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It’s relatively easy to save for retirement when you’re still young. Five thousand
dollars set aside transfer bank of america chase for a new baby grows to an amount that generates over a $100,000
a year in current-day dollars if the money earns 12 percent annually and inflation
runs at 3 percent.
NOTE The data is a little sketchy, but small-company stocks probably deliver
average returns of around 12 to 13 percent over long periods of time. Small-
company stocks are, however, very risky over shorter periods of time.The flip side of this is that it becomes difficult to save for retirement if you start
thinking (and saving) late in your working years. If you’re 60, haven’t started saving,
and want $25,000 a year in income from your retirement savings at age 65, you
probably need to contribute transfer bank of america chase annually more than you make.Say you’re in your 50s—or even a bit older. With the kids’ college expenses, or
perhaps a divorce, you don’t have any money saved for retirement. What should you
do? What can you do? This situation, though unfortunate, doesn’t need to be
untenable. There are some things you can do.Just say noOne tactic is not to retire. After all, you save for retirement so the earnings from
those savings can replace your salary and wages. If you don’t stop working, you
don’t need retirement savings to produce investment income.Note, too, that “not retiring” doesn’t mean you need to keep the same job. If you’ve
been selling computers your whole life and you’re sick of it, do something else. Get
a job teaching at the community college. (Maybe you’ll get summers off.) Join the
Peace Corps and go to South America. Get a job in a daycare center and help shape
the future.Give yourself breathing roomA second tactic is to postpone retirement a few extra years, which, of course, also
reduces the number of years you’re retired. Rather than working to age 62 or 65,
for example, working until age 67 or 69—a few more years of contributions and
compound interest income—will make a surprising difference, and you’ll boost
substantially the money you receive transfer america of bank chase from defined-benefit america transfer america transfer bank of chase bank of chase retirement plans. If you’re
paying a mortgage, maybe you can pay that off in those few extra years, too.Redefine your sense of affluenceA third and more unconventional tactic is to decide that less is more and tune into
the art and philosophy of frugality. A good book on this subject is Your Money or
Your Life by Joe Dominquez and Vicki Robin (Viking Penguin, 1992). And if you
decide to live on less while you’re still working, you’ll end up saving a lot more over
the remaining years you work.2
DID YOU KNOW?
|Everybody starting in life should avoid running into debt.
There is scarcely anything that drags a person down like debt. It is a slavish position to get ill, yet we find many a young man, hardly out of his "teens," running in debt.
He meets a chum and says, "Look at this: I have got trusted for a new suit of clothes."
He seems to look upon the clothes as so much given to him; well, it frequently is so, but, if he succeeds in paying and then gets trusted again, he is adopting a habit which will keep him in poverty through life.
Debt robs a man of his self-respect, and makes him almost despise himself.
Grunting and groaning and working for what he has eaten up or worn out, and now when he is called upon to pay up, he has nothing to show for his money; this is properly termed "working for a dead horse."
I do not speak of merchants buying and selling on credit, or of those who buy on credit in order to turn the purchase to a profit. The old Quaker said to his farmer son, "John, never get trusted; but if thee gets trusted for anything, let it be for 'manure,' because that will help thee pay it back again."
Mr. Beecher advised young men to get in debt if they could to a small amount in the purchase of land, in the country districts. "If a young man," he says, "will only get in debt for some land and then get married, these two things will keep him straight, or nothing will".
This may be safe to a limited extent, but getting in debt for what you eat and drink and wear is to be avoided. Some families have a foolish habit of getting credit at "the stores," and thus frequently purchase many things which might have been dispensed with.
It is all very well to say; "I have got trusted for sixty days, and if I don't have the money the creditor will think nothing about it." There is no class of people in the world, who have such good memories as creditors. When the sixty days run out, you will have to pay.
If you do not pay, you will break your promise, and probably resort to a falsehood. You may make some excuse or get in debt elsewhere to pay it, but that only involves you the deeper.
A good-looking, lazy young fellow, was the apprentice boy, Horatio. His employer said, "Horatio, did you ever see a snail?" "I - think - I - have," he drawled out. "You must have met him then, for I am sure you never overtook one," said the "boss." Your creditor will meet you or overtake you and say, "Now, my young friend, you agreed to pay me; you have not done it, you must give me your note."
You give the note on interest and it commences working against you; "it is a dead horse." The creditor goes to bed at night and wakes up in the morning better off than when he retired to bed, because his interest has increased during the night, but you grow poorer while you are sleeping, for the interest is accumulating against you.
Money is in some respects like fire; it is a very excellent servant but a terrible master. When you have it mastering you; when interest is constantly piling up against you, it will keep you down in the worst kind of slavery.
But let money work for you, and you have the most devoted servant in the world. It is no "eye-servant."There is nothing animate or inanimate that will work so faithfully as money when placed at interest, well secured. It works night and day, and in wet or dry weather.
In the former "blue-law State of Connecticut", where the old Puritans had laws so rigid that it was said, "they fined a man for kissing his wife on Sunday". Yet these rich old Puritans would have thousands of dollars at interest, and on Saturday night would be worth a certain amount; on Sunday they would go to church and perform all the duties of a Christian.
On waking up on Monday morning, they would find themselves considerably richer than the Saturday night previous, simply because their money placed at interest had worked faithfully for them all day Sunday, according to law!
Do not let it work against you; if you do there is no chance for success in life so far as money is concerned. John Randolph, the eccentric Virginian, once exclaimed in Congress, "Mr. Speaker, I have discovered the philosopher's stone: pay as you go."This is, indeed, nearer to the philosopher's stone than any alchemist has ever yet arrived.
Microsoft’s Encarta Dictionary defines `Second Mortgage’ as an “additional mortgage on a property that has been mortgaged once already, secondary to the main loan that is secured on the property”.
Let’s take an example. Alicia bought a large house, with a mortgage, in a Denver suburb. She wants to renovate her house but doesn’t have the money to meet the estimated cost. She is already repaying the loan that she borrowed on her house. What does she do? She goes in for a Second Mortgage. That is, she pledges her house for the second loan. People go in for Second Mortgages for various reasons, mainly to meet emergency situations and large expenses.
When she applies for the second loan, Alicia thinks, “Will the loan that I borrow this time be sufficient enough to meet the renovation budget?”, “How much money will I be able to raise in the Second Mortgage?” and so on.
Mortgage companies charge a fee for lending money in the Second Mortgage, too. This fee is usually a percentage of the mortgage loan and is expressed as "points." “1 point” means “1 percent of the borrowed amount”. For example, if Alicia borrows $100,000 with a fee of “8 points”, she would pay $8,000 in ""points."" The number of points charged varies from company to company. Here too, it is very important for the borrower to shop around and bargain for a lower fee. It is also advisable to check with the State Consumer Protection Office or Banking Commissioner to the statutory regulations regarding the limit of fees that can be charged by Mortgage Companies.
Once all these precautions are taken, with several mortgage professionals and companies around, getting a Second Mortgage is not impossible.
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