You look down the road and there’s nothing to see but a tunnel and a light because there is nothing else.
As everyone by now knows, the most important thing in the world is health followed closely by money.
The rest can wait.
According to Vanguard’s How America Saves 2014, which provides statistics about the more than 3 million people who have a defined contribution retirement plan managed by Vanguard, the median 401(k) balance for those over 55 was less than $75,000 in 2013:
For guys 50 and older looking at potentially 20 more years of putting whatever away, if you can invest an extra $5,000 per year for the next 15 years, you would have an extra $146,000 at age 65:
You’ll love yourself in the end.
For you older men of average means who have daughters of exceptional beauty, please explain to them how to leverage what they do have in exchange for everything you don’t so you can piggy-back on their success.
A FEW TRUTHS ABOUT MONEY
1] Lots of money won’t make you happy, but not enough of it will make you miserable.
2] One million dollar homes in large cities are often tear downs situated in up and coming neighborhoods.
3] 250k/ year is considered upper middle class.
4] When politicians talk about raising taxes on “millionaires and billionaires” they’re including everyone who falls in #3.
5] The average 0ne bedroom suite at a luxury hotel property is $1000/night and everything else is a la carte.
6] Dining out in a big city usually costs $200 on up with wine and tip.
7] The average luxury automobile starts in the $80,000 range.
8] Whole Foods bills usually run 20k-30k/year with wine.
9] Luxury handbags usually run $2000, and women’s shoes, $500-1000 which you’ll need to keep in mind if you happen to live with a woman.
10] First Class airfare from Houston to Los Angeles is in the $1200 to $1400 range. Double it if you’re taking your girlfriend.