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Re: Arbitrary Savings Goals
Old 10-04-2005, 09:15 PM   #61
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Re: Arbitrary Savings Goals

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Originally Posted by Nords
From what I've seen & experienced, you will know when it's time to go.* If you have to ask the question then the answer is "Not yet".
Somehow I feel this is true. For me the time is clearly not right to make the choice voluntarily but in a few years my savings should be sufficient to allow me to do it. Then it is gut check time.

Ironically, if I lost my job I would probably semi-retire today - on about half the "minimum" nest egg I'm planning for.
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Re: Arbitrary Savings Goals
Old 10-04-2005, 11:10 PM   #62
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Re: Arbitrary Savings Goals

Yes, I definitely have arbitrary savings goals, but they are only loosely tied to my retirement goals.
For me, retirement is still 20 years away, so I set achievable short and medium term goals (goal for this year, goal for the next few years, etc.)

For the last 5 years or so, my brother and I have been competing on net worth. We have $500 wager riding on the first one to half a million. I'm ahead, but he's coming on strong.

I think setting achievable short/medium term goals is a great way to save. If you want to lose 100 pounds, you start by saying my goal is 10 pounds. Focusing on the 100 number fresh out of the chute is not nearly as affective.
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Re: Arbitrary Savings Goals
Old 10-04-2005, 11:25 PM   #63
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Re: Arbitrary Savings Goals

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Originally Posted by dandan14
For the last 5 years or so, my brother and I have been competing on net worth.* We have $500 wager riding on the first one to half a million.* I'm ahead, but he's coming on strong.
Generally, competing financially with any family member is a very bad idea.* Compete with who can grow the biggest pumpkin, or who can catch the biggest fish, but when it comes to competing with who can get richer faster, it's a dangerous road to go down.
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Re: Arbitrary Savings Goals
Old 10-05-2005, 06:22 AM   #64
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Re: Arbitrary Savings Goals

I am not sure if I ever had any real savings goals in my lifetime, and I have none now. My only real goal is to keep my net worth
from declining. I can see some slight erosion. Don't like that.
SS may save the day, or a small inheritance if I am lucky.

JG
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Re: Arbitrary Savings Goals
Old 10-05-2005, 07:37 AM   #65
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Re: Arbitrary Savings Goals

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Originally Posted by retire@40
Generally, competing financially with any family member is a very bad idea.* =
Yep, I agree.* My spouse and I competed when we first started investing:* whoever had the higher return at the end of a year got to spend the difference any way they wanted.

In the end, we both lost money for the year.
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Re: Arbitrary Savings Goals
Old 10-05-2005, 09:17 PM   #66
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Re: Arbitrary Savings Goals

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Originally Posted by Martha
I am not sure about knowing when it is time to go. If you get laid off or something dramatically changes at work and you figure you have enough bucks, that's great, you know it was time to go.* *Or if you hit a pension date.* Or military retirement age.*
Well, a clear limit like that just makes it easier to pull the first ripcord. I admit that I had to think hard about a subsequent $75K civil-service job offer to teach nuclear engineering to shipyard employees for 30 hours a week. But I got over it.

Quote:
Originally Posted by Martha
But if you keep plugging along in a job that doesn't really excite you anymore, but pays a decent amount of money and gives you security like health insurance, it is hard to know exactly when to take the risk and go. I doubt I will have an epiphany and know when to quit.
Au contraire. I think you already show all the signs of heading down the 8% grade into ER Ville with hot brake linings!

Within the next year you'll be in a board meeting, probably well into your second or third hour of it with no end in sight, and either the collective board members will have the epiphany for you-- or you'll have it for yourself. There may be survivors, but there will be no doubts.
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