Author Topic: Surprisingly sensible article in Irish Times on starting saving in 20s  (Read 2125 times)

Moonwaves

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What to do in your 20s/30s...if you don’t want to be broke in your 60s
While not hardcore mustachian (savings rate of 20% rather than 40 or 50 is recommended), I thought this article had a lot of decent points to make. Including mentioning compounding and examples of the difference starting at 20 vs. 30 can make. I know the Irish contingent on here isn't huge but thought it was worth sharing nonetheless. As far as basic articles from mainstream papers goes, if you want something to share with a non-mustachian, other than MMM of course, this isn't a bad starting point.

Of course, now I'm wondering if my 25-year-old self would have paid attention to this kind of article or scoffed, the way most of the comments do. I know that this quote definitely applies to what I ended up doing “People often find themselves in their late twenties with a whole pile of debt and they didn’t really realise what they were getting into. So they spend their thirties getting themselves out of that debt rather than putting money into a pension”...although I did pay into a pension through work, it was almost always the bare minimum and only because it was mandatory in the companies I worked in. The debt part definitely fits, though.

arebelspy

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Re: Surprisingly sensible article in Irish Times on starting saving in 20s
« Reply #1 on: November 22, 2016, 10:22:20 AM »
Good article, thanks for sharing!

Like you said, not as extreme as Mustachianism, but solid personal finance advice in a mainstream publication.  Pretty awesome.
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MrsPete

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Re: Surprisingly sensible article in Irish Times on starting saving in 20s
« Reply #2 on: December 23, 2016, 07:25:24 PM »
Good article, and while I agree it's nothing earth shattering to us, it could be a turning point for a person raised in an average house hold where consumer spending is taken for granted.  However, for a young 20-something, I think saving 20% of one's take-home pay is pretty impressive (assuming you're supporting yourself and not living with your parents).  I remember being on an entry-level salary, and it wasn't easy.  Yeah, we saved, but not nearly as much as we do now.  By the end of one's 20s, yes, 40-50% is much more do-able.   

Yes, 25-year old me would've read this article carefully and would've taken it seriously.  My two 20-something children are VERY interested in articles like this. 

 

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