What Would I Do With All That Money?
Assuming I get to $67,000, my wife and I have an agreement that we would "have a talk" about what I would do at that point in this experiment. In my eyes, I'd only be three steps away from a million. In her eyes, we could stop there and pay off all of our student loans, thereby wiping out 20 years of repayment yet to come (and thousands in interest fees). She has said that if we do that, then I am "welcome to start over" and let it ride all the way to the top. I'm thinking this instead: go for it the first time, go two steps further for $500k. With that we could pay off our student loans, pay off our home that we currently rent out (creating a nice monthly income), and perhaps buy the home we currently live in as well so that we are living rent free. If that happens, then I could start this thing over and if I get to the million, then that's all the more padding we'd have for all of those little expenses that come up like college, braces, car insurance for four drivers, and retirement.
Posted by Brian