Quote:
Originally Posted by wsopmichael
Quick question for you guys, how important is it to save in your early - late 20s? or is it more important to use the money you earn to have fun etc till youre ready to have kids and settle down then you plan for the future? I recall Henry saying its not that important to save when youre young and the solution is to earn more money but I want to hear thoughts of people who live more normal lives with okish incomes.
I feel it might not be worth saving much if you earn between $40-$60k a year if you live in a big city but rather wait till youre futher in your career then start saving but im not sure
1. Max retirement match by employer
2. Live below your means
3. Pay for experiences
4. Invest remainder for future (after safety net)
That's probably the most ideal tradeoff for people who will earn around the mean long term.
If you are way above average for your age you can afford to spend more and save less as a %.
Unless you are trying to retire early.
I think once you hit like 5k invesment per year, while healthy you should be spending the rest doing things.
Edit: there's a good chance 5k is too high. I don't know off the top of my head.
Last edited by CCuster_911; 01-08-2016 at 05:21 PM.