I can only add to this discussion about saving and not saving and the consequences.... by saying that I've been poor... and I've also lived a "normal" life of making car payments / VISA payments etc... and I've been fortunate to have done a few things right and been lucky at the same time.. leading to 20+ years of being relatively "rich". Rich to me is different than "wealthy". Wealthy is private jets - and 100 foot yachts.... Rich is just being able to not have to question what you want to do or which car you want to write a check for... having a second home... being able to live life pretty much free of financial worries.
I think if you asked 100 "rich" people how they got rich... 98 of them would tell you they earned it. All of them would NOT described themselves as "rich". More likely they'd say they are "well off"... or something similar. But here's my real point in the post.
You can not SPEND yourself to wealth.
So the choices you're all discussing.... need to be measured by pretty much a single point in time. RETIREMENT. And how you'd like to live for about a THIRD of your life. Living hand to mouth... or being able to really finally enjoy the fruits of your labor/education etc by being able to take a cruise once a year... or go to Hawaii.... or being able to pay for your daughters wedding.
A MODEST amount of "less" (if that's what you have to do) NOW will pay off in spades later with far MORE.... even if that more is relatively simple peace of mind.
To do all of this -- you not only need to save -- but you need to make your money work for you and grow. That takes some work -- some effort -- some risk -- but what it really takes is a plan.... which is what Todd is saying and he's 100% right.
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