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Question:
In three years I will conclude a 30 year career in the
military as an enlisted man. I own a house, paid off this month, have
an 11-year old son, two cars (paid off), excellent credit and no debts.
The house is a rental property as I am currently living overseas. I
will have to buy another house in three years, start saving for
college for my son and will start a second career. I
have not started saving yet because I wanted to pay off the house. What
are your recommendations for buying a house, saving for college
expenses, retirement after my second career and tax shelters for the
next three years?
Paul Merriman:
Your situation
is too involved for a quick analysis and response. What I
think you need most is a comprehensive long-term plan for achieving
your financial goals in an appropriate order.
After
30 years in the military, you will be at the age where you should
have a plan in place for your retirement. In my view, the
overriding thing driving that plan should be securing your long-term
future. Once you have that in place, decisions about a house, your
son's college cost and tax shelters will fall into place. Without a
comprehensive plan, you are just shooting at random moving targets.
Where
to start now? I recommend you get a copy of my new book, 'Live It
Up without Outliving Your Money.' It will tell you how to figure out
what you need in order to live a retirement life that works for you,
how to invest your money, how to get help and how to avoid the mistakes
that so many people make.
You can learn more about the book at www.paulmerriman.com.
At that site, which is dedicated to this book, I recommend you read
my Guided Tour article and download the Introduction and the free
sample chapter. If you like what you find, get the book and study it.
By
the time you finish it, I promise you will see your financial picture
in a new way and will see new possibilities for yourself. And you'll
have no trouble knowing what you should do next.
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