Don’t worry. Be happy. If she keeps her teaching job and maxes out the retirement options she has due to her occupation you’ll be fine. Teachers have great retirement plan options. Do what you do but just make sure you’re putting money away from your income. The mere fact that you’re venting here is probably a sign that you’re worrying too much about it.
Like someone else said, start with the end in mind. What do we need to do now to make sure we are good at retirement. Go together to visit a financial advisor to have them give you a projection. Brings in a 3rd party as a buffer and it is an “expert” telling her what needs to be done, not you.
If one is struggling to make ends meet - taking on a loan for an investment probably isn’t high on the priority list.
The good thing is between her salary and your work ethic you likely have a great opportunity to shrink the debt and increase the investment.
The calls I’ve listened to Ramsey botch didn’t involve people struggling to make ends meet. There’s such a thing as being too financially conservative too. I’ve done well but my risk averse nature in hindsight cost me hundred of thousands of dollars at least in real estate opportunities I passed on. Actually probably several million. It’s just a matter of experience, common sense and confidence. You don’t want to get too far out over your skis but…..
It has slowed considerably. CPI is a joke to me until they start factoring in food and energy.Please offer up what information you use to determine inflation rates as I’m always open to learning more.
The consumer price index is down significantly from a year ago 9.1% vs 3% so the rate of inflation is reducing. As someone else mentioned the two year rolling average is also going down 7.25% vs ~6.1%.
The CPI is one of many tools used to set economic policy in this country so yes I feel comfortable as a data point (not the only).
The raw materials at my work are starting to come down and are aligning with where they were a year ago - which is also bonkers high when compared to pre-covid, which I would say is also another data point. I have friends that are running restaurants and their experience is similar.
If you believe inflation is continuing at the same rate as a year ago please offer your sources when you discount mine.
Consumer prices up 3.0 percent over the year ended June 2023 : The Economics Daily: U.S. Bureau of Labor Statistics
Over the year ended June 2023, consumer prices increased 3.0 percent, after increasing 4.0 percent over the year ended in May 2023. The June 2023 increase was the smallest 12-month increase since March 2021. A year earlier, in June 2022, the 12-month increase in overall prices was 9.1 percent...www.bls.gov
It has slowed considerably. CPI is a joke to me until they start factoring in food and energy.Please offer up what information you use to determine inflation rates as I’m always open to learning more.
The consumer price index is down significantly from a year ago 9.1% vs 3% so the rate of inflation is reducing. As someone else mentioned the two year rolling average is also going down 7.25% vs ~6.1%.
The CPI is one of many tools used to set economic policy in this country so yes I feel comfortable as a data point (not the only).
The raw materials at my work are starting to come down and are aligning with where they were a year ago - which is also bonkers high when compared to pre-covid, which I would say is also another data point. I have friends that are running restaurants and their experience is similar.
If you believe inflation is continuing at the same rate as a year ago please offer your sources when you discount mine.
Consumer prices up 3.0 percent over the year ended June 2023 : The Economics Daily: U.S. Bureau of Labor Statistics
Over the year ended June 2023, consumer prices increased 3.0 percent, after increasing 4.0 percent over the year ended in May 2023. The June 2023 increase was the smallest 12-month increase since March 2021. A year earlier, in June 2022, the 12-month increase in overall prices was 9.1 percent...
I think food is included (certain staple subgroups) and some government provided utilities (water/sewer) are included.
Looks like energy is the main driver of the 3% inflation #. I think there is going to be a lot of concerned folks when this # starts rising again..Please offer up what information you use to determine inflation rates as I’m always open to learning more.
The consumer price index is down significantly from a year ago 9.1% vs 3% so the rate of inflation is reducing. As someone else mentioned the two year rolling average is also going down 7.25% vs ~6.1%.
The CPI is one of many tools used to set economic policy in this country so yes I feel comfortable as a data point (not the only).
The raw materials at my work are starting to come down and are aligning with where they were a year ago - which is also bonkers high when compared to pre-covid, which I would say is also another data point. I have friends that are running restaurants and their experience is similar.
If you believe inflation is continuing at the same rate as a year ago please offer your sources when you discount mine.
Consumer prices up 3.0 percent over the year ended June 2023 : The Economics Daily: U.S. Bureau of Labor Statistics
Over the year ended June 2023, consumer prices increased 3.0 percent, after increasing 4.0 percent over the year ended in May 2023. The June 2023 increase was the smallest 12-month increase since March 2021. A year earlier, in June 2022, the 12-month increase in overall prices was 9.1 percent...
You gotta let her have some splurges here and there, or life is a joyless grind. Assuming she loves you, start going out on cheap dates weekly so her love tank is full. Keep her tf away from Target and Amazon.com
I also teach. Have cows and do carpentry side jobs. I’m an uptight worrying type kinda guy. I always try to plan for worst case scenario
Solid advice . How did you guess target and Amazon! Don’t forget about the local boutiques selling 3 dollar clothes at 20 times the markup
Married, 2 teenage daughters. I’m on a first name basis with our Amazon driver.
one other thought idea - take a snapshot of her folks or her aunts and uncles and where they are in retirement. If they are struggling it could be a wake-up call in real life on that being a situation neither of you want to be in when you get older. Then look at someone you know who has done well and see what they have done to get where they are.
This is where I am at with Ramsey. 5 years ago some properties in my town were selling around 45-60k, I didn’t have the cash to buy so I didn’t because I didn’t want to take out loans. Covid hit. Boom. Sold for 145-175k. Was ridiculous, I could’ve controlled who my neighbors were and made money or had rentals. I am very conservative, I don’t gamble because I hate losing money more than I enjoy making it but I won’t let that mistake happen again in the future.
Most of us missed that unless we were already holding real estate. There was no way to predict that so don’t feel bad. That said 3-4 years ago I was visiting with a banker friend. Rates were still extremely low but he couldn’t believe what ag land was selling for then. He thought we were due a correction but that there should be buying opportunities down the road. My question to him was “who is to say that the buying opportunity isn’t today?”. Turns out it was.
Yep!
One time during a spat where my wife was on me like fleas on a dog, I asked her “exactly why did you marry me?”. Her disgusted whining reply was “I thought you had money”. And off she went. 🤣. I love telling that story to our friends.
There’s a balance in there somewhere. Talked to a guy at church a while back about travel. He was older and had difficulty walking. His advice to me was to not wait too long. The opportunity is not guaranteed to be there. He has the means, but his body is in pain.
True, but i run across a lot of A hole dudes who prioritize their expensive toys and hobbies too, to the detriment of their family. But, but I work hard! 🥹
The problem with that is retirement planning. You need to make sure both of you are doing enough.
She works. We just have rising expenses, and arguments occur when we disagree where we should be utilizing our money.
Exactly. I loved to hike mountains. That’s done for me. Fortunately there’s still a chance to sit on the viewing platform at Jackson Lake Lodge with a cold beverage to watch the sun set over the Hrand Titties.
I had a series 7 securities and insurance licenses a number of years ago. Sadly many of the country club new car crowd had done nothing for retirement by their 50s.
Do you have joint or separate bank accounts? If you see where the numbers are, that's extremely important. You can't force information onto her as you've already experienced but she needs to see the numbers as well. What is she passionate about that won't be there in the future if things don't improve? People don't change until there's pain involved.
