George's Advice

Yesterday, I stumbled upon this fantastic George Foreman quote:

"The question isn't at what age I want to retire, it's at what income."

Most people you speak with, concerning retirement, all echo the same spirit. Things like: I will never get to retire; I will have to work forever; and I wish I had started saving sooner. This hum-drum attitude is far too common in the world we live in.

I love this quote because it is powerful on two levels. On the surface, it speaks regretfully to the person who is nearing retirement age. It says, keep working so that you can retire with comfort.

But I think this quote also speaks to the twenty-somethings. To this crowd it speaks optimistically, encouraging a life well planned. The twenty-somethings of today have no hope for social security or pensions. That just isn't in the cards. But they do have hope in something many of their parents will never have again - 40+ years of life left in front of them.

To the youth of today, I preach a message of saving. Not saving to horde your money, scared to ever spend a dime. No. I propose saving with a plan.

Ex. You want to save 1 million dollars in mutual funds for retirement. Here are two options that will both net the same end result.

• You could save $90 per month for 40 years.
• You could save $1,100 per month for 20 years.
  

In the world of personal finance, time is the most powerful influence - arguably more so than income. To today's youth, time IS money. So get a plan, and start saving. Otherwise George may punch you in the face with his lean, mean, grilling machine!