Author Topic: Here's How I Spent my Friday Night  (Read 3110 times)

fartface

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Here's How I Spent my Friday Night
« on: November 26, 2014, 08:39:44 PM »
My younger sister calls me and we're chatting. It seems more and more lately she's been asking good questions about savings, investments and frugal living in general. She's already a minimalist hippie living off the grid in the mountains of Colorado just outside Aspen. She's got two young children ages 3 1/2 and 6 months and recently quit her part-time job to stay home for good.

Anyhoo, I start talking about mint and told her that'd be a good place to track her overall net worth. At first she was skeptical so I gave her my username and password (and thus my net worth - would NEVER ever show this to anyone but my sister -  I think). So she's looking at our investments and asking about this and that. Eventually she starts tapping in her husband's retirement account info, her IRA fund (currently invested in American Funds) and their property value minus mortgage balance. They were also given a gift of $20K for their kid's college education from grandparents which I told her to plug in.

Whadda ya know her overall net worth is over 200K -- and this is a number she never even knew before tonight!  Made me proud of my baby sister. We also decided she's going to up her husband's 401k contribution to $1500/month + her IRA contribution to the max of $458/month. I told her I don't know much about American Funds, but I'll bet dollars to donuts their fees are not as low as Vanguard's so she's getting busy next week rolling it into Vanguard.  Her enthusiasm and enlightenment really made my day! Priceless.
« Last Edit: November 26, 2014, 08:42:54 PM by fartface »

Adventine

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Re: Here's How I Spent my Friday Night
« Reply #1 on: November 27, 2014, 01:32:20 AM »
Nicely done!

MBot

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Re: Here's How I Spent my Friday Night
« Reply #2 on: November 30, 2014, 09:47:34 PM »
wonderful1

StartingEarly

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Re: Here's How I Spent my Friday Night
« Reply #3 on: December 01, 2014, 07:59:18 PM »
Next year is 1500 a month, this year is only 1458 a month.  If she isn't close to maxed though it will be fine and set her up well for next year.

Annie-Blake

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Re: Here's How I Spent my Friday Night
« Reply #4 on: December 04, 2014, 02:34:15 AM »
how exciting that someone close to you is so interested in the mustachian way of life.  and lucky you being able to talk her through it.  what a great feeling.