Saving for the future

[dxkj]

I do get a "little" tired of people pushing young people to keep saving up every dime so that they have extra money when they retire to do what they want, or so they can retire early...


I'm 24 right now, I have started saving for retirement, but do I really want to focus entirely on retirement savings? What if my choice is saving extra for retirement so I can do a ton of stuff like travelling the world, or save that extra amount to go on vacation to the bahamas now. In the future I might have money to do both, but right now Its basic retirement savings + vacation savings or all retirement.


That might be a little segmented, but I think people should make sure they do what they want while they are young as well as when they are old.... I want to water-ski, jet-ski, go hiking, when im 30, not when im 50.... There are things I will enjoy more when Im older and its important to save for it, but there are a lot of things you need to be young to enjoy.

Anyway, that "debt thread" got me thinking about it.

 

[Slacker]

You cant eat your cake and have it too, you got it right, c'est la vie, make your choices and see what happens.

 

[mugs]

We live comfortably, but we don't blow money on big TVs, fancy vacations, etc. We're quite happy the way we live, and we've saved a lot of money.

 

[FoBoT]

if your employer matches on your 401(k) , it is good to put in at least that % that they match up to

that is my compromise

i think my dad always put in the max to his 401(k), like 15% of his paycheck or something high. we were not poor, but he is very tight, the only vacation besides to visit family that we ever took when i was a kid was to disneyland when i was about 4 years old. not to complain or anything

moderation in all things is usually pretty good idea

 

[doze]

It's important to put a little bit off to the side, but what's the point of saving all your money just so you can have fun one day. I would rather be old and poor thinking about all the fun I used to have rather than old and slightly wealthy thinking about what to do with the money I hoarded my whole life.

 

[dxkj]

Originally posted by: mugs
We live comfortably, but we don't blow money on big TVs, fancy vacations, etc. We're quite happy the way we live, and we've saved a lot of money.

Right, but big TV's I can enjoy when Im 50, Im talking about things you can only enjoy while you are young, or would enjoy more.

 

[dxkj]

Originally posted by: FoBoT
if your employer matches on your 401(k) , it is good to put in at least that % that they match up to

that is my compromise

i think my dad always put in the max to his 401(k), like 15% of his paycheck or something high. we were not poor, but he is very tight, the only vacation besides to visit family that we ever took when i was a kid was to disneyland when i was about 4 years old. not to complain or anything

moderation in all things is usually pretty good idea

Im not sure, I think they match 0% but Im 100% vested in what i make a year.

 

[dxkj]

Originally posted by: doze
It's important to put a little bit off to the side, but what's the point of saving all your money just so you can have fun one day. I would rather be old and poor thinking about all the fun I used to have rather than old and slightly wealthy thinking about what to do with the money I hoarded my whole life.

I think so too, or about the things I used to do but cant because im too old.

 

[stan394]

I'd say both. Find a balance. probably won't go wrong with anything in life.

 

[Looney]

I live for the present. But i plan on marrying rich.

 

[JS80]

Originally posted by: stan394
I'd say both. Find a balance. probably won't go wrong with anything in life.

Or invent Google Part II and do it all now and have more than enough for later.

 

[Engineer]

With pensions going away and SS not in the best of financial situation for the future, you have to at least think about retirement. You don't have to give up everything but you do have to save a little. If you don't "Pay yourself" as you go, there might not be anybody to "Pay you" later when you're older.

You can have it both ways...but not the extremes (i.e. you can't blow everything now and expect to have a comfortable time later).

The biggest part of growing a retirement/future account is starting early...not starting big.


My 2 cents! 🙂

 

[dugweb]

this I imagine has much to do with the notion that hindsight is always 20/20

You will be singing a much different tune when you are 55 wanting to retire 🙂

I do not have that perspective yet, so I say spend the money! live life now, because tomorrow may never come.

 

[Dr. Detroit]

If I knew now what I knew then........

I was concerned about my retirement and worried about having a job as the economy was shaky in '01 & '02. So I saved.

Now, 5yrs later my salary has dramtically increased and I pennie pinched too many good times away thinking I would be broke, now I regret not taking those vacations or buying a nicer car.....