Author Topic: How to feel more confident about money in your 20s 30s 40s and 50s  (Read 3111 times)

Spondulix

  • Pencil Stache
  • ****
  • Posts: 656
  • Age: 44
  • Location: Los Angeles, CA

Monkey Uncle

  • Handlebar Stache
  • *****
  • Posts: 1740
  • Location: West-by-god-Virginia
Re: How to feel more confident about money in your 20s 30s 40s and 50s
« Reply #1 on: February 01, 2015, 03:43:32 AM »
Generally good advice for the younger folks - get started saving early, save before you spend, and avoid lifestyle creep.  But when she gets to the 40s, the author veers off into standard financial planner BS with this: "Are you on track to replace 85% of your income in retirement? Will you have to stretch out your retirement timeline?" No mention of figuring out your actual spending needs in retirement.  And then there's this gem: "Some 50-somethings may view retirement as the only way to end a career they are so over — but 'don't get trapped into retirement as an escape from your job,' Garrett says. 'That often leads to a decision to retire before you're truly financially ready.'"  Again, no mention of how to figure out when you are truly financially ready.  I guess we're supposed to pay big bucks for a financial planner to figure that out for us.  And the answer will probably be "85% of your pre-retirement income.  Keep working."

eyePod

  • Pencil Stache
  • ****
  • Posts: 963
    • Flipping A Dollar
Re: How to feel more confident about money in your 20s 30s 40s and 50s
« Reply #2 on: February 02, 2015, 12:21:05 PM »
Great article for the general public. I can't believe that the average household only has 15k saved for college. We almost have that and we have a 2 year old.

Mississippi Mudstache

  • Handlebar Stache
  • *****
  • Posts: 2170
  • Age: 40
  • Location: Danielsville, GA
    • A Riving Home - Ramblings of a Recusant Woodworker
Re: How to feel more confident about money in your 20s 30s 40s and 50s
« Reply #3 on: February 02, 2015, 02:19:51 PM »
Great article for the general public. I can't believe that the average household only has 15k saved for college. We almost have that and we have a 2 year old.

I don't have a dime saved for college. I do, however, have a lot of money saved for retirement. Whether or not my retirement expenses include college expenses is yet to be seen. I don't see the point in separating my future expenses into separate buckets a priori.