A few questions for the week...
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A few questions for the week...
| Wed, 11-30-2005 - 12:10am |
I was just reading something about finances and wills, and thought it would make an interesting topic.
So, here goes.
1) Do you have a will?


1) Do you have a will?
1) Do you have a will? If so, how old is it- is it so out dated your kids aren't even on it?
Yes - it is recent and up to date.
2) Do you have retirement savings? If so, how much do you contribute, and do you contribute monthly, per pay or yearly?
Yes - I contribute monthly so it is the maximum amount for an IRA contribution as allowed by the IRS.
3) Do you have savings? Would you say you're a good saver? Do you save a specific amount per pay/ month/ year?
I am not a great saver - I do save a little each month. But I do have my own business and all of my money and effort goes into growing it so that is sort of a way of saving.
4) Do you have the "typical" 3-6 months salary saved up in case you lost your job?
No.
5) If you went on a vacation, would you save up for it or put in on credit?
I would pay cash for the airfare when booked (charge and pay off the next month) and charge the rest - but then pay it off the next month when the bill comes in.
6) Do you balance your chequebook at month's end?
Yes - always to the penny.
I would say I am okay with money - I am good at finding good deals and try to pay cash for stuff - but I could/should save more - just like to do and buy too many things!! LOL!!
1) Do you have a will?
1) Do you have a will? If so, how old is it- is it so out dated your kids aren't even on it? I don't have a will yet, but my kids are the beneficiaries on everything, and I don't own any property, they should be ok.
2) Do you have retirement savings? If so, how much do you contribute, and do you contribute monthly, per pay or yearly? I contribute every paycheck, up to the maximum
that my employer matches.
3) Do you have savings? Would you say you're a good saver? Do you save a specific amount per pay/ month/ year? I try to save, but it's always a losing battle, as unexpected expenses keep cropping up. I have very little saved. My goal in 2006 is to change that.
4) Do you have the "typical" 3-6 months salary saved up in case you lost your job?
No I don't, I would have to dip into my retirement savings in a worse case senario.
5) If you went on a vacation, would you save up for it or put in on credit?
Half cash, Half credit.
6) Do you balance your chequebook at month's end? Online, daily.
Here's an addition:
7) Do you save for your children's college? What do you use (savings account, 529 plan, etc.)? Do you save a specific amount each paycheck, month or just contribute when you have extra money?
I wouldn't do this one, as I beleive that kids should pay their own way through college.
I paid my own way, and my two adult children did as well with very little financial help from me. When I was a tutor in college, my worst students were the one's whose parents paid for everything. When students have a huge investment in their education, they are much better students and better prepared for the real world; because my two worked their way through college, when they graduated, they were able to secure jobs easily. They both have very sucessful careers.
7) Do you save for your children's college? What do you use (savings account, 529 plan, etc.)? Do you save a specific amount each paycheck, month or just contribute when you have extra money?
Yes - I do save a little bit each month - it is an educational IRA or something like that - can't remember what it is called - you do not write off what you put in, but the interest earned is tax free.
I was just having this talk with a friend who just had a kid. We were contemplating whether or not it is good to prepay the state college program or just save. I think he has elected to prepay because he is worried he might not always have the money.
On the other hand, I think it is best to save over time and acrue interest on the money - and then that would allow DS more flexibility.
I don't know everything there is to know, but if you open a 529 plan with an investment company, it doesn't have to be used at a specific state school, or within any one specific state.