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Posted: 4/6/2006 5:12:16 AM EDT
Just wondering what everyones mindset is on retirement. I save for retirement, but I dont plan for it.
To be more specific, I know people who set goals and chart progress and use retirement calculators and whatnot. Me, I treat it more of a crapshot. I throw a bunch of money in and I'll see where I end up when the time comes.
Theres too many variables for me to "plan", so I just "save". You have to factor in what you save a month, what your projected return is, what the cost of inflation will be, when you want to retire etc etc. To me it just seems like theres too many variables to accurately predict your retirement savings. My rate of return was under 2% for the first 2 months of the year, I made some changes now I'm in a double digit rate of return. Thats a huge variance to deal with.

So whats everyone do for their retirement. Do you save and just hope for the best, or do you actually sit down and plan it out?
Link Posted: 4/6/2006 5:33:22 AM EDT
[Last Edit: 4/6/2006 6:20:56 AM EDT by GySgtD]
Pretty much the same thing. Save as much money as I can, without making my current situation miserable.

I'm no financial planner, I just put some $$ into several different places each month: 50% into a mutual fund, 40% into the government TSP, and about 10% into savings bonds.

I will be retired from active duty in three years, and will receive half my base pay until the day I die.

The smart thing to have done was to have started saving, even if only a small amount, when I first started out. Kids never listen, and I was no different.
Link Posted: 4/6/2006 5:34:14 AM EDT
Still working on getting out of school debt.
Link Posted: 4/6/2006 5:36:49 AM EDT
I don't see me getting old enough to retire, stay pissed off to much.
Link Posted: 4/6/2006 5:38:36 AM EDT
My employer doesn't match 401k, so instead of saving for retirement I'm saving for a house.

I plan to pay it off early and then start saving for retirement.

Is that a fundamentally bad idea?

Link Posted: 4/6/2006 5:41:39 AM EDT
[Last Edit: 4/6/2006 6:48:53 AM EDT by Wave]
Link Posted: 4/6/2006 5:44:49 AM EDT
1) 401K
2) Stock options
3) Wife's pension

But I doubt I will live long enough to see it. None of my grandparents collected SS. We have short lived genes.
Link Posted: 4/6/2006 5:49:04 AM EDT
My main priority now is to raise my kids. My husband contributes [in my opinion too much] to his retirement and his employer does as well. Everything that I make that does not go towards household expenses goes into my children's savings for their education. Once they're out of college I'll switch gears and start thinking of myself.
Link Posted: 4/6/2006 6:00:33 AM EDT
Every person here below the age of 45 that has a job should be maxing out a Roth IRA in their name.
Link Posted: 4/6/2006 6:03:41 AM EDT
Started investing for my retirement at the age of 23. I can retire from active law enforcement at the age of 53 with a comfortable pension and a very nice nest egg.
Link Posted: 4/6/2006 6:14:13 AM EDT
401k, pension, and IRA.
Link Posted: 4/6/2006 6:16:41 AM EDT

Originally Posted By Q3131A:
Every person here below the age of 45 that has a job should be maxing out a Roth IRA in their name.


Maxing out my Roth would require somewhere near 10% of my current household gross income. After maxing out my 401k deductions to my company's match limit,and after taxes,mortgage,bills and 10% charitable giving,I'm pretty much tapped out.
Roth's are more helpful if you expect to have a large retirement income.

Anyway, to the original question, I know what I'll need to retire,I just don't have the money to make it happen. Thankfully,I'm still in my 20s.
Link Posted: 4/6/2006 6:20:49 AM EDT
I'm waiting for God to retire me.
Link Posted: 4/6/2006 6:21:46 AM EDT
[Last Edit: 4/6/2006 6:22:33 AM EDT by dolanp]
I plan, because even a million bucks is short change for future retirement these days. I max out my Roth in a lifecycle fund, then I max out one for my wife, and then I contribute more to a 401(k) if I can (right now I am in one of those waiting periods and I will probably change jobs soon so who knows). My liquid savings assets go into an online savings bank (ING) which now earns 4%.
Link Posted: 4/6/2006 6:23:18 AM EDT
Isn't that what social security is for?
Link Posted: 4/6/2006 6:30:30 AM EDT
I've been saving since 1985. It was hard at first to put that money away and not touch it but over the years I kept adding to it and now I put evry dime I can into them and kep the checking acct at the minimum. I have Roth acct for my wife and I a 401K four other mutual funds and even a savings acct for my 6 year olds that I contribute to weekly or monthly.
Link Posted: 4/6/2006 6:32:14 AM EDT
I learned a tough lesson in 1985 when the company I worked for sold me and everything else. I discovered that the promised pie in the sky $2000/mo pension was paid out to me in one lump sum. A grand total of $835.00. Woopty fuckin' do.

Fortunately, I didn't just blow the money on hookers & the drug dejure'. I parked the $$ into stock for the company that bought me. That stock has rose significantly & split 6 times. Dividends were automatically reinvested. I've contributed the maximum to my 401k since & now at age 47 I can honestly say I can retire NOW in relative comfort.

You young punks better listen & listen good! No one will be responsible for your well being when you retire. YOU have to put money aside when you are in your 20's if you expect/plan/hope/pray to retire before age 62.
Link Posted: 4/6/2006 6:35:12 AM EDT
[Last Edit: 4/6/2006 6:36:48 AM EDT by whoanelly]
457k, Roth IRA, military pension, crappy state pension, ING savings account. I should max out my Roth but it is a lot easier to have the money taken out of my paycheck-a Roth 401k would be nice, but my employer doesn't offer one.

When SS takes a dump I don't trust the .gov to ignore those fat juicy tax free Roth IRA earnings, either.

Link Posted: 4/6/2006 6:36:00 AM EDT
[Last Edit: 4/6/2006 6:39:45 AM EDT by chuckhammer]
If you want to be sure of your financial liveliehood upon retirement, you must save for and continually maintain your retirement investments. By "maintain" I mean you need to do periodic checkups to ensure your investemets are performing adequately.

Even though it IS a hassle, to do otherwise would be to invite a financial disaster late in life when you can least afford it. You don't want to be the 65 y/o guy working a $10/hr job.

Make sure you include inflation. 4% per year is not out of the ordinary and has the effect of halving the value of your money in only 18 years.

Also remember that the earlier you retire, the more money you'll need in that nest egg to sustain yourself until death. Once you stop working you stop saving and you start withdrawing. You will also move your savings from aggressive growth (risky) investments to more stable, income-based investments such as bonds. Being more stable (less risky), they also earn a lower rate of return.

PLAN FOR YOUR RETIREMENT OR EXPECT TO WORK INTO OLD AGE.

Public service announcement over.
Link Posted: 4/6/2006 6:39:01 AM EDT
[Last Edit: 4/6/2006 6:39:42 AM EDT by dolanp]
eta: nevermind i misread the quoted text
Link Posted: 4/6/2006 6:39:46 AM EDT

Originally Posted By Poodleshooter:

Originally Posted By Q3131A:
Every person here below the age of 45 that has a job should be maxing out a Roth IRA in their name.


Maxing out my Roth would require somewhere near 10% of my current household gross income. After maxing out my 401k deductions to my company's match limit,and after taxes,mortgage,bills and 10% charitable giving,I'm pretty much tapped out.
Roth's are more helpful if you expect to have a large retirement income.

Anyway, to the original question, I know what I'll need to retire,I just don't have the money to make it happen. Thankfully,I'm still in my 20s.



As you get raises, dedicate every penny to a Roth IRA. You can save if you make it a priority.
Link Posted: 4/6/2006 6:40:28 AM EDT
[Last Edit: 4/6/2006 6:42:13 AM EDT by Admiral_Crunch]
I've got my 401K at 10%, with a full company match (woot!). That's about all I'm doing as of right now. I was at 12%, but my wife was out of work for a while, so I had to cut it back to 10%. If I can ever get a decent chunk of change I won't miss scraped together, I'll look into a Roth. Our savings account is with ING earning 4%. I could kick myself for keeping my cash at Bank of America for so long, especially before we bought our house. That would have been some nice interest money.
Link Posted: 4/6/2006 6:41:49 AM EDT
[Last Edit: 4/6/2006 6:42:14 AM EDT by whoanelly]
.
Link Posted: 4/6/2006 6:45:50 AM EDT
[Last Edit: 4/6/2006 6:46:26 AM EDT by dolanp]

Originally Posted By Admiral_Crunch:
I've got my 401K at 10%, with a full company match (woot!). That's about all I'm doing as of right now. I was at 12%, but my wife was out of work for a while, so I had to cut it back to 10%. If I can ever get a decent chunk of change I won't miss scraped together, I'll look into a Roth. Our savings account is with ING earning 4%. I could kick myself for keeping my cash at Bank of America for so long, especially before we bought our house. That would have been some nice interest money.



10% with full matching is an awesome deal, so I think doing that first is a good idea.

We had our money at BoA for a long time too, now that I have ING I don't know what I was thinking.
Link Posted: 4/6/2006 6:49:19 AM EDT
[Last Edit: 4/6/2006 6:50:41 AM EDT by PBIR]
IMO it's a mistake not planning. I don't want to find out my lack of proper previous planning means I'll be forced into holding down a job as a big box mart greeter when I'm 65 + instead of travelling and enjoying life.

Planning really isn't hard, I use microsoft money and a couple of standard formulas I entered into an excel spreadsheet. There are plenty of professionals out there to do it for you if do-it-yourself doesn't sound appealing. Your bank probably even offers the service free.

Here's just one of the thousands of online sites to get more info: Bankrate.com
Link Posted: 4/6/2006 6:51:24 AM EDT
[Last Edit: 4/6/2006 6:54:22 AM EDT by clement]
I just throw all the money I can into my retirement funds. I'll worry about how much I have to spend when I retire. Since I can't really invest more money than I'm doing now, I don't care about trying to map out future unkown variables to understand how i'll do in the future. It is a waste of time. I just try and get as much of a return as I can and worry about the figures later.
Link Posted: 4/6/2006 6:52:29 AM EDT
RETIREMENT...what the fuck... you mean i can actually leave this fucking job someday??!?!?!
Link Posted: 4/6/2006 7:02:10 AM EDT
[Last Edit: 4/6/2006 7:02:47 AM EDT by DK-Prof]

Originally Posted By Q3131A:
Every person here below the age of 45 and that qualifies for the Roth IRA that has a job should be maxing out a Roth IRA in their name.



Just as a technical clarification, since I am not eligible for Roth.


Not complaining (mind you) but my income is in this tricky spot, where I don't get any of the breaks or benefits of middle income, but am getting hit by a lot of the penalties for high income (like paying AMT, no access to Roth, etc) - without actually having a paricularly high income.

It's quite frustrating - because while I would love to actually BE rich, and be able to afford all kinds of clever tax shelters, deductions and high-prices financial planners, I can't - but still get penalized in all sorts of tax and savings ways that are apparently intended to target the rich (and haven't been adjusted for inflation, cola, etc in years - like the AMT and the Roth cutoff).


I guess I am complaining. Wah wah wah - woe is me.

Fortunately, my employer matches 403b contributions to a point, as does my wife's employer - so we are throwing quite a bit of income into that. Still, the Roth would be really nice - and I agree 100% with Q3131A. Everyone that qualifies for the Roth should pay into one.
Link Posted: 4/6/2006 7:02:41 AM EDT
Currently I put $ into my company matched 401K, I'm vested in my company pension next year, and I only owe half of my homes value. My next step is to invest in a Roth IRA, but I'm not sure where to start. For myself it is only becoming more difficult, my family is growing as are my expenses and my increased income is not keeping pace with my expenses. I guess that's just life.

Link Posted: 4/6/2006 7:10:13 AM EDT
401k(10% of gross everyweek)
Union Pension
Stock's(every year I take $1000.00 of tax return and invest)
$225.00 a week into saving's account



If I die before retirement my wife and her new boyfriend will be set
Link Posted: 4/6/2006 7:14:31 AM EDT
Three words....

Thrift Savings Plan.
Link Posted: 4/6/2006 7:29:09 AM EDT

Originally Posted By Tim84K10:
Three words....

Thrift Savings Plan.



???
Link Posted: 4/6/2006 7:29:57 AM EDT
going back into the .mil to help cover retirement. mostly want the medical benes at 60.
Link Posted: 4/6/2006 7:33:06 AM EDT

Originally Posted By Carhlr:


If I die before retirement my wife and her new boyfriend will be set






I wonder about that too. I sure will feel dumb, looking down (at least, I hope I'll be looking down, and not up) and thinking of all the cool cars and flat-screen TV's and neato stuff I could have spent my money on, if I get hit by a bus next week.

Link Posted: 4/6/2006 7:34:33 AM EDT
We found a local advisor who gave us some guidance on which investments were suitable for us. We're putting the max IRA money in, and had a good (401)K with my wife's company (she left them, and sadly the replacement company's plan stinks). The house is paid off, not much debt, and so we enjoy our money, but we also save as much as we can.

There won't be anyone to take care of us, so we have to save for old age. On the flip side, when we do get old, we can use up the principal, as we don't have anyone to leave it to. Aside from some charitable contributions that is.
Link Posted: 4/6/2006 7:40:44 AM EDT
I contribute to my 401K 10% of my check a month with matching up to 6%, have been doing that since I was 24 now 30. It takes a while for it to add up at first, now it is just over $36,000, ya I know, not a lot but it is a start. When I started I was only doing the matching part, but would up it alittle with every raise. My wife also contirbutes and gets a match on her 401K.

Link Posted: 4/6/2006 7:41:45 AM EDT
Saver, but I do "planning" on a light basis.

Retirement isn't about moving money every week. It's about long term growth of a properly diversified portfolio, adjusted for your risk profile.

As you get older, your risk profile changes. This means that you will have to do some "planning" but if properly done, you change your investment mix every 5-10 years or so, or if you experience a big life event (e.g. having kids).

I'm 33 so I can afford to take more risk than someone who's 63. I am 20+ years from retirement so I have some money invested in foreign equities and other (relatively) risky investments.

The secret is to start early. The time value of money will kick in. For those of you youngins who say you gotta pay off your student debt first, calculate what your actual (after-tax) cost of money put down on your loans is. You'd be surprised at how much more you'd make by taking the difference and investing it.

So here's where I'm at:

1. 401k (company matches 4%, w00t)
2. Cash balance pension plan (company funded)
3. Stock ownership account (company funded)
4. Stock awards (restricted for 3 years, awarded on yearly basis)
5. Stock options (same, but 10 year term after 3 year vesting period)
6. After-tax investments (mutual funds)

No IRA contributions b/c of income limitations.

Save, invest and live below your means.
Link Posted: 4/6/2006 7:42:26 AM EDT
[Last Edit: 4/6/2006 7:46:18 AM EDT by TheCynic]

Originally Posted By Q3131A:
Every person here below the age of 45 that has a job should be maxing out a Roth IRA in their name.


I wish I could. Fucking income limits.



Originally Posted By DK-Prof:
Not complaining (mind you) but my income is in this tricky spot, where I don't get any of the breaks or benefits of middle income, but am getting hit by a lot of the penalties for high income (like paying AMT, no access to Roth, etc) - without actually having a paricularly high income.


Preach it...
Link Posted: 4/6/2006 7:50:17 AM EDT
Had I stayed w/the"job"I started in 1980 I'd be divorced w/children and have to work* till 2015 for the full 35yr retirement pkg. I had one decade of low 6figure's. I'm glad I put it away in to stk indexs then. My life span has been shortened by serious neurological and neuromuscular damage. I figure I have less than 20yrs to live. I'm back in classes in my 50's learning the intricacies[sp](puts,calls,shorting,hedging etc.) of the stk mkt to try to earn more UEI. Time is on your side if your working and in your 20's w/extra income to invest in the major mkt indexes. I have enough to get me there considering inflation, but just barely. I grit my teeth thinking how many people are on the.gov dole now v.s the up and comming baby boomers. Plus I want to leave kids something. or I would have picked hookers and blow!
Link Posted: 4/6/2006 7:55:33 AM EDT
I just hope to get through the day without breaking an arm, leg or my neck. How could I possibly worry about something that could be weeks or more away??? I open one eye at a time each morning expecting to see the devil and flames.

Plan or save for retirement? I think not.
Link Posted: 4/6/2006 8:42:09 AM EDT

Originally Posted By Justa_TXguy:
My employer doesn't match 401k, so instead of saving for retirement I'm saving for a house.

I plan to pay it off early and then start saving for retirement.

Is that a fundamentally bad idea?




it might be. by paying off your house you lose a tax deduction. The house should be, if purchased soon, at a low interest rate and not cost you very much to finance. It may be better to plan on paying it off by your retirment date, rather than paying it off signifcantly early.

If you channel your resources to pay the house off early and wait a decade or more to contribute to a retirement plan, you miss out on the Time Value of compound interest. That opportunity cost is signifcant. I cannot even begin to emphasize how important that is. That time you lose by not saving/investing early can never be made up. You lose the opportunity to earn interest on your interest.

It would be worth googling Time Value and compound interest so you can see some of the charts which reflect how much money you can earn over time.

That's about all i can say, I'm sure someone else here could give you a better answer, however.
Link Posted: 4/6/2006 8:48:15 AM EDT

Originally Posted By mleaky:
My next step is to invest in a Roth IRA, but I'm not sure where to start.



Call Fidelity and ask for a Roth kit. The minimum is like $2,500. Start there. Once you have the money in, you can switch investments to a mutual fund of your choice. Check morningstar online or at your local library (for full access).
Link Posted: 4/6/2006 8:52:00 AM EDT

Originally Posted By sigarkar:

Originally Posted By Justa_TXguy:
My employer doesn't match 401k, so instead of saving for retirement I'm saving for a house.

I plan to pay it off early and then start saving for retirement.

Is that a fundamentally bad idea?




it might be. by paying off your house you lose a tax deduction. The house should be, if purchased soon, at a low interest rate and not cost you very much to finance. It may be better to plan on paying it off by your retirment date, rather than paying it off signifcantly early.

If you channel your resources to pay the house off early and wait a decade or more to contribute to a retirement plan, you miss out on the Time Value of compound interest. That opportunity cost is signifcant. I cannot even begin to emphasize how important that is. That time you lose by not saving/investing early can never be made up. You lose the opportunity to earn interest on your interest.

It would be worth googling Time Value and compound interest so you can see some of the charts which reflect how much money you can earn over time.

That's about all i can say, I'm sure someone else here could give you a better answer, however.



I agree 100%.

Paying off your house makes you feel good. Building investments that compound interest while maintaining your mortgage makes you wealthy.

Read the latest book by Ric Edelman. Then read the "Millionaire Next Door". Then read "Life or Debt" or Ramsey. These books will help you create your style and learn about financial planning.
Link Posted: 4/6/2006 8:57:39 AM EDT

Originally Posted By Q3131A:

Originally Posted By sigarkar:

Originally Posted By Justa_TXguy:
My employer doesn't match 401k, so instead of saving for retirement I'm saving for a house.

I plan to pay it off early and then start saving for retirement.

Is that a fundamentally bad idea?




it might be. by paying off your house you lose a tax deduction. The house should be, if purchased soon, at a low interest rate and not cost you very much to finance. It may be better to plan on paying it off by your retirment date, rather than paying it off signifcantly early.

If you channel your resources to pay the house off early and wait a decade or more to contribute to a retirement plan, you miss out on the Time Value of compound interest. That opportunity cost is signifcant. I cannot even begin to emphasize how important that is. That time you lose by not saving/investing early can never be made up. You lose the opportunity to earn interest on your interest.

It would be worth googling Time Value and compound interest so you can see some of the charts which reflect how much money you can earn over time.

That's about all i can say, I'm sure someone else here could give you a better answer, however.



I agree 100%.

Paying off your house makes you feel good. Building investments that compound interest while maintaining your mortgage makes you wealthy.

Read the latest book by Ric Edelman. Then read the "Millionaire Next Door". Then read "Life or Debt" or Ramsey. These books will help you create your style and learn about financial planning.



What's the short of Life or Debt?

i've read the millionaire next door and was surprised by the info. Also, the Richest Man in Babylon was an early influential book for me. i'm currently reading The Intelligent Investor by Graham.
Link Posted: 4/6/2006 9:14:01 AM EDT
I save for retirement, even though I dont expect to live that long.
Link Posted: 4/6/2006 9:21:54 AM EDT

Originally Posted By RIA45ACP:
I save for retirement, even though I dont expect to live that long.



Think of it as a CCW. Better to have it and not need it than need it and not have it.
Link Posted: 4/6/2006 9:27:15 AM EDT
[Last Edit: 4/6/2006 9:34:03 AM EDT by schwindj]

Originally Posted By Justa_TXguy:
My employer doesn't match 401k, so instead of saving for retirement I'm saving for a house.

I plan to pay it off early and then start saving for retirement.

Is that a fundamentally bad idea?




Yes because by buying a house and paying it off early you lose out on several things:
-The tax breaks that you could have if you continued to pay the mortgage for all 30 years.
-By not investing any money now towards your retirement you are missing out on years of compound interest. Which can add up to a huge amount of money over 10-20 years.
-Lost opportunity cost of money. Lets say that you put all of your extra money into paying off your house early, you will not have any liquid assets that you can access if an investment opportunity comes up. You lose out on the option of making more money with your money. You have to spend money to make money but how can you do that if all of your money is tied up in your house?

It has been recommended to me to put the least possible amount of money down on a house, but do not let your mortgage exceed ~27% of your take home pay.

I am not a financial planner, this is not financial advice.

James

ETA: sigarkar beat me to it.
Link Posted: 4/6/2006 9:38:35 AM EDT
[Last Edit: 4/6/2006 9:41:14 AM EDT by drfcolt]
Here's what I have:
- pension at 35-years-of-service (2-years from now/58YO) - 87.5% of my highest grossing year with only federal-witholding taken out/no local-state-SS- ..... - actually I will be neting more than I now make working
- TSA and DCP that I've been paying in on my own for years
- SS at 62YO, but you can never count on that
Link Posted: 4/6/2006 9:39:21 AM EDT
[Last Edit: 4/6/2006 9:40:11 AM EDT by AeroE]
Both.

Start young.

or,

Marry money.
Link Posted: 4/6/2006 9:43:43 AM EDT
I dont do any planning myself. I work with a FINANCIAL PLANNER. I am only 19 yet by living within my means, and working when I am not in school, I have been able to invest thousands dollars that will be going towards my retirement. I cannot stress the importance of working with a a financial planner.

Do you do pull your own teeth when you have a toothache or do you go to a dentist? Do you study the laws, and represent yourself when you are being sued or do you go to a lawyer?

Does it make much sense to do something yourself when there are people who can provide you with years of experience and knowledge for a reasonable price? NO

I would like to be able to retire at a decent age and live out my life without any fear of financial insecurity. I currently invest about 33% of my yearly income, because I am young, currently in school and live at home when I can, that rate of investment is very easily doable. Understandably if you have kids and your own home it becomes a bit more difficult to invest at that rate, that is where the financial planners come into play. They will help to get the most value out of your money maximizing your wealth.

SEE A FINANCIAL PLANNER. It is WORTH IT!!


James

Link Posted: 4/6/2006 9:55:05 AM EDT
[Last Edit: 4/6/2006 9:56:42 AM EDT by Q3131A]

Originally Posted By sigarkar:

Originally Posted By Q3131A:

Originally Posted By sigarkar:

Originally Posted By Justa_TXguy:
My employer doesn't match 401k, so instead of saving for retirement I'm saving for a house.

I plan to pay it off early and then start saving for retirement.

Is that a fundamentally bad idea?




it might be. by paying off your house you lose a tax deduction. The house should be, if purchased soon, at a low interest rate and not cost you very much to finance. It may be better to plan on paying it off by your retirment date, rather than paying it off signifcantly early.

If you channel your resources to pay the house off early and wait a decade or more to contribute to a retirement plan, you miss out on the Time Value of compound interest. That opportunity cost is signifcant. I cannot even begin to emphasize how important that is. That time you lose by not saving/investing early can never be made up. You lose the opportunity to earn interest on your interest.

It would be worth googling Time Value and compound interest so you can see some of the charts which reflect how much money you can earn over time.

That's about all i can say, I'm sure someone else here could give you a better answer, however.



I agree 100%.

Paying off your house makes you feel good. Building investments that compound interest while maintaining your mortgage makes you wealthy.

Read the latest book by Ric Edelman. Then read the "Millionaire Next Door". Then read "Life or Debt" or Ramsey. These books will help you create your style and learn about financial planning.



What's the short of Life or Debt?

i've read the millionaire next door and was surprised by the info. Also, the Richest Man in Babylon was an early influential book for me. i'm currently reading The Intelligent Investor by Graham.






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From the Inside Flap
Freeing yourself from debt is easier than you think! Take it from Stacy Johnson. As creator of the hugely successful Money Talks television news series, Johnson has helped millions of people get out of debt, achieve enduring financial freedom, and earn big from wise investments. Now it's your turn. In this focused, practical, and inspiring new book, Johnson shares the secrets of his amazing program that will win you financial freedom in just seven days.

Strange but true, financial freedom has almost nothing to do with how much you make or what you know about high finance. It all comes down to three basic principles: get rid of the debt that is shackling you, learn to live below your means, and start investing sensibly and consistently. In Life or Debt, Johnson spells out exactly how to accomplish these goals in a step-by-step plan that covers

* How to calculate what you really earn, where your money goes, and how you can quickly convert debts to investments
* How to quit "working" for credit card companies and mortgage holders by reducing (or eliminating) your debt now
* Why you're actually paying three times the sale price of the items you buy --and how to stop
* How to work out a simple budget that provides ample money for what you need and cuts out unnecessary expenses
* How to melt away that mountain of debt by prioritizing which debts should be paid off first and at what rate
* The secrets of investing wisely and with minimum risk
* 205 ways to save money--it really does add up!

Destroying debt does not mean radically changing your lifestyle or giving up the things you love. It does mean taking charge of your financial freedom and making sure the money you earn goes to the things you care about. The power to live without debt is yours--let Stacy Johnson and this revolutionary new book help you unleash it now!



Similar to Ramsey. First thing he says is don't buy his book. Borrow it from the library.

www.amazon.com/gp/product/0345455649/sr=8-1/qid=1144346011/ref=pd_bbs_1/103-2793772-7276645?%5Fencoding=UTF8
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