NYTimes Article: You gotta save 15% of your income...

[ggbutcher]

I've been trying to find a way to educate my kids on what they'll need to do to secure their retirement, and the protagonist of this article has written the best treatise I've seen yet on the subject. I've already forwarded it to my offspring, and to my siblings to forward to theirs...

http://www.nytimes.com/2014/05/04/your-money/a-path-to-retirement-for-those-far-from-it.html

 

[Maenad]

Thanks for the link! This is very timely for me - I just got the graduation open house invite for my cousin's oldest. I think I'll be giving him a financial book or two...

 

[Ready]

Nice article, and it points out that William Bernstein's book is free today and tomorrow on Amazon, so I downloaded it to my iPad for future reading. Thanks for sharing.

 

[Helen]

Thank you for the link. I sent it to my niece and nephew. I especially liked this quote:

Like John C. Bogle, the founder of Vanguard, whom he admires, Mr. Bernstein views Wall Street as a largely parasitic enterprise that flourishes at the expense of ordinary investors. “You are engaged in a life-and-death struggle with the financial services industry,” he warns in the pamphlet. “Every dollar in fees and expenses you pay them comes directly out of your pocket.” He recommends using basic, low-cost index funds whenever possible.

 

[Alan]

Nice article, and it points out that William Bernstein's book is free today and tomorrow on Amazon, so I downloaded it to my iPad for future reading. Thanks for sharing.

+1

 

[Independent]

This is a key observation:

Before you can save, you'll of course have to get yourself out of debt.

He does have one exception

no matter how much debt you have, always max out the employer match on your 401k

I think both of those are excellent advice. Note that it may take a lot of years to get to the point where the college loans, credit cards, and auto loans are all history.

 

[Dreamer]

Thanks for posting. I downloaded it and told my son-in-law about it.

 

[gindie]

If you visit Dr. Berstein's website directly, his article is free every day and available in several formats, including PDF.

If You Can and Rational Expectations

 

[Midpack]

http://www.early-retirement.org/forums/f28/if-you-can-how-millennials-can-get-rich-slowly-71687.html

 

[pb4uski]

+1

+2