I agree with the premise of this article. But it's also important to remember that "living where it's cheap" doesn't necessarily mean that one has to avoid whole sections of this nation. (Okay, maybe it does mean that you have to avoid Manhatten.) It's also possible to live comfortably and frugally in a cheaper part of the location where one needs to live because of a job or whatever.
When we moved to the city in which we currently reside, we could have chosen a house with a mountain view. We could have chosen an expensive, newly constructed home in an ideal subdivision.
Instead, we chose to live in a cheaper part of town, closer to downtown. In return, we found an older, well-constructed small house with a large lot suitable for a big garden. We are within walking distance of a major grocery store, close to 2 bus routes, within biking distance of our jobs, our doctors, our chuch, the post office, etc. Unfortunately, it also put us in a less desirable school district, but since we homeschooled, that wasn't a problem.
As the article says, everyone's situation is going to be different. But it's vitally important to consider all the ramifications of a decision.
I started saving at 17 when I went to work for my mom. She had me open up a 401K which she matched up to 4%. At first, the contributions were tiny of course, I was working part time and going to school, but they were something. I've been working for her full time now for 6 years and I have nearly 30K in my account. Even with only contributing up to the match. (I have a little debt to pay off before I can hyperdrive my savings.)
I used the money I received as a college graduation gift and opened my very first Roth IRA. The application I completed for the account was actually the final assignment I had for a personal finance course. That was a great class with relevancy in the real world.
I started while in college, but didn't really start building it until my first real job (mid-twenties). Of course, now I wish I had started when I was in high school! ;-)
We started saving with our first "real" jobs! Slowly, but steadily, we have saved each passing year, but it still doesn't seem like it is growing fast enough for me! :)
I think I might be too obsessed with my budget since I have all those symptoms you mentioned. I'm adding to the list, I even collect small penny which any of my siblings borrowed from me and won't stop until they pay me.
Hi, I work for U.S. Bank's social media group, and we just wanted to let you know we love these ideas and started a conversation about this topic on our Facebook page: https://www.facebook.com/?ref=logo#!/usbank/posts/10150279388510067
I started saving for my retirement when I started my first job, which wasn't until age 26 because I went through grad school. I put money toward both a Roth IRA and 403(b).
My husband and I started saving for retirement as soon as we started working, back in the late 1970's. Since then, we've gone through a failed small business, 3 moves and me spending a lot of my working life as a stay-at-home mom. Despite that, I didn't care that I got laid off from my part-time job this winter and my husband retired at age 57 last fall. Our estate is worth ~1 million dollars, depending on what the stock market is doing at the moment. Our primary strategy: live frugally and always save as much as possible. Especially in tax-deferred retirement accounts, college savings accounts, etc.
I began saving about 30 years ago when IRA's began. I am still with the same investment firm only it has changed names. Once I earned 150% return with these folks and thought that could happen more often than it did.
I started at age 23, with my first full-time job. I did matching, maximum and had a very generous employer, so I was able to put away 15%! When I left, I rolled it all into an IRA and then Roth IRA, but some of the fees were mis-calculated, so I still get statements from TIAA-CREFF for my $90. It's such a waste of paper, but I can't get them to close the account!
It's shameful to admit, but I didn't ever start saving for retirement. I thought there would be time "later". When an unexpected disability set in at age 40, I was completely unprepared. So please, working people, start early!!!
At 24 when I got my first job out of college!
I agree with the premise of this article. But it's also important to remember that "living where it's cheap" doesn't necessarily mean that one has to avoid whole sections of this nation. (Okay, maybe it does mean that you have to avoid Manhatten.) It's also possible to live comfortably and frugally in a cheaper part of the location where one needs to live because of a job or whatever.
When we moved to the city in which we currently reside, we could have chosen a house with a mountain view. We could have chosen an expensive, newly constructed home in an ideal subdivision.
Instead, we chose to live in a cheaper part of town, closer to downtown. In return, we found an older, well-constructed small house with a large lot suitable for a big garden. We are within walking distance of a major grocery store, close to 2 bus routes, within biking distance of our jobs, our doctors, our chuch, the post office, etc. Unfortunately, it also put us in a less desirable school district, but since we homeschooled, that wasn't a problem.
As the article says, everyone's situation is going to be different. But it's vitally important to consider all the ramifications of a decision.
I started saving at 17 when I went to work for my mom. She had me open up a 401K which she matched up to 4%. At first, the contributions were tiny of course, I was working part time and going to school, but they were something. I've been working for her full time now for 6 years and I have nearly 30K in my account. Even with only contributing up to the match. (I have a little debt to pay off before I can hyperdrive my savings.)
I used the money I received as a college graduation gift and opened my very first Roth IRA. The application I completed for the account was actually the final assignment I had for a personal finance course. That was a great class with relevancy in the real world.
I "liked" your FB update and commented!
Also posted on Twitter:
http://twitter.com/#!/starkeee/status/83260117113503746
I liked this on Facebook, too.
I started just a couple of years ago (at age 32). Mostly because I stopped pursuing acting and got a real job and could afford to save more. :)
I started while in college, but didn't really start building it until my first real job (mid-twenties). Of course, now I wish I had started when I was in high school! ;-)
Also, +1 facebook "like".
Started at 25. Wish I had started sooner.
We started saving with our first "real" jobs! Slowly, but steadily, we have saved each passing year, but it still doesn't seem like it is growing fast enough for me! :)
I think I might be too obsessed with my budget since I have all those symptoms you mentioned. I'm adding to the list, I even collect small penny which any of my siblings borrowed from me and won't stop until they pay me.
Hi, I work for U.S. Bank's social media group, and we just wanted to let you know we love these ideas and started a conversation about this topic on our Facebook page: https://www.facebook.com/?ref=logo#!/usbank/posts/10150279388510067
I started saving for my retirement when I started my first job, which wasn't until age 26 because I went through grad school. I put money toward both a Roth IRA and 403(b).
tweet : http://twitter.com/#!/cmouse01/status/83242542119915520
We are following on Twitter!
https://twitter.com/#!/cdcookin/status/83242510931066880
I really didn't start my retirement savings until I started my current job when I was eligible for a 401K.
we are fans on Facebook - thanks!
We started saving this year (first year of marriage) by working to max out the IRAs!
Unfortunately, I didn't start until 30. Now I have to work very hard to "catch-up."
My husband and I started saving for retirement as soon as we started working, back in the late 1970's. Since then, we've gone through a failed small business, 3 moves and me spending a lot of my working life as a stay-at-home mom. Despite that, I didn't care that I got laid off from my part-time job this winter and my husband retired at age 57 last fall. Our estate is worth ~1 million dollars, depending on what the stock market is doing at the moment. Our primary strategy: live frugally and always save as much as possible. Especially in tax-deferred retirement accounts, college savings accounts, etc.
I began saving about 30 years ago when IRA's began. I am still with the same investment firm only it has changed names. Once I earned 150% return with these folks and thought that could happen more often than it did.
I started saving at 28, when I finally got a job that offered a 401k plan. So, I've been saving now for almost 14 years.
I started at age 23, with my first full-time job. I did matching, maximum and had a very generous employer, so I was able to put away 15%! When I left, I rolled it all into an IRA and then Roth IRA, but some of the fees were mis-calculated, so I still get statements from TIAA-CREFF for my $90. It's such a waste of paper, but I can't get them to close the account!
It's shameful to admit, but I didn't ever start saving for retirement. I thought there would be time "later". When an unexpected disability set in at age 40, I was completely unprepared. So please, working people, start early!!!