Age- This would depend on my career. My ideal career would be doing research in Materials Science or being a Nuclear Engineer. If I have one of those careers that involves very little physical exertion then I probably wouldn't have any problem working into my late 60's. If I were to get a job that isn't ideal then I would want to retire as soon as possible (maybe mid to late 50's.)
Location- Some people move to Florida or Arizona when they retire, but I wouldn't enjoy the 110 degree summers. If I stay in Wisconsin, then I would have to deal with -20 degree winters. A place that is in the middle, say one of the Carolina's, then that would be ideal for me.
Hobbies- I have no idea what I will be interested in when I retire. One thing that some people do is travel. I think I would enjoy that. I think I would also enjoy golfing because that is an activity that is outdoors and the walking would also help keep me in shape.
Dream home- My dream home would be a 2 story house with maybe 4-5 acres of land.
Travel- I would like to travel to tropical places like Jamaica or Hatti
Vacation- My ideal vacation would be a cruise in the Caribbean.
2nd home- I don't think that i would want a second home because I would just like to only have to worry about one. If you have a vacation home, you worry that someone will break in or something could go wrong in the house and cause a fire or flooding.
Wednesday, April 27, 2011
How i will use this information in the future
I will definitely use some of what i learned in the future. One thing that I will use is taking a certain percent out of my paycheck for a 401k. I might be tempted to put very little in it when i first start with my job and buying a house because I may be low on money. Taking advantage of the latte factor could potentially save me enough money so 10% a week taken out of my paycheck won't be so bad.
how it changed my spending
Although this book has some very good points, at this point in my life i can't take advantage of some of them. One thing I learned was that paying off my student loans as quickly as possible could save me thousands. I can also take advantage of the latte factor. If i buy just 2 monsters a week then that's $5 and multiply that by 52 and that's $260 I could save a year buy just not buying monster.
what i learned
What I learned
1.) I learned that when you don't invest your money, you are actually losing money. If you keep it at home, as inflation goes up, the value of your money goes down.
2.) I learned that you don't have to make a lot of money to be rich. Smart investments and conservative spending can add up to hundred of thousands of dollars in a couple decades.
3.) I learned that if you invest in a 401k (if your company offers it) then the money that you put in it isn't taxed until your take it out.
4.) I learned that if you make one extra payment per year, you can pay off a 30 year fixed rate mortgage in little more than 20 years.
5.) I learned that you can automatically have a certain percent (say 10 or 15%) taken out of your paycheck and put into an investment like a 401k.
6.) I learned that buying a latte 5 times a week for 30 years can add up to as much a $1,000,000.
1.) I learned that when you don't invest your money, you are actually losing money. If you keep it at home, as inflation goes up, the value of your money goes down.
2.) I learned that you don't have to make a lot of money to be rich. Smart investments and conservative spending can add up to hundred of thousands of dollars in a couple decades.
3.) I learned that if you invest in a 401k (if your company offers it) then the money that you put in it isn't taxed until your take it out.
4.) I learned that if you make one extra payment per year, you can pay off a 30 year fixed rate mortgage in little more than 20 years.
5.) I learned that you can automatically have a certain percent (say 10 or 15%) taken out of your paycheck and put into an investment like a 401k.
6.) I learned that buying a latte 5 times a week for 30 years can add up to as much a $1,000,000.
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