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Pindar — 'O my soul, do not aspire to immortal life,but exhaust the limits of the possible.'
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Originally Posted by huxley
Pindar — 'O my soul, do not aspire to immortal life,but exhaust the limits of the possible.'
Nice quote. There is little point focusing your life on accumulating a swag of money to "retire" on. But it is worth doing the hard yards early on to gain a measure of independence. Whatever your measure of independence is. Set that as a goal and once you get there, your focus can change.
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Originally Posted by huxley
You just need **** you money! ...
Actually that is why I started investing in the first place. Had a good job but a bad boss, but was locked into the job. Solo parent, no child support, hefty mortgage. Decided never again, so made a financial plan where I could walk out the door if I chose to. Took quite a few years. Never needed to do it, but a huge relief to know I could.
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Originally Posted by Bjauck
My parents were frugal and have saved to the extent they had a good modest home with a moderate amount of investments. However one of them has a medical condition and now needs nursing home care. Because of their savings they exceed threshhold levels and they do not get a subsidy.
The comfortable retirement is in jeopardy, as an extra $50,000 pa is needed to cover fees. That would be equivalent to $75,000 before tax income! The costs of living for the independent parent has not reduced by much. There is a bit of regret, that they were not a bit more extravagant. Maybe they could have put in new kitchens and bathrooms and stayed in expensive hotels. Their investment savings will go down quickly with their extra expense. They pay for the nursing home (* all people are subsidised as to the medical component) , whilst some, if not the large majority of the fellow residents, do not. Is that fair? Does it encourage people to save for their retirement?
Life unfortunately is never fair.
My wife's mother is in a nursing home with dementia.She worked as a machinist all her life.No family trust, means her house will have to be sold in the not too distant future, to pay for her care as her investment money is nearly gone.
We are now "comfortable " [well positioned] and the rainy day funds we have on deposit, which matures in May,are going to pay off the daughter's mortgage.The amount of interest, after tax, we have been receiving we can do without.
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Member
I'm 26. Currently earn around 40k after tax from employment. Of that, I save approximately half. So I could "survive" on 20k from investment income.
Using a very basic 4% return on investment, I would need 500k of capital invested.
However, even if I was super wealthy, I would continue to work in some way or form as I feel it is good for a variety of reasons. Sitting at home or on a beach has never interested me. I enjoy outdoors and things, but couldn't do it non stop. I like the social aspect of work too.
I keenly follow MMM (Mr Money Moustache) and think his website and forum is fantastic. I actually did an exercise after reading all 200+ odd of his blog posts and asked myself the question "If I had $10 million what would I do differently?" The only ONLY! thing I would change would be I'd do an overseas trip once a year and work 25-30 hours a week instead of 40-45. I wouldn't buy a new car, bigger house, boat, clothes, etc. I'm perfectly happy with the material possessions that I own and what I do in my spare time.
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Originally Posted by Buffett Jr
I'm 26 .....................
"If I had $10 million what would I do differently?" The only ONLY! thing I would change would be I'd do an overseas trip once a year and work 25-30 hours a week instead of 40-45. I wouldn't buy a new car, bigger house, boat, clothes, etc. I'm perfectly happy with the material possessions that I own and what I do in my spare time.
With $10M and you'll just be doing overseas trip once a year and still work? Mate, that's really cutting it to the bone and no respect on what money can give you
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Originally Posted by percy
Life unfortunately is never fair.
My wife's mother is in a nursing home with dementia.She worked as a machinist all her life.No family trust, means her house will have to be sold in the not too distant future, to pay for her care as her investment money is nearly gone.
We are now "comfortable " [well positioned] and the rainy day funds we have on deposit, which matures in May,are going to pay off the daughter's mortgage.The amount of interest, after tax, we have been receiving we can do without.
My stars!, Percy always doing the right thing. 66 (Happy Birthday!!!) still 30 years of investing left to make another million or two. Ha!
I like lots of stuff on this thread particularly Rogers examples. I think there is lots of scaremongering going on about how much money we need to retire despite the fact that most of us will retire healthy and remain in our own homes.
Perhaps not having a retirement plan is a mistake but I am just not sure how you control the outcome of a fixed capital or income retirement goal.
I can only hope I can keep saving, minimise risk, and continue buying good companies and investments until that pay cheque stops.
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Originally Posted by percy
... My wife's mother is in a nursing home with dementia.She worked as a machinist all her life.No family trust, means her house will have to be sold in the not too distant future, to pay for her care as her investment money is nearly gone. ...
percy, does your wife's mother not qualify for the residential care subsidy? Her house is not included in the assets test. http://www.workandincome.govt.nz/ind...e-subsidy.html
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Originally Posted by Baa_Baa
Thanks for the link.
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Originally Posted by Baa_Baa
I think you will find that if the person in care doesn't have a spouse living at the family home then the home is included in the total assets. The options are to then sell the home or apply for a residential care loan against the property.
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