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Still out of debt.

December 13th, 2010 at 08:01 am

Work is slowing down and the tax burden here is awful. I have enough to pay my daughter's college tuition for the last two years of her schooling. So DD will get out of school debt free.

Graduate or medical school is another ball of wax though. I have to get my retirement money in order. I am somewhat behind in this category.

I have about 5000 dollars together for a new car for my daughter when she graduates college. This will be a gift from my wife and I. What kind of car she gets depends upon how much I can scrimp and save. I was thinking about a low end Toyota Camry.

I only have 100,000 saved for retirement so I am behind the 8 ball. Who knows what the dollar will be worth when I retire. Who knows if Social Security will be around.

We have made some serious cuts in discretionary spending around here. I still walk around with less than 20 dollars in my pocket at any one time.

Well, I suppose we just do the best we can with what we've got. Just checking in for a reality check!

Posted in Uncategorized | 8 Comments »

8 Responses to “Still out of debt.”

  1. creditcardfree Says:
    December 13th, 2010 at 12:44 pm 1292244270
    1292244270

    Very nice that you have the money saved for your daughter's car and college. Remember, you can borrow for cars and college, but not retirement. Start to make that a bigger priority.

  2. Ima saver Says:
    December 13th, 2010 at 03:15 pm 1292253350
    1292253350

    It is good to hear from you Paul! We miss you!

  3. PRICEPLUS Says:
    December 13th, 2010 at 07:57 pm 1292270244
    1292270244

    I will never borrow money if I don't have to do so. I believe in the old adage, "out of debt, out of danger"!

    I miss you guys too Julie!

    So the retirement push goes forward. Will keep everyone posted!

  4. baselle Says:
    December 13th, 2010 at 08:57 pm 1292273856
    1292273856

    That's fantastic - saving money to make sure your daughter has a reasonable economic footing. Please let her know that while you love her very much, soon the cord will narrow and be cut. You will need to shift your priorities. Of course you know that!
    Good to hear from you!

  5. Jerry Says:
    January 8th, 2011 at 07:16 pm 1294514177
    1294514177

    If your kid decides on medical or grad school then maybe she needs to manage that on her own, and you can help out periodically... I think that retirement needs to take more of a front seat, especially if you have already taken care of under

  6. Jerry Says:
    January 8th, 2011 at 07:17 pm 1294514277
    1294514277

    If your kid decides on medical or grad school then maybe she needs to manage that on her own, and you can help out periodically... I think that retirement needs to take more of a front seat, especially if you have already taken care of undergrad for her. There are ways to manage professional school that will not lead her into too much trouble financially, and she will have the insurance of that advanced degree to fall back on. Good luck!
    Jerry

  7. Jerry Says:
    January 8th, 2011 at 07:18 pm 1294514324
    1294514324

    Sorry for the double post... internet's wonky over here tonight.
    Jerry

  8. PRICEPLUS Says:
    January 9th, 2011 at 05:39 am 1294551580
    1294551580

    Not a problem Jerry. I will have to explore the options with her!

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