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only fun ?
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 Posted: Fri Apr 07, 2006 4:17 pm Post subject: Are you saving enough for retirement? |
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| This thought pass through my mind because I am not saving anything. I am living the good life and trying to have as much fun as possible. I am 25 years old have a meager monthly pay and i always end up with zero at the end of the month. So is it this way to do things and try and save for retirement when I am 40 or 50. Should I trust the government for my pension? Just rambling on but maybe some one will convince me that I should do some saving. |
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jeter4982
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Joined: 17 Mar 2006
Posts: 133
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Location: CT, USA
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| Posted: Fri Apr 07, 2006 8:59 pm Post subject: |
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I don't think you need to be extremely worried right now, but I would recommend trying to start saving soon if possible. You may look at it right now, and just say that when you are 40 with a better job, you will save then, but then you have to remember that you will be living a different lifestyle by then. Will you have kids to take care of, and colleges to pay for? Will you get married and have to support 2 people, instead of just yourself? Will you potentially have to pay for some medical bills as you get older? The answer for most people to these questions is yes. The point I'm getting at, is you may not have any extra money to save when you are 40, and then you will be in serious trouble for retirement. Even if it is just a little bit of money per month, start saving now, as you can't tell what the future will hold for you.
Tom |
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James
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Joined: 26 Mar 2006
Posts: 59
Career Advice: +0/-1
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| Posted: Sat Apr 08, 2006 2:16 pm Post subject: |
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IMHO there's only two ways out of your position:
* earn more
* spend less.
Sorry to be so simplistic, but that's the way it is.
I don't think this is the site to start talking about spending less, there's lots of other sites out there about budgeting and so on. But on the income side, here's a couple of thoughts to get you started.
Can your current job grow to provide more income?
Is there a career path? Extra hours/overtime available? Commissions or bonuses?
If not:
Start looking for something else you can begin doing while still doing your current job. Part time work, or some kind of small home based business. Maybe selling on ebaY or something like that.
I hope this gives you something to start working on... |
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jeter4982
Expert
Joined: 17 Mar 2006
Posts: 133
Career Advice: +1/-0
Location: CT, USA
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| Posted: Sat Apr 08, 2006 4:10 pm Post subject: |
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| James wrote: | IMHO there's only two ways out of your position:
* earn more
* spend less.
Sorry to be so simplistic, but that's the way it is.
I don't think this is the site to start talking about spending less, there's lots of other sites out there about budgeting and so on. But on the income side, here's a couple of thoughts to get you started.
Can your current job grow to provide more income?
Is there a career path? Extra hours/overtime available? Commissions or bonuses?
If not:
Start looking for something else you can begin doing while still doing your current job. Part time work, or some kind of small home based business. Maybe selling on ebaY or something like that.
I hope this gives you something to start working on... |
While I do agree with you that the savings can either come from working more, or spending less, I don't necessairly agree with you that it is time to start working a second job, or a lot of overtime just so he can save money. Yes, saving money is very important, but he is only 25 years old, and has a long life in front of him. It would be a shame for him to almost completely stop his social life now when he is young just so he can have a little more money when he is older. Now, if you are in the same situation in 5 years, then you may want to start considering some of these things, but right now enjoy your youth, if you can save a little money then great, but if not, do not completely stress yourself out. Good luck!
Tom |
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