6 ms·

I was going to say this. Money comes, money goes, that’s life. Ideally you’re smart enough to save and invest to weather these storms but for those (like myself

I was going to say this. Money comes, money goes, that’s life. Ideally you’re smart enough to save and invest to weather these storms but for those (like myself) that are still working hard post 40, we know it’s all part of the game. I tell the younger generation the same thing. Save, invest, max 401k, before you go off and party. Your older self will thank you.

johnnyanmac 11mo ago
You telling someone with 50k in debt, turning in 1000's or job apps struggling to find a job they studied 4+ years for and not being able to even pay rent to "just save"... is exactly how we got into this situation to begin with.
- ethin 11mo ago
  I'm literally one of these people. My only work experience is a GSoC internship in 2021. I have yet to get hired and I've been looking for 4 years, graduated in 2022 right before ChatGPT came out. I've had no choice but to become a generalist as a consequence, and over the last year or two my interviews have dropped to zero and absolutely none of the advice I've gotten from anybody has helped. Just my personal experience.
  - johnnyanmac 11mo ago
    Yeah, I'm really sorry this happened. I'm managing a bit better since I graduated in 2017, but I still pretty much had my senior trajectory yoinked from under me. The market is completely different now than back when I graduated. I don't really have any advice for the present. We're in a storm, so do what you need to weather it. If there's any downtime you do have, use it to prepare for when (if?) the market bounces back: 1. Network. Nothing serious but just get to know people in your area. Keep in contact and they might one day have an in for some work. 2. work on personal projects. They aren't being looked at now, but it'll help you stand out when the market corrects itself. 3. consider some adjacent skillsets. At some point, if this last longer than any of us expect, it may be best to vouch for yourself. learning some graphic design can help you sell your own apps or make websites for others. Learning some art can help you sell games. embrace the generalization and be able to take small products from start to finih by youself. If you don't want to get completely out, you may want to start shaping your career around being your own boss instead of relying on others to employ you. 4. take care of your physical health. I don't know your body, and you may already be doing this. But it's always important to remind people (especially in a field like tech) that sometimes a breath of fresh air and 10 minutes of walking can make all the difference. Don't let yourself get cooped up. Best of luck out there.
    - ethin 11mo ago
      Thank you for this. Networking is tricky (at least in person networking) because I live in an area that pretty much has no tech hub at all. I call it the state nobody talks about because the only time I've ever heard it mentioned is in elections lol. But I've certainly tried to network and will continue to do so. I can't do graphic design or UI design more generally but I absolutely love to develop software and work with tech. But I am trying to diversify because I don't know what else to do. As a result my resume puts me as a generalist which doesn't exactly help my chances... But eh. I am definitely trying to work with what I have, it's frustrating and really demotivating though.
  - dizlexic 11mo ago
    Probably not helpful, but as a high school dropout and self-taught developer in the industry since 2012. It seems like new grads are being stuck in a similar situation to what the self taughts had to go through to break into a job. Companies care about your work-related experience and dgaf about your college experience. The advice I have is build and contract. Focus on projects and results. If worse comes to worse just set up an LLC and say you've been employed as a developer there for the last 3+ years. Hustle culture.
    - reactordev 11mo ago
      I would echo this as well. When I started, I was still in high school (mid 90s) and the only thing they cared about was “make it work”. Post college, it was about “what have you done?” vs “where did you go?” and so I demonstrated several projects I had done for the passion. A game engine. A graphics website community. Some novel networking libraries. A MUD. Finally, a database. By the time they got to the mud and database they were ringing me non-stop. All of these projects done over a weekend or two while working other jobs to afford rent. Call centers are a personal level of hell.
- jve 11mo ago
  That list should surely had to prepend "pay off debt, live within your means" Listening to Dave Ramsey on YT gets me amazed on how some people can be so irresponsible and accumulate debt on credit cards and cars they can't afford.
  - peppersghost93 11mo ago
    I firmly believe if people in this country were smart with their money in the way Dave Ramsey preaches, the entire service sector would collapse.
- ramesh31 11mo ago
  > turning in 1000's of job apps struggling to find a job This is the entire problem. It's called job hunting, not job fishing. I.e. you should be seeking out specific exact positions that you know are worthwhile and tailoring yourself for them, not casting a net and hoping.
  - bluGill 11mo ago
    There is value in both. Sometimes fishing will find a great job at a place you have never heard of. Often hunters come home at the end of the day having got nothing. Hunting is still your better bet overall. figure out who has a need and position yourself to fill it. This also takes a lot more time to pull off than just sending 1000 resumes, and there is no guarantee. there is generally a mix of course, you start by casting a net to see what is there, and then when there is a potential bite you start tailoring your resume to that potential. Not all leads will result in something. Who you know is always important.
goodolddays9090 11mo ago
I'm a bit over 40, not liking parts of my FAANG job, worried I'll lose it, and worried no where in the industry is as fun as 12 years ago, but being on the low end of Fat FIRE makes it a lot easier.
- aaronblohowiak 11mo ago
  FI is more valuable than RE. After three years or so I got the itch again and decided to self fund my own thing. Also looking back on around 10 years ago more fondly..
  - goodolddays9090 11mo ago
    Yeah; I've heard a few people say versions of you get bored if you retire early, and I've soon to be retirees talk about how the people they know who retired to go do nothing just wasted away. I like tech; my challenge now is finding a gig with interesting work and a good work-life balance and p75 pay. That, and knowing when I actually have enough net worth to have more freedom. The problem is you never think it's enough, but not because of greed, but because of fear.
    - chickensong 11mo ago
      Boredom is a personality trait IMHO. Some of us never get bored, there's only lack of time and funds for hobbies and exploring.
      - fogj094j0923j4 11mo ago
        This is something my 12 years old self used to say.
        chickensong 11mo ago
        Haha I'm old! Several up/down-votes and your comment... I guess I struck a nerve? I speak from experience, and I know other people who feel the same way. We may not be typical, but we exist. At least you could have the decency to debate my comment instead of a feeble insult. My condolences.
karlshea 11mo ago
I'm gonna have to hold your hand when I tell you this: when you tell the younger generation to "save" or "invest" they are going to walk away from that conversation knowing they were just speaking with one of the most mind-numbingly naive Olds they're going to encounter in probably the next several months. Please, if you ever want any respect from anyone younger than you ever again in your entire life, do not say those words again.
- reactordev 11mo ago
  At some point you are going to have to grow up and take matters into your own hands instead of blaming everyone for your situation. I’m not old. Just wise.
  - watwut 11mo ago
    They cant fix the economy singlehandly. Blaming individuals for systemic problems is just avoidance.
    - reactordev 11mo ago
      The only thing they can control is themselves and their habits though. I’m not avoiding the fact that the economy is fucked. I’m fully aware. It’s up to you how much you’re willing to continue to pay or what you’re willing to sacrifice. It sucks, but the only thing you can control is yourself.
      - ungovernableCat 11mo ago
        It’s just generic advice that doesn’t even really apply to the fresh grads, their issue is not having any entry point to a career anymore. I graduated 10 years ago and it’s a day and night difference. Whatever worked for me in 2015 will not work for a fresh grad today, the game is completely different.
        reactordev 11mo ago
SilverElfin 11mo ago
Others are criticizing you but the reality is that people usually spend more and save less than they could. There are plenty of people with modest income who manage to build a decent retirement. But it takes discipline. You have to be okay with sacrificing for the future.
- johnnyanmac 11mo ago
  >the reality is that people usually spend more and save less than they could. You can't save your way out of rent being 70, 80+% of your paycheck. For my area, minimum wage is $18 and your best hope for rent is sharing a $3k 2 bedroom apartment. quick napkin math suggests $2400 take home pay and ~$1800 eaten up between the rent split, utilities, gas, and the most basic rice and beans diet of "groceries". Not even including potential health insurance or car notes or student loans. If you don't have the fortune of a family who'd house you for free/dirt cheap then you don't have much to save. You're already sacrificing for the present.
  - bluGill 11mo ago
    Renters, make sure you vote. NIMBY really hurts you when the house owners who vote make it impossible for you to get affordable rent. Rental properties get higher property taxes: rent goes up, or the quality of the house goes down. When cheap apartments cannot legally be built: there are no cheap apartments.
    - mancerayder 11mo ago
      Some of the YIMBY stuff is coming in the form of stricter environment regulations and even union labor rules and high minimum wage. Looking at you, NYC, where building 99 unit buildings and no more is the norm because otherwise the wage becomes $40/hr. It's called 485-x. There's no escape in the US from the problem. It's either California with weird complicated property tax laws that make no one sell, Texas with unlimited and disgusting urban sprawl, Florida with shoddy construction, or NYC with big headaches tied to strict building incentives for tax breaks. The answer could be ugly - less regulation, but now you're going red and not blue, which is very much the opposite attitude that many pro urbanization folks tend to be. I'm not sure, other than I think the issue is that it's not Not Enough Building. It's that we allow investors to buy everything up. In NYC this year, 40 percent of condo transactions were without financing contingency. Explain that one.
lotsofpulp 11mo ago
> I tell the younger generation the same thing. Save, invest, max 401k, before you go off and party. Your older self will thank you. 401k max is $24,500. How much do you expect a person to earn to be able to max it out? And what percentile income is that at the bottom and top of the age range you consider “young”? https://dqydj.com/income-percentile-by-age-calculator/ https://dqydj.com/income-percentile-by-age-calculator/ Tldr: you are telling almost every 20 to 30 year old to not party.
- bluGill 11mo ago
  A younger person shouldn't max out their 401k unless they are rich. When you are young time works for you and so a maxed out 401k is a very large retirement in the future (which you might not even live to see!). The max is useful for older people who didn't start young.
  - reactordev 11mo ago
    Worst advice ever. Maxing out early is like throwing a boulder down a mountain as opposed to a stone. The sooner you start the better in the long run. What they have to avoid is cashing it out when times get hard.
  - jpadkins 11mo ago
    This is bad advice. Max out 401k early. Compounding growth is how you get rich / FI. The earlier you start, the more time to compound.
    - bluGill 11mo ago
      I have known several people who died before they reached 50. I have known a number of others who retired early because the doctor (correctly) said their cancer is incurable - they had 9 months to enjoy all that savings. I knew someone who planed a great retirement, and her health declined such that even though she lived to 76 (just under average) her entire retirement was spent making regular trips to the hospital and even when not in the hospital her pain was such that she couldn't enjoy anything in life (her husband had a few years to enjoy the savings after she died). If you know for sure exactly how long you will live and how good your quality of life will be then the advice to max out early is probably good. However you don't know - average advice is good for average but if you are an outlier it isn't useful and you don't know. As such you need to compromise and part of that means you enjoy a little more now when you know you can, as opposed to a lot more in the future if you live that long. Exactly what they means is personal of course, but this conflict is why I would suggest a more modest retirement.
CalRobert 11mo ago
If you save for retirement, you will be outbid for housing by those who are not saving.
- reactordev 11mo ago
  And how are those who are not saving, affording to put down money for down payment and closing costs? Saving for retirement doesn’t necessarily mean 401k but you can borrow from your 401k for down payment assistance so you really should be saving for your eventual retirement from day 1.
  - CalRobert 11mo ago
    I meant for rent, and in aggregate.
- bluGill 11mo ago
  Only if you bid on the same houses. Bid on a smaller house. Don't forget too that inflation works for you! If you save and get in a nice house early and the STAY THERE (I can't emphasize enough how important this is - sometimes life forces you to move, but avoid it), your payments measured against inflation will go down - just put that difference into a 401k (that is don't do a cash out refinance along the way as so many do) and in 30 years the house is paid off and your have a great retirement account. When you are in the early years the above plan looks impossible, but time is your friend.
  - CalRobert 11mo ago
    Right, I am fortunate enough to be a homeowner but you do understand that telling a 30 year old with 4 roommates to “bid on a smaller house” is a bit tonedeaf, do you not?
    - reactordev 11mo ago
      Only to those who refuse to hear it. They will continue to ignore the advice while those who hear it put it into practice and when you’re both 50, they will have their house, a retirement account. While you’ll be bidding on your starter home.
bluGill 11mo ago
That advice isn't correct for someone who is just finishing school now. They need to stay alive in a down ecconomy where they can't find a job. In a couple years when things recover (or at least they find a job) it starts to be good advice. Even then I question max 401k - time works for the young and so a maxed 401k makes for too much money in retirement and not enough to enjoy now. Save for retirement yes, but max is too much when you are young - and if you keep saving will always be too much. Max 401k is good for the rich, or those who didn't start young and so their accounts are way behind.
- ramesh31 11mo ago
  >Even then I question max 401k - time works for the young and so a maxed 401k makes for too much money in retirement and not enough to enjoy now. Except the 401k is so tax advantaged that you are foolish to not use it as your basis for financial security. Pre-tax money + employer contributions mean 401k is far and away the fastest method of building up a significant chunk of capital to protect yourself from hardship. Yes there are penalties for early withdraw, but they come out far less than what you would alternately be able to build up with just post-tax savings from your paycheck.
  - bluGill 11mo ago
    Again, how much money do you need? At some point you are taking a risk, and I don't know any seer/medium/prophet/God/gods who both are talking and I trust (plenty are talking that I don't trust). Even if follow your plan of emergency savings from the 401k, you still don't need to max things out as you should be taking some risk as odds are it won't happen anyway - frankly if things get that bad you should spend more time enjoying life now as your life after that emergency will be bad no matter what and so in the worst case you should save less.

johnnyanmac 11mo ago

You telling someone with 50k in debt, turning in 1000's or job apps struggling to find a job they studied 4+ years for and not being able to even pay rent to "just save"... is exactly how we got into this situation to begin with.

ethin 11mo ago
I'm literally one of these people. My only work experience is a GSoC internship in 2021. I have yet to get hired and I've been looking for 4 years, graduated in 2022 right before ChatGPT came out. I've had no choice but to become a generalist as a consequence, and over the last year or two my interviews have dropped to zero and absolutely none of the advice I've gotten from anybody has helped. Just my personal experience.
- johnnyanmac 11mo ago
  Yeah, I'm really sorry this happened. I'm managing a bit better since I graduated in 2017, but I still pretty much had my senior trajectory yoinked from under me. The market is completely different now than back when I graduated. I don't really have any advice for the present. We're in a storm, so do what you need to weather it. If there's any downtime you do have, use it to prepare for when (if?) the market bounces back: 1. Network. Nothing serious but just get to know people in your area. Keep in contact and they might one day have an in for some work. 2. work on personal projects. They aren't being looked at now, but it'll help you stand out when the market corrects itself. 3. consider some adjacent skillsets. At some point, if this last longer than any of us expect, it may be best to vouch for yourself. learning some graphic design can help you sell your own apps or make websites for others. Learning some art can help you sell games. embrace the generalization and be able to take small products from start to finih by youself. If you don't want to get completely out, you may want to start shaping your career around being your own boss instead of relying on others to employ you. 4. take care of your physical health. I don't know your body, and you may already be doing this. But it's always important to remind people (especially in a field like tech) that sometimes a breath of fresh air and 10 minutes of walking can make all the difference. Don't let yourself get cooped up. Best of luck out there.
  - ethin 11mo ago
    Thank you for this. Networking is tricky (at least in person networking) because I live in an area that pretty much has no tech hub at all. I call it the state nobody talks about because the only time I've ever heard it mentioned is in elections lol. But I've certainly tried to network and will continue to do so. I can't do graphic design or UI design more generally but I absolutely love to develop software and work with tech. But I am trying to diversify because I don't know what else to do. As a result my resume puts me as a generalist which doesn't exactly help my chances... But eh. I am definitely trying to work with what I have, it's frustrating and really demotivating though.
- dizlexic 11mo ago
  Probably not helpful, but as a high school dropout and self-taught developer in the industry since 2012. It seems like new grads are being stuck in a similar situation to what the self taughts had to go through to break into a job. Companies care about your work-related experience and dgaf about your college experience. The advice I have is build and contract. Focus on projects and results. If worse comes to worse just set up an LLC and say you've been employed as a developer there for the last 3+ years. Hustle culture.
  - reactordev 11mo ago
    I would echo this as well. When I started, I was still in high school (mid 90s) and the only thing they cared about was “make it work”. Post college, it was about “what have you done?” vs “where did you go?” and so I demonstrated several projects I had done for the passion. A game engine. A graphics website community. Some novel networking libraries. A MUD. Finally, a database. By the time they got to the mud and database they were ringing me non-stop. All of these projects done over a weekend or two while working other jobs to afford rent. Call centers are a personal level of hell.
jve 11mo ago
That list should surely had to prepend "pay off debt, live within your means" Listening to Dave Ramsey on YT gets me amazed on how some people can be so irresponsible and accumulate debt on credit cards and cars they can't afford.
- peppersghost93 11mo ago
  I firmly believe if people in this country were smart with their money in the way Dave Ramsey preaches, the entire service sector would collapse.
ramesh31 11mo ago
> turning in 1000's of job apps struggling to find a job This is the entire problem. It's called job hunting, not job fishing. I.e. you should be seeking out specific exact positions that you know are worthwhile and tailoring yourself for them, not casting a net and hoping.
- bluGill 11mo ago
  There is value in both. Sometimes fishing will find a great job at a place you have never heard of. Often hunters come home at the end of the day having got nothing. Hunting is still your better bet overall. figure out who has a need and position yourself to fill it. This also takes a lot more time to pull off than just sending 1000 resumes, and there is no guarantee. there is generally a mix of course, you start by casting a net to see what is there, and then when there is a potential bite you start tailoring your resume to that potential. Not all leads will result in something. Who you know is always important.

goodolddays9090 11mo ago

I'm a bit over 40, not liking parts of my FAANG job, worried I'll lose it, and worried no where in the industry is as fun as 12 years ago, but being on the low end of Fat FIRE makes it a lot easier.

aaronblohowiak 11mo ago
FI is more valuable than RE. After three years or so I got the itch again and decided to self fund my own thing. Also looking back on around 10 years ago more fondly..
- goodolddays9090 11mo ago
  Yeah; I've heard a few people say versions of you get bored if you retire early, and I've soon to be retirees talk about how the people they know who retired to go do nothing just wasted away. I like tech; my challenge now is finding a gig with interesting work and a good work-life balance and p75 pay. That, and knowing when I actually have enough net worth to have more freedom. The problem is you never think it's enough, but not because of greed, but because of fear.
  - chickensong 11mo ago
    Boredom is a personality trait IMHO. Some of us never get bored, there's only lack of time and funds for hobbies and exploring.
    - fogj094j0923j4 11mo ago
      This is something my 12 years old self used to say.
      - chickensong 11mo ago
        Haha I'm old! Several up/down-votes and your comment... I guess I struck a nerve? I speak from experience, and I know other people who feel the same way. We may not be typical, but we exist. At least you could have the decency to debate my comment instead of a feeble insult. My condolences.

karlshea 11mo ago

I'm gonna have to hold your hand when I tell you this: when you tell the younger generation to "save" or "invest" they are going to walk away from that conversation knowing they were just speaking with one of the most mind-numbingly naive Olds they're going to encounter in probably the next several months. Please, if you ever want any respect from anyone younger than you ever again in your entire life, do not say those words again.

reactordev 11mo ago
At some point you are going to have to grow up and take matters into your own hands instead of blaming everyone for your situation. I’m not old. Just wise.
- watwut 11mo ago
  They cant fix the economy singlehandly. Blaming individuals for systemic problems is just avoidance.
  - reactordev 11mo ago
    The only thing they can control is themselves and their habits though. I’m not avoiding the fact that the economy is fucked. I’m fully aware. It’s up to you how much you’re willing to continue to pay or what you’re willing to sacrifice. It sucks, but the only thing you can control is yourself.
    - ungovernableCat 11mo ago
      It’s just generic advice that doesn’t even really apply to the fresh grads, their issue is not having any entry point to a career anymore. I graduated 10 years ago and it’s a day and night difference. Whatever worked for me in 2015 will not work for a fresh grad today, the game is completely different.
      - reactordev 11mo ago

SilverElfin 11mo ago

Others are criticizing you but the reality is that people usually spend more and save less than they could. There are plenty of people with modest income who manage to build a decent retirement. But it takes discipline. You have to be okay with sacrificing for the future.

johnnyanmac 11mo ago
>the reality is that people usually spend more and save less than they could. You can't save your way out of rent being 70, 80+% of your paycheck. For my area, minimum wage is $18 and your best hope for rent is sharing a $3k 2 bedroom apartment. quick napkin math suggests $2400 take home pay and ~$1800 eaten up between the rent split, utilities, gas, and the most basic rice and beans diet of "groceries". Not even including potential health insurance or car notes or student loans. If you don't have the fortune of a family who'd house you for free/dirt cheap then you don't have much to save. You're already sacrificing for the present.
- bluGill 11mo ago
  Renters, make sure you vote. NIMBY really hurts you when the house owners who vote make it impossible for you to get affordable rent. Rental properties get higher property taxes: rent goes up, or the quality of the house goes down. When cheap apartments cannot legally be built: there are no cheap apartments.
  - mancerayder 11mo ago
    Some of the YIMBY stuff is coming in the form of stricter environment regulations and even union labor rules and high minimum wage. Looking at you, NYC, where building 99 unit buildings and no more is the norm because otherwise the wage becomes $40/hr. It's called 485-x. There's no escape in the US from the problem. It's either California with weird complicated property tax laws that make no one sell, Texas with unlimited and disgusting urban sprawl, Florida with shoddy construction, or NYC with big headaches tied to strict building incentives for tax breaks. The answer could be ugly - less regulation, but now you're going red and not blue, which is very much the opposite attitude that many pro urbanization folks tend to be. I'm not sure, other than I think the issue is that it's not Not Enough Building. It's that we allow investors to buy everything up. In NYC this year, 40 percent of condo transactions were without financing contingency. Explain that one.

lotsofpulp 11mo ago

> I tell the younger generation the same thing. Save, invest, max 401k, before you go off and party. Your older self will thank you. 401k max is $24,500. How much do you expect a person to earn to be able to max it out? And what percentile income is that at the bottom and top of the age range you consider “young”? https://dqydj.com/income-percentile-by-age-calculator/ https://dqydj.com/income-percentile-by-age-calculator/ Tldr: you are telling almost every 20 to 30 year old to not party.

bluGill 11mo ago
A younger person shouldn't max out their 401k unless they are rich. When you are young time works for you and so a maxed out 401k is a very large retirement in the future (which you might not even live to see!). The max is useful for older people who didn't start young.
- reactordev 11mo ago
  Worst advice ever. Maxing out early is like throwing a boulder down a mountain as opposed to a stone. The sooner you start the better in the long run. What they have to avoid is cashing it out when times get hard.
- jpadkins 11mo ago
  This is bad advice. Max out 401k early. Compounding growth is how you get rich / FI. The earlier you start, the more time to compound.
  - bluGill 11mo ago
    I have known several people who died before they reached 50. I have known a number of others who retired early because the doctor (correctly) said their cancer is incurable - they had 9 months to enjoy all that savings. I knew someone who planed a great retirement, and her health declined such that even though she lived to 76 (just under average) her entire retirement was spent making regular trips to the hospital and even when not in the hospital her pain was such that she couldn't enjoy anything in life (her husband had a few years to enjoy the savings after she died). If you know for sure exactly how long you will live and how good your quality of life will be then the advice to max out early is probably good. However you don't know - average advice is good for average but if you are an outlier it isn't useful and you don't know. As such you need to compromise and part of that means you enjoy a little more now when you know you can, as opposed to a lot more in the future if you live that long. Exactly what they means is personal of course, but this conflict is why I would suggest a more modest retirement.

CalRobert 11mo ago

If you save for retirement, you will be outbid for housing by those who are not saving.

reactordev 11mo ago
And how are those who are not saving, affording to put down money for down payment and closing costs? Saving for retirement doesn’t necessarily mean 401k but you can borrow from your 401k for down payment assistance so you really should be saving for your eventual retirement from day 1.
- CalRobert 11mo ago
  I meant for rent, and in aggregate.
bluGill 11mo ago
Only if you bid on the same houses. Bid on a smaller house. Don't forget too that inflation works for you! If you save and get in a nice house early and the STAY THERE (I can't emphasize enough how important this is - sometimes life forces you to move, but avoid it), your payments measured against inflation will go down - just put that difference into a 401k (that is don't do a cash out refinance along the way as so many do) and in 30 years the house is paid off and your have a great retirement account. When you are in the early years the above plan looks impossible, but time is your friend.
- CalRobert 11mo ago
  Right, I am fortunate enough to be a homeowner but you do understand that telling a 30 year old with 4 roommates to “bid on a smaller house” is a bit tonedeaf, do you not?
  - reactordev 11mo ago
    Only to those who refuse to hear it. They will continue to ignore the advice while those who hear it put it into practice and when you’re both 50, they will have their house, a retirement account. While you’ll be bidding on your starter home.

bluGill 11mo ago

That advice isn't correct for someone who is just finishing school now. They need to stay alive in a down ecconomy where they can't find a job. In a couple years when things recover (or at least they find a job) it starts to be good advice. Even then I question max 401k - time works for the young and so a maxed 401k makes for too much money in retirement and not enough to enjoy now. Save for retirement yes, but max is too much when you are young - and if you keep saving will always be too much. Max 401k is good for the rich, or those who didn't start young and so their accounts are way behind.

ramesh31 11mo ago
>Even then I question max 401k - time works for the young and so a maxed 401k makes for too much money in retirement and not enough to enjoy now. Except the 401k is so tax advantaged that you are foolish to not use it as your basis for financial security. Pre-tax money + employer contributions mean 401k is far and away the fastest method of building up a significant chunk of capital to protect yourself from hardship. Yes there are penalties for early withdraw, but they come out far less than what you would alternately be able to build up with just post-tax savings from your paycheck.
- bluGill 11mo ago
  Again, how much money do you need? At some point you are taking a risk, and I don't know any seer/medium/prophet/God/gods who both are talking and I trust (plenty are talking that I don't trust). Even if follow your plan of emergency savings from the 401k, you still don't need to max things out as you should be taking some risk as odds are it won't happen anyway - frankly if things get that bad you should spend more time enjoying life now as your life after that emergency will be bad no matter what and so in the worst case you should save less.