| Thursday, May 15, 2008 |
| Millionaires in the Making: The Wisneskis |
 CNN has posted its latest Millionaires in the Making. This time they are profiling the Wisneskis of Oneida Wis. Nate & Nicki are both 27 years old, have a 6-month-old daughter, and make $90,000 a year combined. Nate is a member of the Oneida tribe, which has benefited the family in free tuition for him and access to tax free gasoline on tribal lands. They hope to retire early at age 55.
At present, the couple has $44,000 in retirement savings. Both contribute double-digit percentages to their 401(k) accounts and both receive 3% matching funds from their employers. Additionally, they put $200 a month in a Roth IRA account.
They have about $16,500 in a traditional bank savings account that earns 0.3%. In case of emergency, they keep about $4,000 in Ameriprise Cash Reserve Certificates.
The Wisneskis recently set up a 529 savings account for Ashyln’s college costs but they do not plan on funding her education entirely. While they have saved a modest amount for her college tuition, they also feel it is important that Ashyln contribute to her own education costs.
“We want to have as much money as possible to retire comfortably and as soon as possible. We want to maintain our lifestyles through retirement and not be restricted by money and bills,” Nate says. Labels: Money Stories |
| posted by Boston Gal @ 12:19 PM *
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| 2 Comments: |
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They seem to be in a great position, especially given the lack of student debt.
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They are missing out on an easy $400+ annually by not having their cash in an online savings account.
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They seem to be in a great position, especially given the lack of student debt.