How much have you spent on your jeep?
JK Enthusiast
Joined: Dec 2008
Posts: 149
Likes: 0
From: Terrell, Tx
no doubt, no doubt. There is a lot to be said about "we could all die tomorrow". It just seems people don't realize the power they are giving away so cheaply. A recent article on baby boomers starting to retire, most with no real savings and the drain that will create, and their future pains started me heavy into looking at what it really means.
If you are in your 20's, for every 1K you don't put say...in your Roth, you are giving away more than 4-15K at retirment. This is money you can not go back and put in. once the year has passed, it's gone, opportunity lost. 5K fun jeep mods is awsome!! I love that too. Starting off with possible 75K life deficit (or say 3 years of retirment money.... no so thrilling.
If you are in your 20's, for every 1K you don't put say...in your Roth, you are giving away more than 4-15K at retirment. This is money you can not go back and put in. once the year has passed, it's gone, opportunity lost. 5K fun jeep mods is awsome!! I love that too. Starting off with possible 75K life deficit (or say 3 years of retirment money.... no so thrilling.
Mark Doiron-
Let me answer that question: Consider an 18 year old that invests $2000 into a Roth IRA each year until he reaches the age of 30. Then he stops. Never invests another dime into that IRA--he just lets his earlier investment set and grow. Assuming the historical average stock market return of 9%, when he reaches age 66 he will have $896,311 in his Roth IRA account. All of that money is available to him for tax free withdrawal at age 59-1/2.
Now, assume this same individual wants to play while he's young. So he waits to start a Roth IRA until he's 30 years old. Then he invests $2000 into his Roth IRA each year until he retires at age 66. That's 36 years worth of investing--three times longer than the first scenario I described. At age 66 he will have $472,249--barely half the money for three times the investment!
Finally, a practical answer: I'm retired. I don't require my IRA money to live--other retirement income is sufficient because I paid off my debts before retiring at age 50 (yes, you read that correctly). I can now afford to pay cash for new vehicles (actually have for the past 20 years), and I use my IRA withdrawal to pay for "goodies"--like $10K in Jeep mod's this month.
Let me answer that question: Consider an 18 year old that invests $2000 into a Roth IRA each year until he reaches the age of 30. Then he stops. Never invests another dime into that IRA--he just lets his earlier investment set and grow. Assuming the historical average stock market return of 9%, when he reaches age 66 he will have $896,311 in his Roth IRA account. All of that money is available to him for tax free withdrawal at age 59-1/2.
Now, assume this same individual wants to play while he's young. So he waits to start a Roth IRA until he's 30 years old. Then he invests $2000 into his Roth IRA each year until he retires at age 66. That's 36 years worth of investing--three times longer than the first scenario I described. At age 66 he will have $472,249--barely half the money for three times the investment!
Finally, a practical answer: I'm retired. I don't require my IRA money to live--other retirement income is sufficient because I paid off my debts before retiring at age 50 (yes, you read that correctly). I can now afford to pay cash for new vehicles (actually have for the past 20 years), and I use my IRA withdrawal to pay for "goodies"--like $10K in Jeep mod's this month.
Well I am actually intriqued by both of these replies! I def can see the importance of planning to be able to take care of myself in the future, but I do respect the "we can all die tomorrow" mentality and want to enjoy what I have. Being as that I am in college and really only work summers right now, it usually only supports me for just that...college. However, I make the sacrifices such as full blown meals and goin out, which usually allow money to go into the jeep. This is what makes me happy, so thats how I look at it. I figure when I graduate and get a job I can actually live off, thats when ill be able to save for the future, mod the jeep, and have those wonderful dinners. I guess that will remain to be seen though! Thanks for the advice though, it got my mind going
JK Freak
Joined: Mar 2008
Posts: 571
Likes: 1
From: Seattle
When did this become a "how you should save for your retirement" thread?
I put into a 401K for 15 years then it took a steaming dump and lost 1/2 it's value.
Yay, investing is fun kids!
Should've bought a 1970 Hemi Cuda in Slime Lime green.
At least that would hold it's value and I would have paid it off 5 years ago.
I've spent $23,000 and change on my JK and it's paid in full.
F U Bank of America!
I put into a 401K for 15 years then it took a steaming dump and lost 1/2 it's value.
Yay, investing is fun kids!
Should've bought a 1970 Hemi Cuda in Slime Lime green.
At least that would hold it's value and I would have paid it off 5 years ago.
I've spent $23,000 and change on my JK and it's paid in full.
F U Bank of America!