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Author: hjg0989 Three stars, 500 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 75340  
Subject: Re: Retire rich Date: 11/26/2005 3:19 PM
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Hi Scott !

You are doing very well, and I have no doubt that you will reach your goal. You seem to have the basics down and good common sense. You also have a great nest egg for such a young age !!!

If I were you, I would decide on what asset allocation you are interested in. Once you have decided on that, find the right (index) funds to invest in. Then, set up automatic withdrawals and increase them by using a percentage of your future raises.

Every time I do my taxes I go through my records to see where I spent my money the year before. I probably don't have to do this every year anymore, but I do just to keep an eye on my spending. I pay with a credit card when ever possible to obtain frequent flier miles and because it makes it easier to track my spending. I pay my card off every month.

I am 7.5 years away from retiring at age 56. I have a spreadsheet that shows how much money I am saving for retirement and where the money goes. I have projected out how much to increment my savings each year. I also include the future amounts that I am allowed to invest in 401ks and Roth's each year since the limits are increasing. This way I don't have to rethink everything at the start of the year.

I also have an "if I die" sheet prepared that lists all the accounts that I have. This is important to have whether you are single or partnered. you should consider having a will set up to spare your family from probate.

I tried my hand an stock picking and discovered that I s*ck big time at it. There is enough work to do in keeping up with tax changes, insurance, asset allocation, multiple accounts, etc. For most of us, it doesn't make sense to try and pick stocks too.

Best of luck to you,

-helen
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