them read Trent Hamm's article, $15 Retirement Plan (Google it). The information in that article is one of the very few times that something that "looks too good to be true," is actually true. I could really have benefited from this knowledge in my 20s! * Best wishes to you. You cannot control the future, but you are being wise now, instead of throwing up your hands and not doing anything. Good for you!
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I stumbled across one of your articles today, and it brought me to this one. Having survivied a very similar scenario (it is happening everywhere), I began to feel much better when I realized that my state annuity, which gives me a guaranteed monthly amount, was the equivalent of having $800K invested in the stock market, being drawn upon for that same monthly amount. Who knew?! However, no matter what happens in the stock market (which could tank at any time, as we have all experienced at least twice, both in 1999, and 2008, and now overdue for the next "tanking"), it is possible that we might be better off with the state annuity. Just saying ... I do think you will achieve your goal of being debt free; you are doing all of the right things from a frugal/wise approach. * At this point, I and many "real" financial advisors, will assure you that it is fine for you to tell your children to pay for the remainder of their education, etc., because that is your gift to them in several ways, 1) they learn to be self-sufficient and they are young enough to clear that debt while you are not; 2) and you will be able to sustain yourself as you grow older, without putting a financial burden on them in the future, when they are growing their own families, trying to buy their own house, etc. That action is the loving thing to do as a good parent. Do it without feeling guilty. * So that your beloveds do not end up where we did due to financial ignorance, have them read Trent Hamm's article, $15 Retirement Plan (Google it). The information in that article is one of the very few times that something that "looks too good to be true," is actually true. I could really have benefited from this knowledge in my 20s! * Best wishes to you. You cannot control the future, but you are being wise now, instead of throwing up your hands and not doing anything. Good for you!
Post: Resolved: Look Less
Link to comment from January 11, 2022