Author Topic: Terrible Financial Advice from Elite Daily: Don't Save in Your 20's!  (Read 1926 times)

penguintroopers

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http://elitedaily.com/life/savings-20s-something-wrong/1214445/

I get that some of the attitude is to live life some in your 20's, but come on! I find its a good thing if people manage to figure out to put something away in their 401k. And the article forgets that you can't have fun adventures and save at the same time.


penguintroopers

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Re: Terrible Financial Advice from Elite Daily: Don't Save in Your 20's!
« Reply #2 on: September 14, 2017, 05:51:47 AM »
Ah, thanks. I tried searching the forms before I posted and didn't find it.

JAYSLOL

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Re: Terrible Financial Advice from Elite Daily: Don't Save in Your 20's!
« Reply #3 on: September 14, 2017, 07:27:02 AM »
MMM himself did a whole blog post in response of this tragic piece of writing

http://www.mrmoneymustache.com/2015/09/29/if-youre-not-getting-rich-in-your-20s-youre-doing-it-wrong/

talltexan

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Re: Terrible Financial Advice from Elite Daily: Don't Save in Your 20's!
« Reply #4 on: September 27, 2017, 07:37:20 AM »
I have found this Elite Daily piece and the MMM response to be one of the greatest ways to introduce MMM to people who might otherwise recoil in horror.

MgoSam

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Re: Terrible Financial Advice from Elite Daily: Don't Save in Your 20's!
« Reply #5 on: September 27, 2017, 08:20:08 AM »
I got this from my sister this past weekend. She essentially asked, "What the hell is wrong with you," for having the temerity to have money saved up. She doesn't understand that I'm not like her or my brother, I don't desire to have a McMansion and kids and a country club membership. She kept telling me to go on vacation and I asked her why 'going camping,' doesn't count. She wouldn't say it but basically it isn't a vacation unless you're in a foreign country and able to lounge at the resort pool (I don't get why anyone would go abroad just to sit at a hotel pool).

mm1970

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Re: Terrible Financial Advice from Elite Daily: Don't Save in Your 20's!
« Reply #6 on: September 27, 2017, 02:01:15 PM »
I got this from my sister this past weekend. She essentially asked, "What the hell is wrong with you," for having the temerity to have money saved up. She doesn't understand that I'm not like her or my brother, I don't desire to have a McMansion and kids and a country club membership. She kept telling me to go on vacation and I asked her why 'going camping,' doesn't count. She wouldn't say it but basically it isn't a vacation unless you're in a foreign country and able to lounge at the resort pool (I don't get why anyone would go abroad just to sit at a hotel pool).
Sigh.  In my 20s travel was not a "thing".  Well, it was a "thing" for the middle class kids.  My travel was mostly done on the US Navy's dime, plus one trip traveling Space-A.

Those people who are "living" are the same ones bitching to me that they are 40 and cannot afford a house.

"How did you buy a house in SB??"
- We waited until our mid-30s
- we are cheap
- we bought a small house

By the time we bought our house, I'd be working for 13 years and spouse for ~15 (though he was in grad school for 7 of that, paid but not highly).  And...we saved!

talltexan

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Re: Terrible Financial Advice from Elite Daily: Don't Save in Your 20's!
« Reply #7 on: September 28, 2017, 07:11:37 AM »
I'm not defending Lauren Miller's world in which income is generated by buying alcohol on Friday nights in bars, but I was told that the rapid increase in income during my 20's meant I shouldn't be worried about saving.

Then I had kids at 31 and 34, and--boy--I wish I had done more saving earlier!