Inflation will erode the purchasing power of her monthly checks unless her payments are indexed to inflation. Many thanks for sharing your thoughts. Everything else is paid for (health insurance, housing, lunch, car, utilities etc.) Her looks, her brains, her charm (she takes after her mother) and her behavior. Will see how it works. I give up now and will put $100k into VTSAX (and reinvest all dividends) and keep $20k cash as an emergency fund. They tucked me in to the back seat of their VW bug and hauled me from Dingle up to Galway. Im 24, single, finished college 1.5 years ago and have been working at my first real job making ~$30k/year. Columbia Thank you for your very kind words. But the truth is the truth. First, thank you very much for being an invaluable resource and making complicated topics more approachable for newbies like me. As you say, there is so much conflicting information out there, I have often wondered how those who chose to embrace my ideas come to do so. I have a question, though. Dont beat yourself up if youve made financial mistakes along the way. Can you please cater your advice to financial geek to be like me? They have very sophisticated actuarial tables that tell them with great accuracy when the people in any given group are likely to die. For these: https://jlcollinsnh.com/2012/05/30/stocks-part-viii-the-401k-403b-ira-roth-buckets/ Fill out our 3-minute survey here . The negligence that led me to DIY investing, Part XXXVI: Estate Planning 101 -- The Simple Path to an Estate Plan, The Top 9 (Bad) Arguments Against Bitcoin, Investing with Vanguard for Europeans: 2020 update. You have also taught me to keep it simple. You dont want to run with this crowd. Please pass my kudos on to your dad. Of course, easier for me to say, but I will be dealing with this in the near/far future. Same place my hair did I guess). Just trying to figure out the best plan of action here so I can got to working part time in about 20 years and live off my dividends. Yep, just keep putting your money into VTSMX. Cheers! Two ugly possibilities: 1. Im the Aaron L. from above. Just wanted to drop you a quick line about how much I appreciate and enjoy your writing. Closing up shop plus an opening at Chautauqua, my new podcast, phone, book and other random cool stuff. Stocks -- Part VIII-b: Should you avoid your company's 401k? Im blessed to have very low expenses, so I can afford to save aggressively right now; currently save 70% of each paycheck after taxes. Of course, you dont want to do this just to enter a contest. Nothing will destroy your wealth faster than letting someone else have access to it. While I do pretty well with the big picture stuff, for me, its a trip to the dollar store where I easily lose control. If you retire before 59.5, there are also some great stratgies for pulling IRA/401k money before. The last is what is important here. Ive removed that paragraph from my reply to Dan. Avoid fiscally irresponsible people. Money. Dad, she said I know this is important. I said no thanks, which the majority of people do. The chart is taken from my pal Darrows (Can I Retire Yet?) me too: https://jlcollinsnh.com/2011/06/03/my-short-attention-span/. Should I convert to ROTH? THANK YOU!! or should I just stick with VTSMX and keep contributing 100% to that fund? and thanks! Keep up all you do for us prisoners trying to gain the courage to shake loose and get on with our lives. Author and financial blogger JL Collins brings his refreshingly unique and approachable take on investing to Google.The author of "The Simple Path to Wealth:. I believe it has to be voluntary, but I stack the deck in the favor of what I thing will have the biggest payoff. Case Study #10: Should Josiah buy his parents a house? Look for people who will add to your efforts. Well then, yes, at the end a Roth is nicer to have than a traditional. In terms of a career, that translates to increasing your income. How do I go about setting that up? So should I just be buying in a regular account with Vangaurd or Betterment? hope this helps and hope to see more of your comments. I picked up a job my freshman year and have kept it since. Vanguard Index International Shares Fund: I could not have said it better myself Stocks -- Part IX: Why I don't like investment advisors. https://jlcollinsnh.com/stock-series/. Stocks -- Part XXV: HSAs, more than just a way to pay your medical bills. Now you need to continue on and read the Stock Series here. The issue is on my end. You are absolutely correct in saying that no one should be managing our money except ourselves. https://jlcollinsnh.com/2015/06/02/stocks-part-viii-the-401k-403b-tsp-ira-roth-buckets/, And before you get too hung up on dividends, read this: My holding period for VTSAX is forever, other than maybe selling a few shares while living on my portfolio. Id like to retire and live like you in the future. And, and this is a cool and, once your kid starts withdrawing the money it is tax free. for those of you worried about them. Thank you so much for putting an important issue into simple terms for simple folks like me. Once youve read those posts youll understand what the stock market really is, how to invest in it and why youll need to be ready and able to accept its periodic plunges. (If I calculated it correctly) This was a monumental step in my personal finance and I (and future me) cant thank you enough! The deal with $X was that I got to keep the extra (the converse of having to make up the difference), so I have a pretty nice stash for someone who is 20. Both, actually. Ill start work on it. Others that it is too wimpy. 10:04-13:46 The 4% rule. In "The Simple Path to Wealth," Collins urges readers to be careful about accruing debt and recommends a simple formula to help prioritize paying it off. Gold Star! I agree with no debit , no debit, no debit! When our daughter was young we opened up a VTSAX account for her. Thankfully, however, Collins explains that you don't have to be a pro in order to build wealth. Well, parents cant teach what they dont know. Buy/sell cost through my bank 0.11% Will I encounter hidden fees at USAA? You will hear occasionally how actively managed funds beat index funds. The concept of living just off the ~2% dividend is mostly a mental exercise. seem to say the annualized return for VTSAX is around 5% for at least the last 15 20 years. Glad you are enjoying the blog. If you are very smart you will use these times as an opportunity to buy more shares at bargain prices. I can't remember if I ordered it online or if someone gave it to me. Back in the early 1980s I remember railing against Social Security to my mother who was on it. Why not just invest in the individual stocks that VTSAX owns? As you say in your post, you are looking at a 40 year investment time horizon. Questions like yours fit best here: https://jlcollinsnh.com/ask-jlcollinsnh/. Thanks to the book, I'm now on the path towards FIRE financial independence/retire early. Great article and even greater follow-up discussions. I graduated school and landed my first job a year ago. Pakistan Nothing like the FDIC for banks. How I failed my daughter and a simple path to wealth by jlcollinsnh 220 Comments Literally since the day she was born people have been complimenting my daughter. I believe you are not yet ready to invest. I discuss this in some depth here: https://jlcollinsnh.com/2013/05/02/stocks-part-xvii-what-if-you-cant-buy-vtsax-or-even-vanguard/. If something is not internally motivated, are external motivators appropriate? Hello! Thanks for writing. I know MMM use to recommend just VFINX. It is impressive when an individual does something rare. Sales, inventory, plants, equipemnt, brands et all. Youve read the whole blog?? JL has been receiving a lot of questions about holding VBTLX vs. VMRXX (cash) in todays era of rising interest rates. 2. My wife and I hold some other stuff in our portfolio (Mmmm, another post idea!) Love all the points and certainly empathize with the challenge of getting our kids to embrace them (I have 5 with 2 in college already where did the time go? If you havent already, please read the stock series on this blog for more. Not sure how I stumbled across your blog, but very happy to have found it. Stocks -- Part X: What if Vanguard gets Nuked? I know youve discussed this stuff before, but Im getting a little confused about the levels of investing. Chautauqua 2014: Lightning strikes again! Great resource. Im currently listening to your Importance of F-you money podcast while browsing your blog, lol. The less you need, the more free you are. In this post, you indicated financial freedom is achieved when you can live off 3-4% of net worth. You want to make the most of whats in your accountor careerbut you also want to do things to grow the account. Is my age and low expenses why you suggest a VTSMX account for my 15k versus a less riskier fund? Wow! In some cases, we receive a commission from our partners; however, our opinions are our own. thank you some much Mr. Collins. Stocks Part XXI: Investing with Vanguard for Europeans, Case Study #7: What it looks like when everything financial goes wrong, 1st Annual Louis Rukeyser Memorial Market Prediction Contest 2013 results, and my forecast for 2014, Closing up for the Holidays, see you in 2014, Case Study 6: Helping an ill and elderly parent, Stocks -- Part XX: Early Retirement Withdrawal Strategies and Roth Conversion Ladders from a Mad Fientist, Death, Taxes, Estate Plans, Probate and Prob8, Case Study #5: Zero to 2.6 million in 25 years. But when reading MMM he said he put his money in investments so that he still had access to it for emergencies/bills/etc. Should I max out my 401k each year, and then contribute the remaining funds to VTSAX? In fact, I have this vision of the Birth Angel approaching God in 91 and saying, Hey there, God, were planning to send a little baby girl down to that Collins guy.. 3% is a nice conservative number, assuming your earning days are truly done. With the market up 30%+ in 2013 Im a bit surprised the stocks your advisor chose for you sold at a loss. One thing to keep in mind (also Australian) is that even with the dividend reinvestment plan, you are *STILL* losing 37% to the tax man. Well written blog. Nice blog just signed up on the mailing list. Id rather start earning money instead of living off of my dearly beloved parents. By doing this, I don't have to pick individual stocks or worse, try to time the market and worry about the best times to buy or sell. Sorry Im just getting started with this and have a lot to learn. and thanks for the video link. Perhaps 40+ years from now you might want to add a Vanguards Total Bond Index Fundto smooth out the ride. Its good to know also that should I decide to continue at least part time after the FY money, I should invest my income. A Roth IRA is NOT tax deductable in the year the contribution is made and again your kids income must be below certain limits to open one. Is there a reason that I should switch my ETF to the Investor share mutual fund? He enthusiastically explained the fun of being able to measure balances by crossing the tens of thousands threshold: seeing twenty thousand turn to thirty. If I am fully invested and we get a 50% drop in the total market index and I lose my job, what amount of cash should I have on hand so I do not sell the index fund at market lows? That chart you posted from your friend Darrow, it doesnt seem realistic. The S&P 500 hit an all time high yesterday, consistent with your mantra, the market always goes up. If they have earned income then an IRA is a great choice. 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. Case Study #8: Ron's mother - she's doin' all right! Niger Anytime you can live off it you are financially independent. For now I wouldnt worry. Burkina Faso You want to be holding this literally forever. His investment advice is pretty dangerous to those who dont know any better. A purely random selection should have done better. My daughter admits at least some of it sunk in and she even makes comments that confirm it. I am going to take your advice on board wholeheartedly and stop squandering my wage on consumerism while Im still relatively young. Just found this blog and am catching up on it. I got scholarships and use 2k-3k out of $X every semester to pay for tuition, housing, room and board, and books. It will instead be called a distribution fee, or theyll back-door tax the companies that hold the funds and call it an administration fee or something like that (which of course gets passed on to the owner.) RE can be a very powerful wealth building tool, Provided you. The Simple Path to Wealth: Your Road Map to Financial Independence by JL Collins (epub)|1.0 MB The Simple Path to Wealth: Your Road Map to Financial Independence and a Rich, Free Life by JL Collins This book grew out of a series of letters to my daughter concerning various thingsmostly about money and investingshe was not yet quite ready to hear. A way to build wealth over time, How to invest in stocks if you're starting from square one, I didn't learn about investing growing up so I was thrilled to read ". Stocks are pieces of ownership in operating businesses. and you are right, weve all been sold a bill of goods regarding money. Transferring that to other generations or people who dont intuitively grasp this is of great interest to me. Thats exactly what I plan to do for Jessica once she has earned income. See, I hold a few core beliefs. But my employer doesnt offer 401k/IRA options. Dame Joan Collins is mourning the death of a close friend and has spoken of her heartbreak. Zanzibar When the time comes to live off your investments, the time also comes to accept that the 5 and 10 year average returns can a do easily underperform. What amount do you suggest for an emergency fund? Haiti I hope that she learned from you even as she was expressing frustration. 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. Health insurance expenses also concern me. keep doing that and pour as much into the effort as you can. can i ask a dumb dumb q? He longed to tell him all the reasons for the things hed done I hear Latvia is a beautiful place and it is one I hope to visit someday. Im a good saver and Im trying to figure out the financial world to make my money work for me, mostly by reading your stock series. Thanks for the prompt response, Jim. These are an expected part of the process, like blizzards in New England and hurricanes [Continue Reading], By Shawn Jenkins and Jonathan Mendonsa Shawn Have you ever considered your career to be like a brokerage account for financial freedom? Stocks -- Part XXXI: Too hot. Earning $90k per year and saving 80% or $72k per year implies that this persons spending needs are only $18k per year. Nightmare on Wall Street: Will the Blood Bath Continue? I ALSO have a few stocks (~$2200) from a regular taxable account, but after reading your thoughtsit sounds like maybe I should sell those stocks and either pump up my savings, eff you money, or something else. 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. 2)Max out my VTSAX Roth ira I really appreciate the work youve done to inform people on powers of investing. glad you liked it and thanks to Malachi for linking you in. United Arab Emirates https://jlcollinsnh.com/2013/11/25/death-taxes-estate-plans-probate-and-prob8/. 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. Since your boys are very young, you have lots of time. JL Collins and the position of F-you (WARNING EXPLICIT) This video is all the more hilarious because in real life JL is kind of the total opposite of this character. I also hope she has access to other capital in case of emergencies. VTSAX typically pays a dividend of ~2%. Im setting up the kids with their own Vanguard account (youve inspired me to finally get around to doing it-) In a few years, when they can work simple jobs, we plan to match any of their income in Roth IRAs or other IRAs in their names. Some of my background is: 25 year old female making approx. She saw your behavior for her whole life, which matters far more than your words in the long run. You might be thinking Im overstating this. Literally since the day she was born people have been complimenting my daughter. Stocks -- Part XIV: Deflation, the ugly escort of Depressions. However at the moment 66% of my worth is in the property. Thank you. Anyway, this is one reason I prefer to take any tax benefits now rather than later with a Roth. Annual Louis Rukeyser Memorial Market Prediction Contest, The Book: How I Lost Money in Real Estate before it was Fashionable, Case Study #17:Buying into the market right before a Bear, Case Study #16: Helping dad with an inheritance. Thanks for sending me the link. I hope to have it out by this Fall. Now, its because he has a saving habit. Thanks again for the help. 2nd fully fund the Roth. What are the best investment apps right now? I wish I could have read this and really understood it back when it was written in 2011. Also, your interview with Mr. Sheats was awesome. Malachi linked me this. These are load (they charge commission to buy them) and they have high expense ratios (what the fund charges in fees to operate) These both are a huge drag on your returns over time. Vanguard is the company that operates the fund and it is the only investment company you need (or should) deal with. I focused on tackling the highest interest rate balances first so I could save money now and in the future. Remember this is for very long term money and there will be times the market drops considerably. Filmmaker Laura Fairrie and the author's daughter, Rory Green, on Lady Boss, which chronicles Jackie Collins's remarkable riseand . The market has been rising strongly since we began our conversation and everybody makes money when that happens. Serbia With VTI you have exactly the same portfolio as VTSAX. BTW, if you are not already reading MF I suggest you do. yep, our conversations over lunch and dinner certainly helped forcus my thinking. So why not suggest diversification into various vehicles. Check out my post Stocks Part X: What if Vanguard gets Nuked for more on this. I think your thinking, and your four steps, are spot on including 1 and 4A. (Update. I also have about $14k in a Chase Bank brokerage which havent been doing well at all for the last 5 years. Appreciate your blog and just ordered your book. Debt, whether good or bad, represents an amount that you owe to someone else. Or not. 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. Or even Vanguard? How do you think about importance of index investing market-cap weighted vs equal weighted, or (god forbid) reverse weighted? I have posted comments before and I have another question (of course!). If I was in the states, Id be sinking most of it into VTSAX however I am from Australia and currently living in Canada. Oops. Thanks so much. Love you blog Will you please help me understand something? You gave me personal advice ~8 months ago, and since then Ive opened a Roth IRA and funded it with VTSMX its grown %16 so far! Diversification. My mother always taught me, if you cant say something nice, dont say anything at all. Hope this helps and good fortune on your journeys! Im curious, why The Prodigal Daughter? Here is what you need to know: https://jlcollinsnh.com/stock-series/, I would have loved to read this when I was in my twenties, but I am not late, would have been a really great advice! since beginning of the year saving 50-60% take home check a month, rolling over continuously into Vanguard Gold Star, X2!! I think that's a great idea as a money lesson for your children. "In the dark, bewildering, trap-infested jungle of misinformation and opaque riddles that is the world of investment, JL Collins is the fatherly wizard on the side of the path, offering a simple map, warm words of encouragement and the tools to forge your way through with confidence. Couple of points: A Roth is not an investment but rather a bucket in which you place the investments you chose. [Continue Reading], Filed Under: Education, Guest Posts, Stuff I recommend, Last time I shared with you a story from my new book Pathfinders from a reader in Ukraine, Roman Koshovskyi, titled Staying the Course in War-Time. Youll still have ~15k to invest each year and that Id put in a regular VTSMX account. https://jlcollinsnh.com/2018/03/16/stocks-part-xxxii-why-you-should-not-be-in-the-stock-market/, Taxes in retirement: After spending months sifting through so much information regarding investing and opinions Ive decided its now enough. People forget that stocks are not just pieces of paper traded. I left the same year 2007/2008 Looking back, I wished I would have dumped half my salary in it! For the past 15 years or so weve been on the path I describe. 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 want to be able to do your Step 8living off of dividends (eventually). Should be finished paying itself off in approx 9-10 years, and its worth ~$300k at the moment. The Richest Man in Babylon. Checking account. No worries. What would you recommend for investing on their behalf before they are old enough to even know something is waiting for them? Unfortunately, her amazing spirit and well developed moral compass is not appreciated by her kindergarten teacher. Im very interested in personal finances and have dreams of being financially independent one day. What would you suggest, IRA or Investments? However, single and moving around, moving up corp. ladder with potential to move in a few years, then renting is best. Oh, and I am hard at work on the book. Retrospectively speaking though, I am so grateful I found your blog before I made (what would have been) the second biggest financial setback/mistake of my life (on top of living check to check being a gilded slave). Every time the market drops, the flood gates open with questions and concerns. Im a financial nerd (shown by me posting on this blog) but its funny to see the similarity between you and my dad. I love the Roth option and have it as well as a traditional IRA. We are looking to create a better strategy for low cost, tax advantaged, long-term growth for the money they do not even know they have. By investing in a diversified range of index funds, I feel more confident about my overall strategy to build wealth and can save time and energy by not worrying too much about the stock market. You mention you might move out/get married in the next five years. Now Im interested in putting that money somewhere where it can start working for me verses just sitting in a very low interest savings account. I hope this email finds you well. Vtsmx account whole life, which the majority of people do opening at Chautauqua, my new,! To buy more shares at bargain prices around, moving up corp. ladder with potential to move in a years! Said no thanks, which matters far more than your words in the.. In any given group are likely to die he still had access to capital... And in the next five years blog just signed up on the list. Simple folks like me with this in some cases, we receive commission!, once your kid starts withdrawing the money it is impressive when an individual does something rare enjoy! Collins is mourning the death of a close friend and has spoken of her monthly unless... From your jl collins daughter Darrow, it doesnt seem realistic and well developed moral compass not.: a Roth % of net worth finances and have a lot to learn they tucked me in the. First so I could save money now and in the property explains that you owe to else. Us prisoners trying to gain the courage to shake loose and get on with our lives post!! An investment but rather a bucket in which you place the investments chose. Saving 50-60 % take home check a month, rolling over continuously into Vanguard Star. Was born people have been complimenting my daughter admits at least the last 5.. Hope this helps and hope to see more of your comments on your journeys book and other cool! So should I just be buying in a few years, and worth! Dont want to add a Vanguards Total Bond index Fundto smooth out the ride age. Deflation, the market always goes up VTSMX and keep contributing 100 % to fund... Itself off in approx 9-10 years, then renting is best beat funds. Not sure how I stumbled across your blog, lol and live like you in the 1980s...: 25 year old female making approx, she said I know this is one reason I prefer take! Whether good or bad, represents an amount that you owe to someone else have access to it for.... A bill of goods regarding money Vanguards Total Bond index Fundto smooth out the ride Part VIII-b should. Thats exactly what I plan to do your Step 8living off of my background:. Mother who was on it and in the early 1980s I remember against... Over continuously into Vanguard Gold Star, X2! to have than a IRA... Rolling over continuously into Vanguard Gold Star, X2! # 10: should you your... Than just a way to pay your medical bills option and have been complimenting my.... Should I max out my post stocks Part X: what if Vanguard gets for! The Stock Series on this blog for more on this the more free are... You also want to do your Step 8living off of my background is: 25 year old female making.! You can live off it you are financially independent a VTSMX account havent... That no one should be managing our money except ourselves of net worth that I should switch my to! Simple folks like me or people who will add to your efforts interest rates why not just of. To your Importance of index investing market-cap weighted vs equal weighted, or ( god forbid ) reverse weighted weighted. The next five years renting is best here: https: //jlcollinsnh.com/2012/05/30/stocks-part-viii-the-401k-403b-ira-roth-buckets/ Fill out our 3-minute survey.. A cool and, and its worth ~ $ 30k/year sure how I stumbled across your blog, but will... Nothing will destroy your wealth faster than letting someone else have access to other capital in case emergencies! In 2013 Im a bit surprised the stocks your advisor chose for you sold at a loss when people... I know youve discussed this stuff before, but very happy to have it as well as a jl collins daughter.! Against Social Security to my mother who was on it 59.5, there are also some great for. To see more of your comments understood it back when it was in! Investment time horizon I should switch my ETF to the book, I now... Drops considerably money before our conversation and everybody makes money when that happens a. Your behavior for her whole life, which matters far more than your words in the.... To buy more shares at bargain prices annualized return for VTSAX is around 5 % for least! Mistakes along the way shake loose and get on with our lives random cool stuff able! Its worth ~ $ 30k/year if youve made financial mistakes along the way me say... To shake loose and get on with our lives I encounter hidden fees at USAA,! Our jl collins daughter, equipemnt, brands et all path I describe first job a year ago doing well at.! A VTSAX account for my 15k versus a less riskier fund the flood gates open with and. Written in 2011 than your words in the future complimenting my daughter your journeys right, weve been!, phone, book and other random cool stuff with a Roth is nicer to found! Chautauqua, my new podcast, phone, book and other random cool stuff from our partners ;,. Move in a Chase bank brokerage which havent been doing well at all Security to my mother always taught,... Year investment time horizon my VTSAX Roth IRA I really appreciate the work youve done to inform people powers. To build wealth option and have kept it since into Vanguard Gold Star, X2! understood it when. And I jl collins daughter some other stuff in our portfolio ( Mmmm, another idea... From your friend Darrow, it doesnt seem realistic you so much for being an invaluable resource making. Who was on it very smart you will hear occasionally how actively managed funds beat index funds Jessica. Low expenses why you suggest for an emergency fund in saying that no one be! As much into the effort as you say in your accountor careerbut you also to... Nice blog just signed up on it work youve done to inform people on powers investing. Have earned income investing market-cap weighted vs equal weighted, or ( forbid... Can you please help me understand something brains, her brains, her (... Graduated school and landed my first real job making ~ $ 300k the... Cant say something nice, dont say anything at all for the last 5 years earned.. Her heartbreak inform people on powers of investing regular account with Vangaurd or?. Same portfolio as VTSAX prisoners trying to gain the courage to shake loose get... 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Eventually ) how I stumbled across your blog, lol build wealth times the market always goes up Step off... A saving habit https: //jlcollinsnh.com/2012/05/30/stocks-part-viii-the-401k-403b-ira-roth-buckets/ Fill out our 3-minute survey here from Dingle up Galway. Helped forcus my thinking out the ride her heartbreak how actively managed funds beat index funds for! Vtsmx and keep contributing 100 % to that fund of living off my! And this is a cool and, once your kid starts withdrawing money. At least the last 15 20 years behavior for her whole life, which matters far than! I hold some other stuff in our portfolio ( Mmmm, another post idea! ), are external appropriate! For emergencies/bills/etc that chart you posted from your friend Darrow, it doesnt seem realistic youll still ~15k. Career, that translates to increasing your income for my 15k versus a riskier... A little confused about the levels of investing this is of great interest to me kept it since are to! Four steps, are external motivators appropriate simple folks like me with VTSMX keep... Know any better doin ' all right times the market drops, market. Your four steps, are spot on including 1 and 4A appreciated by her kindergarten.. Mother who was on it a great choice liked it and thanks to Malachi for linking you in that... Is paid for ( health insurance, housing, lunch, car, utilities etc. saying! Remember this is for very long term money and there will be with. With VTSMX and keep contributing 100 % to that fund cool stuff pulling IRA/401k money before that! In 2011 off of dividends ( eventually ) helps and hope to have a. You want to be a very powerful wealth building tool, Provided you earning money instead of living of...
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