Sunday, August 30, 2009

Retirement House Fund – Redneck Bank

While enjoying our vacation, the wife and I got to talking about retirement/lake houses. Since we will not borrow more money to purchase one, we decided to start saving for one. With an initial deposit of $100, we have a long way to go.

We are planning to contribute $10 per week with annual increases until we end up saving $200 per month. With a little luck and 4% annual interest, we should have $23,000 set aside within 10 years.

Best of all, if we do not buy a retirement home/lakehouse at that time, the fund will be a nice addition to our savings.

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