Tilted Forum Project Discussion Community - View Single Post - How much do you need to save for retirement?

Cynthetiq · 03-21-2011, 01:39 PM

I've been following this method for about 10 years now and I see that it applies to many of my "retired" friends even though they won't admit it.

Die Broke : A Radical Four-Part Financial Plan: Stephen Pollan, Mark Levine

1. Quit Today. That is, consider your present job a stepping stone to greater earning potential at your next job. Your employer has no undying loyalty to you; you should have no undying loyalty to him or her. While I agree with the idea (that is, don't get stuck somewhere you don't necessarily enjoy when you could be earning more and being happier somewhere else), I don't agree fully with the attitude. I believe that I should do my best where I'm working and have enough commitment to the company that I don't become viewed as being disposable.

2. Pay Cash. The author believes we spend too much money on stuff that really doesn't bring us any happiness. And unfortunately we tend to spend money we don't have to get it. The result is a bunch of rusting computers, cars and stereo equipment and a mountain of consumer debt. The author goes too far, however, in recommending that we get rid of our ATM cards and go back to standing in line at the bank for cash (to teach us the value of cash). I think you can get into the practice of paying off your credit cards every month and tracking your bank balance without this much inconvenience.

3. Don't Retire. Retirement was invented for a past generation and doesn't make sense for us. A lot of people fall for the retirement myth and end up bored and depressed. You'll end up working to keep your mind sharp anyway. So don't spend your life building up this pile of money as if you're going to live off of it starting at age 65 or sooner. (He also points out that the retirement age of 65 was set at a time when people seldom lived beyond that age!)

4. Die Broke. Use your money while you're alive. Building up a pile of money to pass on to your kids is built on the mistaken notion that money has value in and of itself. The reality is that money is a tool; a means to an end. Use it while you can appreciate it. Plus, giving a pile of money to your kids can ruin them.

03-21-2011, 01:39 PM	#24 (permalink)
Cynthetiq Tilted Cat Head Administrator Location: Manhattan, NY	I've been following this method for about 10 years now and I see that it applies to many of my "retired" friends even though they won't admit it. Die Broke : A Radical Four-Part Financial Plan: Stephen Pollan, Mark Levine Die Broke : A Radical Four-Part Financial Plan: Stephen Pollan, Mark Levine 1. Quit Today. That is, consider your present job a stepping stone to greater earning potential at your next job. Your employer has no undying loyalty to you; you should have no undying loyalty to him or her. While I agree with the idea (that is, don't get stuck somewhere you don't necessarily enjoy when you could be earning more and being happier somewhere else), I don't agree fully with the attitude. I believe that I should do my best where I'm working and have enough commitment to the company that I don't become viewed as being disposable. 2. Pay Cash. The author believes we spend too much money on stuff that really doesn't bring us any happiness. And unfortunately we tend to spend money we don't have to get it. The result is a bunch of rusting computers, cars and stereo equipment and a mountain of consumer debt. The author goes too far, however, in recommending that we get rid of our ATM cards and go back to standing in line at the bank for cash (to teach us the value of cash). I think you can get into the practice of paying off your credit cards every month and tracking your bank balance without this much inconvenience. 3. Don't Retire. Retirement was invented for a past generation and doesn't make sense for us. A lot of people fall for the retirement myth and end up bored and depressed. You'll end up working to keep your mind sharp anyway. So don't spend your life building up this pile of money as if you're going to live off of it starting at age 65 or sooner. (He also points out that the retirement age of 65 was set at a time when people seldom lived beyond that age!) 4. Die Broke. Use your money while you're alive. Building up a pile of money to pass on to your kids is built on the mistaken notion that money has value in and of itself. The reality is that money is a tool; a means to an end. Use it while you can appreciate it. Plus, giving a pile of money to your kids can ruin them. __________________ I don't care if you are black, white, purple, green, Chinese, Japanese, Korean, hippie, cop, bum, admin, user, English, Irish, French, Catholic, Protestant, Jewish, Buddhist, Muslim, indian, cowboy, tall, short, fat, skinny, emo, punk, mod, rocker, straight, gay, lesbian, jock, nerd, geek, Democrat, Republican, Libertarian, Independent, driver, pedestrian, or bicyclist, either you're an asshole or you're not. What's the best nation in the world? DO-NATION!