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You seem to not know WHY to save money, so I think that's an important first step before you bother too much with the how (although the how is obviously very important). I think a lot of people are lacking a good "why" and then they just spend whatever money they have because they don't know what else they are supposed to do with it. In your situation, here are some general things I would think about wanting to save for. Please pay no attention to the completely random order, and keep in mind these are in today's dollars. 1. A wedding (5k - infinite apparently) 2. College education for children (40k - 200k per child) 3. A nice house (200k - 600k) 4. Retirement income to supplement your social security income (500k+) 5. Enough money to retire early ($1000k+) 6. A vacation fund 7. Enough money to start a business and work at it for 6+ months 8. A vacation home 9. A rental property 10. Fancy cars and other "toys" Personally, I really can't imagine working until I'm 65. I don't know how people do it, it just seems terrible to imagine doing this for 30 more years. So number 3, 4, 5, and 6 are important to me and that is what motivates me to save my money. Lots of other people want vacation homes and new cars all the time, or golf memberships or whatever so that's why they try and accumulate money. If you have no desire to retire early, I would still feel the need to save up like 500k as early as possible in retirement accounts to kind of mentally check off number 4.
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Oct 12, 2015 01:48
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| # ¿ May 16, 2024 16:35 |
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