Friday, April 6, 2007

The Impossible Dream - Retirement, College & Debtlessness

College My logic: I don’t want to think about college. I want my kids to think about college. Basically, I want the scenario to go like this:

Me: "So darling what college acceptance letters did you receive today?"

Kid: [Sigh] "Too many, I can't decide which one I like best. Princeton, Howard, Stanford, Vasser, UCLA . . ."

Me: "Oh wow, sucks to be you. Just tell me where to send the checks when you finally decide."

Kid: "Why can't I have it easy like Johnny-down-the-street, his Mom and Dad said that he has to go to the local community college because they're having a hard time getting a Home Equity Line of Credit."

Me: "Home Equity Line of Credit? What the hell is that?"

Retirement: Yeah, yeah . . . I know you're asking: Won’t you have $2,000,000.00 in liquid assets to live off of during your old age?

My logic: Yep! That’s the plan. However, if I make the amount of money I’ve listed above, I’m not sure these retirement accounts would be open to me later. So, I’m not averse to putting money in tax-deferred accounts today, just as a little extra "old lady" insurance.

Planning a little extra money on the side in retirement accounts (while I'm still poor and thus eligible) never hurt. You see, I want the freedom to live a good life in my old-age, even if I need medical and/or geriatric assistance.

Yeah, my kids love me, but I know them. They're not above sending me to the old folks home.

No debt.

My logic: Come on, do I have to explain this? Debt = economic slavery. I’d rather be the lender than the borrower, thanks.

So, tell me the truth. Do you think I can do it? Am I just opening myself up for grand disappointment? Shouldn't we all dream big?

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