Comments on Wisdom Steps 101 ... Be Weird...Be Debt Free: Retirement and Financial Independence

You need about 25-33 times your annual expenses in...

2008-07-04T11:02:00.000-05:00

You need about 25-33 times your annual expenses in an accessible account. If you want to retire be financially independent early or do not plan to sell your house, you can't count in IRA/401k's or home equity.

Your expense level is up to you. If you use $40000 a year, you need more than a million. If you use $80000 a year, you need more than two million. The good news is that if you only use $10000 a year, you only need $250000. Also, if you start putting your time into it, you will find that there are lots of ways of reducing expenses by doing things yourself, buying quality stuff, reducing waste, and recycling stuff.

I second HS on TRowe Price. However, I would go f...

2008-06-25T11:10:00.000-05:00

I second HS on TRowe Price. However, I would go for a Roth IRA, as it will draw tax free. DR also recommends a Roth.

Mzmuny

thanks HS, I will look into those options as well....

2008-06-24T12:37:00.000-05:00

thanks HS, I will look into those options as well.

anonymous -

The new employer will not be p...

2008-06-24T12:35:00.000-05:00

anonymous -

The new employer will not be paying me salary. I will return to hourly. However, if I continue working my 55 hours, I will make more then I am currently.

If you remember (or maybe you missed it) I received about a 19% increase in pay, back in May. That figures to be several thousand dollars over the year. Now the new owner is telling me whatever my new hourly rate will be, I will have bigger checks every other week. So I am looking forward to that.

??
You should increase your income. You won't b...

2008-06-24T11:38:00.000-05:00

??
You should increase your income. You won't be able to save much until you earn much more. I thought remembering you saying that your hectic work schedule prevented you from seeking a 2nd job. This is something that you should negotiate with your new boss: fixed hours.
You can look at millionaire mommy next door: http://millionairemommynextdoor.blogspot.com/2008/06/i-want-more-money.html form some inspiration

Kev, I would go with Vanguard or T Rowe Price IRA,...

2008-06-24T10:46:00.000-05:00

Kev, I would go with Vanguard or T Rowe Price IRA, or 401K rollover, you can do it all online. Vanguard also has the target retirement funds which you can pick based on the date you want to retire/ withdraw.

Of course, don't take advice from me, I'm broke!

HS