It’s never too late to start.
I did when I started my current job in 1985, my wife did in 1994 when she accepted a postion in a Corp. HQ. We started low. I had 25 bucks a pay (bi-weekly) deposited in a TSA (403b). The wife had more put in hers because her company matched hers with 50%. You will Never find investments that will constantly earn you that rate.
Every year or two based on our monthly bills we talked about how much should be increase that amount.
We Have taken a few vacations over the last 30 years but even they are on the cheap. Tent to the Big Lake, camp out and fish, a hunting trip out west or Canada. But not every year.
We also rarely eat out. Nor do we do the Movies. Maybe once or twice a year. We raise a garden, chickens and a few hogs. Sell a couple to friends to cover part of the cost.
You may never get “rich” working for someone else, however I think a more appropriate saying is “It is not how much you make it’s how much you spend”.
My personal opinion is that Way to many people think life consists of eating out every night, trips to the bar and or Movies and other forms of costly entertainment over the weekend. Same with Phone, internet and cable TV costs.
The other biggy to me is what people spend on Vehicles. Maybe it’s my age but spending 35-50k on a vehicle that most can’t afford and then full coverage Insurance is like getting your paycheck cashed into twenties then piling it up and burning it.
We drive used vehicles. When we buy they are 2-4 years old low milage vehicles. We drive them until the fall apart. Usually get 10-12 years out them.
Start small and pay attention to all the small stuff that you spend money on. Cut some of the non essential out and stick it away. After a few years you will see what a small amount can turn into.
That. One of the best posts I’ve ever seen in any personal finance related thread in the twelve years I’ve been a FReeper. I would add to the “it’s how much you spend” part of the plan by saying “it’s not how much you make, it’s how much you keep.”
The plan you describe works nearly every time it’s tried.
YEP...what YOU said.
I agree with you wholeheartedly....
except for the car thingie...
I buy em new and then drive them till they are dead..
what most people fail to accept is that your retirement is a bill, just like all your other bills..
it gets paid monthly, regardless...
and yes, EVERYONE can put something away, but that means doing without fancy cars, vacations, expensive furniture, eating out, etc...
living frugally is a lifestyle...
wifie and i were at one time both making just above minimum wage, with a house and 2 kids, and still put money away, we just did without the fancy stuff...
I thought I was reading a post I would have written. Spend less than income, invest wisely and you will do okay. We currently drive a 14 yo and 8 yo vehicle. When we replace them, we write a check for a 4 or 5 year old one with medium mileage. We watch spending on luxuries, we do eat well on what we can’t raise (organic and very low carb intake). Keeps our weight down which equates to less medical expenses so we can work longer. OBTW, my dad retired at 83 due to health reasons