TheHaitian
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Post by TheHaitian on Nov 15, 2015 10:43:03 GMT -5
FWIW, situations like this also make one realize that while big retirement accounts are great, there HAS to be balance while you still can. I question whether or not it will be worthwhile to reach age 75 with millions in the bank, but so many doors now closed because I can no longer handle a fast car or a walk through wine country. Yeah, the money for the 328i could grow to a million gajillion in 30 years. But I bet my resent can grow way faster than any index fund! Yep... That balance is really difficult to find! Am I making the right choices now or will I regret it? I decided to spend on the major items in life: travel and house and save for down the line : retirement. The rest that falls in the middle is give or take : I won't regret not eating out 3 days ago.
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whoami
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Post by whoami on Nov 15, 2015 12:06:49 GMT -5
From what I gather from the thread, there seem to be no assets they have managed to accrue outside this $2500 pension (not including the inheritance) There is no way I would be comfortable retiring at 60, relying solely on money I have to count on someone else to send me. 60 is not old and the OPs wish list could easily eat up that $500K pretty quickly. There are ongoing expenses that he doesn't seem to be taking into consideration and cannot be supported once the $500K is gone.
I've had this conversation with my 23 year old, who regularly (half joking) bugs me to buy him a new car. He is somewhat aware of our finances and knows there is money in the bank, but just because there is money in the bank, doesn't mean it needs to be spent or that its not earmarked for other things down the road.
DH got a little over $500K two years ago, when MIL died. Its his money in his own account. He has managed to add about $150K to that as its in the stock market and he got lucky. I have certainly benefited from it as we have taken several trips to Europe etc, but its his money to do what he wants with. I will inherit twice that, and it will be my money. If I drop dead a week after I receive it, the intention will be for it to go to my kids. We had a conversation many years ago that inheritances will be kept separate. DH has a good job that pays well. I am not going to leave him with another 7 figure amount (we have been "millionaires" for a while) so he can party and live large when that money can insure my kids have a basic standard of living for the rest of their lives if handled correctly.
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phil5185
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Post by phil5185 on Nov 15, 2015 12:12:32 GMT -5
Maybe you can do both - ie, parallel efforts? There is quite a difference in what elders do, lots of focus is on nursing homes cuz that's what the media shows you. I'm >75, in the last year I've driven a 495HP Jag convertible, a Porsche 5-speed convertible, a Harley 103 Road King. And last month drove a 6-row John Deere Combine from daylite to 9:00P, 14 days in a row. And I ride a bicycle, ice skate, ride horses, etc. And I'm sure that I can walk thru wine country - altho I don't know why I would want to? I see many of my peers doing those same things - lots of old people are still alive, lol.
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Deleted
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Post by Deleted on Nov 15, 2015 12:52:17 GMT -5
There is quite a difference in what elders do, lots of focus is on nursing homes cuz that's what the media shows you. I'm >75, in the last year I've driven a 495HP Jag convertible, a Porsche 5-speed convertible, a Harley 103 Road King. And last month drove a 6-row John Deere Combine from daylite to 9:00P, 14 days in a row. And I ride a bicycle, ice skate, ride horses, etc. And I'm sure that I can walk thru wine country - altho I don't know why I would want to? I see many of my peers doing those same things - lots of old people are still alive, lol. And some of us aren't so lucky. Some suffer health issues at much younger ages. No way I could do any of the things you list (ok could walk through wine country some), at half your age. Used to do all of them up until 1 very specific decision to have what was supposed to be a routine surgery. You definitely have to have balance, I'm so glad I had the BWM (had to sell due to the hard suspension, just couldn't drive), trips to Europe, etc when I was younger. Most items are achievable at the younger ages if you don't go crazy. A fun car, trip, etc. doesn't have to require big dollars.
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gooddecisions
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Post by gooddecisions on Nov 15, 2015 13:16:54 GMT -5
I personally want my parents to enjoy every minute of their retirement. I told them straight up if they have money beyond their needs, they better use it to travel and fulfill every wish rather than leave me an inheritance. And, they did- they bought their perfect home in Florida and travel several times/year. It would bring me very little joy if I knew they sacrificed their dreams for me to have an inheritance.
I get it if it's earmarked as just in case medical/hardship needs and those medical needs never happen. But the OP said his wife wants it solely for their kids and they have pensions that will cover any needs until death.
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zibazinski
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Post by zibazinski on Nov 15, 2015 15:15:46 GMT -5
I would think by now she'd have grandchildren that she wants to help out. Frankly, I don't see the issue. I'm sure after all these years OP must have a paid for house. That's an asset. An 8 year old car is not a POS. The wife is still working. Makes me wonder if the OP needs to get busy with something else to think about other than his wife's inheritance.
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Blonde Granny
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Post by Blonde Granny on Nov 15, 2015 16:00:53 GMT -5
Zib, Jambo said they have only been renters, have never owned a house.
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Blonde Granny
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Post by Blonde Granny on Nov 15, 2015 16:11:56 GMT -5
Maybe you can do both - ie, parallel efforts? There is quite a difference in what elders do, lots of focus is on nursing homes cuz that's what the media shows you. I'm >75, in the last year I've driven a 495HP Jag convertible, a Porsche 5-speed convertible, a Harley 103 Road King. And last month drove a 6-row John Deere Combine from daylite to 9:00P, 14 days in a row. And I ride a bicycle, ice skate, ride horses, etc. And I'm sure that I can walk thru wine country - altho I don't know why I would want to? I see many of my peers doing those same things - lots of old people are still alive, lol. You are fortunate Phil. In our case, DH retired 20 years ago at age 51 due to my cancer. We've had a terrific time in retirement and are very happy we were able to do what we wanted for so many years. Today at age 71, DH is suffering the results of exposure to Agent Orange in Vietnam. Diabetes, stage 4 kidney disease, mild dementia, psoriasis on his lower legs that gets so bad the skin blisters, and let's not forget oral cancer on his tongue due to years of smoking...the surgery for that is Nov. 25 (the day before T-Day).
Everyone plays the hand they are dealt, and we can only hope that decisions made are the best ones. Now, just so you know, we have more money than we can spend, have had new sailboats, homes on the water/golf course in Florida, fulltimed in a motor home, taken our cruises with no expense spared. As DH says, he's had a great life, he's blessed with a great caregiver (me) a terrific son and grandchildren, and (2) 2015 Mercedes SUVs in the garage....what more could either of us want.
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zibazinski
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Post by zibazinski on Nov 15, 2015 16:29:07 GMT -5
Zib, Jambo said they have only been renters, have never owned a house. Well, for whatever reason they haven't managed whatever assets they have so no assets at all. Buying and owning a home used to be something you could either sell and downsize in retirement and add to your coffers. Sometimes home ownership isn't the be all and end all. Might be a good time to start saving a bit of money as opposed to spending it all and then wanting someone else's inheritance for security. It makes sense that you feel that way but surely you have something more than a pension and a rented house?
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zibazinski
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Post by zibazinski on Nov 15, 2015 17:24:10 GMT -5
Well, for whatever reason they haven't managed whatever assets they have so no assets at all. Buying and owning a home used to be something you could either sell and downsize in retirement and add to your coffers. Sometimes home ownership isn't the be all and end all. Might be a good time to start saving a bit of money as opposed to spending it all and then wanting someone else's inheritance for security. It makes sense that you feel that way but surely you have something more than a pension and a rented house? See, you can't believe it either! Its boggled my mind. 100k income currently, 40 years as a couple, lcol, and no savings? I can't believe it! Not sure which is more unbelievable, this or tloonys newest business plan! I'm not trying to be rude but it just doesn't seem to be the whole story.
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debthaven
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Post by debthaven on Nov 15, 2015 17:27:52 GMT -5
Frankly I think it's very sad that your wife couldn't have come to some compromise to help you, the couple, since you are now in poorer health now.
OP, have you ever talked to your wife about it by putting it in those terms (i.e. your health?) I understand that it's her inheritance and she's entitled to do what she likes with it, but leaving the OP without a car, not taking any of the trips they talked about taking ... as with most things, there is a generally room for a happy medium / compromise. Even 10% of that inheritance could have gone a long way to achieve some of those supposedly shared dreams.
I live outside Paris, there are 100+ people mourning their dead here now. No you can't take it with you, and I DO understand wanting to leave the lion's share of that money to your kids. But with that amount there is enough to go around, and to do a few things that the two of you hoped to do too.
I hope your wife will change her mind about things. Her attitude seems very selfish to me. There is a world between blowing 500K and buying a second vehicle, or taking a trip every year or two.
I love Resolution's idea of dropping your wife off at work and seeing how she feels, stranded there without a car.
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phil5185
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Post by phil5185 on Nov 15, 2015 17:30:46 GMT -5
Our plan and your family plan are mostly the same - buy health insurance & disability to cover early problems. And build a sizable portfolio to provide living & entertainment funds in case we live to be 100.
And our outcomes will be the same - live well until we go to Assisted Living - and for a while thereafter. The unknown variable is "when"?
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whoami
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Post by whoami on Nov 15, 2015 17:43:54 GMT -5
See, you can't believe it either! Its boggled my mind. 100k income currently, 40 years as a couple, lcol, and no savings? I can't believe it! Not sure which is more unbelievable, this or tloonys newest business plan! I'm not trying to be rude but it just doesn't seem to be the whole story. I can believe it as it pretty much describes my ex's attitude towards money. Blow every cent. There have been a lot of assumptions, but he sounds like a spender to me. The numbers just don't make sense. For all we know, this is one one thing she has had control over in their financial life. It's not that difficult to accumulate monthly expenses that add up to your income (which seems to be the case given the lack of assets) and she may or may not have had a role in that. I suspect they are spending what they are bringing otherwise why not just go buy a cheap car. You shouldn't need an inheritance to buy a car if you are supposedly debt free and bring in at least $5K+ a month in a LC area.
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TheHaitian
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Post by TheHaitian on Nov 15, 2015 17:46:59 GMT -5
Well, for whatever reason they haven't managed whatever assets they have so no assets at all. Buying and owning a home used to be something you could either sell and downsize in retirement and add to your coffers. Sometimes home ownership isn't the be all and end all. Might be a good time to start saving a bit of money as opposed to spending it all and then wanting someone else's inheritance for security. It makes sense that you feel that way but surely you have something more than a pension and a rented house? See, you can't believe it either! Its boggled my mind. 100k income currently, 40 years as a couple, lcol, and no savings? I can't believe it! Not sure which is more unbelievable, this or tloonys newest business plan! I believe he explains it well here: Rukh you paint a dire picture but in reality a country cottage up here in Quebec can be had for under a $100K and it will retain its value if not appreciate and also can be passed on to the kids,something we all can enjoy. A new car for our needs can be had for under $20K, and a good used car for under $10K. Theres also the inevitability of my inheritance yet to come it should be around $300K So i dont equate spending some of my wifes inheritance on the dreams we both shared and talked about over the years as leaving us totally broke. You certainly make it sound like we have a lot of money but your estimate for my wife is before taxes and is really around $40K That combined pre tax $100K maybe happening now but for most of our lives it was half that , it also fails to take into consideration the 10 years my wife didnt work and the many years she worked part time to accrue the seniority required to work full time..so Where did all the money go that we worked for over our lives?I dont know but i suspect Kids/food/trips and vacations,and life in general took a large chunk of it,that said we've spent our lives together debt free so we arent inclined to be spendthrifts and are used to living within our means.... 1 - most of their lives they did not earn 100k, barely half that as he stated. 2- for 10 years his wife did not work : assuming taking care of the kids 3- if she did work she was working part time before getting full time! So it is unfair to judge them as if they made 100k their whole life! Shit happens in between raising kids, living life, trying to stay afloat... You are so focus on living NOW that you do not plan for LATER!
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resolution
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Post by resolution on Nov 15, 2015 18:03:23 GMT -5
Well, for whatever reason they haven't managed whatever assets they have so no assets at all. Buying and owning a home used to be something you could either sell and downsize in retirement and add to your coffers. Sometimes home ownership isn't the be all and end all. Might be a good time to start saving a bit of money as opposed to spending it all and then wanting someone else's inheritance for security. It makes sense that you feel that way but surely you have something more than a pension and a rented house? See, you can't believe it either! Its boggled my mind. 100k income currently, 40 years as a couple, lcol, and no savings? I can't believe it! Not sure which is more unbelievable, this or tloonys newest business plan! I work for an employer with a pension plan, and this is very normal and common. It doesn't surprise me at all. Almost everyone at work is relying on the pension to take care of them and the overwhelming majority that have discussed it are not investing anything on the side. If they retire and find that the pension isn't enough, they can be rehired and work part time for a decent wage while they continue to collect.
It can be very difficult to invest if you are in a pension plan depending on how much you have to pay into the pension. In my case I have 13% taken from my check and my employer matches it with 13%. So in addition to paying into social security I have 25% of my pay going to retirement. Most of my coworkers feel that is enough so why struggle to contribute any more?
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whoami
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Post by whoami on Nov 15, 2015 18:22:38 GMT -5
See, you can't believe it either! Its boggled my mind. 100k income currently, 40 years as a couple, lcol, and no savings? I can't believe it! Not sure which is more unbelievable, this or tloonys newest business plan! I believe he explains it well here: Rukh you paint a dire picture but in reality a country cottage up here in Quebec can be had for under a $100K and it will retain its value if not appreciate and also can be passed on to the kids,something we all can enjoy. A new car for our needs can be had for under $20K, and a good used car for under $10K. Theres also the inevitability of my inheritance yet to come it should be around $300K So i dont equate spending some of my wifes inheritance on the dreams we both shared and talked about over the years as leaving us totally broke. You certainly make it sound like we have a lot of money but your estimate for my wife is before taxes and is really around $40K That combined pre tax $100K maybe happening now but for most of our lives it was half that , it also fails to take into consideration the 10 years my wife didnt work and the many years she worked part time to accrue the seniority required to work full time..so Where did all the money go that we worked for over our lives?I dont know but i suspect Kids/food/trips and vacations,and life in general took a large chunk of it,that said we've spent our lives together debt free so we arent inclined to be spendthrifts and are used to living within our means.... 1 - most of their lives they did not earn 100k, barely half that as he stated. 2- for 10 years his wife did not work : assuming taking care of the kids 3- if she did work she was working part time before getting full time! So it is unfair to judge them as if they made 100k their whole life! Shit happens in between raising kids, living life, trying to stay afloat... You are so focus on living NOW that you do not plan for LATER! So the logical thing to do is piss the windfall away on an RV and a summer cottage...when you have no real assets and a health problems? Really? I can understand why she wants to hang on to the money.
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Deleted
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Post by Deleted on Nov 15, 2015 18:30:58 GMT -5
If you set yourself up to have no savings in retirement, then it should come as no surprise that you have to live like you don't have any savings. And I don't think I would count on the inevitable inheritance, that hasn't happened yet. What happens if the person in ill health doesn't outlive the person they expect to inherit from. In my case the money would go to the surviving children or maybe grandchildren, but not a DIL.
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whoisjohngalt
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Post by whoisjohngalt on Nov 15, 2015 18:35:43 GMT -5
As this happened a few years ago i accept her decision as its her money, but with that kind of money why do we have to drive an 8 yr old beater, the kids have done nothing to earn such a future windfall, what about that country cottage we always talked and dreamed about or buying that Rv and touring North America in our retirement? Seems some what of a waste to have all that money just sitting in a bank doing nothing. hey!! My car is 18 yrs old and I don't consider it a beater!
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whoisjohngalt
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Post by whoisjohngalt on Nov 15, 2015 18:36:52 GMT -5
Are you of the opinion your kid will not use the money wisely? Personally I 'd be happy to have an inheritance for my kids.and a college fund and some "therapy" money!
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Pants
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Post by Pants on Nov 15, 2015 19:06:29 GMT -5
Off topic, but debt haven so relieved to see you. I hope you and yours are well and that you are all coping as well as you can in this terrible time. I was worried.
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Gardening Grandma
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Post by Gardening Grandma on Nov 15, 2015 22:03:07 GMT -5
About 12 years ago, DH inherited $150K. Not a half million, but not insignificant either. It never occurred to me that I would have any say in what he did with it.
He asked my advice. I told him to put it into a 1 year CD and think about what he wanted to do. I insisted he keep it separate for several years. When he decided to put it into our joint accou t, I told him, that would be co- mingling it and it would be joint funds. He said that was what he wanted.
I guess it might have hurt my feelings if he hadn't asked my opinion, but my point is that I never expected to have any say. It was, legally and ethically, HIS money, not mine. We'd been married about 20 years at the time.
The degree that it bothers the OP makes me wonder if the marriage really is all that great. He seems to be suppressing a lot of hurt feelings. He needs to let her know how he feels. It also sounds a bit like HER money is burning a hole in HIS pocket.
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ArchietheDragon
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Post by ArchietheDragon on Nov 15, 2015 22:07:01 GMT -5
About 12 years ago, DH inherited $150K. Not a half million, but not insignificant either. It never occurred to me that I would have any say in what he did with it. He asked my advice. I told him to put it into a 1 year CD and think about what he wanted to do. I insisted he keep it separate for several years. When he decided to out it into our joint accou t, I told him, that would be co- mingling it and it would be joint funds. He said that was what he wanted. I guess it might have hurt my feelings if he hadn't asked my opinion, but my point is that I never expected to have any say. It was, legally and ethically, HIS money, not mine. We'd been married about 20 years at the time. The degree that it bothers the OP makes me wonder if the marriage really is all that great. He seems to be suppressing a lot of hurt feelings. He needs to let her know how he feels. It also sounds a bit like HER money is buring a hole in HIS pocket. But he put in in your joint account so you doc have say over what it was spent on
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Gardening Grandma
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Post by Gardening Grandma on Nov 15, 2015 22:16:34 GMT -5
True, Archie, but I had no expectation that would happen. None. The OP did.
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ArchietheDragon
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Post by ArchietheDragon on Nov 15, 2015 22:23:15 GMT -5
True, Archie, but I had no expectation that would happen. None. The OP did. It is easy to not expect to get something when you have already gotten it. Would you have done the same thing if it was your inheritence? If so then you have a Married couple that shares the inheritances they get. Which is exactly what the op wants.
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Gardening Grandma
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Post by Gardening Grandma on Nov 15, 2015 22:50:15 GMT -5
True, Archie, but I had no expectation that would happen. None. The OP did. It is easy to not expect to get something when you have already gotten it. Would you have done the same thing if it was your inheritence? If so then you have a Married couple that shares the inheritances they get. Which is exactly what the op wants. Archie, you did not read my post. It got merged only AFTER a number of years. I wasn't upset that it was separate. I encouraged him to keep it separate. HE made the decision, on his own, to merge it. That's why I doubt the OP's marriage is all he claims.
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Gardening Grandma
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Post by Gardening Grandma on Nov 15, 2015 22:52:51 GMT -5
To answer your other question, would I have done the same thing? I'm not sure. I'd probably keep it separate for my kids (from 1st marriage) to inherit - and take some nice trips. But I'd probablt keep it under my name separately. Idon't think he'd care; anymore than I did.
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whoisjohngalt
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Post by whoisjohngalt on Nov 15, 2015 23:51:23 GMT -5
Well, OP has been upset about it for 10 yrs. A little upset or a lot - upset enough to post about it on a message board where he is a stranger. I think that says a lot.
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Frappuccino
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Post by Frappuccino on Nov 16, 2015 0:15:17 GMT -5
OP, how is your marriage otherwise? If your marriage has been full of stress then maybe she doesnt see a future with you anymore and wants to use the money for her retirement?
Is the 7 year old car really a beater? Maybe she thinks you dont take care of your things and it would be a bad idea to buy stuff that wont be treated with care?
Do the both of you handle problems equally? Do you value her opinion on how to handle problems? If not, then that might be stopping her from pulling the trigger on some purchases.
Good luck to you, please keep us posted!
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CCL
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Post by CCL on Nov 16, 2015 0:51:07 GMT -5
Well, OP has been upset about it for 10 yrs. A little upset or a lot - upset enough to post about it on a message board where he is a stranger. I think that says a lot. 10 years? I must have missed that. She's had all this money sitting around for 10 years?
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CCL
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Post by CCL on Nov 16, 2015 0:54:18 GMT -5
See, you can't believe it either! Its boggled my mind. 100k income currently, 40 years as a couple, lcol, and no savings? I can't believe it! Not sure which is more unbelievable, this or tloonys newest business plan! I believe he explains it well here: Rukh you paint a dire picture but in reality a country cottage up here in Quebec can be had for under a $100K and it will retain its value if not appreciate and also can be passed on to the kids,something we all can enjoy. A new car for our needs can be had for under $20K, and a good used car for under $10K. Theres also the inevitability of my inheritance yet to come it should be around $300K So i dont equate spending some of my wifes inheritance on the dreams we both shared and talked about over the years as leaving us totally broke. You certainly make it sound like we have a lot of money but your estimate for my wife is before taxes and is really around $40K That combined pre tax $100K maybe happening now but for most of our lives it was half that , it also fails to take into consideration the 10 years my wife didnt work and the many years she worked part time to accrue the seniority required to work full time..so Where did all the money go that we worked for over our lives?I dont know but i suspect Kids/food/trips and vacations,and life in general took a large chunk of it,that said we've spent our lives together debt free so we arent inclined to be spendthrifts and are used to living within our means.... 1 - most of their lives they did not earn 100k, barely half that as he stated. 2- for 10 years his wife did not work : assuming taking care of the kids 3- if she did work she was working part time before getting full time! So it is unfair to judge them as if they made 100k their whole life! Shit happens in between raising kids, living life, trying to stay afloat... You are so focus on living NOW that you do not plan for LATER! We managed to save a pretty sizeable amount, with similar circumstances. It can be done.
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