Quote:
Originally Posted by flamesfever
From what I have witnessed, the average person in the 20 to 40 year age group tends to get sucked into the idea that he or she has to have all the toys e.g. expensive cars or trucks, motorcycles, quads, snowmobiles, boats and motors, etc. These are all depreciating assets, that become worthless with time, and continually take away the ability to generate savings...in years when it counts most.
Anything that you can invest in, that appreciates with time, will help you create assets, which when sold will generate money to live on when you retire, eg. your house, cottage, land, various investments in stocks, bonds, etc.
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(Sorry to hi-jack) I don't know if thats true. Sometimes, I think thats just old people looking down their nose at young people. I look at a lot of older people who drive Lexus and Mercedes and complain that they have no money at the end of the day. I'm in my 20's, maxed out my 401k (18% I think), 10% ESPP and still throw back another 25% of my paycheck (after all deductions) into stocks. I don't need a BMW when a Honda will do. Same with all of my roommates, and we're all in our mid-20's. Maybe more and more young people are being stupid with money? Many older people are still dumb as #### with money though.
Its funny though ... that we need the government to help protect us from ourselves and tell us to save money. Granted I'm all for incentives to encourage people to save, I just find it really (sad?) that we need government to tell us how to save.