A wise man once said, If a man’s wealth be measured in grains of rice, he could hold all the riches of the world in his hands. Okay, so that man was an idiot. He was also my Uncle Larry, and he died penniless – unless you count the 850 boxes of Minute Rice found in his basement after his funeral.
Thankfully, I did not follow Uncle Larry’s investment approach, though I am enjoying the Minute Rice he left us. In fact, I have accumulated a large amount of wealth over my lifetime – almost as much as I have lost. If you’re concerned you may not have saved enough to comfortably retire before the age of 75, you’re not alone. You’re still probably screwed, but at least you’ll have company.
Let me share a few pearls of wisdom. First, whatever you do, and you might want to get a pen to write this down: NEVER HAVE KIDS! They are insanely expensive. The ROI on progeny is like a buying a bond – it takes decades to see a profit – if you’re lucky. According to recent studies I just made up, the cost of raising a child through college is $4.9 million – even more if you indulge in orthodontia for their crooked teeth. Okay, maybe I’m overshooting my cost projections slightly. My point is, kids will drain your retirement savings.
Don’t get me wrong – I love my kids – almost 70% of the time. I’m just saying, think of all you could do with the mega-bucks you’d save by being a little more conscientious about birth control. You could buy a small island off the coast of Greece (other than Mykonos or Santorini – I checked – they are way out of your price range). However, if you glibly choose to ignore my advice and decide to start a family anyway, don’t say I didn’t warn you. Continue reading “How to Retire Filthy Rich” »