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Tax Return time-what are you doing with your money?

Putting all of it into my IRA account. :th_thumbsup-wink:

You guys should start one while your young. (listen to me, I'm talking like an elder, and I'm only 29) I contribute to it each year with my tax return. You don't get taxed on your return, and the interest it grows every year is pretty impressive. Save now for retirement.

~F~
 


what happen if you drop dead one day before you reach your retirement age? i'm gonna save some for emergency and spend some...:th_thumbsup-wink:
 
I have no idea what I am getting back this year. I haven't decided if I should do the responsible thing and get my cc bill paid off or do the fun thing and buy a new gun. I am thinking I am going to put a majority of my return towards my credit card and then use a little bit to buy a gun I have been looking at getting.
 
silverbullet said:
what happen if you drop dead one day before you reach your retirement age?
Click to expand...

Then you drop dead, but you should have it set up to be divided up among who you want it to. Wife, kids, in my case, my older sisters and brothers. Never hurts to plan, just in case you live longer than 50 years. If you start saving for retirement at 65 when your in your 40's or 50's you may not have a pot to piss in when you get to that age.

I spend my extra money on stuff I want through out the year like any normal person does. I spend some, and I save some, and I set some back. I don't live pay check to paycheck.

~F~
 
GR8racingfool said:
Then you drop dead, but you should have it set up to be divided up among who you want it to. Wife, kids, in my case, my older sisters and brothers. Never hurts to plan, just in case you live longer than 50 years. If you start saving for retirement at 65 when your in your 40's or 50's you may not have a pot to piss in when you get to that age.

I spend my extra money on stuff I want through out the year like any normal person does. I spend some, and I save some, and I set some back. I don't live pay check to paycheck.

~F~
Click to expand...

Wow.. someone with some saving sense! Kudos. I'm 24 and have had a roth ira since i was 20
 


mikesarebetter said:
Wow.. someone with some saving sense! Kudos. I'm 24 and have had a roth ira since i was 20
Click to expand...
I don't have a compound interest formula right here, but I believe that if you are seeing gains of 7-8% and with the same amount added each year, you will be doubling your money for retirement every seven years or so. So every seven years you wait, you will have half as much money as you would have if you started saving earlier.
 


I got 150-ish back... I know how 80 of it lol after red lobster with the lady, and something else. don't remember. BUT I'm getting paid today or tomorrow, so I think I'll be able to nab the 6disc changer I've been drooling over, and maybe the steering wheel as well, since the mechanic disk came in today and I am now able to do anything! mwahahah!
 
Replacing the AC Delco radio with a stereo that has Ipod interface, new contact lenses, pay off credit card, & duck feed. Possibly looking into investing in my future with an IRA. Or something.
 


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