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	<title>Exemplar Explorations</title>
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	<description>On Personal Financial Mathematics</description>
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		<title>Exemplar Explorations</title>
		<link>http://exemplarexplorations.wordpress.com</link>
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		<item>
		<title>Income as the Measure of Wealth</title>
		<link>http://exemplarexplorations.wordpress.com/2008/06/24/income-as-the-measure-of-wealth/</link>
		<comments>http://exemplarexplorations.wordpress.com/2008/06/24/income-as-the-measure-of-wealth/#comments</comments>
		<pubDate>Tue, 24 Jun 2008 03:35:34 +0000</pubDate>
		<dc:creator>exemplarexplorations</dc:creator>
				<category><![CDATA[Finance]]></category>
		<category><![CDATA[Planning]]></category>

		<guid isPermaLink="false">http://exemplarexplorations.wordpress.com/?p=52</guid>
		<description><![CDATA[Income is a flow and wealth a stock, but does one compare the two?  One can total their income and their wealth in dollars, but a dollar in income is far different from a dollar in wealth.  It seems to me the best measure of wealth is the income it generates.  It is not true [...]<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=exemplarexplorations.wordpress.com&amp;blog=791642&amp;post=52&amp;subd=exemplarexplorations&amp;ref=&amp;feed=1" width="1" height="1" />]]></description>
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		<title>Value of a Career</title>
		<link>http://exemplarexplorations.wordpress.com/2008/06/21/value-of-a-career/</link>
		<comments>http://exemplarexplorations.wordpress.com/2008/06/21/value-of-a-career/#comments</comments>
		<pubDate>Sat, 21 Jun 2008 18:13:09 +0000</pubDate>
		<dc:creator>exemplarexplorations</dc:creator>
				<category><![CDATA[Finance]]></category>
		<category><![CDATA[Mathematics]]></category>
		<category><![CDATA[Planning]]></category>

		<guid isPermaLink="false">http://exemplarexplorations.wordpress.com/?p=51</guid>
		<description><![CDATA[Careers are commonly the greatest asset people possess during their life.  They require initial and ongoing investments in education and experience.  The income they provide may rise swiftly initially, slowly subsequently, decline in real terms eventually, and cease completely upon retirement.  In between, it is subject to discrete rises due to job changes, crashes due [...]<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=exemplarexplorations.wordpress.com&amp;blog=791642&amp;post=51&amp;subd=exemplarexplorations&amp;ref=&amp;feed=1" width="1" height="1" />]]></description>
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		<title>Accumulations by Year</title>
		<link>http://exemplarexplorations.wordpress.com/2008/04/08/accumulations-by-year/</link>
		<comments>http://exemplarexplorations.wordpress.com/2008/04/08/accumulations-by-year/#comments</comments>
		<pubDate>Tue, 08 Apr 2008 22:04:45 +0000</pubDate>
		<dc:creator>exemplarexplorations</dc:creator>
				<category><![CDATA[Finance]]></category>
		<category><![CDATA[Investment]]></category>
		<category><![CDATA[Planning]]></category>

		<guid isPermaLink="false">http://exemplarexplorations.wordpress.com/?p=49</guid>
		<description><![CDATA[While being able to safely withdraw a higher initial percentage would be good, it doesn&#8217;t help much if the portfolio size is reduced at the same time.  The following computes the amount accumulated over 10 to 40 years ending in a particular year.  As can be seen, the portfolio size is low at the time [...]<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=exemplarexplorations.wordpress.com&amp;blog=791642&amp;post=49&amp;subd=exemplarexplorations&amp;ref=&amp;feed=1" width="1" height="1" />]]></description>
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		<title>SWRs by Year</title>
		<link>http://exemplarexplorations.wordpress.com/2008/04/06/swrs-by-year/</link>
		<comments>http://exemplarexplorations.wordpress.com/2008/04/06/swrs-by-year/#comments</comments>
		<pubDate>Sun, 06 Apr 2008 03:58:54 +0000</pubDate>
		<dc:creator>exemplarexplorations</dc:creator>
				<category><![CDATA[Investment]]></category>
		<category><![CDATA[Planning]]></category>
		<category><![CDATA[Risk]]></category>

		<guid isPermaLink="false">http://exemplarexplorations.wordpress.com/?p=47</guid>
		<description><![CDATA[While a Safe Withdrawal Rate, SWR, of 4% is commonly used, it interesting to examine it over time to see how it varies. A standard 60%/40% portfolio without fees and with rebalancing is assumed. Here are computed SWRs by Year for portfolios from 20 to 60 years duration, assuming depletion to 0% or 100%, none, [...]<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=exemplarexplorations.wordpress.com&amp;blog=791642&amp;post=47&amp;subd=exemplarexplorations&amp;ref=&amp;feed=1" width="1" height="1" />]]></description>
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		<slash:comments>1</slash:comments>
	
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			<media:title type="html">SWRs by Year</media:title>
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		<title>Return Variability</title>
		<link>http://exemplarexplorations.wordpress.com/2008/03/06/return-variability/</link>
		<comments>http://exemplarexplorations.wordpress.com/2008/03/06/return-variability/#comments</comments>
		<pubDate>Thu, 06 Mar 2008 18:09:50 +0000</pubDate>
		<dc:creator>exemplarexplorations</dc:creator>
				<category><![CDATA[Investment]]></category>
		<category><![CDATA[Planning]]></category>
		<category><![CDATA[Risk]]></category>

		<guid isPermaLink="false">http://exemplarexplorations.wordpress.com/?p=46</guid>
		<description><![CDATA[Anyone would prefer certain returns to variable ones if the same expected returns were available, but they are not. Variable returns must offer greater ones to compensate for their variability. Over a sufficient time horizon this variability can be dampened, but there exists tension between the time horizon available and the dampening achievable. During accumulation, [...]<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=exemplarexplorations.wordpress.com&amp;blog=791642&amp;post=46&amp;subd=exemplarexplorations&amp;ref=&amp;feed=1" width="1" height="1" />]]></description>
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		<slash:comments>0</slash:comments>
	
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		<title>From Here to Eternity</title>
		<link>http://exemplarexplorations.wordpress.com/2008/03/01/here-to-infinity/</link>
		<comments>http://exemplarexplorations.wordpress.com/2008/03/01/here-to-infinity/#comments</comments>
		<pubDate>Sat, 01 Mar 2008 17:53:22 +0000</pubDate>
		<dc:creator>exemplarexplorations</dc:creator>
				<category><![CDATA[Finance]]></category>
		<category><![CDATA[Planning]]></category>

		<guid isPermaLink="false">http://exemplarexplorations.wordpress.com/?p=45</guid>
		<description><![CDATA[Someone retiring in their sixties can expect to live about 20 years. The safe withdrawal rate for this is around 5% and they would need (1/5%) 20 years of expenses to cover this. Someone retiring 10 years earlier or with a longer life expectancy may want to plan for 30 years. The safe withdrawal rate [...]<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=exemplarexplorations.wordpress.com&amp;blog=791642&amp;post=45&amp;subd=exemplarexplorations&amp;ref=&amp;feed=1" width="1" height="1" />]]></description>
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		<slash:comments>0</slash:comments>
	
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		<title>Housing Assets</title>
		<link>http://exemplarexplorations.wordpress.com/2008/02/05/housing-assets/</link>
		<comments>http://exemplarexplorations.wordpress.com/2008/02/05/housing-assets/#comments</comments>
		<pubDate>Tue, 05 Feb 2008 22:47:07 +0000</pubDate>
		<dc:creator>exemplarexplorations</dc:creator>
				<category><![CDATA[Investment]]></category>
		<category><![CDATA[Real Estate]]></category>

		<guid isPermaLink="false">http://exemplarexplorations.wordpress.com/?p=44</guid>
		<description><![CDATA[Consider the cost of owning a home, the cost of renting one, and the cost of buying one. The cost of owning are the operating expenses and property taxes. The cost of buying includes financing costs. Generally, the cost of owning is less than the cost of renting which in turn is less than the [...]<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=exemplarexplorations.wordpress.com&amp;blog=791642&amp;post=44&amp;subd=exemplarexplorations&amp;ref=&amp;feed=1" width="1" height="1" />]]></description>
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		<title>A Note on Tax Deferral, Part 2</title>
		<link>http://exemplarexplorations.wordpress.com/2007/12/21/a-note-on-tax-deferral-part-2/</link>
		<comments>http://exemplarexplorations.wordpress.com/2007/12/21/a-note-on-tax-deferral-part-2/#comments</comments>
		<pubDate>Fri, 21 Dec 2007 23:45:03 +0000</pubDate>
		<dc:creator>exemplarexplorations</dc:creator>
				<category><![CDATA[Finance]]></category>
		<category><![CDATA[Investment]]></category>
		<category><![CDATA[Mathematics]]></category>
		<category><![CDATA[Planning]]></category>

		<guid isPermaLink="false">http://exemplarexplorations.wordpress.com/2007/12/21/a-note-on-tax-deferral-part-2/</guid>
		<description><![CDATA[Since tax deferral under the same tax rates is beneficial, it is usually desirable to maximize the amount sheltered if not otherwise needed. This means maximizing retirement accounts. Though they offer the same return, since they have the same nominal limits, post-tax contributions offer a higher effective amount of deferral. Without other income sources, under [...]<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=exemplarexplorations.wordpress.com&amp;blog=791642&amp;post=43&amp;subd=exemplarexplorations&amp;ref=&amp;feed=1" width="1" height="1" />]]></description>
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		<slash:comments>4</slash:comments>
	
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		<title>A Note on Tax Deferral, Part 1</title>
		<link>http://exemplarexplorations.wordpress.com/2007/12/11/a-note-on-tax-deferral/</link>
		<comments>http://exemplarexplorations.wordpress.com/2007/12/11/a-note-on-tax-deferral/#comments</comments>
		<pubDate>Tue, 11 Dec 2007 05:10:09 +0000</pubDate>
		<dc:creator>exemplarexplorations</dc:creator>
				<category><![CDATA[Finance]]></category>
		<category><![CDATA[Investment]]></category>
		<category><![CDATA[Mathematics]]></category>
		<category><![CDATA[Planning]]></category>

		<guid isPermaLink="false">http://exemplarexplorations.wordpress.com/2007/12/11/a-note-on-tax-deferral/</guid>
		<description><![CDATA[What is tax deferral worth? Retirement accounts allow deferral or elimination of some taxes. How much value is this? Consider paying, or defer paying, at a consistent marginal income tax rate of rt, to invest at a rate of return rr, experiencing inflation of ri and a capital tax rate of rc for n years. [...]<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=exemplarexplorations.wordpress.com&amp;blog=791642&amp;post=42&amp;subd=exemplarexplorations&amp;ref=&amp;feed=1" width="1" height="1" />]]></description>
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		<slash:comments>0</slash:comments>
	
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		<title>A Note on Debt</title>
		<link>http://exemplarexplorations.wordpress.com/2007/11/01/a-note-on-debt-part-1/</link>
		<comments>http://exemplarexplorations.wordpress.com/2007/11/01/a-note-on-debt-part-1/#comments</comments>
		<pubDate>Thu, 01 Nov 2007 06:09:40 +0000</pubDate>
		<dc:creator>exemplarexplorations</dc:creator>
				<category><![CDATA[Finance]]></category>
		<category><![CDATA[Investment]]></category>
		<category><![CDATA[Planning]]></category>
		<category><![CDATA[Real Estate]]></category>
		<category><![CDATA[Risk]]></category>

		<guid isPermaLink="false">http://exemplarexplorations.wordpress.com/2007/11/01/a-note-on-debt-part-1/</guid>
		<description><![CDATA[When should one use debt and the leverage it provides to enhance returns and when should one avoid it? Should one keep a mortgage or pay it off, for example? Like most financial questions, there is no single answer as it depends on present circumstances and future conditions as well as the risk tolerance of [...]<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=exemplarexplorations.wordpress.com&amp;blog=791642&amp;post=41&amp;subd=exemplarexplorations&amp;ref=&amp;feed=1" width="1" height="1" />]]></description>
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