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This condition often gets blown-up by adding "Saved" ... or otherwise implying that these people are just to lazy or stupid to 'save' for retirement. While I've known (and know) many people in the 'retirement age, with no money' category, because of bad choices, I don't know of any who intentionally chose to be 'retired with no money.'
Well, that's just it. No one consciously chooses to be old and impoverished, but to not end up in that situation requires a proactive mindset to prevent it from happening. Most people aren't proactive, unfortunately.
I didn't know my post will bring so much attention. I 'm in heaven...
what I can suggest you is to understand what is compound interest.
plenty of little software which can calculate how much you will get when 65.try it...!
if you start at 25 and u save 50$ a month, it will bring several hundred thousand $ in 40 years.
with this money you can bail out somewhere else where life is cheap and live your dream life. take all advantage what the government set in place for you.
yes cut the bills, cut tv cable, get a prepaid sim card, switch off ac before leaving house, increase fridge temperature, use economic light bulb, drive less, get a little car, eat at home, cut the grass yourself, bring your trash, and rent or buy a small house... and stop to buy electronic gadgets every 6 months .. 1$ saved will bring you 100$.
Also I question what you mean by "shove my uneducated kid off on society". I never graduated from college....am I inferior to your future kids who will go to college? If I become a electrician I'm below your "educated children"?
On the one hand, you can scrimp, save, forgo the extra luxuries in life and build up a nice little nest egg for yourself and retire semi-well and your kids will never have to worry about supporting you in your old age. But then you hear talk about the government possibly taking personal retirement savings away from people and, wow......could that really happen? Seems crazy, but could it?
Maybe it would be better to invest your money in your kids' educations, instead? Pay for their college and enable them to graduate free and clear of debt (or at least with a lot less debt). But with all of the talk about the student loan debt crisis, you wonder if the government will at some point decide to massively step in and do something about those loans...and if that happens, would it have been horribly unwise to have put the bulk of your savings towards college for the kids?
Saving for retirement, college for the kids, etc. takes careful planning and time. But policy changes can happen very quickly....hard to know what to do.
I think you should save what you can but realize that today matters, too.
I didn't know my post will bring so much attention. I 'm in heaven...
what I can suggest you is to understand what is compound interest.
plenty of little software which can calculate how much you will get when 65.try it...!
if you start at 25 and u save 50$ a month, it will bring several hundred thousand $ in 40 years.
with this money you can bail out somewhere else where life is cheap and live your dream life. take all advantage what the government set in place for you.
yes cut the bills, cut tv cable, get a prepaid sim card, switch off ac before leaving house, increase fridge temperature, use economic light bulb, drive less, get a little car, eat at home, cut the grass yourself, bring your trash, and rent or buy a small house... and stop to buy electronic gadgets every 6 months .. 1$ saved will bring you 100$.
happy saving!
your cheap charly...
Great post but at some point you need to live life. Why live in a tiny apartment, never vacation/splurge on anything only to be able to retire with extra money only to never spend it because you are paralyzed by your miserly standard of living? I want the happy medium of a good working life and a good retirement.
I am cheap on a lot of things, but I like nice homes/cars/going out to eat and international travel. I have a hand me down Iphone 3 (not the 3Gs), recently traded my truck after 170K miles and couldn't tell you the last dollar I personally spent at the mall. I try to cover all the bases but am definitely not going through life eating peanut butter sandwiches for 40 years so I can have an extra 10K in the bank. I would rather be broke and still working at 70 than be the guy with a billion dollars in the bank but living like he is at the poverty level!
I know a guy that has been very, very wealthy his whole life. If I mentioned his industry or his last name most would recognize it. He lives in a 2mm home, ok but not extravagant. He dresses in 20+ year old clothes and loves his hybrid cars ("not giving those Arabs any more money" is his quote). The Hybrid argument makes me laugh, his last diesel Mercedes went 6,000 miles in 2 years (essentially 9 tanks of diesel fuel the whole time he owned it noting the dealer probably provided the first tank free). I don't think the guy had fun his whole life.....He claimed to love cars so when I asked which was his most fun/most exotic he couldn't recount one that seemed fun/exotic. This guy could have had 57 Chevy's, 1959-64 Caddy's, Porsche 356/Speedsters, 1964-70 Mustangs, Lincoln Continental Convertibles, big block Corvettes, 71 Ferrari Daytona....all within his financial realm and not crazy money back when they were new.......but nope. Not picking on cars but he did say he was a car guy.
He is now an old guy, life has somewhat passed him by and though he still has money it isn't buying him another day on the planet. That missed opportunity would bother me way more than being broke in retirement if you did everything while you were young and had a great time living life.
I didn't know my post will bring so much attention. I 'm in heaven...
what I can suggest you is to understand what is compound interest.
plenty of little software which can calculate how much you will get when 65.try it...!
if you start at 25 and u save 50$ a month, it will bring several hundred thousand $ in 40 years.
with this money you can bail out somewhere else where life is cheap and live your dream life. take all advantage what the government set in place for you.
yes cut the bills, cut tv cable, get a prepaid sim card, switch off ac before leaving house, increase fridge temperature, use economic light bulb, drive less, get a little car, eat at home, cut the grass yourself, bring your trash, and rent or buy a small house... and stop to buy electronic gadgets every 6 months .. 1$ saved will bring you 100$.
happy saving!
your cheap charly...
Hahaha, there is no ac in this house, we've been using CFL bilbs for a couple years, nobody in the house drives (one guy did drive until he got a DUI, so now his daughter drives him around), we cut our own grass and eat at home.
But where are we supposed to bring our trash? Now we just take out trash to the curb every other week and a garbage truck takes it away.
you don't need a 3 rooms house when you are single. you don't need a big car to go to work. you don't need to eat like 3 because you are in a buffet restaurant. you don't need to buy expensive gift to impress your girl/boy friend.
you can live very well if you moderate your self. this is why USA is obese... your habits are not wealthy, not human, (guys weighting half ton) ...
did you know that USA represents 4%of the world population and you burn 50% of the world energy.... how can you do that?
would be better to save this energy in your bank account, no?
I hate spelling. I really don't care much about it. I don't type for a living....sue me. Your...your're and their...they're I always just use it the same way. Sorry....maybe I did come from a working class family and will never be the brighest. My parents never owned a house and still rent. I'm still saving for retirement though! Joe Blow back in the 60's couldn't save...BS.
It's not that you don't care, it's that you don't know.
If everyone did this, it couldn't possibly work. The military couldn't possibly accept everyone who wanted to join.
That's not my point. In the first place, not everyone would have to do this. But since we do have an all-volunteer military at this point, for those whose parents haven't been able to save extra, this offers a great solution. Even joining as a reservist could ease the burden for many.
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