Quote:
Originally Posted by Jason14h
Well there's two options
1. Make more $$
2. Cut spending
Recommendations on how to cut spending seem to be dismissed mostly in this thread
Sooooo.... Make more money is the only other option
Cost cutting is actually the best advice and where people on a message board could make recommendations
I saw early the post about $10K post tax dollars a year on vacations. Well over 20 years thats ~ $500K compounded you would have if investing at a average return vs vacations. Assuming you did that from 30-50 (Ill just assume thats prime earning period and when family vacations)
A person not splurging on $10K a year family vacations during that period now has $500 K that can generate 7% a year which is $35K extra income or rollover into future / requiring less contribution towards future retirement.
I'm not saying thats what anyone should do. It's your money. Spend it how you want. Whatever makes you happy. Just showing the math.
People need to make choices and sacrifices . That is and has always been reality.
Again - There are only 2 options - You will need to make hard choices either way
Cut Costs
Make more Income
(More post tax $$ would also help/be more 'income' but I dont want to turn this into a tax debate)
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You are 100% right.
My only response would be I've seen so many people cut costs, save money, be very prudent with their money and then just get sick and die at a relatively young age. My grandpa was like that and passed away at 64 without ever having lived a somwhat normal life. He would just save money and buy the slashed down vegetables and other food products. Then he died.
I just can't live like that. I don't want to be prudent then one day I can't do the things I love even if I could afford to easily. While it isn't easy right now I rather live like this then the way my grandpa did.
Everyone has their priorities and almost no choice is wrong.