tag:blogger.com,1999:blog-17021541072440660582024-03-06T12:01:31.592-08:00Prosperity PatrolGinaMae80http://www.blogger.com/profile/01230205048119450750noreply@blogger.comBlogger96125tag:blogger.com,1999:blog-1702154107244066058.post-46429143521030813322014-10-21T11:09:00.001-07:002014-10-21T11:09:07.618-07:00New jobI'm officially bound for new employment in Ann Arbor. I've been busy crunching numbers in regards to car insurance (for the new to us Saturn Vue we purchased last week), gas, car maintenance and employment benefits (life insurance/long term disability insurance). The major factor is a significant decrease in my salary. Starting in November my contribution to the household will be $36,000 per year. I'm planning to sign up for term life insurance that is 6 times my salary for $4.95/month plus they chip in for an additional $30,000. I'm also going to buy into a long term disability insurance policy for the first time. I'll be covered for 65% of my salary for 2 years for approximately $18/month. I feel pretty good about these additions to our insurance. I have some life insurance through GJS's employer but not enough to feel comfortable going forward without my own policy.<br />
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The more difficult to predict part of the new commute to Ann Arbor is how our automotive expenses will change. For now I'm planning on driving 30 miles to a park and ride lot and take a free commuter bus to central campus. I predict I'll need about $200/month for this arrangement in gas. Our car insurance will go up about $60/month, I think. I need to see if my understanding of our new policy meshes with the reality of dollars taken out of our account next month. Plus my great plan may be a flop. I may not be able to get to work on time due to traffic or no room in the lot or slow running buses. If that happens, I'm back to the drawing board with what makes the most sense to get to my desk by 7:45 a.m., five days a week.<br />
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The biggest plus to the new job is the blank slate feeling. I've been in the same position for over 11 years. I worry about the same people and the same situations that I faced when I was 22. I'm happy to be moving forward and facing new challenges. I'm hoping the new environment is as positive in reality as it seemed the two times I interviewed at the office. Good vibes and low stress (comparatively) were two reasons I took this job so I'll be bummed if that doesn't pan out.<br />
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And finally, I'm stoked to not have to pay Detroit city taxes anymore. It took me several years to stop feeling affronted in having to pay taxes to a government that afforded me with zero representation in governing decisions. But that's a rant for another time...GinaMae80http://www.blogger.com/profile/01230205048119450750noreply@blogger.com0tag:blogger.com,1999:blog-1702154107244066058.post-60951830285022996342014-10-06T11:39:00.003-07:002014-10-06T11:39:54.276-07:00Weighing my optionsI currently live outside of Detroit, Michigan and commute into the city. I am required to pay out of city resident income taxes. My commute time is approximately 22 minutes. Now I am looking at possibly working in Ann Arbor, Michigan. There is no city income tax; however, my commute time would be 42 minutes. I don't currently pay for parking in Detroit but would likely have to pay for parking in Ann Arbor. <br />
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I am terrible with math. I honestly don't know if working in Detroit or Ann Arbor is ultimately more expensive. I'd love for someone to confidently tell me that I'm better off, monetarily, working in Ann Arbor despite having to pay more in gas and parking fees. These are the mind battles I have as I'm seeking a new job. <br />
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If you have the answer, do tell.GinaMae80http://www.blogger.com/profile/01230205048119450750noreply@blogger.com1tag:blogger.com,1999:blog-1702154107244066058.post-20213006458039091732014-09-24T13:32:00.001-07:002014-09-24T13:32:26.693-07:00Double troubleUnemployment. Debt. Two of life's most stressful events. These two ugly galoots are quite a gruesome twosome when coupled together. I have faced them before when my husband was laid off for three months. We weathered that storm just fine thanks to his unemployment insurance keeping our budget afloat. Now I'm the one facing a job loss and I have no possibility of recall.<br />
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Of course I have been looking for job opportunities, sending out resumes and even had one phone interview. I have a little time and I haven't broadened my search to the extent I could. I have found myself fixated on ensuring that our family will be able to maintain our budget even after my unemployment insurance elapses. Luckily we'd be able to live paycheck to paycheck with a no frills lifestyle. Our other financial goals such as traveling, retirement and college savings would go out the window. Expeditious debt reduction would a luxury we could not afford.<br />
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That reality makes my skin crawl. All I want from money is to not owe anyone money anymore. Or ever again. If I become one of the many long-term unemployed my dream of financial freedom will be shattered. So, I have to hitch up my big-girl pants and make sure my dream doesn't die with my current job. If you're looking for a highly organized, efficient, positive person to do honest work helping others, you know where to find me.GinaMae80http://www.blogger.com/profile/01230205048119450750noreply@blogger.com0tag:blogger.com,1999:blog-1702154107244066058.post-44768710997519099032014-09-19T13:08:00.004-07:002014-09-19T13:08:32.612-07:00Where the debt stands$57,820.61 stands between the Shireman family and debt freedom. <br />
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$22,552.54 - Sallie Mae Student Loan<br />
$18,279.67 - Home Equity Line of Credit<br />
$16,988.40 - American Education Services (AES) Student Loan<br />
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While we have made huge strides toward our goal, we are so far away from where we want to be. After 3 years of budgeting, sacrificing and worrying I have totally thrown in the towel....at least this month (or this whole summer). I'm yearning for October and the feeling of a fresh start. Hopefully we will not have to deal with unexpected car repairs and life's endless stream of miscellaneous expenses. More importantly, my attitude is key for how well our family stays on budget. Garrett will occasionally throw a monkey wrench in the works but honestly I'm more likely to feel entitled to a dinner out, an activity with friends or a little shopping spree for my baby girl. Starting October 1st we're going to redouble our efforts to save as much money as we can to prepare for my possible upcoming unemployment (January 2, 2015). If we can amass $10,000 in our emergency fund then we'll start throwing any extra income towards the smaller of 2 AES loans. <br />
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Happy fall to all!<br />
<br />GinaMae80http://www.blogger.com/profile/01230205048119450750noreply@blogger.com0tag:blogger.com,1999:blog-1702154107244066058.post-55531693959621991772014-09-15T09:53:00.002-07:002014-09-15T09:53:14.351-07:00Falling off the wagonIn spite of my good intentions with this blog, I have totally fallen off the wagon of posting regularly. I could give you an arm's length list of excuses but instead I shall simply apologize for my absence and move along. In addition to falling off the wagon in regards to my blog postings I have also fallen off the wagon of staying on a budget. <br />
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My husband and I recently crossed our 3 year mark of proceeding through our Total Money Makeover. We're still so far away from baby step 3, let alone becoming one of the ultra fiscally fit people we both long to be. Again, I could provide the reasons why but it can mainly be summed up in one word we all understand, LIFE.<br />
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On the positive side, we looked into selling our condo in order to avoid the balloon payment on our mortgage next September, when I may or may not be unemployed and desperate. We went so far as putting it on the market and receiving an offer. Luckily I spoke to my cousin and he encouraged me to look for other options with another financial provider. I thought all financial institutions basically provide the same types of loans but I learned otherwise after a couple of phone calls. My husband and I completed the paperwork for a Home Equity Line of Credit (HELOC) last week. We lowered our interest rate from 5.625% to 3.37% fixed. Once it all goes through we'll have a HELOC payment of less than $200 a month and the piece of mind that we now have a fixed rate 10 year mortgage. I'll have to take out my own property taxes but that's a small price to pay for this feeling of freedom from that balloon mortgage. The closing costs were also only $250 which was the main reason we didn't refinance our mortgage before as we were quoted almost $5000 with our current mortgage provider. <br />
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We were also clobbered with two huge car repairs this summer so our France vacation is becoming more and more like a pipe dream instead of a dream come true. We're determined we need to save up for a replacement vehicle if we come across one more bad car repair scenario (+$1000). If we can avoid another huge repair we might yet get there although I'm not going to hope too hard for it.<br />
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<br />GinaMae80http://www.blogger.com/profile/01230205048119450750noreply@blogger.com1tag:blogger.com,1999:blog-1702154107244066058.post-86458381723595263812014-04-30T07:03:00.001-07:002014-04-30T07:03:34.349-07:001 year awayMy last post was 364 days ago. I have no good excuse for my absence other than I got pregnant and had a beautiful baby on January 12, 2014. My brain is a little more fuzzy but my passion for getting out of debt is still going strong.<br />
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Unfortunately, by saving a significant amount of money during my pregnancy, just in case, we got far behind on our debt payoff schedule. We're back to putting extra money toward the mortgage each month but with daycare and other life expenses we're not able to do this as aggressively as before. Still, we've made progress. <br />
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Thankfully, Cindel Mae was born healthy and the extra savings we amassed was quickly put to pay down the mortgage. May 2013 we were at $45,340.56 and currently we owe $22,851.51. This month we were only able to put a little over $300 extra towards our goal which was disappointing but not unexpected.<br />
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I'm dreaming of the day when we get jobs in Lansing and put our condo up for sale. I have a Pinterest board going with all the projects I want to tackle on our property before listing it for sale. I would love to sell it instead of sending all our extra money towards the mortgage. I torture myself by looking up apartment listings and homes for rent in Lansing. I'll be losing my job at the end of the year and can only count on 20 weeks of unemployment benefits. We won't have to pay for daycare if I can't find work but we will have to endure a lot more financial stress. We'll be able to cover our bills with my husband's salary and luckily since the last time I wrote, he was transferred into a permanent position with the State of Michigan.<br />
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If I strike out in my job search, I will be sad that I'm not contributing to our goals of becoming debt free and going to France next year but I'll have a wonderful consolation prize in being able to stay at home with my sweet daughter.<br />
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<br />GinaMae80http://www.blogger.com/profile/01230205048119450750noreply@blogger.com1tag:blogger.com,1999:blog-1702154107244066058.post-1845617474609046432013-05-01T07:51:00.002-07:002013-05-01T07:51:49.934-07:00Long time no postI must apologize for my lack of blogging commitment lately. I won't bother you with excuses, please extend me some forgiveness and lets pretend this didn't happen, okay? <br />
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On to the financial dish. I'm pretty annoyed with Sallie Mae and her lame excuse for a staff. GJS and I sent in an extra payment due to a message on Sallie Mae's website that said we were over due, despite the fact we have automatic payments. So we later get the word that it was a technical error and we can have our second payment refunded, aww, gee thanks. GJS has been told twice before that the payment will be returned electronically, as it was submitted and one he was even given a transaction number and told to call our credit union to track the payment. The website even stated the payment was returned on April 10th. Yesterday GJS calls again because we were assured we would have the refund in our account by last Friday and he finds out that we will be receiving a paper check, and the earliest we'll see it is this Friday. So our April budget was never rectified and I was not able to send a second mortgage payment.<br />
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Today I set up the April extra mortgage payment and it is set to hit next week, after I get my paycheck on Friday so I can cover the whole expense (since the $294.33 from Sallie Mae will probably still not be accessible). I also planned out our budget for May and was happy to see I was able to fit everything into our budget by raiding our baby emergency fund and decreasing our grocery budget to $450. May has been the month to dread financially due to two weddings, my Mom's 60th birthday party and camping Memorial weekend all rolled into one month. Mainly the birthday and camping will be extra gas money, nothing more, but it adds up. All fun things to actually experience though, so that does ease the pain.<br />
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Another exciting part of this month is that I'm getting my hair trimmed tonight, get to buy makeup and if I'm really frugal, hopefully shoes too. Plus I get to buy a bachelorette present for my best friend. Hooray for a shopping high!<br />
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<table border="1" cellpadding="0" cellspacing="0" class="MsoTableGrid"><tbody>
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Debt</div>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 135.7pt;" valign="top" width="181"><div class="MsoNormal">
March</div>
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<td style="border-left: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 135.7pt;" valign="top" width="181">April</td>
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<tr style="mso-yfti-irow: 1;">
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 135.65pt;" valign="top" width="181"><div class="MsoNormal">
Mortgage</div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 135.7pt;" valign="top" width="181"><div class="MsoNormal">
$45,945.17</div>
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<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 135.7pt;" valign="top" width="181"><div class="MsoNormal">
$43,903.49</div>
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</tr>
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<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 135.65pt;" valign="top" width="181"><div class="MsoNormal">
AES Student Loan</div>
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<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 135.7pt;" valign="top" width="181"><div class="MsoNormal">
$17,202.62</div>
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<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 135.7pt;" valign="top" width="181"><div class="MsoNormal">
$17,191.71</div>
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</tr>
<tr style="mso-yfti-irow: 3; mso-yfti-lastrow: yes;">
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 135.65pt;" valign="top" width="181"><div class="MsoNormal">
Sallie Mae Student Loan</div>
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<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 135.7pt;" valign="top" width="181"><div class="MsoNormal">
$26,673.07 </div>
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<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 135.7pt;" valign="top" width="181"><div class="MsoNormal">
$26,413.95 </div>
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</tbody></table>
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<br />GinaMae80http://www.blogger.com/profile/01230205048119450750noreply@blogger.com0tag:blogger.com,1999:blog-1702154107244066058.post-75821533057588363622013-04-15T09:57:00.002-07:002013-04-15T09:57:33.626-07:00Where did all the money go?April 2013 is going down in history as the worst month thus far in our Total Money Makeover life. I say "thus far" because I know May 2013 will give April a run for it's money. It has been relatively easy to stay on budget from month to month. It has not always be pleasant, but it hasn't been too hard to deny ourselves in order to keep on track. This month though, has thrown us a Sallie Mae mix up, a random unjustifiable parking ticket and extra medical bills. We've done everything we can to get reimbursed and protest and rectify errors but I don't hold out much hope that the budget will balance at the end of month.<br />
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I truly hope I'm wrong. GinaMae80http://www.blogger.com/profile/01230205048119450750noreply@blogger.com1tag:blogger.com,1999:blog-1702154107244066058.post-37288965031269805562013-04-09T07:08:00.000-07:002013-04-09T07:08:09.237-07:00Sallie Mae UpdateSo....to continue the drama from yesterday's post. My consciencousness really bit me in the butt. I sent in an extra payment to Sallie Mae so we could meet the mysterious new minimum payment and GJS verified after the fact that there had been an error on Sallie Mae's end of things. <br />
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Unfortunately, there is a $26 fee to stop payment on the electronic charge so we'll be working directly with Sallie Mae to request a refund. I faxed over a letter, a copy of the webpage and a copy of our credit union transactions that shows the $294.33 minimum had already been paid. I fully expect another disaster but I'm going to try and stay positive and hope for a refund in a timely manner.<br />
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For now, I feel like I need a break from budgeting. I know I'll stress if I'm not on top of it but it is starting to wear me out. Alas, no vacation on the horizon to keep my spirits up. I guess I'll just have to pray spring comes and stays soon and brings sunshine and blossoms with it.GinaMae80http://www.blogger.com/profile/01230205048119450750noreply@blogger.com0tag:blogger.com,1999:blog-1702154107244066058.post-78639319629951428622013-04-08T11:01:00.001-07:002013-04-08T11:01:34.481-07:00Sallie Mae VS. Shiremans I received a swift punch in the gut this morning when I was checking the Sallie Mae account to ensure our payment went through correctly. I saw a notice that said our minimum payment doubled and that we were one day late with the payment. Of course neither GJS nor I knew anything about this rate increase. All right Sallie Mae, you may have won round one but I am not going down without a fight in round two.<br />
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GJS has been tasked with the calling of Sallie Mae (never fun) and finding out exactly what happened. I'm hoping this is all a big mistake but I fear we're in for a big pile of Murphy poo that will derail our mortgage payoff efforts. I'm trying to wrap my brain around the idea that we'll be going from $294.33 per month on student loans to $588.66. That's more than our minimum mortgage payment. And if that's our new reality, we'll have to scale back on extra mortgage payments. <br />
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This is extremely frustrating since we're already struggling to stay on budget this month and next month. The one little ray of hope is that this is just a temporary increase. We previously faced a bump up in student loan payments for the AES student loan that lasted about 5 months before going back down to a reasonable minimum. If Sallie Mae is going that same route we should be able to make up the difference with GJS's August 3 paycheck month. Maybe not the whole thing, but a large chunk should be covered with that bonus money. <br />
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<br />GinaMae80http://www.blogger.com/profile/01230205048119450750noreply@blogger.com0tag:blogger.com,1999:blog-1702154107244066058.post-64571430347809404012013-04-01T07:17:00.002-07:002013-04-01T07:17:26.194-07:00disappointing budget dayI made a draft budget for April last Friday. I knew the next 2 months were going to be tight due to two weddings and some miscellaneous expenses. I inadvertently omitted our condo association fees in my budget so as I was inputting the information into mint.com today I got a rude shock when I saw the figures. I had already knocked our grocery budget from $600 to $500 to make the budget balance but having forgotten a $192 bill, the budget was really destroyed. <br />
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It is really discouraging to see all our efforts to be frugal leave us in a place where we fail to be able to afford our life. The big stinger was needing to pay for three nights in a hotel for Beth and Ernie's wedding in May. That was $293 after taxes and fees. We really only have about $200 of wiggle room per month. My hope is that the credit card wont actually be charged until we check out. Then we'll have May's wiggle room to add to April's wiggle room and we won't go over. Thus far our credit card wasn't charged even though I reserved our room on Friday. Usually charges go right through and might hang out for a couple days in my pending transactions before they show up officially. I'm crossing my fingers.<br />
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The other big disappointment is I got a parking ticket. I allegedly got this ticket on February 13th on the street where I pick up my husband. I pull up to the side of the building, text my husband that I'm there and then he comes down and we drive home. At no time did I leave my car. I was "standing" not parking and tons of other people do it every day. You would think I would have noticed a parking enforcement officer issuing me a ticket. The notice I got in the mailed said I would now have to pay a $50 fee instead of the $30 ticket I was "issued". I'm so mad. But I also know that this is crap and there is 0 chance I'll be able to talk to someone who will see reason. Sigh. So that will have to come out of the budget somewhere too.<br />
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Happy April Fools Day to you.GinaMae80http://www.blogger.com/profile/01230205048119450750noreply@blogger.com0tag:blogger.com,1999:blog-1702154107244066058.post-46237117618713049512013-03-27T13:44:00.002-07:002013-03-27T13:44:49.526-07:00What a girl wantsRemember Christina Aguilera's catchy pop hit, What A Girl Wants? Or I think it was also an Amanda Bines movie, but I didn't see it. Anyway, what is on my mind is what this girl wants. I've given up pining after $90,000 of quick cash to get out of debt. Right now I just want someone to come into my home and thoroughly clean it. I had grand illusions that I could go through the condo room by room and deep clean. I did the bathroom and after three solid hours of work, determined there is no way I'll have the motivation to do that for every room in the place. No possible way. So what this girl wants is to hire a cleaning service to do it for me. I'm willing to forgo a lot to see this happen. I will gladly live off of ramen and beans.<br />
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And as part of the cleaning effort I want to pull up our carpeting on the stairs and get that disgusting stuff out of my life. I feel like the carpet on the stairs rarely is vacuumed and never shampooed. It is old and dingy and hair encrusted thanks to our cat and just needs to go. I want to rip it up and never look back. I don't even care if it looks awful, as long as the stairs are left in a cleanable state. Marriage is hard. Before I could do this and would only slightly worry that my parents might disapprove, now I have to get this planned agreed upon and I don't think hubby is as gung ho about it as me. I know I'm pouting and this is not an important concern but it is all I can think about today.GinaMae80http://www.blogger.com/profile/01230205048119450750noreply@blogger.com0tag:blogger.com,1999:blog-1702154107244066058.post-79992672526028733362013-03-21T10:29:00.000-07:002013-03-21T10:29:56.518-07:00March 2013 numbers<table border="1" cellpadding="0" cellspacing="0" class="MsoTableGrid"><tbody>
<tr style="mso-yfti-firstrow: yes; mso-yfti-irow: 0;"><td style="border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 135.65pt;" valign="top" width="181"><div class="MsoNormal">
Debt</div>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 135.7pt;" valign="top" width="181"><div class="MsoNormal">
February</div>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 135.7pt;" valign="top" width="181">March</td>
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Mortgage</div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 135.7pt;" valign="top" width="181"><div class="MsoNormal">
$47,977.33</div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 135.7pt;" valign="top" width="181"><div class="MsoNormal">
$45,945.17</div>
</td>
</tr>
<tr style="mso-yfti-irow: 2;">
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 135.65pt;" valign="top" width="181"><div class="MsoNormal">
AES Student Loan</div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 135.7pt;" valign="top" width="181"><div class="MsoNormal">
$17,220.69</div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 135.7pt;" valign="top" width="181"><div class="MsoNormal">
$17,202.62</div>
</td>
</tr>
<tr style="mso-yfti-irow: 3; mso-yfti-lastrow: yes;">
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 135.65pt;" valign="top" width="181"><div class="MsoNormal">
Sallie Mae Student Loan</div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 135.7pt;" valign="top" width="181"><div class="MsoNormal">
$26,917.47</div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 135.7pt;" valign="top" width="181"><div class="MsoNormal">
$26,673.07 </div>
</td></tr>
</tbody></table>
GinaMae80http://www.blogger.com/profile/01230205048119450750noreply@blogger.com0tag:blogger.com,1999:blog-1702154107244066058.post-65621344795547993182013-03-15T08:02:00.002-07:002013-03-15T08:02:53.006-07:00Money mantras from music<div class="separator" style="clear: both; text-align: center;">
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<br />
Here are some of my favorite song lyrics that discuss money:<br />
<br />
Money Money Money by Abba (I always think of Donna in Mamma Mia when I hear this now)<br />
<br />
<em>I work all night, I work all day, to pay the bills I have to pay<br />
Ain’t it sad<br />
And still there never seems to be a single penny left for me<br />
That’s too bad<br />
In my dreams I have a plan<br />
If I got me a wealthy man<br />
I wouldn’t have to work at all, I’d fool around and have a ball</em><br />
<br />
Material Girl by Madonna (Early impressions of money were shaped by this music video)<br />
<em> </em><br /><em>Only boys who save their pennies<br />
Make my rainy day<br />
You know that we are living in a material world<br />
And I am a material girl</em><br />
<br />
She Works Hard For the Money By Donna Summer (Anthem)<br />
<br /><em>She works hard for the money<br />
so hard for it honey<br />
she works hard for the money<br />
so you better treat her right</em><br />
<br />
Sixteen Tons by Merle Travis (Cynical times)<br />
<em> </em><br /><em>You load sixteen tons, and what do you get?<br />
Another day older and deeper in debt.<br />
Saint Peter, don’t you call me, ’cause I can’t go;<br />
I owe my soul to the company store…</em><br />
<br />
If I had a million dollars by Barenaked Ladies (Lets be silly and have fun thinking about money)<br />
<br /><i>If I had a million dollars, If I had a million dollars<br />
If I had a million dollars, If I had a million dollars<br />
If I had a million dollars<br />
I'd be rich</i>GinaMae80http://www.blogger.com/profile/01230205048119450750noreply@blogger.com2tag:blogger.com,1999:blog-1702154107244066058.post-51179915804623124472013-03-14T08:07:00.001-07:002013-03-14T08:30:47.057-07:002013 predicted percentage and dreamsToday I was playing with some of our budget numbers. Specifically, I wondered what percentage of our income is going to debt. I looked at the raw numbers for this past year and it seemed like we were only paying down debt with 1/3rd of our take home income. I am not sure how that worked out but it seemed low to me. So I calculated our 2013 take home pay ($61,248) and the amount of debt we are planning to pay in 2013 ($32,761). That equals 53% of our take home pay for debt reduction. Another 10% goes to our tithe so we are living on 37% of our take home pay, or $22,661.<br />
<br />
Once we're out of debt and save up our emergency fund we'll be able to divvy up our take home pay in an entirely new way. Finally we'll get out of using our money on the past (student loans), instead of on the future and present. Admittedly, the mortgage is debt for the present but it doesn't represent where we want to be now or the future. If we magically got an influx of $90,000 today, how would we be living differently next month?<br />
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We'd have $4885 of net income. First, we would use the $90,000 to pay off our mortgage and both student loan providers. Next, we would probably throw a party to celebrate. Then we'd use the following 5 months to build up our emergency fund. So by autumn we'd have that completed and start putting 15% of our household gross income towards our Roth IRAs, which I don't actually have yet, and our 401(k)s. We won't have kids; therefore, we won't have to fund a college investment account and our home will be paid off so we'd be living the dream of baby step 7. By this time next year we'd have the money for our October 2015 France trip and would be saving up for a down payment on our future home and car replacement. <br />
<br />
Wish I knew how to legally come across 90 grand by the time the weekend rolls in. Heigh ho heigh ho, it's back to work I go....<br />
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<br />GinaMae80http://www.blogger.com/profile/01230205048119450750noreply@blogger.com4tag:blogger.com,1999:blog-1702154107244066058.post-12031910628953301632013-03-13T07:47:00.000-07:002013-03-13T07:47:24.502-07:00Financial Peace University graduateCue the Pomp and Circumstance track because GJS and I are now official Financial Peace University graduates. Last night was bitter sweet for me. We had our last lesson, on why we give. Dave emphasized the fact that we don't tithe because God needs the money, or because the church needs the money, we are called to tithe because God is the greatest of all givers and to be more like Him, we must give. It was a nice reminder. <br />
<br />
GJS and I both did not tithe or give regularly before we were married. This is something that I felt a lot of guilt about for years. I'd put $20 here and there in the offering plate but nothing consistent. Then, when we were engaged we discussed our lack of tithing and agreed that we would tithe in our marriage. So from day one we gave 10% of our net income to the Lord. Specifically, we give to Grace Community Church, Messiah Church, Word of Life Community and Detroit Community Outreach. I know we have been so blessed by God because we have an open hand to give <i>and </i>to receive. Dave explained that you can't be open to a gift if you have a fist clenched around your cash.GinaMae80http://www.blogger.com/profile/01230205048119450750noreply@blogger.com0tag:blogger.com,1999:blog-1702154107244066058.post-24748415293658453042013-03-12T07:34:00.002-07:002013-03-12T07:34:21.615-07:00Sequestration squeezeSo, in case you haven't figured it out yet, I work for a member of Congress. That being the case, the scary S word has been floating about for several months now in my office. The effects of sequestration have been largely unknown, other than a cryptic warning to prepare for salary cuts. Monday morning during our staff meeting we finally got some more information. We would not be facing salary cuts, instead, our D.C. counterparts would be losing their metro subsidy. It is really too bad for them, because that is definitely like a pay cut. But hooray for me and my office! <br />
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None of this is totally set in stone but it sure provides some manner of relief from my constant state of worry. Only one more question remains and the answer is becoming more and more obvious. GinaMae80http://www.blogger.com/profile/01230205048119450750noreply@blogger.com0tag:blogger.com,1999:blog-1702154107244066058.post-26236032054243346862013-03-11T07:51:00.000-07:002013-03-11T07:51:06.718-07:00PensionI had a great conversation with my father-in-law regarding my in-laws' retirement plans and certain aspects of GJS and my retirement. One of the things I didn't know about my future retirement was what kind of annuity payments I would be receiving through my work pension plan. With 11 years of service under my belt I calculate I will receive monthly payments of $1160 starting at age 62, which is of course 30 years away. It isn't great but I'll take it. <br />
<br />
It sure makes me wish I could continue in my current employment situation in order to keep socking away more and more years of service to bulk up that annuity payment in retirement. I'm not going to let it get me down though because once we are out of debt we'll be on target to invest 15% of our household income and build our nest egg per Dave Ramsey's plan. At the end of the day I feel better that our 2 million mark is on target to live off of our interest in retirement. Social Security and my pension will just be gravy, not something we're counting on. <br />
<br />
Another concept that my father-in-law introduced me to was the rule of 4%. I found this definition on www.investopedia.com: A rule of thumb used to determine the amount of funds to withdraw from a
retirement account each year. The four percent rule seeks to provide a
steady stream of funds to the retiree, while also keeping an account
balance that will allow funds to be withdrawn for a number of years. The
4% rate is considered to be a "safe" rate, with the withdrawals
consisting primarily of interest and dividends. The withdraw rate is
kept constant, though it can be increased to keep pace with inflation.
<br />
<div style="background-color: white; border: medium none; color: black; overflow: hidden; text-align: left; text-decoration: none;">
<br />Read more: <a href="http://www.investopedia.com/terms/f/four-percent-rule.asp#ixzz2NF7TiF38" style="color: #003399;">http://www.investopedia.com/terms/f/four-percent-rule.asp#ixzz2NF7TiF38</a></div>
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All this talk about retirement makes me even more excited to get through our baby step #2 so we can use compound interest to our maximum benefit while we're still young-ish.</div>
GinaMae80http://www.blogger.com/profile/01230205048119450750noreply@blogger.com0tag:blogger.com,1999:blog-1702154107244066058.post-29945149402182299482013-03-08T07:54:00.001-08:002013-03-08T07:54:14.044-08:00Some newsWe had a staff meeting yesterday and found out that we'll all be out of a job in December 2014. I'm so cool with this. I'm just pleased to finally know for sure, one way or another. GJS and I will stick to our current plan and if all goes well, we'll be out of mortgage debt and fully capable of living on his salary and my unemployment at that point. As for my next career move? Lets hope I can get my rear in gear to figure that out before my unemployment is up....GinaMae80http://www.blogger.com/profile/01230205048119450750noreply@blogger.com0tag:blogger.com,1999:blog-1702154107244066058.post-21006871161114633692013-03-07T12:23:00.001-08:002013-03-07T12:23:31.851-08:00What's realisticI get fixated on figuring things out. I want to know how long it will take us to pay off our mortgage, so we calculate and find the answer. December 2014. It is set in stone in my mind. The AES student loan? July 2015. And Sallie Mae to follow March 2016. The problem is we don't actually factor in all our very expected (and hoped for) expenses that will mess this plan up completely. <br />
<br />
For instance, we will pay the mortgage off in December 2014 if our income remains steady and neither of us lose our job (GJS is only safe until January 2014 and we know how safe "safe" is with the Unemployment Insurance Agency). Between now and then I should be good on my job front but if we have a baby we'll incur additional costs for child care, health insurance and other miscellaneous expenses.<br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjLJOsYKbPO3ONKSvUyAAGY-AkXZw_EZ_7O9m3N-SBMpOATfkbs3l7c0nh3Tgttjp4uSdSUXyXF6u7n1wFt3yjuNRpQLnAHapPxTHQTRtC53hTNMbMfp90VK-Ga6r3SmVTDm3AzEteK-7pE/s1600/France+trip.gif" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjLJOsYKbPO3ONKSvUyAAGY-AkXZw_EZ_7O9m3N-SBMpOATfkbs3l7c0nh3Tgttjp4uSdSUXyXF6u7n1wFt3yjuNRpQLnAHapPxTHQTRtC53hTNMbMfp90VK-Ga6r3SmVTDm3AzEteK-7pE/s1600/France+trip.gif" /></a></div>
After December 2014, we'll want to save up to go on our super amazing France trip which will be around $10,000 and is slated for October 2015. So that will knock down our AES student loan pay off date. Then by that time, we'll probably need to buy a new car so that will delay our Sallie Mae payoff. Plus if another little one comes along that will increase our expenses too. What's a person to do? Is there some sneaky way to predict all these unknowns and get to a relatively accurately pace for our future debt payoff. If there is, I sure hope I find it before I give birth.GinaMae80http://www.blogger.com/profile/01230205048119450750noreply@blogger.com0tag:blogger.com,1999:blog-1702154107244066058.post-17026753976096795132013-03-06T07:06:00.002-08:002013-03-06T12:40:01.662-08:00Financial Peace University Week #8Lesson #8 had a message I wish I had heard 10 years ago. Dave stressed how important it is to buy a house in the <i>right</i> order of things. No one has any business buying a home until they are completely out of debt and have 3-6 months of expenses in a fluid emergency fund. Then you need to bring at least 10% for a down payment and get a 15 year conventional mortgage that has monthly payments no bigger than 25% of your household income. That's it. So frickin' simple. But this information came much too late to save me.<br />
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His other big push was for people to buy homes in cash. In theory I am all about this idea but practically, I don't see how it would work unless we have no children or only one. I think we'll outgrow the 1000 square foot, two bedroom condo as soon as child #1 goes to kindergarten. Of course if we got some huge influx of money, I'm sure GJS and I would be all for putting it toward the future house fund, if that is the baby step we're on. Save for mortgage is baby step 3(b), after baby step 3, 3-6 months emergency fund, and before baby step 4, save 15% of household gross income towards retirement. As things currently stand I envision us doing steps 3(b),4 and 5 all simultaneously as long as we have two decent incomes.<br />
<br />
Next week is our final lesson with Financial Peace University and I can honestly say it was well worth the $95 investment. <br />
<br />GinaMae80http://www.blogger.com/profile/01230205048119450750noreply@blogger.com0tag:blogger.com,1999:blog-1702154107244066058.post-26217695802535135912013-03-05T08:49:00.002-08:002013-03-05T08:49:59.872-08:00Preparing to actTonight is week 8 of 9 of Financial Peace University. We'll be learning about real estate and mortgages. I am a lover of house hunting. I love all the reality shows out there that follows a buyer on their home purchasing journey. I also look at houses on realtor.com in my spare time. I look for myself now, my future self, my friends, family and the ultimate dream home. For me it would be on a body of water, at least 2000 square feet, have at least 4 bedrooms, at least 2 bathrooms, a fireplace, hot tub, double sinks, an awesome kitchen and lots of closet space. Then, on a decent lot with a garage for the hubby. I find these dream homes from time to time but rarely in my future self budget ($200,000).<br />
<br />
As for mortgages, I am in a love-hate relationship with my current mortgage. It loves that I pay it nearly half our income each month and I hate doing that. I have a fair amount of guilt for buying my condo. I was 24, didn't have a down payment and basically bought it so I "wouldn't be throwing money away on rent". If I had just stayed in an apartment I wouldn't have lost more than half of my home's value and be stuck paying off a mortgage that is due in 2015. I could have put that money towards many other things but mainly my husband's student loans. I have no doubt we would be debt free right now if I hadn't gone and bought a condo I couldn't afford when I was 24. Alas.<br />
<br />
My hope is that tonight we'll learn all the ins and outs of doing it the right way. GJS and I ran a bunch of numbers this weekend to see if we'd be able to afford a $200,000 house once we pay off all our debt. I ran the numbers using our current salaries, which we know we won't have in 5 or 6 years when we expect to buy a house (but we needed to base our calculations on something). We also ran numbers for just hubby's salary, with and without expect pay increases (in case I ever become a stay at home mommy). We discovered that with a $40,000 down payment and 2 incomes we would be able to easily afford a 15 year 4% standard mortgage. With GJS alone we'd have to bring $95,000 down to make payments on a 15 year 4% standard mortgage. We calculated 15% of net household income for retirement, $2,000 per year towards college savings and all our normal expenses. GJS put all the data into excel and played with the numbers to see exactly how many weeks it would take us to pay off the house. <br />
<br />
The bummer is we're still so far away from this future, a future we both really want to enjoy NOW! But the baby steps are getting us there. I keep praying for a big influx of money to get us through baby step 2 and onto baby step 3. From there, our dreams really will start coming true.GinaMae80http://www.blogger.com/profile/01230205048119450750noreply@blogger.com3tag:blogger.com,1999:blog-1702154107244066058.post-39014130400998821352013-03-01T07:55:00.001-08:002013-03-01T07:55:30.244-08:00February totals<div class="separator" style="clear: both; text-align: center;">
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I fear the money woes I try to avoid are on their way, but for now I'm still in the dark on what they will be and how much they will impact our family. But here is a progress report for February.<br />
<br />
Where the debts stand:<br />
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January</div>
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February</div>
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Mortgage</div>
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$50,000</div>
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$47, 977.33</div>
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AES Student Loan</div>
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$17,231.47</div>
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$17,220.69</div>
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Sallie Mae Student Lan</div>
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$27,144.72</div>
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$26,917.47</div>
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GinaMae80http://www.blogger.com/profile/01230205048119450750noreply@blogger.com0tag:blogger.com,1999:blog-1702154107244066058.post-75790243069737257272013-02-28T07:30:00.000-08:002013-02-28T07:30:39.431-08:00Learning more about our retirement investments<div class="separator" style="clear: both; text-align: center;">
</div>
Yesterday I went about education myself on our three retirement vehicles. Garrett's 401(k), my Thrift Savings Plan (TSP) and Garrett's Roth IRA each have different options to fund the account. <br />
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Garrett's 401(k) is managed by ING. His current investments and their 10 year rate of return include:<br />
<br />
Investment 10 year rate of return<br />
<br />
Dodge and Cox Stock 8.27%<br />
American Funds Europacific Gr 11.11%<br />
SSgA Emerging Markets 15.62%<br />
SSgA Target Retirement 2045 N/A<br />
Rainier Large Cap Growth 8.32%<br />
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I researched online and found several other options that have closer to 12% 10 year rates of return. Dave Ramsey always advocates that you look at the long term rates of return on investments and stick to 12% or higher.<br />
<br />
ING Small Cap Growth Equity 11.83%<br />
Ridge Worth Small Cap Value 12.94%<br />
Artisan Mid-Cap 11.86%<br />
T. Rowe Price Mid Cap Value 11.58%<br />
SSgA S&P MidCap Index 11.49%<br />
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As for the Roth IRA we have even more disparity in lifetime rates of return on our current investments.<br />
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Franklin Templeton Investments Lifetime rate of return<br />
<br />
TEDIX 11.72%<br />
FRDPX 8.77%<br />
FKGRX 9.94%<br />
FKBAX 5.99%<br />
TEPLX 12.37%<br />
FKCGX 10.52%<br />
TPINX 8.48%<br />
FRBSX 10.32%<br />
TEMFX 11.00%<br />
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And again the ones I found with higher rates of return:<br />
<br />
Mutual European Fund 11.15%<br />
Mutual Global Discovery Fund 11.72%<br />
Mutual Quest Fund 12.74%<br />
Mutual Shares Fund 11.98%<br />
Templeton Growth Fund, Inc. 12.37%<br />
TEMWX 11.76%<br />
FINAX 16.45%<br />
FRMCX 11.59%<br />
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Now I just need to figure out what kinds of funds each of these are and group them into the proper proportions for our portfolio. I already changed my TSP to reflect Dave's recommendation of 60% in C fund, 20% in I fund and 20% in S fund. We'll see how this works out for us down the road. <br />
<br />GinaMae80http://www.blogger.com/profile/01230205048119450750noreply@blogger.com0tag:blogger.com,1999:blog-1702154107244066058.post-5052338250534360042013-02-27T07:21:00.002-08:002013-02-27T07:21:19.624-08:00Financial Peace University Week #7Last night was retirement investment and college savings lessons at FPU. The take away nugget was once you're on baby step 4, put 15% of gross income in 401(k) and Roth IRAs. You start with the 401(k) up to your company's match, then you max out your Roth IRA up to $5,000 per year then, if you still have more money to invest, you go back and put as much into your 401(k) to get up to 15%. He explained his mix of mutual fund types he invests in, International funds 25%, Small Cap funds 25%, Growth funds 25% and Large Cap funds 25%. He does not invest in single stocks, bonds, CDs or annuities. <br />
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As for college savings, he recommends an Educational Savings Account (ESA). You can contribute $2000 per year in it and if you start saving from the time your child is born and get a 12% return, you'll have plenty of money to send jr. off to college when he or she turns 18. He goes on to say that 529 plans can be hit or miss as a vehicle for savings and if you go that route you should make sure to have control over where the investments go within the plan. This seems to be best suited for folks who are sending their kids to out of state schools, expensive ivy league schools and graduate, law or post-doctoral education. I'm all about paying for college but if my kids want to get more degrees than I have, they're on their own.<br />
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All in all, I feel totally excited to start investing. I'm glad GJS and I have kept putting money towards our 401(k)s even though we're on baby step 2, I think it will pan out in the long run. We both get a match from our jobs and it is hard to miss the money you never see.GinaMae80http://www.blogger.com/profile/01230205048119450750noreply@blogger.com0