UnThreaded | Threaded | Whole Thread (33) | Ignore Thread Prev | Next
Author: OldOne Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 76418  
Subject: Re: Is $1 million enough? Date: 5/13/2007 2:55 AM
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Recommendations: 27
I think you will live to regret this.

Just as one glaring example, where will college expenses for your children come from?

As I recall, parents must divulge their income and assets for scholarships. If your assets last, scholarship committees will want you to deplete them befofre they give your children any money. Even state schools are pricey these days.

For us I think that may be doable. We won't have a mortgage payment for some time, as we plan to stay with family for a year or two. So we may be able to get by with much less than $3750/month, although traveling expenses will be the majority of the costs.

We would do this today, but we need another 11% CAGR out of the market and 3% CAGR out of our house over the next 3 years. We miss family and would like to get out of high cost California. But I'm tired of working and would like to stay home to take care of the kids etc. We have a toddler, and one on the way.


While your desire to be with your young children is admirable, I think your kids need an example of parents who actually earn living expenses instead of living off handouts (free rent) from relatives.

I would never want my kids to see me voluntarily taking handouts. If disaster struck (disability, unemployment, medical problems) that is a different story. But atually planning to live off the generousity of relatives is giving your kids an example of never growing up, and taking irresponsibility to the max.
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (33) | Ignore Thread Prev | Next

Announcements

The Retire Early Home Page
Discussion on accelerating retirement day.
Foolanthropy 2014!
By working with young, first-time moms, Nurse-Family Partnership is able to truly change lives – for generations to come.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Post of the Day:
Macro Economics

Looking at Currency Ratios
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and "#1 Media Company to Work For" (BusinessInsider 2011)! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement