Now Or Later ???
March 22, 2008 9:39am CST
I have worked hard throughout my life & from a very young age, I managed to do alright for myself. I’m now 36 years old and accumulated a substantial size nest egg. We all know that nothing in life is free, however I don’t want to blow something I spent a large part of my life to obtain. No one or nothing will change my thoughts on this matter. Maybe the money is not for me to use at this time. I have two children, and although they have all the martial things they can possibly need, I can’t help but to feel it would be wise to sit on the money until they are older to help secure their future. I once asked my mother what I should do, and she said, if I have to ask, now is not the time to do anything. When the time comes, I will know for sure and it will not be something I have to think about or question, she said the same goes for true love. With that being said, my mother happens to be a remarkable woman with true knowledge of life, so I will follow her suggestion to the best of my ability. Have you ever been so confused on any major financial decision in your life? …… If so, what was it, and how did you deal with it? (Please share)
• United States
22 Mar 08
Hey Stiffler! Long time no hear from........ Great discussion...and your mom was right. If you have any doubt about what to do with the money you've worked so hard for, then you need to do nothing. The old cliche', 'when in doubt - don't' is a good one to follow. Looking back on our lives, realizing that I'm much older than you and facing retirement, trust me, the longer you sit on it, letting it build, the more you will have to live on when you get to be my age. With the threat of Social Security going down, you will need more than you think by the time you are ready to retire. If you've been happy saving it, just keep on saving it. You never know when you will need it badly. If you spend it now, you won't have it when you need it. If you can make ends meet and support your lovely family with what you make now, my best advice to you would be diversify your funds into something that will show profits. Find a good financial advisor if you really want to watch your money grow. Long term investments are THE BOMB and will increase your money more than you can imagine. Our biggest confusion (in the past) was finding a way to make sure we could retire comfortably. I am convinced now we are doing that. We found a financial advisor, someone who could show us what to do with the amount we had, and how to make it become what we needed 'just to survive' our retirement. We turned $10,000 into $65,000 within 2 short years. We continue to watch it grow, which will (hopefully) continue to grow as we do. Good luck.....
22 Mar 08
Your mom is right. You need to save up everything you have right now for the "rainy days" It is good you have accumulated a fair amount for you and your kids. This got me thinking i should really be starting my own savings now should i? :) Anyways follow your mom's advice. she meant no harm and its not the best time right now to invest on anything - things can get really bad with businesses. its either you win or lose. no break evens.