Mypaydayloan phone number
Daunting One Question Financial Intelligence Quiz “Which is more valuable, $14,000 now, or $100 a month for the rest of your life, beginning when you are 65 (in my case 20 years away)?” About 6 months ago I quit my well paid government job. This meant, since I’m far from retirement age, I was offered a buyout package for my pension. Today I went down the the pension plan offices to sign the papers. They take this stuff very seriously and even though I was clear, and had completely made up my mind, when they stuck the official form in front of me I began to experience a lot of anxiety and had second thoughts about my decision. Here Are The Options I had only been employed for 2 years so we’re not talking about a large amount of money, but enough to make a difference. Basically it boiled down to a one time cash payment of about $14,000 or in about 20 years $100 a month for the rest of my life. Which would you pick? As I was about to sign the form requesting the cash, my mouth got dry and I started to realize that $100 a month, while not a lot, was the only pension that I currently had. All of a sudden it seemed substantial. Something like free gas for my entire retirement. It felt BIG to give it up. Deep Breath Then I thought about it for a moment and got out of the emotions of the perceived loss. I was going to use the $14,000 to purchase a $200,000 condo. Let’s do some math. These are really rough numbers, but you’ll get the idea. $14,000 used to take control (possession) of a $200,000 condo, let’s fast forward 20 years and see what we have. Asset value ~$300,000 (a very conservative guesstimate) Mmmmm…. That $100 a month isn’t looking too great anymore. I signed the paper, felt sorry for the many people getting ripped off by these sorts of pension plans all over the country, and bolted out of the office. Pension Plan Value = $30,000 Private Investment in one condo = $600,000 What’s really funny is that a lot of people where I worked, in ultra secure government jobs, stay in that job just for the lure of the pensions.
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