Thursday, October 15, 2015
Money isn't everything
I would have to say it's right up there next to breathing. I was never good at managing my money. I have spent more money than I would wish to know.
When I look back to my early years, I wish I had started saving for emergencies, the future, vacations and, yes retirement. I am scrabbling right now to have a peaceful retirement. Although I still want to work until I cannot work anymore.
One thing I would like to share with the younger crowd is; 1) Save for the future and 2) stay out of debt. Pay cash for everything.
Kids come out of college already having a loan the size of a mortgage. I have met young adults who have spent 4 years in school only to work in something different from their chosen field and with a six-figure student loan, making $12/hr. I'll save that for another story.
Right now, I want to talk about retirement. If a person starts saving in a Roth IRA or some other savings vehicle, putting away the maximum amount, from age 20-27. Then, stop adding to it, do not take any out. When they go to retire, they will have over $1 million. The compound interest will add up over time.
A friend of mine told me his father worked at a job for 55 years since he was age 20. They let him go and he did not have any retirement and thought maybe he would have to move in with his son.
Always have a plan, because rest assure, if you don't, you will fall into someone else's plan.
When I look back to my early years, I wish I had started saving for emergencies, the future, vacations and, yes retirement. I am scrabbling right now to have a peaceful retirement. Although I still want to work until I cannot work anymore.
One thing I would like to share with the younger crowd is; 1) Save for the future and 2) stay out of debt. Pay cash for everything.
Kids come out of college already having a loan the size of a mortgage. I have met young adults who have spent 4 years in school only to work in something different from their chosen field and with a six-figure student loan, making $12/hr. I'll save that for another story.
Right now, I want to talk about retirement. If a person starts saving in a Roth IRA or some other savings vehicle, putting away the maximum amount, from age 20-27. Then, stop adding to it, do not take any out. When they go to retire, they will have over $1 million. The compound interest will add up over time.
A friend of mine told me his father worked at a job for 55 years since he was age 20. They let him go and he did not have any retirement and thought maybe he would have to move in with his son.
Always have a plan, because rest assure, if you don't, you will fall into someone else's plan.
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