Absolutely agree. Due to my naivety and ignorance in the 80s to early 2000s, I spent all my savings in a startup and became bankrupt in 2007. I put my head down, eschewed all ambitions of joining management and started IT contracting as an analyst. For nearly ten years, I worked 60 hrs a week and retired in 2018. My spouse joined a startup and also added to our investment strategy identical to what is prescribed here. We are now in the Bay Area, CA, paid up home and car and based on my calculations, we will not run out of money until the end (maybe 15/20 years away) with a decent sum left to our son. I wish I had this knowledge when I was 19 - but I was totally oblivious. My niece on the other hand did a financial planning course in school and at 26 years is worth $400K already.
However as Indian immigrants, we are generally more frugal and have been taught by our parents to save a significant portion - but no investing advice. With sites like this, I strongly believe that the new generation will be better placed in lifetime investing than our current 65+ generation.
Comments
Absolutely agree. Due to my naivety and ignorance in the 80s to early 2000s, I spent all my savings in a startup and became bankrupt in 2007. I put my head down, eschewed all ambitions of joining management and started IT contracting as an analyst. For nearly ten years, I worked 60 hrs a week and retired in 2018. My spouse joined a startup and also added to our investment strategy identical to what is prescribed here. We are now in the Bay Area, CA, paid up home and car and based on my calculations, we will not run out of money until the end (maybe 15/20 years away) with a decent sum left to our son. I wish I had this knowledge when I was 19 - but I was totally oblivious. My niece on the other hand did a financial planning course in school and at 26 years is worth $400K already. However as Indian immigrants, we are generally more frugal and have been taught by our parents to save a significant portion - but no investing advice. With sites like this, I strongly believe that the new generation will be better placed in lifetime investing than our current 65+ generation.
Post: Wealth at Work
Link to comment from August 26, 2021