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This is awful advice. 1. Neither getting married nor getting divorced should be done for financial reasons. Get married because you love someone and want to sp
by cecilpl 13y ago
This is awful advice.
1. Neither getting married nor getting divorced should be done for financial reasons. Get married because you love someone and want to spend the rest of your life with them, and get divorced because that is no longer true.
2. Children before 35 is good advice. Especially for women, but for men as well. You want to be able to enjoy life with your children, and not be too old to enjoy life with your grandchildren. And sure, be financially stable, but this is not a financial decision at heart.
3. Ugh. Or, you know, choose a few different careers and try them all out. And live within your means at all times.
4. Worst idea. Defined benefit pensions can be reduced or taken away.
5. Learn how to invest on your own (low-cost index funds even). This will be some of the most highly-paid work you will ever do in your entire life. A usual advisor's fee of 1% annually will cost you hundreds of thousands of dollars over your lifetime. https://personal.vanguard.com/us/insights/investingtruths/investing-truth-about-cost https://personal.vanguard.com/us/insights/investingtruths/in...
6. Or, you know, buy the smallest house you can be happy in near where you work. Real estate is a terrible investment that matches pace with inflation in the long run. The stock market returns 7% above inflation annually in the long run, and has never lost money over any 15-year period.
7. Yeah, that's actually good advice.
The key to retiring early is to learn about hedonic adaptation, stop spending money on things that don't make you happy, save a very large percentage of your income (Wife and I earn $100k, save 65%). If you save just half your salary, you can easily retire at 40.
If I'm lucky, when I retire, I'll be having a real-time conversation with my 35-year-old self.
- aestra 13y ago>stop spending money on things that don't make you happy, First you must learn what doesn't make you happy. It might not be what you think. http://www.sciencedirect.com/science/article/pii/S1057740811000209 http://www.sciencedirect.com/science/article/pii/S1057740811... Drawing on empirical research, we propose eight principles designed to help consumers get more happiness for their money. Specifically, we suggest that consumers should (1) buy more experiences and fewer material goods; (2) use their money to benefit others rather than themselves; (3) buy many small pleasures rather than fewer large ones; (4) eschew extended warranties and other forms of overpriced insurance; (5) delay consumption; (6) consider how peripheral features of their purchases may affect their day-to-day lives; (7) beware of comparison shopping; and (8) pay close attention to the happiness of others. https://www.happier.com/article/c46eeac85cc741b39e0e39d15d4e7119 https://www.happier.com/article/c46eeac85cc741b39e0e39d15d4e...