It'd be interesting to see how you came to the $50 a month number...and how is this effecting your overall budget? Why $50 as opposed to something else (is this the 10-15% of your income)? I guess you're taking this one step at a time so things are evolving slowly - and it sounds like you may be trying to adjust this number.
Are your investing goals conflicting/impacting other financial goals you may have (i.e., paying off student loans, saving for a home, purchasing an engagement ring in the future, etc.,)? I'm also curious to hear what your "retirement philosophy" is? Some people don't believe in retirement (that's NOT an excuse to not save, but rather a view that they will be working until the day they die).
My grandpa, for example, is still working. Why? Because he believes that we're designed to work and once you stop working then your brain goes to mush. That's why, at 90 years old, he refuses to hire a company to shovel his condo's driveway because why not do it himself? Dennis Prager is another person who doesn't "believe" in "retirement". Again, just curious what you mean by "retirement". The more I think about it, the more I realize that it's "just something you do" before forming true conviction about it.
Hi Christian -- Great questions! I'll answer what you've asked one question at a time.
The $50 number, which may be adjusted as I take another look at my budget, came from a decision to replace one of my budget line-items with investing for retirement/the future. This goal doesn't conflict with my other savings goals. I'm currently still putting money away for other goals like owning a home, as well as putting aside money to pay for a future wedding/engagement.
Second, I appreciate your question about my retirement philosophy. Frankly, when it came to setting an investment goal, having a goal for where I want to be at 65, which is typically when the retirement age is said to be in financial discussions, helps me know how I want to invest now. I think we hold a similar view about the whole idea of retirement. I don't plan to transition from work to a life of leisure at 65. I plan to keep filling out my life, to the extent my health allows, until God takes me home. By the same token, I want to be able to have focuses that go beyond a traditional job later on in my life and I want to have built up financial wealth that can then be passed on to future generations to grow and steward. So to put a bow on it, planning for "retirement at 65" helps me set financial goals, but my hearts desire is to accumulate resources that give me financial freedom later on in life as well as allow for me to have something to pass on to my future family and other causes I believe in.
It'd be interesting to see how you came to the $50 a month number...and how is this effecting your overall budget? Why $50 as opposed to something else (is this the 10-15% of your income)? I guess you're taking this one step at a time so things are evolving slowly - and it sounds like you may be trying to adjust this number.
Are your investing goals conflicting/impacting other financial goals you may have (i.e., paying off student loans, saving for a home, purchasing an engagement ring in the future, etc.,)? I'm also curious to hear what your "retirement philosophy" is? Some people don't believe in retirement (that's NOT an excuse to not save, but rather a view that they will be working until the day they die).
My grandpa, for example, is still working. Why? Because he believes that we're designed to work and once you stop working then your brain goes to mush. That's why, at 90 years old, he refuses to hire a company to shovel his condo's driveway because why not do it himself? Dennis Prager is another person who doesn't "believe" in "retirement". Again, just curious what you mean by "retirement". The more I think about it, the more I realize that it's "just something you do" before forming true conviction about it.
Hi Christian -- Great questions! I'll answer what you've asked one question at a time.
The $50 number, which may be adjusted as I take another look at my budget, came from a decision to replace one of my budget line-items with investing for retirement/the future. This goal doesn't conflict with my other savings goals. I'm currently still putting money away for other goals like owning a home, as well as putting aside money to pay for a future wedding/engagement.
Second, I appreciate your question about my retirement philosophy. Frankly, when it came to setting an investment goal, having a goal for where I want to be at 65, which is typically when the retirement age is said to be in financial discussions, helps me know how I want to invest now. I think we hold a similar view about the whole idea of retirement. I don't plan to transition from work to a life of leisure at 65. I plan to keep filling out my life, to the extent my health allows, until God takes me home. By the same token, I want to be able to have focuses that go beyond a traditional job later on in my life and I want to have built up financial wealth that can then be passed on to future generations to grow and steward. So to put a bow on it, planning for "retirement at 65" helps me set financial goals, but my hearts desire is to accumulate resources that give me financial freedom later on in life as well as allow for me to have something to pass on to my future family and other causes I believe in.