There’s a bit of a straw man argument going on around here. He’s not saying there’s an option to either become wealthy and spend your entire 20s working versus staying broke and traveling the world fucking hot girls all the time. There’s an area in between that will bring much greater long-term happiness that I think you should all consider.
-Cut back on and eliminate things you can live without so you can have more money for what you are passionate for. Even seemingly minor spending habits can make the difference of over $1000 over the course of a year.
-Based on your own preferences, set up a budget. Decide for yourself how much money will be allocated to your retirement, savings, investments, emergency fund, play money fund, traveling fund, etc.
-Take your play money fund seriously and toss a few extra bucks in there every now and then. $20 each week will land you at $1040 in a year. That can be several trips to Vegas… or one really fucking good one.
-Keep the vast majority of your wealth in conservative investments, like index funds. By putting $10/week into funds returning 8% annually, in 40 years you will have $134k, $20.8k being principle.
I’m 27, and in the past 6 months, my net worth has grown from $40k to $60k with the same part-time job and no change in spending, despite living solo in a panty-dropping pad.
I’m not a total cheapskate, I spend roughly $1600-$1800 each month, but I get the full 401(K) match (which is very small), max out my IRA, throw in a few bucks into a taxed brokerage account, and the rest is for fun.
-Cut back on and eliminate things you can live without so you can have more money for what you are passionate for. Even seemingly minor spending habits can make the difference of over $1000 over the course of a year.
-Based on your own preferences, set up a budget. Decide for yourself how much money will be allocated to your retirement, savings, investments, emergency fund, play money fund, traveling fund, etc.
-Take your play money fund seriously and toss a few extra bucks in there every now and then. $20 each week will land you at $1040 in a year. That can be several trips to Vegas… or one really fucking good one.
-Keep the vast majority of your wealth in conservative investments, like index funds. By putting $10/week into funds returning 8% annually, in 40 years you will have $134k, $20.8k being principle.
I’m 27, and in the past 6 months, my net worth has grown from $40k to $60k with the same part-time job and no change in spending, despite living solo in a panty-dropping pad.
I’m not a total cheapskate, I spend roughly $1600-$1800 each month, but I get the full 401(K) match (which is very small), max out my IRA, throw in a few bucks into a taxed brokerage account, and the rest is for fun.