Sacrifices today means options tomorrow

ToxicBunny

Oi! Leave me out of this...
Joined
Apr 8, 2006
Messages
94,742
Nice advertorial for 10X, but the core message of it is spot on.

Start saving for your retirement early, and make a few sacrifices to do so, but they don't have to be extreme sacrifices. Take advantage of the compounding factor as early as possible.
 

cguy

Executive Member
Joined
Jan 2, 2013
Messages
6,847
While I don’t disagree with this article, it really emphasizes the “save your way to prosperity” approach, when one should also really have the dual goals of saving while continuing to grow earnings. Many people obsess over managing their savings and investments, and expend relatively little energy on increasing the available capital. It’s just as much of an issue as people who earn very well, and blow it all.
 

Neuk_

Expert Member
Joined
Jan 23, 2018
Messages
4,839
While I don’t disagree with this article, it really emphasizes the “save your way to prosperity” approach, when one should also really have the dual goals of saving while continuing to grow earnings. Many people obsess over managing their savings and investments, and expend relatively little energy on increasing the available capital. It’s just as much of an issue as people who earn very well, and blow it all.

Reminds me of a good friends father who asked a simple question, "What is the absolute maximum amount of money that you can save?" Most stumble with the answer but it is as much as you earn, whereas his next question opened up possibilities, "What is the absolute maximum that you can earn?"
 

cguy

Executive Member
Joined
Jan 2, 2013
Messages
6,847
Reminds me of a good friends father who asked a simple question, "What is the absolute maximum amount of money that you can save?" Most stumble with the answer but it is as much as you earn, whereas his next question opened up possibilities, "What is the absolute maximum that you can earn?"
Very good way of looking at it. Amusingly, if I didn’t save a cent for the first 10 years of my career I would only be marginally worse off, because I’ve seen very rapid earnings growth since then. That said, one still shouldn’t bet on future earnings.
 

HavocXphere

Honorary Master
Joined
Oct 19, 2007
Messages
32,998
The part that gets me is the tax.

Throw it into retirement - save like 42% tax...but its trapped till like 57 y/o. That's a lot of percentages...but also a lot of years
 

Paul_S

Expert Member
Joined
Jun 4, 2006
Messages
4,856
Saving for retirement in this country may not work. Just ask the Zimbabwean pensioners what happened to their life savings when government started printing money.
 

Moto Guzzi

Expert Member
Joined
Apr 24, 2004
Messages
1,374
I doubt you can save your way to good retirement, not that the promise does not look attractive, too many parasites chewing on good money along the way, and on tiop of that from what base are you "saving"-?
 
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