My dad told me to always save something, pay yourself first. He also said as people get older and move along in their careers you should be able to save more as the kids are no longer an expense. Well, those days are long gone. Now we have people having families at later ages, young adults not gaining independence, let alone financial independence. And certainly the long storied career with one company is a bygone thing. We listened to my dad and started our 401ks with our first jobs. We were lucky to both work for companies that offered them in 1985. We budgeted, always having room for saving/investing as much as possible and little vacations. We may have lived in a fixer upper and not a great neighborhood originally but were able to move up 7 years later to something nicer but not extravagant. I had friends and relatives who I know felt that we must not be doing well. I guess to them outwardly, we were behind. My husband died unexpectedly when he was 46, I was 44. We didn't have children. I have to admit that although there is no price you can put on family, not having kids probably made it a bit easier for me financially. Fortunately, my husband had insurance and I got a bit of inheritance from my father. It's allowed me to stay financially independent. I attribute my financial habits to my father's good advice and role modeling and to being a great husband/wife team on saving and investing. Also credit should go to a guy named Bob Brinker and other financial experts like Jonathan Clements, who dedicate their lives to educating others in the hopes we can live our best lives. Money isn't everything but it can help to provide peace of mind.
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If it sounds too good to be true, it probably is.
Post: What’s your favorite financial quote?
Link to comment from June 23, 2024
My dad told me to always save something, pay yourself first. He also said as people get older and move along in their careers you should be able to save more as the kids are no longer an expense. Well, those days are long gone. Now we have people having families at later ages, young adults not gaining independence, let alone financial independence. And certainly the long storied career with one company is a bygone thing. We listened to my dad and started our 401ks with our first jobs. We were lucky to both work for companies that offered them in 1985. We budgeted, always having room for saving/investing as much as possible and little vacations. We may have lived in a fixer upper and not a great neighborhood originally but were able to move up 7 years later to something nicer but not extravagant. I had friends and relatives who I know felt that we must not be doing well. I guess to them outwardly, we were behind. My husband died unexpectedly when he was 46, I was 44. We didn't have children. I have to admit that although there is no price you can put on family, not having kids probably made it a bit easier for me financially. Fortunately, my husband had insurance and I got a bit of inheritance from my father. It's allowed me to stay financially independent. I attribute my financial habits to my father's good advice and role modeling and to being a great husband/wife team on saving and investing. Also credit should go to a guy named Bob Brinker and other financial experts like Jonathan Clements, who dedicate their lives to educating others in the hopes we can live our best lives. Money isn't everything but it can help to provide peace of mind.
Post: Why do many folks fail to save enough for retirement?
Link to comment from June 22, 2024