07-26-2015, 09:07 AM
I agree it is a great topic.
I’ve always felt a little guilty that I do not have an investment plan / philosophy actually written out. Lots of smart people seem to think it is a prerequisite for success. On the other hand, as rayray’s post highlights, three-quarters of life seems beyond planning.
I think I can sum up my approach as: save as much as possible while still using my assets to make life manageable, and occasionally fun. And from what I manage to save, I invest a large portion in great companies that pay growing dividends when they are at fair prices or better. That’s it.
I daydream all the time about being financially independent, but I am not sure it will ever happen. So I don’t have a target number, I’m just trying to amass as much as I can.
My situation is a bit unusual. I’m 45 now, make a solid salary, and live far below my means. If that was the end of the story, I’d be retiring nice and early – maybe by 50. But my daughter was born with some really severe medical problems, which cost thousands of dollars every month to manage. So it really cramps the amount I can save every month. Worst of all, she will likely never be independent, so my planning is not just to fund a normal retirement, but also for a lifetime of care for her. I’m still overwhelmed by the problem, and am not sure what it will take. In any case, I am in no danger of over-saving!
I’ve always felt a little guilty that I do not have an investment plan / philosophy actually written out. Lots of smart people seem to think it is a prerequisite for success. On the other hand, as rayray’s post highlights, three-quarters of life seems beyond planning.
I think I can sum up my approach as: save as much as possible while still using my assets to make life manageable, and occasionally fun. And from what I manage to save, I invest a large portion in great companies that pay growing dividends when they are at fair prices or better. That’s it.
I daydream all the time about being financially independent, but I am not sure it will ever happen. So I don’t have a target number, I’m just trying to amass as much as I can.
My situation is a bit unusual. I’m 45 now, make a solid salary, and live far below my means. If that was the end of the story, I’d be retiring nice and early – maybe by 50. But my daughter was born with some really severe medical problems, which cost thousands of dollars every month to manage. So it really cramps the amount I can save every month. Worst of all, she will likely never be independent, so my planning is not just to fund a normal retirement, but also for a lifetime of care for her. I’m still overwhelmed by the problem, and am not sure what it will take. In any case, I am in no danger of over-saving!