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Money Talk

On Thu, Feb 8 2007, in Leroy, by Leroy Leese

Cheap Razor BladesI don’t usually get into personal finance, at least, I can’t remember any instances of discussion of it on any of my blogs in the last 6 years…other than boasting when we finally became debt-free and lifted that burden off our shoulders.

But here’s something i am really excited about. I opened my first Roth-IRA this year, and we have been contributing for a few months. Of course, I haven’t seen any growth, but I don’t check it every day because I am going to leave it in there for 35 years. BUT, the part that does excite me is that many mutual funds have a $500 minimum starting balance, and if I put $25 in every week, that means I’ll be putting money in a new mutual fund every 4 or 5 months. That might sound like no “Big Deal”. But it is a big deal because I never honed my skills at investing before. I never really had a savings account that I proactively added to. This is fun.

And just in case you have never done the math …

$500 initial deposit + ($100 /mo * 30 years) @ 12% (avg) ~= 320,000

And that doesn’t include my 401K which gets deposits in excess of $500 /mo (which will end up with $2.2 Million in 30 years) 😀

Fun stuff. Prosperity rules!


2 Responses to Money Talk

  1. Jess says:

    You are a nerd, but I love you.

  2. Rich says:

    I used to save money, then we had a baby and my wife stopped working. 🙂