My cousin just posted an article from dailyworth.com so I perused the site a little. I got to this article and my jaw just dropped. Here are their amazing retirement tips:
1. Buy Barrons. Every. Day
2. Pledging to save 1 percent more of your income than you did last year.
3. Decide to work a few years longer.
Number 2 isn't the worst idea, but when I read their example I just laughed. "Let’s say that this past year you saved 4 percent of your $100,000 salary." The next line should be "WTF are you spending all the rest of your income on, cut out 10-40K of wasted spending right now and become rich", but instead of that they say "save 5 percent of your income next year". Sure that won't hurt, and sure it is a nice easy first step, but they don't go any further and they certainly don't mention drastically reducing your spending and they don't mention continuing to up your saving in future years. No instead they mention that you could just keep working "not until you’re 96. How about 70?"
I guess everyone has to start somewhere, and maybe this article is good to get people moving, but I'm at the point where looking at saving 5% of 100K salary is just ridiculously laughable.
http://posts.dailyworth.com/posts/1497-save-1-more-to-make-a-fortune