Comments on: How One Father Taught His Son About Money http://www.getrichslowly.org/blog/2007/04/13/how-one-father-taught-his-son-about-money/ Common sense advice on money saving tips, how to get out of debt, high interest savings accounts, cd rates, money market accounts, mortgage rates, money management and more. Sun, 19 May 2013 15:54:11 +0000 hourly 1 http://wordpress.org/?v=3.0.1 By: Ken LaVoie http://www.getrichslowly.org/blog/2007/04/13/how-one-father-taught-his-son-about-money/comment-page-1/#comment-428801 Ken LaVoie Mon, 03 May 2010 09:09:05 +0000 http://www.getrichslowly.org/blog/2007/04/13/how-one-father-taught-his-son-about-money/#comment-428801 1.5 Million could be very safe if withdrawn with a good plan. The "accepted" safe withdrawal rate is 4% but 3.5% would give him $52,500 per year, and, according to most monte carlo simulators, this nest egg would continue to grow nicely. $52,500 REALLY is quite a good living depending on where you live. I live a healthy lifestyle on $50k with my family of 3, inluding 2 vacations per year (5-6k total). I do live in rural Maine and we simply resist "keeping up with the Jones'". 1.5 Million could be very safe if withdrawn with a good plan. The “accepted” safe withdrawal rate is 4% but 3.5% would give him $52,500 per year, and, according to most monte carlo simulators, this nest egg would continue to grow nicely. $52,500 REALLY is quite a good living depending on where you live. I live a healthy lifestyle on $50k with my family of 3, inluding 2 vacations per year (5-6k total). I do live in rural Maine and we simply resist “keeping up with the Jones’”.

loading....

]]> By: mariane http://www.getrichslowly.org/blog/2007/04/13/how-one-father-taught-his-son-about-money/comment-page-1/#comment-409641 mariane Sun, 25 Apr 2010 15:41:17 +0000 http://www.getrichslowly.org/blog/2007/04/13/how-one-father-taught-his-son-about-money/#comment-409641 I really liked this story too!!! I was never taught how to invest unfortunately... but at least how to budget; when my brother and I was abt 10-11 we were given a sum that should last a week and shown how to keep track of expences... I really liked the freedom and clarity of it ... and it has stayed with me. So, even though I never made it into investing (trying to learn now!)and never had much money I have been able to live a rich life never going into cubicle life and staying out of debt (minus mortage and study loan)have been travelling a lot over the years, all due to this little experience. lesson learned: never spend what you do not have, look at the cost of everything and ponder: do i REALLY need this??? I really liked this story too!!! I was never taught how to invest unfortunately… but at least how to budget; when my brother and I was abt 10-11 we were given a sum that should last a week and shown how to keep track of expences… I really liked the freedom and clarity of it … and it has stayed with me. So, even though I never made it into investing (trying to learn now!)and never had much money I have been able to live a rich life never going into cubicle life and staying out of debt (minus mortage and study loan)have been travelling a lot over the years, all due to this little experience. lesson learned: never spend what you do not have, look at the cost of everything and ponder: do i REALLY need this???

loading....

]]> By: Kenny http://www.getrichslowly.org/blog/2007/04/13/how-one-father-taught-his-son-about-money/comment-page-1/#comment-191012 Kenny Tue, 11 Aug 2009 04:17:17 +0000 http://www.getrichslowly.org/blog/2007/04/13/how-one-father-taught-his-son-about-money/#comment-191012 Guys, you are missing the point and speculating how much he spends and how much he needs to move forward. None of that matters. If you should question his situation, it is first that you question your own, and post an article about what you have, and how much you spend, and how far your money will last. This will make a comparison more apt. Remember, we do not know his profile, his risk taking ability, where he has invested it, what his needs are, and what his debt structures are like. And, what difference does it make. Have we taught this to our kids, done for our kids (if we have them old enough) and learned from his Dad? Lets leave the kid alone and take what we can from his story, and replicate 10x in our lives!!!!! KKP Guys, you are missing the point and speculating how much he spends and how much he needs to move forward. None of that matters. If you should question his situation, it is first that you question your own, and post an article about what you have, and how much you spend, and how far your money will last.

This will make a comparison more apt.

Remember, we do not know his profile, his risk taking ability, where he has invested it, what his needs are, and what his debt structures are like. And, what difference does it make. Have we taught this to our kids, done for our kids (if we have them old enough) and learned from his Dad?

Lets leave the kid alone and take what we can from his story, and replicate 10x in our lives!!!!!

KKP

loading....

]]> By: Mtg Broker http://www.getrichslowly.org/blog/2007/04/13/how-one-father-taught-his-son-about-money/comment-page-1/#comment-173477 Mtg Broker Thu, 26 Mar 2009 12:56:42 +0000 http://www.getrichslowly.org/blog/2007/04/13/how-one-father-taught-his-son-about-money/#comment-173477 His $1.5 mill is probably less than $1 mill after this 'correction'. I had to laugh at the previous comment to retire and spend $100k a year. He's 45 years old, at $100k a year, he'd be broke by 60. The cost of private health insurance at his age is $350 a month and escalates as he ages. If he has a family, he could spend upwards of $1000 a month on just health insurance (with a high deductible). My suggestion is to buy an income producing property which will generate a 10% cash on cash return. Higher than money markets and CDs these days. Plus you lower your tax bracket with the depreciation write off. His $1.5 mill is probably less than $1 mill after this ‘correction’.

I had to laugh at the previous comment to retire and spend $100k a year. He’s 45 years old, at $100k a year, he’d be broke by 60.

The cost of private health insurance at his age is $350 a month and escalates as he ages. If he has a family, he could spend upwards of $1000 a month on just health insurance (with a high deductible).

My suggestion is to buy an income producing property which will generate a 10% cash on cash return. Higher than money markets and CDs these days. Plus you lower your tax bracket with the depreciation write off.

loading....

]]> By: Golfing Girl http://www.getrichslowly.org/blog/2007/04/13/how-one-father-taught-his-son-about-money/comment-page-1/#comment-168650 Golfing Girl Wed, 25 Feb 2009 16:27:05 +0000 http://www.getrichslowly.org/blog/2007/04/13/how-one-father-taught-his-son-about-money/#comment-168650 It can be so easy to miss those teaching opportunities because you're so busy. But they are so important. I always try to involve my 5 year old in what I'm doing and WHY I'm doing it. It can be so easy to miss those teaching opportunities because you’re so busy. But they are so important. I always try to involve my 5 year old in what I’m doing and WHY I’m doing it.

loading....

]]> By: Tall Bill http://www.getrichslowly.org/blog/2007/04/13/how-one-father-taught-his-son-about-money/comment-page-1/#comment-165105 Tall Bill Wed, 28 Jan 2009 16:49:24 +0000 http://www.getrichslowly.org/blog/2007/04/13/how-one-father-taught-his-son-about-money/#comment-165105 At his age with $1.5 million is WAY ahead of most at that point. Just what do the others expect to do in this investment climate? Anybody notice the lack of returns lately? Talk about a correction. What's to come of the American Dream??? At his age with $1.5 million is WAY ahead of most at that point. Just what do the others expect to do in this investment climate? Anybody notice the lack of returns lately? Talk about a correction. What’s to come of the American Dream???

loading....

]]> By: Pete http://www.getrichslowly.org/blog/2007/04/13/how-one-father-taught-his-son-about-money/comment-page-1/#comment-144538 Pete Fri, 15 Aug 2008 13:31:57 +0000 http://www.getrichslowly.org/blog/2007/04/13/how-one-father-taught-his-son-about-money/#comment-144538 $1.5 million? That's not enough to retire on. What's really sad is that he seems to thing that's a lot, as shown from his choice of words. "Accumulate." "Managed to." "OVER $1.5 million." That's no higher than middle class. What a sad act. $1.5 million? That’s not enough to retire on. What’s really sad is that he seems to thing that’s a lot, as shown from his choice of words. “Accumulate.” “Managed to.” “OVER $1.5 million.” That’s no higher than middle class.

What a sad act.

loading....

]]> By: Zaigham http://www.getrichslowly.org/blog/2007/04/13/how-one-father-taught-his-son-about-money/comment-page-1/#comment-97545 Zaigham Thu, 13 Sep 2007 19:29:40 +0000 http://www.getrichslowly.org/blog/2007/04/13/how-one-father-taught-his-son-about-money/#comment-97545 Nice success story. Thanks for sharing with us :) Nice success story.
Thanks for sharing with us :)

loading....

]]> By: Eric http://www.getrichslowly.org/blog/2007/04/13/how-one-father-taught-his-son-about-money/comment-page-1/#comment-90007 Eric Mon, 18 Jun 2007 01:35:32 +0000 http://www.getrichslowly.org/blog/2007/04/13/how-one-father-taught-his-son-about-money/#comment-90007 Great story, 1.5 million and may retire in a few years with luck? Euhm, you are way past safe to retire any time you wish. Just think about it, would you be able to <b>blow</b> 100 000$ per year for fifteen year ? I bet my money that with your family culture, your education and your lifestyle, you couldn't bare doing that! 50 000? Maybe, but I still would bet that you wouldn't be able! Enjoy life and have a great day. Great story,

1.5 million and may retire in a few years with luck?

Euhm, you are way past safe to retire any time you wish. Just think about it, would you be able to blow 100 000$ per year for fifteen year ? I bet my money that with your family culture, your education and your lifestyle, you couldn’t bare doing that! 50 000? Maybe, but I still would bet that you wouldn’t be able!

Enjoy life and have a great day.

loading....

]]> By: neeru http://www.getrichslowly.org/blog/2007/04/13/how-one-father-taught-his-son-about-money/comment-page-1/#comment-88700 neeru Wed, 06 Jun 2007 11:37:42 +0000 http://www.getrichslowly.org/blog/2007/04/13/how-one-father-taught-his-son-about-money/#comment-88700 thats an eye opener and i had a yearn to learn about the investment options after the first job, though don't know much. again, ironically, being a bank officer my father couldn't teach me anything significant in this regard except other life-lessons.but thats coz he didn't get enough time before leaving for GOD's place. but i now after facing much financial constraints while studying, i got my first job and am keenly interested in investments to secure my geraitric period as my MOMs situation is a great lesson to emphasisise upon the need of it. thats an eye opener and i had a yearn to learn about the investment options after the first job, though don’t know much. again, ironically, being a bank officer my father couldn’t teach me anything significant in this regard except other life-lessons.but thats coz he didn’t get enough time before leaving for GOD’s place. but i now after facing much financial constraints while studying, i got my first job and am keenly interested in investments to secure my geraitric period as my MOMs situation is a great lesson to emphasisise upon the need of it.

loading....

]]> By: CatholicSphere » Slow blog day http://www.getrichslowly.org/blog/2007/04/13/how-one-father-taught-his-son-about-money/comment-page-1/#comment-85102 CatholicSphere » Slow blog day Wed, 02 May 2007 15:10:36 +0000 http://www.getrichslowly.org/blog/2007/04/13/how-one-father-taught-his-son-about-money/#comment-85102 [...] Without Marriage How to Win the World without Losing Your Identity Are Weddings No Longer Sacred? How One Father Taught His Son About Money LifeHacher Top 10: Free Windows Downloads Something for Rockers, God-Lovers on [Seventh Day [...]

[...] Without Marriage How to Win the World without Losing Your Identity Are Weddings No Longer Sacred? How One Father Taught His Son About Money LifeHacher Top 10: Free Windows Downloads Something for Rockers, God-Lovers on [Seventh Day [...]

loading....

]]> By: Nirah http://www.getrichslowly.org/blog/2007/04/13/how-one-father-taught-his-son-about-money/comment-page-1/#comment-84957 Nirah Mon, 30 Apr 2007 06:52:16 +0000 http://www.getrichslowly.org/blog/2007/04/13/how-one-father-taught-his-son-about-money/#comment-84957 This is such a touching story.. It tells multitudes about the kind of man and father he is. Thank you for sharing this story with us. This is such a touching story..
It tells multitudes about the kind of man and father he is.

Thank you for sharing this story with us.

loading....

]]> By: Jim http://www.getrichslowly.org/blog/2007/04/13/how-one-father-taught-his-son-about-money/comment-page-1/#comment-84864 Jim Sat, 28 Apr 2007 00:03:56 +0000 http://www.getrichslowly.org/blog/2007/04/13/how-one-father-taught-his-son-about-money/#comment-84864 I did a similar thing for my son. Last summer was his first job (lifeguard at age 16). He made $1,666. I did a simple spreadsheet and showed him how it would grow to $106,286 by the time he was 70. Not bad for sitting around the pool for a couple months. I convinced him to put it all in a Roth IRA. I did a similar thing for my son. Last summer was his first job (lifeguard at age 16). He made $1,666. I did a simple spreadsheet and showed him how it would grow to $106,286 by the time he was 70. Not bad for sitting around the pool for a couple months. I convinced him to put it all in a Roth IRA.

loading....

]]> By: dong http://www.getrichslowly.org/blog/2007/04/13/how-one-father-taught-his-son-about-money/comment-page-1/#comment-83778 dong Sun, 15 Apr 2007 00:03:37 +0000 http://www.getrichslowly.org/blog/2007/04/13/how-one-father-taught-his-son-about-money/#comment-83778 Great story - I'm sucker for the simple father-son stories. Great story – I’m sucker for the simple father-son stories.

loading....

]]> By: KMull http://www.getrichslowly.org/blog/2007/04/13/how-one-father-taught-his-son-about-money/comment-page-1/#comment-83757 KMull Sat, 14 Apr 2007 13:39:49 +0000 http://www.getrichslowly.org/blog/2007/04/13/how-one-father-taught-his-son-about-money/#comment-83757 That's just awesome. Way to go, Dad. That’s just awesome. Way to go, Dad.

loading....

]]> By: MossySF http://www.getrichslowly.org/blog/2007/04/13/how-one-father-taught-his-son-about-money/comment-page-1/#comment-83748 MossySF Sat, 14 Apr 2007 09:53:09 +0000 http://www.getrichslowly.org/blog/2007/04/13/how-one-father-taught-his-son-about-money/#comment-83748 I read about another interesting option. Open a low-cost variable annuity after your kid is born and put it in a trust where it's only available upon retirement age (59.5). Even a small sum of money will grow to something gigantic after ~60 years. I read about another interesting option. Open a low-cost variable annuity after your kid is born and put it in a trust where it’s only available upon retirement age (59.5). Even a small sum of money will grow to something gigantic after ~60 years.

loading....

]]> By: Wallet Rehab - Ways to save money http://www.getrichslowly.org/blog/2007/04/13/how-one-father-taught-his-son-about-money/comment-page-1/#comment-83731 Wallet Rehab - Ways to save money Sat, 14 Apr 2007 02:14:23 +0000 http://www.getrichslowly.org/blog/2007/04/13/how-one-father-taught-his-son-about-money/#comment-83731 Some day, when I have children, I will do the same. What I really want to do is buy a rental property for each child as they are born, so that when they go to college, they'll have a ready source of funds for their tuition. BUt in addition to that, for their whole life, they will be real estate owners, and be constantly empowered to make decisions about their "assets." Some day, when I have children, I will do the same. What I really want to do is buy a rental property for each child as they are born, so that when they go to college, they’ll have a ready source of funds for their tuition. BUt in addition to that, for their whole life, they will be real estate owners, and be constantly empowered to make decisions about their “assets.”

loading....

]]> By: avlor http://www.getrichslowly.org/blog/2007/04/13/how-one-father-taught-his-son-about-money/comment-page-1/#comment-83730 avlor Sat, 14 Apr 2007 01:54:36 +0000 http://www.getrichslowly.org/blog/2007/04/13/how-one-father-taught-his-son-about-money/#comment-83730 That is really cool! I want to teach my children at a young age about finances and the importance of saving too. (Can I hand over $650/year? Probably not yet... But that is a great lesson to teach, and a great "heritage" to pass on. Perhaps I can do something similar.) That is really cool! I want to teach my children at a young age about finances and the importance of saving too. (Can I hand over $650/year? Probably not yet… But that is a great lesson to teach, and a great “heritage” to pass on. Perhaps I can do something similar.)

loading....

]]> By: anonymous.. http://www.getrichslowly.org/blog/2007/04/13/how-one-father-taught-his-son-about-money/comment-page-1/#comment-83718 anonymous.. Fri, 13 Apr 2007 20:49:07 +0000 http://www.getrichslowly.org/blog/2007/04/13/how-one-father-taught-his-son-about-money/#comment-83718 great story my pops was an accountant and ironically he never taught me about money matters.. i kinda had to learn on my own he died at an early age of 51.. i was only 18 when he passed.. one thing i do remember him telling me was that if anything were to ever happen to him.. that the family would be taken care of.. so far that has held true.. i want to do the same for my kids great story

my pops was an accountant and ironically he never taught me about money matters.. i kinda had to learn on my own

he died at an early age of 51.. i was only 18 when he passed.. one thing i do remember him telling me was that if anything were to ever happen to him.. that the family would be taken care of.. so far that has held true.. i want to do the same for my kids

loading....

]]> By: [ this is jerry ] http://www.getrichslowly.org/blog/2007/04/13/how-one-father-taught-his-son-about-money/comment-page-1/#comment-83716 [ this is jerry ] Fri, 13 Apr 2007 19:33:42 +0000 http://www.getrichslowly.org/blog/2007/04/13/how-one-father-taught-his-son-about-money/#comment-83716 > if you and your wife both work, try to live on one income, save and invest the rest what a great suggestion. > if you and your wife both work, try to live on one income, save and invest the rest

what a great suggestion.

loading....

]]> By: K http://www.getrichslowly.org/blog/2007/04/13/how-one-father-taught-his-son-about-money/comment-page-1/#comment-83711 K Fri, 13 Apr 2007 18:39:18 +0000 http://www.getrichslowly.org/blog/2007/04/13/how-one-father-taught-his-son-about-money/#comment-83711 If you're 15, this is great. If you're 30, you realize you're still screwed. If you’re 15, this is great. If you’re 30, you realize you’re still screwed.

loading....

]]> By: mapgirl http://www.getrichslowly.org/blog/2007/04/13/how-one-father-taught-his-son-about-money/comment-page-1/#comment-83709 mapgirl Fri, 13 Apr 2007 18:17:13 +0000 http://www.getrichslowly.org/blog/2007/04/13/how-one-father-taught-his-son-about-money/#comment-83709 I love these personal stories. Thanks for reposting that. I love these personal stories. Thanks for reposting that.

loading....

]]> By: MillionDollarJourney.com http://www.getrichslowly.org/blog/2007/04/13/how-one-father-taught-his-son-about-money/comment-page-1/#comment-83705 MillionDollarJourney.com Fri, 13 Apr 2007 17:37:29 +0000 http://www.getrichslowly.org/blog/2007/04/13/how-one-father-taught-his-son-about-money/#comment-83705 Kev, it's never too late to start. If you start now in your 20's, you'll be ahead of 90% of the population. J.D, Great story btw, definitely post more stories like that. FT Kev, it’s never too late to start. If you start now in your 20′s, you’ll be ahead of 90% of the population.

J.D, Great story btw, definitely post more stories like that.

FT

loading....

]]> By: kev http://www.getrichslowly.org/blog/2007/04/13/how-one-father-taught-his-son-about-money/comment-page-1/#comment-83702 kev Fri, 13 Apr 2007 16:53:58 +0000 http://www.getrichslowly.org/blog/2007/04/13/how-one-father-taught-his-son-about-money/#comment-83702 Good story. Whenever I hear a story like this, I immediately think, "why didn't I do that??" Granted, I'm still in my 20s, but I wasted a lot of investment years - years of compound interest that will never return. The moral? Start young! Good story. Whenever I hear a story like this, I immediately think, “why didn’t I do that??” Granted, I’m still in my 20s, but I wasted a lot of investment years – years of compound interest that will never return.

The moral? Start young!

loading....

]]> By: Enrique http://www.getrichslowly.org/blog/2007/04/13/how-one-father-taught-his-son-about-money/comment-page-1/#comment-83700 Enrique Fri, 13 Apr 2007 16:50:18 +0000 http://www.getrichslowly.org/blog/2007/04/13/how-one-father-taught-his-son-about-money/#comment-83700 Great Post. This is something I can pass to my daughter. She is 10 years old. Great Post. This is something I can pass to my daughter. She is 10 years old.

loading....

]]> By: MyOwnMillions http://www.getrichslowly.org/blog/2007/04/13/how-one-father-taught-his-son-about-money/comment-page-1/#comment-83699 MyOwnMillions Fri, 13 Apr 2007 16:12:04 +0000 http://www.getrichslowly.org/blog/2007/04/13/how-one-father-taught-his-son-about-money/#comment-83699 Great story about savings and investing your way to financial freedom! I wish there are more of these for people to read so they know the importance of saving and the power of compound interest. <a href="http://blog.davidmillions.com" rel="nofollow">My Own Millions Blog</a> Great story about savings and investing your way to financial freedom! I wish there are more of these for people to read so they know the importance of saving and the power of compound interest.

My Own Millions Blog

loading....

]]> By: Wesley http://www.getrichslowly.org/blog/2007/04/13/how-one-father-taught-his-son-about-money/comment-page-1/#comment-83698 Wesley Fri, 13 Apr 2007 16:07:00 +0000 http://www.getrichslowly.org/blog/2007/04/13/how-one-father-taught-his-son-about-money/#comment-83698 That's cool stuff. I like hearing positive stories like this one. While my Dad never cut me a check, we did watch CNBC together during lunches and chatted about what everything meant. Definitely a big influence on me. Sounds like this guy's really got an edge on life. Thanks for sharing! That’s cool stuff. I like hearing positive stories like this one. While my Dad never cut me a check, we did watch CNBC together during lunches and chatted about what everything meant. Definitely a big influence on me.

Sounds like this guy’s really got an edge on life. Thanks for sharing!

loading....

]]>