Planning ahead...

I am already retired, and am living very comfortably. I think that the best advice that I can give any young person, is "live under your income". I had a salary, and my husband worked on commission. With commissions, you never know. One year your earnings can be great, the next year not so hot.

We have always lived in a "worst case scenario". As a result, we always had money left over. The excess went to savings and investments. We were always very conservative in our investing. Even when we were in the bear market, and lost some of our principal, we were and are, still ahead of the game.............and we get nice dividend checks every month.

All our credit card bills are paid off at the end of the month. We have never paid a cent in interest, and only use the cards for convenience.

The two homes that we have lived in are comfortable, but not ostentatious.

We buy middle of the road cars, and keep them a long time.

We go on vacations, but don't spend an inordinate amount of money for them.

We buy stocks from a discount broker, and pay very small fees to them. Years ago, when we worked with a regular broker, we got stuck...........and the broker still got the fees. So we do our homework, and stay away from "tips".

This strategy has enabled us to live comfortably, and not have to worry about the future.

Both of my parents grew up dirt poor during the Depression, and their attitudes towards money and spending rubbed off on me growing up. Just like Phoenix has written, my wife and I have lived frugal lives and have tried to save a prudent percentage of our income.

About 13 years ago I was putting pencil to paper trying to figure out how we'd ever afford to put our three kids through college, and then retire. The answer was, we weren't (at least without my wife going back to work, or me working until 70). About that time the offer to come work in Saudi Arabia came through. I have to give the devil his due. The paychecks have never been late here, and they've always been the right amount. The kid's college expenses are now either all paid, or the money is waiting for them. And barring any economic catastrophe, the retirement money will be there when I qualify for early retirement in 23 months. Yet more and more often I find myself wondering if it was all worth it. The cost to the family - having the kids out to boarding school in the States at 15 or 16, and now being here alone, seem to be just too high.

Oh gosh, Jim, be careful!

Jim- I think that all decisions in life are trade-offs. You and your wife made decisions based on what you thought was best for the family, at the time. We all can become Monday morning quarterbacks, but IMO, it is not very productive.

Agree with Anoxia- Stay safe!

I suck at saving. Always have. I'm 27, and right off the bat from school, the job I had since then didn't have 401K, and I was putting a small amount every month into mutual funds, which performed awful. I switched the money over to some fairly conservative stocks. However, I got a new job with a "real" company that has 401K, so I'm putting more money aside now. Looking back, if I put 10% of my income away, I'd have a good chunk saved already.

It seems an evil joke...to spend all your energy and youth,
working to save enough to retire in style
...by then your eyes aren't so sharp and your body gets tired quickly.
then you hear stories of people dropping dead as soon as they retire.

Who said slavery was abolished....we are all enslaved by the system...we are just too foolish to see it.

but to answer the question, I was doing very well but then blew everything.

everything ,right down to a few dollars.

best lesson I ever had

now am almost back on top again....
making money has become a fascinating hobby.
always looking at various ways to do things and watching the results.