Remember Uncle Willy?

[RobH]

I'm sure you don't remember Uncle Willy because he doesn't exist. Imagine for a minute, however, that your old Uncle Willy kicks the bucket and you get a letter from his lawyer. You were his favorite nephew. Who knew?

He was apparently a bit of a scrooge, hoarding his money and living on as little as possible. With his last breath Uncle Willy set up a special investment account for you and you alone. The account, based on bonds and bank interest rates, only makes a small percentage every month. Uncle Willy's fortune, however, is huge and the monthly return is not just a couple of bucks. Uncle Willy's only provision is that you have no control over the larger sum of money. Yours is only the monthly return.

You bust out the calculator and your face goes white in a moment of epiphany:

"I could retire today!" you exclaim. Your new, added income after taxes equals your current take-home pay to the dollar!

What would you do if this really happened?

This, of course, would never happen, but hell it's fun to dream right?

-Rob

 

[Nitroaddict]

Personally - i am a bit of a money planner. so i would do the following:

first - use the immediate earnings to pay off debt, and purchase a few needed things.

second - take 10% of the yearly amount, and use it soley for fun money each year - whether it be a vacation, or rc stuff, or other.

take the remaining 90% and use it as a retirement fund. figure i am gonna live to about 80, so i would continue to work until the balance of the money met my remaining life span. I'm 26 now, so if i worked for 27 more years - i could retire at age 53 and continue to earn the same amount i make now until i die, plus my 401k, plus the interest for 27 years, which would probably keep it in line with inflation.

hows that for a boring idea? still would be what i would do though

 

[FastEddy]

If you are making a decent living and think you can retire on what you make today for the rest of your life LMAO @ you living in the gutter in 30 years. Look at the decent living wage 30 years ago.....

Lets say you have enough money to retire considering inflation cost of living an all the other bullshit, what in the hell are you going to do all day long? I have been there and done that. I fished for four years, sure it was fun but now I'm four years older and still only have 50-60 more years to live whats next?

Wealth is a pipe dream, sure money is great but its not the answer. People that don't have money think its going to change their life for the better but there is usually a reason they don't have any. Management, intelligence to invest and spend wisely are usually the reason they don't have anything of substance to begin with. Time has proven over and over again if these people are given money its mismanaged and gone within a relatively short time. Yes there are exceptions but few.

If you look at the people with good retirements you will find that they worked hard all there life, saved money, invested wisely, and planed for the day they would quit working. If you look at the people who have an abundance of money you will see that they almost never retire but live a relaxed lifestyle.

It OK to day dream all you want but don't fool yourself. Work hard, save your money, and invest if you want to retire at 65.

 

[RobH]

I think I would keep my job and use the extra income to get out of debt first.

You pay a discusting amount on intrest on loans. I think I'd have my car, house and other loans paid off first. The house would take a while, but it would come before anything else.

After that, I'd fix up the house. Then, I'd bolster the retirement and college funds. Retirement is wasted on those that can't enjoy it. I wouldn't mind being retired the day my last kid goes to college. Having no debt, I could travel the world and experience as much of it as I could before I died.

-Rob

 

[HumboldtBlazer]

Money sucks, I am going to quit my job, stop showering, live in a redwood tree, and become a dirty hippy, screw it all. Oh and don't forget the Pachulie oil.