Optimal Living Daily - Personal Development and Self-Improvement

2778: When Should You Start Saving For Retirement by Francisco Maldonado of The Finance Twins

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May 28, 2023
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INSIGHT

Why Saving for Retirement Is Hard

  • Many Americans struggle to save for retirement due to financial hardships and lack of knowledge about investing.
  • It's common for people to delay saving, hoping to start later with higher income, which is a flawed approach.
ADVICE

Avoid Lifestyle Creep

  • Avoid lifestyle creep by prioritizing saving over spending raises or bonuses on new expenses.
  • Balance spending and saving to enjoy life while securing your financial future.
INSIGHT

Power of Compound Interest

  • Starting to save later because you expect higher income fails to account for compound interest.
  • Early saving results in more money due to profits earning profits over time.
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