Originally Posted By: Leo99
Originally Posted By: Astro14
Originally Posted By: javacontour
Mr Nice,
If you start early enough, it's under $5/day.
https://www.simplemost.com/heres-much-mo...tm_content=KNXV
If you wait until you are 50, then you need to put away nearly $75/day and probably more as the scenario is both optimistic and many will need more than $1 million to retire in the next generation.
But, but, but...I NEED that $5 for my daily, barista crafted, latte!
I DESERVE that latte!
And I deserve my new BMW, those shoes, and this new cell phone, oh, and gym membership, cable package, fabulous vacation, and, of course, eating out for lunch...brown bag is so gauche...
My wife keeps driving her old Rav4 and figures she can afford coffee and shoes.
We put $75 a day towards retirement.
That's GREAT!
You've "broken the code", my friend...
My "tongue in cheek" examples are simply many luxuries that folks take for granted, when they should be examined in light of the total expenditures and savings. My wife has a six-figure income, and a Captain's pension from the US Navy.
She drives a 16 year old Volvo (which she bought 11 years ago for cash) and takes her lunch to work....she doesn't need to do either, but instead chooses to economize in those ways to free up the cash for other priorities...in our case, those priorities have included 5 college educations (to date, my youngest starts college this fall), two weddings, some home improvements, and some much-needed repairs (new roof, new HVAC, last year).
She would rather brown bag her lunch and drive her old car so that this summer, she can fund some landscaping improvements, a new deck, and a few other things that she's got her eye on.
All while meeting our savings/investment targets.