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How does the average American put tens of thousands of dollars into a retirement account within 5 years at a point in life where there is a morgage and/or child
by alchemism 9y ago
How does the average American put tens of thousands of dollars into a retirement account within 5 years at a point in life where there is a morgage and/or children? That does not seem like conventional wisdom.
- NikolaeVarius 9y agoDon't do the mortgage and children.
- selectodude 9y agoIt's conventional wisdom in the same way that you're supposed to drink 8 glasses of water and eat 5 servings of vegetables ever day. The average American doesn't do what is "conventional wisdom".
- toast0 9y agoIt's doable if you get 5% annual growth on the balance, and put in 10% of salary. I ignored compounding, and assumed your income was flat.
- astockwell 9y agoThis is the conventional "textbook" wisdom. It is obviously desirable, but in real life completely impossible. And the gap between reality and this kind of "on-high" prescription is why so many people/families have no savings and have no real way to get out of their current situation.
- fourthark 9y agoThey don't.