Quote:
Originally Posted by DBasher
He may be old but at least he's not tall....wait maybe that doesn't help things.
Chetly I like the idea of the holding account, like most, I spend what I have. I've just recently opened an account for the OT to be dropped into, we'll see if that helps.
Dan
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The key is to BREAK that habit... which takes some effort. You'll never break that habit unless you are in a position to either scale back -- or going forward - stop spending the increases... and start to invest those instead. Once you actually start to invest - and see the gains and income they can create. Then a person actually becomes MORE addicted to the savings/gains than they are of pissing away every paycheck including future paychecks.
We ALL want "stuff". We want it now... and regardless of income level.. there is never enough. PERIOD. I don't care who you are. The Stuff just becomes more expensive or more of.
The key to this entire thread is not to suddenly wake up and be 62 or 65... and realize your career has come to an end - which means the income that came with it... and now you finally have time on your hands -- but have no money. That must be the sickest feeling EVER... You're now old - useless - unemployable at any meaningful job - and frankly - who wants to still HAVE to work when you're 65+. The only cure for this decease that you KNOW is coming - is to start taking the medicine NOW.
We always wan to put this off.... but the facts are quite clear that all of us is living FAR FAR longer than in the past. We are now living 25 and 30 years past retirement. That's a very very long time to live a sucky cash poor retirement. And with inflation factored in - that time gets worse not better.
$50 a week now doesn't seem like much... but if that grows to $100 a week with raises and bonuses - and then it starts to earn a return and gets some capital growth (total return)... it starts to find some traction...
Here's something I ask people all the time. If it takes you $80K per year to live now ---- and social security is going to pay you $1500 a month in retirement (18K per year). How do you plan to live once you hit 65?? It's a scary question that needs to be dealt with.