Re: [DMCForum] Re: Paying for college

[mike clemens <rmclemns@xxxxxxxxx>]

Ryan,

Been out of country for a few weeks, so I am just
catching up on email.

Your question about poverty level:

Just supposin' (and I ain't saying it's me) a young
fellow at the age of 19 decides he wants to retire at
50.  This same fellow wants to play safe so he invests
wisely and guess what----at age 47 he has $1,000,000
saved up.  His house is paid for and he has no (zero)
debts, except for monthly bills--phone, water, gas,
electric, etc.

He sits down, does the figures, and says, "now is the
time.  Even if the economy tanks, I can still live
comfortably and earn enough interest to take care of
me and my family".  

Then this same fellow dispurses the funds into ten
different savings accounts, {so they are covered by
government insurance) and sits back making only
5%interest for his yearly income.

Then the economy 'tanks'!!  He is still making 2% on
his accounts, so he is making $20,000 a year (just
above the poverty level), but he knows he can withdraw
from the principal and maintain his family's standard
of living.

This same fellow then calculates he will live to be
100 and guess what---depending on whether rates stay
the same or go up, the minimum he will have left at
age 100 for his principal (inhertance) is $562,378
(give or take a couple thousand).  If the rates go
down, then the whole country better watch out!!

I know what you're thinking--why to hell does he have
his money in several saving accounts??  Because he
wants things to be simple the rest of his life.  He's
happy, he's comfortable, and he wants for nothing. 
Why screw things up by getting the IRS involved with
complicated tax returns?  (Short form is great!!  By
the by, I support a flat tax of 15% on everybody!!  If
all the corporations paid 15%, just like everbody,
then, this country could run a surplus in less than 10
years.

I apoligize to the rest of the forum for this running
on so long, and it being "way off topic", but I felt
it necessary to explain fully.  Also, sorry about the
spelling.

Mike

P.S.   Walt, you are right, barefoot is great, but I
like "barefeet" better.


            
_______________________________
Do you Yahoo!?
Declare Yourself - Register online to vote today!
http://vote.yahoo.com

Yahoo! Groups Sponsor

ADVERTISEMENT

---

Yahoo! Groups Links

• To visit your group on the web, go to:
  http://groups.yahoo.com/group/DMCForum/
   
• To unsubscribe from this group, send an email to:
  DMCForum-unsubscribe@xxxxxxxxxxxxxxx
   
• Your use of Yahoo! Groups is subject to the Yahoo! Terms of Service.