Comments on: Young people are already rich http://monevator.com/2009/07/22/young-people-rich/ Make more money, invest profitably, retire early Sun, 21 Mar 2010 18:56:15 -0500 http://wordpress.org/?v=2.8.5 hourly 1 By: The Investor http://monevator.com/2009/07/22/young-people-rich/comment-page-1/#comment-29047 The Investor Thu, 18 Mar 2010 10:23:14 +0000 http://monevator.com/?p=2247#comment-29047 @Mills - I wouldn't beat yourself up. It's not ideal in my book, but many people will tell you that you did the right thing enjoying yourself while you were young. If you've got no debts and you've already had this 'wake up call' at your young age, I wouldn't worry as you'll hopefully have a good attitude going forward, know to avoid debts and save and so on. Some people are 50 or more before they realize that, when it's usually too late. Good luck! @Mills – I wouldn’t beat yourself up. It’s not ideal in my book, but many people will tell you that you did the right thing enjoying yourself while you were young. If you’ve got no debts and you’ve already had this ‘wake up call’ at your young age, I wouldn’t worry as you’ll hopefully have a good attitude going forward, know to avoid debts and save and so on. Some people are 50 or more before they realize that, when it’s usually too late. Good luck!

]]> By: Mills http://monevator.com/2009/07/22/young-people-rich/comment-page-1/#comment-28892 Mills Wed, 17 Mar 2010 14:41:55 +0000 http://monevator.com/?p=2247#comment-28892 Well, i am 26 years old. In the last 3 years i spent 30,000.00 on traveling,new computer and a car i couldn't maintain. Do you guys think it's bad spending 30,000.00 in 3 years traveling and buying things you want? now i am finishing my degree and getting into my job as a police officer. It's depressing to know that i had savings and spent it. It haunts me everyday! Also when i attend school, i pay for it right away so i come out with no depts. Please give me some feed-back. Well, i am 26 years old. In the last 3 years i spent 30,000.00 on traveling,new computer and a car i couldn’t maintain. Do you guys think it’s bad spending 30,000.00 in 3 years traveling and buying things you want? now i am finishing my degree and getting into my job as a police officer. It’s depressing to know that i had savings and spent it. It haunts me everyday! Also when i attend school, i pay for it right away so i come out with no depts. Please give me some feed-back.

]]> By: The Investor http://monevator.com/2009/07/22/young-people-rich/comment-page-1/#comment-23856 The Investor Sun, 07 Feb 2010 11:43:52 +0000 http://monevator.com/?p=2247#comment-23856 @Irina, very wise words - always good to hear from someone who has been there and got the badge. I was lucky in that I shook off the spending itch very early in my life, but I still spent too much on stuff I shouldn't have (e.g. clothes) and perhaps not enough on where my money should have gone (e.g. travel). Luckily dinner and similar with friends and my partner was always in the mix... it's all about love as you say, however hard it is to say that in your 20s. :) @Irina, very wise words – always good to hear from someone who has been there and got the badge. I was lucky in that I shook off the spending itch very early in my life, but I still spent too much on stuff I shouldn’t have (e.g. clothes) and perhaps not enough on where my money should have gone (e.g. travel). Luckily dinner and similar with friends and my partner was always in the mix… it’s all about love as you say, however hard it is to say that in your 20s. :)

]]> By: Irina http://monevator.com/2009/07/22/young-people-rich/comment-page-1/#comment-23844 Irina Sun, 07 Feb 2010 07:51:29 +0000 http://monevator.com/?p=2247#comment-23844 The problem is, WHEN YOU ARE YOUNG, you don't think about the future! Many students in college don't even realise that they should make the maximum amount of effort to get the best grades!...Some spend valuable time going out to pubs and nightclubs, spending money there (of course!) when they could do something more useful (how about saving money to travel to foreign countries??? They would certainly learn more from the experience! When I was twenty, I used to spend money (and time!) on things which seem so unimportant NOW! When people are overspending, there is also something missing in their lives, like LOVE, happiness...otherwise why do we have shopaholics?!... I give them ONE advice, find out what is missing in your life and find some other hobby which interest you instead of shopping - it won't gratify your needs in the LONG RUN...! When I had my first baby, I realised the importance of saving, concentrating on study and looking for a job! Cheers! The problem is, WHEN YOU ARE YOUNG, you don’t think about the future! Many students in college don’t even realise that they should make the maximum amount of effort to get the best grades!…Some spend valuable time going out to pubs and nightclubs, spending money there (of course!) when they could do something more useful (how about saving money to travel to foreign countries??? They would certainly learn more from the experience!

When I was twenty, I used to spend money (and time!) on things which seem so unimportant NOW!

When people are overspending, there is also something missing in their lives, like LOVE, happiness…otherwise why do we have shopaholics?!…
I give them ONE advice, find out what is missing in your life and find some other hobby which interest you instead of shopping – it won’t gratify your needs in the LONG RUN…!

When I had my first baby, I realised the importance of saving, concentrating on study and looking for a job!

Cheers!

]]> By: Kids and Money — November 27, 2009 http://monevator.com/2009/07/22/young-people-rich/comment-page-1/#comment-16647 Kids and Money — November 27, 2009 Fri, 27 Nov 2009 12:01:11 +0000 http://monevator.com/?p=2247#comment-16647 [...] Investor presents Young people are already rich posted at Monevator.com, saying, "If you have teenagers or kids at college who waste their [...] [...] Investor presents Young people are already rich posted at Monevator.com, saying, "If you have teenagers or kids at college who waste their [...]

]]> By: The Investor http://monevator.com/2009/07/22/young-people-rich/comment-page-1/#comment-10797 The Investor Fri, 18 Sep 2009 20:29:47 +0000 http://monevator.com/?p=2247#comment-10797 Thanks for sharing your thoughts Meg. I've had some lovely comments about this post, especially via private contact (via the link above) which does suggest it reached and resonated with a few more people than I expected, which is great. Good luck with your endeavors - sounds like you're well on your way! Thanks for sharing your thoughts Meg. I’ve had some lovely comments about this post, especially via private contact (via the link above) which does suggest it reached and resonated with a few more people than I expected, which is great. Good luck with your endeavors – sounds like you’re well on your way!

]]> By: Meg http://monevator.com/2009/07/22/young-people-rich/comment-page-1/#comment-10795 Meg Fri, 18 Sep 2009 19:20:13 +0000 http://monevator.com/?p=2247#comment-10795 As a 27 year old debt-free (yahoo! until I close on my first home next week anyway) single gal, this post really resonated with me. I am very thankful that I started saving for retirement along with my first job at 15 and am fairly certain I will have a very different lifestyle in old age than my many friends who choose to buy the designer purses and shoes now. I hope more young ladies read your site than you expect - there's always room for gaining knowledge in personal finance. As a 27 year old debt-free (yahoo! until I close on my first home next week anyway) single gal, this post really resonated with me. I am very thankful that I started saving for retirement along with my first job at 15 and am fairly certain I will have a very different lifestyle in old age than my many friends who choose to buy the designer purses and shoes now. I hope more young ladies read your site than you expect – there’s always room for gaining knowledge in personal finance.

]]> By: Lee http://monevator.com/2009/07/22/young-people-rich/comment-page-1/#comment-10693 Lee Thu, 17 Sep 2009 23:43:31 +0000 http://monevator.com/?p=2247#comment-10693 Being 26 now, I think I caught myself just in time. I was setting myself up for a lifetime of debt and nothing more up until 9 months ago (aged 25). Granted I can't jump in a time machine, slap my 15 year old self around the head and then get 10 years of investing behind me... but it's better than being 45, broke and wondering if retirement at 85 is potentially possible. Thanks for the reaffirmation. Lee. Being 26 now, I think I caught myself just in time. I was setting myself up for a lifetime of debt and nothing more up until 9 months ago (aged 25). Granted I can’t jump in a time machine, slap my 15 year old self around the head and then get 10 years of investing behind me… but it’s better than being 45, broke and wondering if retirement at 85 is potentially possible.

Thanks for the reaffirmation.

Lee.

]]> By: Len Penzo http://monevator.com/2009/07/22/young-people-rich/comment-page-1/#comment-7363 Len Penzo Sun, 02 Aug 2009 15:49:11 +0000 http://monevator.com/?p=2247#comment-7363 You're very welcome... I've been a big Monevator fan for a while now. You and Plonkee are my favorites from your side of the pond! :-) I know I failed to truly take advantage of the benefits of compounding savings until I was in my late 20s, despite being aware of them. Although that probably says more about my lack of intelligence, I'll blame that on the arrogance of youth - that's my story and I'm sticking to it! lol All the best, Len You’re very welcome… I’ve been a big Monevator fan for a while now. You and Plonkee are my favorites from your side of the pond! :-)

I know I failed to truly take advantage of the benefits of compounding savings until I was in my late 20s, despite being aware of them. Although that probably says more about my lack of intelligence, I’ll blame that on the arrogance of youth – that’s my story and I’m sticking to it! lol

All the best,

Len

]]> By: The Investor http://monevator.com/2009/07/22/young-people-rich/comment-page-1/#comment-7346 The Investor Sun, 02 Aug 2009 09:48:56 +0000 http://monevator.com/?p=2247#comment-7346 I wonder whether age really does enable us to make consistently better decisions? Particularly with finances, I'm not sure people get smarter - I think rather than society has created some pretty effective railroads for people to get onto once they're out of their mid-20s (for instance buying a house, or having a career) that can be fairly effective for personal wealth provided you keep paying your mortgage and aspire to a corner office. In contrast, 20-year olds can really do anything - the world is their oyster, and their horizons as you say are so long - that perhaps it's not surprising they don't see the game-changing opportunity of early savings, compounded for 40 years? Thanks for stopping by and commenting Len. :) I wonder whether age really does enable us to make consistently better decisions? Particularly with finances, I’m not sure people get smarter – I think rather than society has created some pretty effective railroads for people to get onto once they’re out of their mid-20s (for instance buying a house, or having a career) that can be fairly effective for personal wealth provided you keep paying your mortgage and aspire to a corner office.

In contrast, 20-year olds can really do anything – the world is their oyster, and their horizons as you say are so long – that perhaps it’s not surprising they don’t see the game-changing opportunity of early savings, compounded for 40 years?

Thanks for stopping by and commenting Len. :)

]]> By: Economy and your Finances Carnival – August 2, 2009 http://monevator.com/2009/07/22/young-people-rich/comment-page-1/#comment-7342 Economy and your Finances Carnival – August 2, 2009 Sun, 02 Aug 2009 08:04:33 +0000 http://monevator.com/?p=2247#comment-7342 [...] Investor presents Young people are already rich posted at Monevator.com, saying, “A must-read post about the value of money and youth for [...] [...] Investor presents Young people are already rich posted at Monevator.com, saying, “A must-read post about the value of money and youth for [...]

]]> By: Len Penzo http://monevator.com/2009/07/22/young-people-rich/comment-page-1/#comment-7311 Len Penzo Sat, 01 Aug 2009 16:17:55 +0000 http://monevator.com/?p=2247#comment-7311 Wow. Great article! "I don’t think youth is wasted on the young, but I do think a lot of money is." Bingo. I couldn't have said it any better! My heart sinks just a little every time I think back to all of the money I wasted in my twenties (and even my teens) on absolutely insane things. The real root of the problem boils down to perspective; it is such a powerful influence on all of us. Not only does age bring us the wisdom that allows us to make consistently better decisions, it also allows gives us a very different perspective vis-a-vis our finances that encourages us to invest and save. Most people in their twenties, unlike those of us in our 40s or older, look ahead and see a very long time horizon. As a result they feel comfortable ignoring the need to save and/or invest for the future. This behavior tends to get compounded by their tight budgets. Hopefully, those in their 20s that do read articles like these will take the advice to heart and save and invest like they should. The reality is it's just so hard to heed the message when coming at it from the perspective of youth. My $0.02 (after taxes), Len Len Penzo dot Com Wow. Great article!

“I don’t think youth is wasted on the young, but I do think a lot of money is.” Bingo. I couldn’t have said it any better!

My heart sinks just a little every time I think back to all of the money I wasted in my twenties (and even my teens) on absolutely insane things.

The real root of the problem boils down to perspective; it is such a powerful influence on all of us.

Not only does age bring us the wisdom that allows us to make consistently better decisions, it also allows gives us a very different perspective vis-a-vis our finances that encourages us to invest and save.

Most people in their twenties, unlike those of us in our 40s or older, look ahead and see a very long time horizon. As a result they feel comfortable ignoring the need to save and/or invest for the future. This behavior tends to get compounded by their tight budgets.

Hopefully, those in their 20s that do read articles like these will take the advice to heart and save and invest like they should.

The reality is it’s just so hard to heed the message when coming at it from the perspective of youth.

My $0.02 (after taxes),

Len
Len Penzo dot Com

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