I am a keen (if not recently) fan of saving money for the long haul. In the past my objective was to pass away with the most debt possible so as to maximize the present. A cheeky goal of course – not terribly practical. In fact, when I review, I’ve not been THAT good at accumulating the massive debt needed to “be rich”. While on a staycation this week I’ve put a lot more thought into what money is and what money does. I even read a few books. Here’s the simple answer, start saving now. You are not saving for a car, or a new this or that, you are saving for your life without chains. Savings are not a nest egg to spend later. They are invested to work for you when you no longer want to work. The sooner you start saving the sooner you can choose not to work. The horizon for that moment in time will seem very far away to some today. You may be thinking a savings plan is maybe for my kids, and it is, but you too can benefit from taking definitive action (either for yourself or your kids). I realise I have been saving for a long time by side effect (RRSP, 401k, ESPP and other work benefits). Now I am saving with intent. When you can quantify your goal you get far more value from the effort of saving. And it is an effort. Let’s make it automatic, a part of the cost of living today, and a habit.
This book got me started thinking in this direction. It may or may not help you. It may or may not be right. What it did do is open my thoughts to possibilities I had not considered. At the least I found it empowering to know that the amount of saving you need to retire is, in fact, quantifiable – hence goal worthy.
Once you’ve read the book – well now – bookmark this link (my personal invite to you) – it’s a simple site where you can start those investments now.
Here’s the link to the book on Amazon – if you don’t get it now put it on a wish list for later – reading it now is of course my personal recommendation.