Tuesday, October 23, 2007
Become a millionaire: Start saving in your youth
The Best Article Every day: "The turbulent 20s, that sometimes pleasurable, often painful transition from carefree adolescence to responsible adulthood, is admittedly a difficult time for anyone to focus on saving for retirement."
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3 comments:
So this may seem a little of topic, but I had to post it. There's this meeting everyone in their 30's attends. You either go to see someone on your own about an IRA or you have a session at work about a 401k. At this meeting they show you a chart about the growth of retirement savings.
Basically what the chart shows is that starting to save at 30, no matter how much you put away, you can't possibly get as much money as you would have had you started contributing at 20 and then stopped at 30 and never contributed again!
Put some money away early.
This whole thing frustrates me. He says put away the credit card and use cash, but without a credit card I can't get an apartment or a car....
It's hard, because you're right. The age at which we should put away the most, we have nothing. The same goes for travel. when you're young enough to climb the mountain, you can't afford to fly there....
I get the whole point about using the cash to make yourselves feel like you are actually paying money instead of just signing off on a piece paper, but it doesn't solve the long term issues. I think the financial issues that most 20s have is that they can't keep track of them, regardless of how much they spend.
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