A General Outline for Lifetime Planning: 300-35-100K

Some look at my writings and critique the simplicity of the financial numbers I use.  In case, you need some substance for my technical expertise, check out my dissertation hosted at scottizu.files.wordpress.com. This way, you know I can discuss the gobbly gook of mathematics with the best of them (perhaps).  My straight forward approach may seem offensive to some but in reality, getting my PhD was in a sense one of the worst things that happened to me.  I made me think I knew something.

It was several years later that my passion for exploration opened up again and this journey showed me how little I knew and opened my eyes to an endless world to explore.

If you have gotten to this point, I must apologize for the rant above and you may be asking yourself why am I reading this?  Is there some financial tip here?

Woodie Guthrie once said, "Any fool can make something complicated.  It takes a genius to make it simple."

So that's exactly what I want to do.  Make it simple.  Here it is... A general guideline for your overall financial life.

According to www.daveramsey.com, saving $300 per month for a 35 year period (need to enter 36 in how much investment will be in ...), will yield 1.95 million dollars.  Roughly 2 million dollars.

And if you decided to annuitize 2 million dollars through a life insurance company after these 35 years of saving you could probably get lifetime payments of 5%.  This would pay you $100,000 per year for the rest of your life.

So, in summary, putting away $300 per month for over 30-40 years would help you to accumulate roughly 2 million dollars which translate to roughly $10,000 per month to retire on.