I don’t judge or begrudge anyone a single bit for a 500k system (or even a 340k turntable) if for every dollar he gives X dollars to a needy person for a leg up.
What I have a problem with are people who were fortunate enough to have made it to spend on “frivolous” habits like ours and claim that no one needs help—“if I did it by pulling up my bootstraps then anyone can do it.” As if they owe nothing to society, without which they would never have made it in the first place.
Anyway my two cents. Please no debate. It’s meant in the best of ways.
Regarding compound interest. I told my kids (who are in their early 20s now) that the inheritance they’ll get is the 20k I put into each of their IRAs when they were 14. Using rule of 72, a moderately conservative 7% after inflation and say 50 years to retirement, that’s $640k each in 2014 dollars. Not bad.
What I have a problem with are people who were fortunate enough to have made it to spend on “frivolous” habits like ours and claim that no one needs help—“if I did it by pulling up my bootstraps then anyone can do it.” As if they owe nothing to society, without which they would never have made it in the first place.
Anyway my two cents. Please no debate. It’s meant in the best of ways.
Regarding compound interest. I told my kids (who are in their early 20s now) that the inheritance they’ll get is the 20k I put into each of their IRAs when they were 14. Using rule of 72, a moderately conservative 7% after inflation and say 50 years to retirement, that’s $640k each in 2014 dollars. Not bad.