All Hokie, All the Time. Period. Presented by

The Lounge Board

EDGEMAN

Joined: 01/05/2001 Posts: 124899
Likes: 40451


The simple answer is "more"


Forget about a specific amount. No matter what amount you come up with, it just won't be accurate when you retire. Just keep doing the best, as often as possible. Fight to get out of "expensive" debt, which are things like credit cards. Mortgages can be considered expensive or inexpensive debt, depending on how they are structured. 30 year fixed mortgages are usually "inexpensive" debt. Variable mortgages with balloon payments are (what I consider) expensive debt. I wouldn't sign up for one of those unless I absolutely knew I was going to be moving/selling before the balloon payment was due.

People should be saving/investing the majority of their "extra" money for as many years as possible. If you start early, your next egg will eventually build up sufficient momentum to carry itself across the finish line.

With that being said, people should follow suggestions by people like Clark Howard on how to live within their means. There are a lot of simple things people can do to reduce the cost of living, and most aren't painful.

(In response to this post by The Bear)

Posted: 05/16/2018 at 11:37AM



+2

Insert a Link

Enter the title of the link here:


Enter the full web address of the link here -- include the "http://" part:


Current Thread:
 
  
Savings and Millenials -- HokieForever 05/16/2018 08:57AM
  That's really hard for millenials, IMO. -- Chris Coleman  05/16/2018 1:14PM
  Are you hiring?! ** -- 81_Hokie 05/16/2018 9:22PM
  Always, in aerospace ** -- WestyHokie 05/16/2018 11:41PM
  Wow, that's fantastic! -- EDGEMAN 05/16/2018 1:09PM
  Here's where it gets really Alice in Wonderland -- WestyHokie 05/16/2018 3:25PM
  Ah, "White Rabbit" by Jefferson Airplane. :-) ** -- Atlee Hokie 05/17/2018 07:39AM
  And you're right, gotta do the math first ** -- `lag 05/16/2018 11:20AM
  I'm technically a millenial. -- hokiehunter07 05/16/2018 10:50AM
  National Debt Clock - Tick Tock Tick Tock -- FrederickHokie 05/16/2018 10:18AM
  At 40T? more tax cuts to balance the budget ** -- 81_Hokie 05/16/2018 12:21PM
  Blame the Star Wars Legos ** -- OXVT 05/16/2018 09:17AM
  LOL, those are an investment -- HokieForever 05/16/2018 09:18AM
  Now their worth 2K :-) -- HokieForever 05/16/2018 09:23AM
  True ... -- OXVT 05/16/2018 09:29AM
  Is he gonna get a hottub with a 60 inch TV? ** -- bigbadbird 05/16/2018 09:32AM
  Probably not. ** -- TomTurkey 05/16/2018 09:50AM
  Disagree on the housing bubble -- HokieForever 05/16/2018 09:13AM
  That is fair but if you look at the percentages -- HokieForever 05/16/2018 09:21AM
  Yep. And it is after 2034 that concerns me ... -- vt90 05/16/2018 09:57AM
  Agry. I have similar fears as well -- Burke Hokie 05/16/2018 11:15AM
  I have the same thoughts ... -- vt90 05/16/2018 11:20AM
  All fair points... -- HokieForever 05/16/2018 09:38AM

Tech Sideline is Presented By:

Our Sponsors

vm307