Congrats Bilgerat!

[Sethodine]

Compound interest is one of the most powerful things in the universe!
[Probably paraphrased. Einstein I think.]

Actually, I think it was Benjamin Franklin. Google knows

 

[wizard of ahs]

I must admit I haven't been as good as you guys at saving. I'm retired from the Air Force and working 2nd career till I get the kids through High School at least. At that point, I'll be able to do pretty much whatever I want.

I went that route too....retired Navy...
Various jobs that I able to rollover my IRA and finally made it to 65 !!!
Now just kickin' back

 

[NSTG8R]

Actually, I think it was Benjamin Franklin. Google knows

Okay, you made me look, and 'apparently' it was neither.

Snopes -

Just what Einstein reportedly said about compound interest varies quite a bit from source to source: That it was "the greatest invention in human history" (or "the greatest invention of mankind," or "the greatest invention of all," or "the most significant invention of the nineteenth century"), that it is "the most powerful force in the universe," or that it is "more complicated than the theory of relativity." (That last variation echoes another sentiment popularly attributed to Einstein which also began to appear only well after his death, to the effect that "preparing a tax return is more complicated than relativity theory" or "the hardest thing in the world to understand is the income tax.") We suspect that this perspective on the power of compound interest is a fairly modern invention, one which has been retroactively placed into the mouth of a prominent dead person to give it more punch.

Even if neither actually said it, I can attest it to be true.
If you keep waiting for the day when you'll be making enough money to put a minimum of 10% into an interest bearing account, that day will never come. Do it now. Do it consistently. Do it until you decide retirement's feasible [duck alignment]. You'll be glad you did.

 

[Sethodine]

Okay, you made me look, and 'apparently' it was neither.

Snopes -

Just what Einstein reportedly said about compound interest varies quite a bit from source to source: That it was "the greatest invention in human history" (or "the greatest invention of mankind," or "the greatest invention of all," or "the most significant invention of the nineteenth century"), that it is "the most powerful force in the universe," or that it is "more complicated than the theory of relativity." (That last variation echoes another sentiment popularly attributed to Einstein which also began to appear only well after his death, to the effect that "preparing a tax return is more complicated than relativity theory" or "the hardest thing in the world to understand is the income tax.") We suspect that this perspective on the power of compound interest is a fairly modern invention, one which has been retroactively placed into the mouth of a prominent dead person to give it more punch.

Even if neither actually said it, I can attest it to be true.
If you keep waiting for the day when you'll be making enough money to put a minimum of 10% into an interest bearing account, that day will never come. Do it now. Do it consistently. Do it until you decide retirement's feasible [duck alignment]. You'll be glad you did.

Thanks to what I call "sacrificial budgetting", we could easily put 10% of both of our paychecks into individual IRAs and still have money to spare, if we weren't so laser-focused on paying off our car early. I say "sacrificial" because it means passing up more fun things like vacations and buying new toys, to instead focus on our future. At least for a few years, anyways, until our car is paid off and the savings plan is chugging along.

 

[wizard of ahs]

Thanks to what I call "sacrificial budgetting", we could easily put 10% of both of our paychecks into individual IRAs and still have money to spare, if we weren't so laser-focused on paying off our car early. I say "sacrificial" because it means passing up more fun things like vacations and buying new toys, to instead focus on our future. At least for a few years, anyways, until our car is paid off and the savings plan is chugging along.

Good plan....you are to be commended
PS...and thanks for your EV insight......I'm leaning that way once I get to "where I'm going"

 

[Coss]

Thanks to what I call "sacrificial budgetting", we could easily put 10% of both of our paychecks into individual IRAs and still have money to spare, if we weren't so laser-focused on paying off our car early. I say "sacrificial" because it means passing up more fun things like vacations and buying new toys, to instead focus on our future. At least for a few years, anyways, until our car is paid off and the savings plan is chugging along.

If you don't mind me asking; how are your credit scores?

 

[Sethodine]

If you don't mind me asking; how are your credit scores?

Mine is mediocre because I stopped buying with credit years ago, and my credit history is pretty recent (only 5 years 9 months). I just checked, and both Transunion and Equifax are reporting that my score is "666"

My wife had Zero credit history until we bought our Leaf. So combined, our credit score doesn't look too great. I don't know what her score is now, but it's probably not very good. We've been paying off the Leaf too fast, I think. My score has dropped several points since the last update, probably due to how we're paying off the car and that I've closed out my student loan. Lenders like people who will pay interest, not people who pay off their debt ahead of schedule

 

[BilgeRat]

HOLY CRAP! Thanks everybody! Man, I need to check in a little more often, this one escaped me entirely! My sendoff at work was the fill line for the potable water tank was frozen, so while Lorraine waited for me in the parking lot at the Hennepin Boat Store, I broke out the heat gun and an extension cord, and took care of it. A few hurried goodbyes with the guys going home, and the ones getting on, and it was done, they were off the dock, and I was gone. (smh...) It never ends... Well. yes, it did!

No immediate plans beyond getting the money situation aligned for this, and getting signed up for SS. After that, my wife would like to take her folks back to Maine in the fall for an extended stay, and we'll head to Italy for an extended stay at some point also.

As for around home, I'll not lack for projects! There's a couple of cars to prep for sale, a motorcycle to restore, get the metal shop back in full swing, take care of our place and a rental, plus whatever Lorraine comes up with. Won't be surprised if I do end up being busier, and that's OK.

Just a FWIW for the young (ish) folks on here. I got kind of a late start on seriously hitting the 40!K, but from the late nineties till now, I never saw a pay raise. Any raise we got, the 401K contributions were raised by an equal percentage, and we're in pretty good shape now, it worked.

Again, my heartfelt thanks! This swelled to a size too big to thank everyone individually, so I hope that this will do! I'm more that a little overwhelmed!

Tom

P.S. That "live beneath your means" thing that larryboy mentioned: YES! DO IT! I used to listen to the crew on the boat talking about the other guy's lives at times, and I'd wonder, "Is he nuts?" One of my helpers (who made probably about half of what I did) was married with three kids, one of which was constantly in and out of the hospital for various ailments, and he had a $1000/month payment on a cowboy Cadillac pickup that got about 10 mpg. He wasn't the only one with champagne tastes on a beer budget, either.

 

[wizard of ahs]

Glad you made it here...............
Again...CONGRATS.....and enjoy..........if you're like most of us, you'll be busier now than you ever were

(of course it's with things YOU want to do and of course the HONEY DO list )

 

[Coss]

And just wait till you have to deal with SS and Medicare; you think waiting for the Elio is frustrating? You ain't seen nothing yet


<And a note about Medicare, you HAVE to take it. If you don't, and you sign up for it later, they back change you for not taking it when it was first offered.>