Retirement

Yeah, I'm only 28, but I'm well aware of the importance of saving for retirement. Dad beat it into my head over and over the benefits of starting to save even just a little bit early, vs. a lot, later. That's the beauty of compounding interest. I recently reduced my retirement contribution from 10% down to 7% though despite knowing this so I can pay off the credit card and the cars as quickly as possible.

I just decided to check out the retirement spreadsheet that dad had sent me a while back. It had projected I would have something like $5 million by retirement if I continue as I am right now, and the market averages 10%. Just for fun I decided to see what would happen if I stopped contributing at age 30, still assuming 10% (from what I understand it typically averages 12% over time). That gives me just over $1 million at retirement. That's pretty sweet, although it won't last long given inflation, but it's just cool to see.

So while I haven't done many things right when it comes to finances (see cars, credit cards, not saving), at least I got this one piece right. Now it is time to make myself smart all across the board. Donations are always welcome to help jumpstart my plans :)

On a side note, I also have finished saving up my $1000 for a baby emergency fund again. Despite the dog's medical bills, and the pending vacation to Maine.