About Me

Fern

FINANCIAL GOALS

1.Pay off mortgage by 2015.
Balance as of 8/8/08: $70,000.

2.Save $1.2 million and retire by age 60. (I used to say I'd retire at 55, but i don't think that's doable now.)

Current investments/savings:

IRAs and 401(k): $285,887
Taxable investments: $127,440
Total savings: $413,327
Net market value of house:
About $330,000

Total net worth: $743,327

I might be able to live comfortably on less, especially as I'm not factoring in Social Security benefits, but due to the uncertainties of the Social Security system, my income, health insurance costs, inflation rate and other things beyond my control, I've set my sights on $1.2 million.

At age 60, i would find p/t work that offers health insurance. A tough one, but that's the plan. My mortgage will be paid off at around age 58, so the goal is to work p/t between 60 and 65 and live on my savings, but defer collecting Social Security for as long as possible.

Withdrawing 4% of $1 million would give me $40,000 a year to live on, which seems like plenty. Once i do begin Social Security, i'll have even more.

3. In retirement, get a dog from the pound. Find a 'fun' part-time job with health insurance (few and far between, but they're out there) until i'm age 65 and Medicare can pick up my health care expenses. Do more volunteer work. Revive my freelance business for pocket money. Travel. Cook. Kayak. Defer collecting Social Security until age 70.

This is The Plan. (I'm still in my 40s, but hey, I really like to plan ahead.)

Nickel & Dimed, a really good book

November 29th, 2007 at 09:45 am

I'm about halfway through reading "Nickel & Dimed, On (Not) Getting by in America" by Barbara Ehrenreich.

I think many people on this forum would be VERY interested to read this book. The author is a journalist and decided to see for herself whether it really was possible to live on minimum wage, so she sort of went undercover and took jobs as a waitress, nursing home aide, wal mart employee and cleaning lady to see what it was like.

It's REALLY eye-opening. And altho i've worked as a white collar middle income employee all my life, there are many things she describes in her book that i can relate to from some of my earliest jobs fresh out of college, including chambermaiding and factory work one summer.

People working these jobs are nearly invisible to the rest of society, doing the gruntwork that no one else wants to do. Even putting aside the low wages and impossiblity of living decently based on those wages, they're often treated in a degrading and humiliating manner by employers.

As CB mentioned in an earlier comment on this book, it's definitely going to make me tip more generously next time i eat out.

Posted in Uncategorized | 5 Comments »

5 Responses to “Nickel & Dimed, a really good book”

terri77 Says:
November 29th, 2007 at 12:46 pm

I've heard about this book. I keep meaning to read it, but I haven't. I'm going to look for it now.
Ima saver Says:
November 29th, 2007 at 12:51 pm

I am sure waitresses will appreciate that. I was one for years. We had to get to work early and stay late, cleaning, cleaning and more cleaning. We were paid a big $2.01 an hour.
rduell Says:
November 29th, 2007 at 05:10 pm

This book was the reason I left my job as a library director (I was making $7.00 an hour w/ no benefits) even though it was a block away from home, and took my current job that I have to drive 20 minutes for. This job has benefits, I make a whole lot more money, and I'm also happier.

We had read the book for book club and it was interesting to hear the comments from some of my board members who were in the group. They just couldn't believe that anyone could live on such low pay. Excuse me...you're the one setting my pay! Grr...

Anyway..this book really did change my life.
threebeansalad Says:
November 29th, 2007 at 08:30 pm

It's a great book! I believe she's written other books-- have read any of those?
Brooklyn girl Says:
November 30th, 2007 at 02:30 pm

I think there is a good idea behind this book, and the author makes a lot of excellent points.

However, I think it does not go deeply enough into the lives of actual working poor - it is mostly concentrated on the author. I felt she did not really embrace being part of this life, and while living on this income, she kept herself separated.

Wild Blue Yonder

Directing my destiny, one day at a time.

Nickel & Dimed, a really good book

5 Responses to “Nickel & Dimed, a really good book”

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