April 20, 2012, 6:00 am

Epicness of the Week

by: MD    Category: Financial Rambling
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For this week I wanted to try something different. I wanted to focus on the epicness of the readers of The Financial Blogger, especially the readers that take the time to leave comments.

A few weeks ago I wrote about saving money in your 20s. The post has close to 30 comments and I wanted to use today to highlight some of the top comments.

My Money Design wrote in:

I broke a six-figure savings milestone in my 20’s – all because I wasn’t an idiot when it came to diverting money into my retirement accounts and focusing on investments. When I’m retired at a young age living off my savings and others are still working into their 70’s, we’ll see who the “baller” is.

Danny from Life Tuner had to say:

There are a lot of conflicting sources of information on how you should live your life, and when you’re young, it’s easier to listen to others than sit down and decide for yourself. What it comes down to is a choice: save a little bit now while you’re young (even if it’s hard) and watch it grow over time, or vow to save later. The “saving later” mentality CAN work, but it’s hard because habits form and “later” keeps getting pushed back. Few people will tell you “I wish I had saved less.”

Jacob commented with:

Loved this post. Definitely important to save in your 20?s. I just turned 26, and have blown through more money than most people have in retirement by age 65! I blew through over $100k (inherited) from age 18-21 and became broke. If I would have saved that money and GOT A JOB I would be in a much different place. But I have learned from my mistakes, and have plowed my way through $28k of debt, bought a house, had a kid and my wife is now at home.

I still have 4 years left to save in my 20?s, and will definitely preach the powers of compounding interest, but I do caution becoming a miser just to retire with millions. I think finding a balance based on your values is the way to go. All money should filter through your life’s priorities, and you checkbook should accurately reflect your values. For example; If you love travel, you will allocate more money to that than, say, electronics, and vice versa. I believe in the idea of spending where it counts, and not letting your money go to areas that are not a priority.

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Comments

Sorry, to clarify, WHO inherited $100,000 and blew threw that from ages 18-21??