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5 years ago in #investing by abitcoinskeptic (74)
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$10 a day is really scary 😥
Either one cannot ever retire (and must work till he dies) or find some way to get passive income...
I think before people focus on passive income, they should focus on income from working. Passive income is great but it is a lot harder to get.
I really like the whole idea behind this but I need to remind you that there are places all over the world that 30K annually is just a dream.
Very true and thanks for bringing that up. If your income is average for your area, and your family is making less than 30k a year, maybe you are going to need to fund your retirement dramatically different than these calculations allow. If you live at below average for your area, you need to focus on attaining an average lifestyle.
I think for lower incomes, you need to get yourself some land (<7k) and definitely own your house (<20k). In places, I've been where families likely earn less than 7K, all the ones who are doing alright tend to have informal ways of making and saving money like gardens and usually have a few older retired relatives hanging around (ie. generational inter-dependency). Having children may be a good retirement strategy in those cases. In most developed countries, having children is nothing short of a terrible financial decision but there is more to life ;)
Oh, yeah, darlin! I'm all over this one! ;)
I have been saving since the day I left college. Thanks for sharing your analysis. While many in different countries will calculate it differently, the main points can be altered to fix that.
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This one looks designed for Americans actually. However, I think Everyone needs to adjust it to their own circumstances. Working is the best way to make money for most people and saving from paychecks is smart. I had some student loans to pay off after university and I looked at that as priority, but as soon as those were out of the way, I really started saving too. The mountain isn't as tall when you are halfway up. Also, it's never too late for people to start since it won't get any easier.
I agree. Always the student loans! Yes. But, my father instilled in me that even though I had to prioritize those to get them off my plate, he also told me that I still had to pay myself (put away some money) also, even if it was only $1 a paycheck, to instill in my own self that I had to save, no matter how little.
I believe I owe him everything. It's never too little to start and never to late to make it happen. Thanks for this post!
Howdy sir abitcoinskeptic! These things are very interesting. In Western countries 30K annually is pretty low I agree. I wished I would have followed one of these plans when I was 30!
I agree 30k is low for western countries. Actually, I was surprised to see OECD family average is so low. In Korea, 30k a year is what 2 adults working for minimum wage would make in a year or it's a decent entry-level salary for someone who went to college with a career in mind. So a married couple in their 40s or 50s should be making considerably more.
Howdy again sir abitcoinskeptic! I agree. Your analysis is really interesting and I hope it grabs people's attention as to what can be accomplished with saving consistently, the numbers are remarkable.
My eyes are swimming, but they is great info and I will study it more when I'm alert!
It's definitely a great calculator to use. You may find a better calculator for your particular needs though, but having an idea is great.
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