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June 16th, 2007 @7:08 am  

Great job. I agree with saving as much as you can within reason. If you start saving by your late 20’s, saving 10-15% will do a great deal for getting you into very strong financial shape. Saving more is wonderful and might let you retire early or provide a cushion in case investment returns are not great and for financial difficulties later in life (losing your job, choosing a job that pays less, only being able to find a job that pays less…). I think if you are saving above 15% that is great, but if it is causing you great difficulty (and you are not forced into that situation by failing to save when you were in your 20’s and 30’s) then saving 15% would be a very good achievement.

I think the absolute best life long strategy is to take a portion of any income increase and devote it to savings (and at least a portion (say at least 50%) of that to retirement savings” (in addition to saving for a house, car, emergency fund…) before you get used to spending it. As you mention, the earlier you start saving the longer you have to take advantage of compounding investment returns (which Ben Franklin called the 8th wonder of the world).

efile Said,
December 4th, 2008 @7:17 am  

The best time to start saving for your kid’s college is right after they are born. That way, you have at least 18 years worth of savings to support your kids. Since you have a shorter amount of time to save your money, the best practice is to deposit the money to a high interest yielding investment. The safest so far is to place the money into a savings account. You could also ask your financial adviser for additional options for a high yielding investment.

efile Said,
December 24th, 2008 @4:53 pm  

you have at least 18 years worth of savings to support your kids. Since you have a shorter amount of time to save your money, the best practice is to deposit the money to a high interest yielding investment. The safest so far is to place the money into a savings account. You could also ask your financial adviser for additional options for a high yielding investment.

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