If you have tribulations about your salary, listen to a podcast of Joshua J Sheats available on his website Radical Personal Finances. In this particular podcast, Joshua discusses the finances of a hypothetical 18-year old, who starts his working years at Walmart with a minimum wage, and receives approximately $13,000 cash a year after taxes. With this income, the guy has to start saving for retirement.
I liked the hypothetical story, because it reminded me of my first years away from my family. During these years I lived on $7,000-$12,000 before taxes. The main difference between the Walmart character and me is that I never put a dollar away for my retirement or in other types of investment. Why? I had no idea I should do it.
Now (many, many years later) I know what I should do and what I should have done. In my case it is better late than never, but I decided to share my mistake in case a lost soul visits this blog. I have already referred to several websites that could be useful to get inspired, design and implement a financial plan. As I previously mentioned, many of these blogs not only teach finances, but also stimulate personal growth and make you realize what really matters in life (...no, it is not money, but you need the money as means).
PS
I just remembered this relevant to the topic post. Save in your 20-s, you will not be sorry!
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| Savings and investments at early age |
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