My wife and kids are off visiting our relatives in Tokyo, and so I’m at home alone for the next couple weeks, reliving my bachelor days for a little while. Plenty of cold pizza for breakfast!
In place of the usual ritual of bathtime and bedtime stories with the kids (is there anything cuter than a three-year-old in a tub of bubbles?), I’ve lately had more time in the evening to sit down and noodle at the family finances. This got me to thinking a little bit about the various ways people do this—or don’t—and how it might affect investment behavior.
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As Americans, we’re accustomed to having options. There’s always another answer, another solution, another way to lick a problem. (Sometimes, though, I think that’s how we got ourselves into the mess we’re in right now. Don’t have the money? Charge it. Can’t afford the bigger house? Leverage yourself beyond sanity.)
But what if you’re retired—not “almost retired” or “newly retired,” but actually well into retirement—and the market downturn has depleted your retirement savings? What are your options?
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Retirement … retirement … retirement. Most of us are painfully aware that the responsibility for providing for ourselves in retirement rests squarely on our own shoulders. If we didn’t fully appreciate this sobering situation before, we certainly do now.
Retirement is very important. But is it the most important reason to save?
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The impact of unnecessarily complicating our lives became clear to me this weekend.
With 260,000 miles on our two cars, we decided this was the time to get that new car we’ve been talking about. We did the research, bought the car, and parked it in the garage. For now, we’ll use it on weekends and use our older ones until they’re too expensive to run.
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