Quote:
Originally Posted by GregWeld
Albert -- that might seem really painful to many folks -- but think about how painful it's going to be if you DON'T do that!
So many play now - thinking they'll somehow take care of everything later.
Like I said to a buddy the other night --- Dude! If it costs you 150K a year to live right now - and you want to live the same in retirement…. that's the income off 3 MILLION DOLLARS! He stared at me like a deer in the headlights. Given that he's 62… I'm thinking he might be in a dark tunnel and there's a train on the other side.
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Well, I started fairly early, an old store manager that i worked at when i was 19 suggested i start a 401k ASAP (they'd just changed the laws so i would be eligible). His quote stuck in my mind (every 7 years it doubles, if you start now, think about those extra last 2 doubles you'll get!!). Anyhow... If i'm so lucky as to save $5k a year going forward, investing that and earning 7% rate of return, by the time i'm 65 i "could" have upwards 1.5MM. BUT, I hope to be earning MORE than a measly 7% and contributing MORE than the $5k/yr.
