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Magazine clipping, Still salting it away in their sixties, Money Magazine, December 19, 1995

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Date

1995-12-19

Description

Article in Money Magazine describing the thrift of Theron and Naomi Goynes, dated December 19, 1995.

Digital ID

ohr000131
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    Citation

    ohr000131. UNLV Libraries Collection of Regional History Files, approximately 1855-2020. MS-00547. Special Collections and Archives, University Libraries, University of Nevada, Las Vegas. Las Vegas, Nevada. http://n2t.net/ark:/62930/d1xp6xx8j

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    This material is made available to facilitate private study, scholarship, or research. It may be protected by copyright, trademark, privacy, publicity rights, or other interests not owned by UNLV. Users are responsible for determining whether permissions are necessary from rights owners for any intended use and for obtaining all required permissions. Acknowledgement of the UNLV University Libraries is requested. For more information, please see the UNLV Special Collections policies on reproduction and use (https://www.library.unlv.edu/speccol/research_and_services/reproductions) or contact us at special.collections@unlv.edu.

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    Digitized materials: physical originals can be viewed in Special Collections and Archives reading room

    Language

    English

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    application/pdf

    The Goyneses save 15% Still salting it away in their sixties Who says you stop saving once your peak-earning fifties are history? Not Theron and Naomi Goynes, 66 and 61, who are still saving roughly 1 5 % of their $130,000 income. Theron retired after 27 years as a school administrator but now works part time as assistant mayor of North Las Vegas. Naomi is an assistant principal at a North Las Vegas middle school and has no immediate plans to scale back. Says Theron: "Now that we are financially secure, we want to keep earning so we can help our grandchildren as much as possible." Credit the Goyneses' enviable posi-tion largely to 30 years of diligent sav-ings. Back in 1964 they began putting away $50 a month in a savings account. As their income grew, they gradually boosted their savings, despite the cost of putting three children through col-lege. "You're never too young to start saving," says Naomi. Fortunately, good habits are as hard as bad ones to break. Each month the Goyneses now funnel $1,600 into their credit union savings account and a tax-sheltered an-nuity invested in stocks. All told, they have amassed $200,000. In addition, they also tuck away $100 a month in U.S. Savings Bonds for each of their three grandchildren, a fund that now totals more than $10,000. "We believe that education is the key to all good fortune," says Theron, "and we want our grandchildren to have as many op-portunities as possible." The couple weren't always model savers, however. Twenty years ago they found themselves $50,000 in debt on nine credit cards. "As soon as we ran up the limit on one card, we'd start on the next one," says Theron. So they called a halt to their spending, cut up all but two credit cards and consolidated their debts with a credit union loan. It took six years to pay off the debt, but they managed to keep up their monthly sav-ings during that time. "We sat down and made a list of our wants vs. our needs," says Theron, "and we decided to make some sacrifices." These days, the Goyneses still enjoy spending, but in moderation. "I have a weakness for suits," Theron admits, while Naomi loves to buy shoes. The Goyneses own five cars and recently also spent $20,000 to fix up their five-bedroom, $180,000 house. The couple have boosted their debt load too, but not excessively. In 1990, Theron took out a $57,000 tax-deductible home-equity loan to pay off the note on his '91 Mercedes and pay down a $17,000 MasterCard bill from his children's three weddings. Even so, the Goyneses can afford a few extravagances. When they both fi-nally retire, perhaps in 1997, they will pull in an annual retirement income of more than $90,000 from their annuity and inflation-adjusted pensions, plus Social Security. Jokes Theron: "Our children kid us that when we pass on, they're going to live well." A P E N N Y S A V E D ! The Goyneses say you should start saving now even if you can put away only a few dollars each month. No matter how small the amount, they note, it will still add up.