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I really enjoy reading this section from an educational standpoint as well as reading everybody's stories.
I've got a ways to go (Currently 38), and Gawd willing would love to make it to retirement age one day. What advise do you have for the 30-40 yr age group in regards to saving for retirement?
I look forward to hearing your stories/advise, thanks.
Marry well, start early, live below your means, stay balanced, and stop trying to chase each and every little return. Risk is higher and you will never have the info to make a complete and informed decision.
Those I am impressed with buy and renovate houses as they live in them and then sell and do it again. All the gain is tax free. Skills are invaluable. It is a "home based business".
Stop trying to match everyone else. Live below your means (not to the point of deprivation) and save for tomorrow.
Read Your Money or Your Life and The Millionaire Next Door from the library.
You can also visit the Simple Living website forums for constant reinforcement and to ask questions. A wide variety of people post there.
We basically did all this (without the renovating part) and had the blessing of two good jobs. We are now retired and look back on all the things we did and the savings we also put aside for the rainy/retirement day.
I started working my "real job" when I was 26.
Worked it for 30 yrs and retired when I was 56 and then worked part time in my brother-in-laws machine shop for another 5 yrs.
Raised 6 kids, bought new cars and 2 houses.
I was in debt all my life. Still am to some degree.
Time has went by much faster than I expected.
Although I have had a pretty good life I am not where I expected to be when I set my lifes goals in my younger years.
Some things I have learned over the years.
Don't reach for the best of the present at the cost of the future.
Avoid unnecessary debt. There is a difference between wants and needs.
Make decisions that will benefit you in the long term instead of giving in to "got to have it now" impulse.
Pay yourself first. Even if it is only 5 or 10% of your income. You will be glad later on that you built up a cushion for emergencies or just having something to fall back on in later years.
That was my big mistake. I never did that. I always thought the future would take care of itself. The future only takes care of itself if you plan for it. Only you can control giving it that chance and then nothing is quaranteed but at least you gave it a shot.
Don't waste money on cigarettes or excessive alcohol or other bad expensive habits.
If I hadn't smoked for most of my life I would have saved THOUSANDS of dollars to do other, more rewarding things.
Work with your SO. Plan things together and don't fall into the "we have to impress people syndrome".
You can be comfortable without being extravagant. Don't worry about where you fit in with society as long as you and yours are clean, well fed, and have a decent place to live and care about others less fortunate than you.
You are relatively young. I am getting old. Life is what you make it. You have time to plan and set your life on a good course by making good long term decisions.
There is an old saying.
Young men think of the future because they have no long term past.
Old men think of the past because they have no long term future.
I can look back at the past and see all the good things.
My wife, our kids, our home, our life of work, and just trying to be good responsible citizens.
But I can also see how things could have been better if in my younger years I would have realized that life goes by much faster than anyone expects and some early planning could have changed some things to make us more comfortable in our older years.
I'm not desparate. I'm not homeless. My kids are grown and doing well.
But it is a different world today. The younger folks will face more challenges and competition than I did to have a good life. (My kids included)
You have to be smarter and plan better than my generation did to enjoy your golden years.
DON'T RUN UP CREDIT CARD DEBT. That will get you in trouble.
If you find yourself in a financial hole, STOP DIGGING. Start climbing out of it even if it means getting some stubby fingernails. They will grow back. And so will your future.
Plan your finances so you can generate adequate income when you retire. It really isn't that difficult to figure out, just decide what type of lifestyle you wish in retirement and the annual income needed to support that lifestyle. Then, take a look at social security (yes, I think it will still be around) and calculate your "gap". That will indicate the income you will need to generate from savings.
Pay yourself first. Even if it is only 5 or 10% of your income. You will be glad later on that you built up a cushion for emergencies or just having something to fall back on in later years.
Absolutely great advice!! Before we were married Mrs Teks boss had us house sit when they went on vacation. While showing us what to do and making sure we knew we were allowed to use the pool at any time (yes, we did!) he talked to us about our future.
The main point he made is the one stated above. Read it. Learn it. Follow it.
Considering the wealth this man had accumulated during his life we listened.
Read the book "The Millionaire Next Door"...great advice on the seven simple rules that will help you become wealthy. It also is very interesting in that it maps out exactly how someone your age can make much smaller sacrifices at this point in your life than someone who starts saving significantly more later in life. We feel this book has done much to help us on our way to a very enjoyable retirement soon.
PS...you can buy a USED copy of this book for as little as 22 cents on Amazon...might as well start your "saving" strategy right now.
Marry well, start early, live below your means, stay balanced, and stop trying to chase each and every little return. Risk is higher and you will never have the info to make a complete and informed decision.
Those I am impressed with buy and renovate houses as they live in them and then sell and do it again. All the gain is tax free. Skills are invaluable. It is a "home based business".
Stop trying to match everyone else. Live below your means (not to the point of deprivation) and save for tomorrow.
Read Your Money or Your Life and The Millionaire Next Door from the library.
You can also visit the Simple Living website forums for constant reinforcement and to ask questions. A wide variety of people post there.
We basically did all this (without the renovating part) and had the blessing of two good jobs. We are now retired and look back on all the things we did and the savings we also put aside for the rainy/retirement day.
I'm 6.5 years retired and all I can say is STAY HEALTHY!!!! What you can do at 40 you might not be able to do or want to do in older age so get set for some changes and learn to adapt.
The rest of the advice in this post is good stuff .
I'm 6.5 years retired and all I can say is STAY HEALTHY!!!! What you can do at 40 you might not be able to do or want to do in older age so get set for some changes and learn to adapt.
The rest of the advice in this post is good stuff .
I'm 61 and I will echo this sentiment. It is amazing how fast your body changes after a certain age.
Stay healthy, keep fit. You will be rewarded for the remainder of your life.
Save as much as you can in a 401K and don't be greedy. I kept most of mine in a stable fund and wasn't affected by the recession.
If possible work for a company that provides a pension and health benefits. Health benefits in retirement are huge.
If you have children, teach them they can't have everything they see or their friends have. Teach them to live within your means. I put two children through college (cash) as a single parent. They thought we were rich until they saw the new cars the freshman arrived with.
Don't go into debt. If you can't pay for it at the end of the month, don't charge it. You can't afford it.
Don't buy a house you can't afford or need just to keep up with the Joneses and fill it with useless things.
You can enjoy life without every little gadget that is on the market.
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My two cents
