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#11
06-09-2005, 02:07 PM
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Re: Financial Goal Question
[ QUOTE ]
I'm glad my thread could take this turn. I'd marry Oprah for the money. [/ QUOTE ] ... and you were allowed a little something better on the side. 
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#12
06-09-2005, 02:13 PM
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Re: Financial Goal Question
The money alone would allow me that type of freedom.
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#13
06-09-2005, 02:15 PM
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Re: Financial Goal Question
[ QUOTE ]
Open up a Roth-IRA in addition to your 401k. [/ QUOTE ] Yes [ QUOTE ] So some high risk / high reward investments are what you are going to need. [/ QUOTE ] Yes, in addition to the 401K and Roth IRA Do you rent your place, or own it? If you rent, and you know you're going to be in that area for at least a few years, buying something quickly. Having a down payment is nice but doesn't offset the lost equity from waiting until you can accumulate one.
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#14
06-09-2005, 02:16 PM
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Re: Financial Goal Question
[ QUOTE ]
I'm glad my thread could take this turn. I'd marry Oprah for the money. [/ QUOTE ] This raises an interesting question? how intoxicated would you have to to screw Oprah? Could you do it if you were not gauranteed access to her $$$$?
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#15
06-09-2005, 02:16 PM
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Re: Financial Goal Question
So we're all in agreement then? Dump the fiance, marry Oprah and screw around on the side is the correct financial plan?
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#16
06-09-2005, 02:17 PM
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Re: Financial Goal Question
[ QUOTE ]
This raises an interesting question? how intoxicated would you have to to screw Oprah? Could you do it if you were not gauranteed access to her $$$$? [/ QUOTE ] Why would you?
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#17
06-09-2005, 02:19 PM
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Re: Financial Goal Question
[ QUOTE ]
[ QUOTE ] This raises an interesting question? how intoxicated would you have to to screw Oprah? Could you do it if you were not gauranteed access to her $$$$? [/ QUOTE ] Why would you? [/ QUOTE ] what I mean is would you have to be certain that you get her $$$ or would you just close yur eyes and go for it hoping for the best?
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#18
06-09-2005, 02:19 PM
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Re: Financial Goal Question
[ QUOTE ]
[ QUOTE ] [ QUOTE ] This raises an interesting question? how intoxicated would you have to to screw Oprah? Could you do it if you were not gauranteed access to her $$$$? [/ QUOTE ] Why would you? [/ QUOTE ] what I mean is would you have to be certain that you get her $$$ or would you just close yur eyes and go for it hoping for the best? [/ QUOTE ] I'd require a hefty down payment.
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#19
06-09-2005, 02:29 PM
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Re: Financial Goal Question
If you invest the money properly for your remaining life expectancy (use 60 years to be safe) ou will need about $250,000 of financial assets for each $10,000 of retirement income. (i.e. Based on historical data, using an "optimal" asset allocation - you can withdraw about 4% of your portfolio assets each year and be fairly sure that you will not consume all of your assets before you die.)
So, if you can life on $40,000 per year (just scraping by?), you can retire with an investment portfolio of $1 million. Good luck. for more advice check: www.retireearlyhomepage.com
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#20
06-09-2005, 02:34 PM
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Re: Financial Goal Question
I think that the idea of opening a Roth IRA can be a bad idea if you want to have access to the money before you turn 60.
Using the extra money you have each month you should begin investing in property. If you look at the average American millionaire you will notice that many of them built wealth through real estate. If you are halfway decent at property management you can actually create positive monthly cash-flow situations, as well as get rich off the equity.
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