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Posts Tagged ‘financial’

So ever since I started working, my beloved grandfather tried to instill in me the importance of putting part of my paycheck in my savings account. With all the scary talk that has been going on for the past couple of years (seems longer) on whether or not Social Security with be there for my generation, I figured it wouldn’t hurt to take matters into my own hands.

I’m not trying to be political in anyway. This is just my opinion.

I was recently given Dave Ramsey’s The Total Money Makeover on audio book. A few things he had to say resonated with me, especially his formula for calculating how much you need to retire.

His advice was to multiply your nest egg by 8%, and the resulting number would be your annual cost of living allowance while retired. This is the most concrete ANYTHING anyone’s ever put out.

Here’s the formula written out:

Nest Egg x 8% = Cost of Living Allowance

So I had some fun doing the reverse math:

I guesstimated $40,000 a year for cost of living allowance. And plugged this into the formula:

Nest Egg x .08 = $40,000

Divide both sides by .08.

Nest Egg = $500,000.

So in conclusion, I’d have to put away $500,000 by the time I retire to retire comfortably. Maybe. This is a guesstimation. I have no doubt this number may change at some point and I’ll have to recalculate.

I do like this formula because anyone can use it and it’s simple math.

If some else finds this formula useful, thank Dave Ramsey.

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When fiance and I moved into an apartment, one of the things we asked about was putting up a clothesline. I was looking at it from a money-saving perspective. Fiance grew up with a clothesline so he had no problem with it.

We were told that we couldn’t attach anything to the building structure or anything in anyway fly off the balcony. We ended up copying another tenant’s idea that seemed to be within the parameters.

We hooked paracord around one railing and strung it across the 12 foot space and back again at an angle to create a V-shape. It’s hooked at both ends so we can take it down when needed, AND there’s not damage to the railings!

We set it up yesterday (3/3/2013) and put the first load out. It happened to be a really windy day. I was worried that the wind would pick up too much and I’d watch helplessly as the clothes flew away.

Before bed, we brought everything in. 60% of was dry and ready to be put away, the rest was hung up on hangers and put in the spare bathroom. I didn’t want to leave it outside overnight, mainly because of my fear of stuff flying away.

Our goal is to completely line dry our laundry this month to see how it affects our power bill. No pictures yet, but I’ll get one to add it.

P.S. I have a big rosemary plant and aloe plant that my shirts were catching on. It was amusing. 🙂

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