Global Lessons for Better Savings Habits - SmartMoney.com
The use of social peer pressure to save - I myself am more inner-directed and don't necessarily respond to well to peer pressure (except when I declare something - I like to be true to my word). However, I can see how this might help a lot of people.
Another article in the WSJ was saying that people should work longer Didn't want to post that article as I know most here would sigh - however, the point was the percentages of savings at an early age and how long one would need to work to fund a retirement (with the SS part figured in). That article stated that people on average only save about 5% right now - but that they should be saving 10% - hmmm, for FIRE, I would go for 30-75%.
To me, the book "Your Money or Your Life" truly highlights the real issue - what do you wish to spend your time on ( money is merely a form of 'saved time') - is it of value to you? Is a large house of value compared to a newer car? Is a new car of value compared to traveling? It comes down to tradeoffs (for most of us - the super rich, of course, make different tradeoffs). Further refinement can be had by finding inexpensive ways to meet what you value - books/DVDs:library - shows:matinees or other - clothes:consignment/sales/thrift shops/garage sales. I am merely repeating the mantra many know here.
To bring it back to the topic at hand -the article - saving money (time) is so important no matter what you make. Saving more than the average (much more, if possible) opens up your life to so many opportunities. Heck - the examples in the article of living off of $50 month and still saving should give many pause here.
Off soapbox
The use of social peer pressure to save - I myself am more inner-directed and don't necessarily respond to well to peer pressure (except when I declare something - I like to be true to my word). However, I can see how this might help a lot of people.
Another article in the WSJ was saying that people should work longer Didn't want to post that article as I know most here would sigh - however, the point was the percentages of savings at an early age and how long one would need to work to fund a retirement (with the SS part figured in). That article stated that people on average only save about 5% right now - but that they should be saving 10% - hmmm, for FIRE, I would go for 30-75%.
To me, the book "Your Money or Your Life" truly highlights the real issue - what do you wish to spend your time on ( money is merely a form of 'saved time') - is it of value to you? Is a large house of value compared to a newer car? Is a new car of value compared to traveling? It comes down to tradeoffs (for most of us - the super rich, of course, make different tradeoffs). Further refinement can be had by finding inexpensive ways to meet what you value - books/DVDs:library - shows:matinees or other - clothes:consignment/sales/thrift shops/garage sales. I am merely repeating the mantra many know here.
To bring it back to the topic at hand -the article - saving money (time) is so important no matter what you make. Saving more than the average (much more, if possible) opens up your life to so many opportunities. Heck - the examples in the article of living off of $50 month and still saving should give many pause here.
Off soapbox