I had seen too many cases where young folks had graduated from college and upon getting their first job proceeded to buy new cars/move into expensive apts/travel/upgrade the lifestyle etc and not do the right things financially. So I cut a deal with my 2 kids. I would pay for their educations (it was a struggle) provided they agreed to the following ... For the first 3 years after they got their "real jobs" they had to show me the statements indicating they had signed up for their company 401K and were fully funding it. And I strongly suggested they live at home for a year and continue to drive their "college cars". They both did so and were able to save nice large down payments on their first homes.My son to this day updates me on his retirement savings and has thanked me many times for getting him started saving early and preaches the "time value of money"
Great article ... Very fortunate that my son and I still take trips to out of town baseball games on guy's weekends and find our way to the golf course occasionally ... not as frequently as I'd like but that makes you treasure it even more
Figuring this out is way above my pay grade but I always use the eye test ... just what is in all those ubiquitous monstrous storage buildings that now dot the landscape and why??? Something happened ... the internet? home shopping? Amazon? lifestyle creep? Guess we can take the word minimalism out of dictionary
RE getting advice from your kids ... my son is a bright mechanical engineer and any time I'm "projecting" around the house his counsel is greatly appreciated!
Seems tough to paint with a broad brush ... Literally everyone's situation is different ... Having a defined benefit federal pension with a COLA that covers my needs certainly allows me to have more in equities than I might otherwise
I am helping a 95 year old uncle navigate through his later years ... He lives in a very small town in southwest PA (no police force for many miles only a rare drive through by state police) ... He has told me if they take his license he will continue to drive ... I have to wonder how they monitor such things Ugh
Comments:
I had seen too many cases where young folks had graduated from college and upon getting their first job proceeded to buy new cars/move into expensive apts/travel/upgrade the lifestyle etc and not do the right things financially. So I cut a deal with my 2 kids. I would pay for their educations (it was a struggle) provided they agreed to the following ... For the first 3 years after they got their "real jobs" they had to show me the statements indicating they had signed up for their company 401K and were fully funding it. And I strongly suggested they live at home for a year and continue to drive their "college cars". They both did so and were able to save nice large down payments on their first homes.My son to this day updates me on his retirement savings and has thanked me many times for getting him started saving early and preaches the "time value of money"
Post: I have been challenged by Jonathan. Will he like my response? By RDQ
Link to comment from October 18, 2024
Great article ... Very fortunate that my son and I still take trips to out of town baseball games on guy's weekends and find our way to the golf course occasionally ... not as frequently as I'd like but that makes you treasure it even more
Post: Savoring the Moments
Link to comment from September 30, 2024
Figuring this out is way above my pay grade but I always use the eye test ... just what is in all those ubiquitous monstrous storage buildings that now dot the landscape and why??? Something happened ... the internet? home shopping? Amazon? lifestyle creep? Guess we can take the word minimalism out of dictionary
Post: How did it all work for us? Why not now?
Link to comment from September 27, 2024
I think unlimited DVRs and podcasts have changed many viewing/listening habits (mine included) Have you tried any HIIT workouts on your treadmill?
Post: The Habits of Old Men by Andrew Forsythe
Link to comment from September 8, 2024
Bryce Canyon is surreal ... The Ring of Kerry in Ireland also
Post: First Place by Jonathan Clements
Link to comment from September 6, 2024
Falls are the leading cause of death from injuries in seniors ... balance and strength are crucial ... glad you are healthy Dennis
Post: Exercising Caution
Link to comment from September 3, 2024
RE getting advice from your kids ... my son is a bright mechanical engineer and any time I'm "projecting" around the house his counsel is greatly appreciated!
Post: On Being 80
Link to comment from July 24, 2024
Once you you've won the game stop playing
Post: What’s your favorite financial quote?
Link to comment from July 15, 2024
Seems tough to paint with a broad brush ... Literally everyone's situation is different ... Having a defined benefit federal pension with a COLA that covers my needs certainly allows me to have more in equities than I might otherwise
Post: Is a 100% stock portfolio reckless?
Link to comment from June 22, 2024
I am helping a 95 year old uncle navigate through his later years ... He lives in a very small town in southwest PA (no police force for many miles only a rare drive through by state police) ... He has told me if they take his license he will continue to drive ... I have to wonder how they monitor such things Ugh
Post: Life After Cars
Link to comment from June 21, 2024