Better follow up piece that actually educates some on the number they are looking at. Not a blanket statement of double their salary. Providing some people with 15% will help. The best advice ever given, pay yourself first out of every paycheck.
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It angers people because 80-90% of their income goes toward rent alone. How's someone supposed to save with that kind of expense? What you should teach them is how to lower their expenses first.
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We all need to become squatters, because 35-90% of your income for what usually amounts to bare-bones housing, leaves you no money to save 4 retirement. Soc. Security was supposed to be our retirement, but Congress started finding ways to pilfer OUR retirement $ for war profits.
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Start small & automate. 5% in a pre-tax retirement savings account (401k, trad IRA), $50 per pay period auto payment to a higher int rate savings account (Capital One 360, Ally).
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5% of $360/2 week paycheck is not something that is going to make a difference as much as it will be to keeping my goddamn lights on.
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Considering like 70% of Americans have less than $1,000 in their savings account, I can’t imagine why that advice(even though it’s good advice) didn’t go over better.
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Always find that an odd stat. My finances are "comfortable," as they say, and I have $0 in a savings account, because I don't have one (have different ones instead)
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Lifehack: just earn less to make that task easierpic.twitter.com/McsPgCRNsI
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It's "advice" not rooted in reality, a-holes! It's you who don't get that despite all efforts, most people can't even afford a $1K emergency. It's not because they spend a lot of money. It's because incomes are abysmal, and the COL has skyrocketed for most.
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"But saving for retirement should be a priority, financial advisers said. Why? Because millennials are largely on the hook for financing their own retirement." Thanks to the people over 50 who spent way too much, and were greedy with future money.
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