Comments on: What Difference Does A Decade Make? http://www.moolanomy.com/345/what-difference-does-a-decade-make/ Personal Finance. Investing. Wealth Building. Mon, 22 Mar 2010 01:29:36 +0000 http://wordpress.org/?v=2.9.2 hourly 1 By: The Savings and Investing Rule of Thumb | Money Hackers Network http://www.moolanomy.com/345/what-difference-does-a-decade-make/comment-page-1/#comment-21371 The Savings and Investing Rule of Thumb | Money Hackers Network Thu, 21 May 2009 18:35:54 +0000 http://www.moolanomy.com/345/what-difference-does-a-decade-make/#comment-21371 [...] If you’re not sure how much to save and invest for your retirement, the general rule of thumb is to save 10% of your income. Note that this assumes you have at least 30 years to save and invest the money. In other words, if you start saving late and only have a few years to retirement, you’ll have to save a lot more than 10%. Check out this article to see why time matters when it comes to retirement saving. [...] [...] If you’re not sure how much to save and invest for your retirement, the general rule of thumb is to save 10% of your income. Note that this assumes you have at least 30 years to save and invest the money. In other words, if you start saving late and only have a few years to retirement, you’ll have to save a lot more than 10%. Check out this article to see why time matters when it comes to retirement saving. [...]

]]> By: Jaque http://www.moolanomy.com/345/what-difference-does-a-decade-make/comment-page-1/#comment-9749 Jaque Sat, 26 Apr 2008 12:57:33 +0000 http://www.moolanomy.com/345/what-difference-does-a-decade-make/#comment-9749 I have to say to Kev that i consider situation number 3 - not to start - as being very very bad. I know for sure that there are people that don't ever start saving money. I agree with Pinyo, that we have to teach our children how to appreciate their possessions and i also agree with Elisabeth's thoughts that the children have to learn not only to appreciate the number of the objects but he have to know very many things about the quality of the products that he uses every day. I have to say to Kev that i consider situation number 3 – not to start – as being very very bad. I know for sure that there are people that don’t ever start saving money. I agree with Pinyo, that we have to teach our children how to appreciate their possessions and i also agree with Elisabeth’s thoughts that the children have to learn not only to appreciate the number of the objects but he have to know very many things about the quality of the products that he uses every day.

]]> By: Make Friends, Earn Money http://www.moolanomy.com/345/what-difference-does-a-decade-make/comment-page-1/#comment-8315 Make Friends, Earn Money Sat, 12 Apr 2008 17:04:09 +0000 http://www.moolanomy.com/345/what-difference-does-a-decade-make/#comment-8315 It just goes to show that starting early is key. I think that $4,000 is a good starting investment for anybody to work towards. It just goes to show that starting early is key. I think that $4,000 is a good starting investment for anybody to work towards.

]]> By: Successful Investment Principles | My Dollar Plan http://www.moolanomy.com/345/what-difference-does-a-decade-make/comment-page-1/#comment-4657 Successful Investment Principles | My Dollar Plan Fri, 25 Jan 2008 14:23:52 +0000 http://www.moolanomy.com/345/what-difference-does-a-decade-make/#comment-4657 [...] I’m not fighting an interest rate, it is beneficial to get the money applied sooner. The more time an investment has to grow, the bigger it will [...] [...] I’m not fighting an interest rate, it is beneficial to get the money applied sooner. The more time an investment has to grow, the bigger it will [...]

]]> By: Carnival of Personal Finance - Edition 130 » Money Smart Life http://www.moolanomy.com/345/what-difference-does-a-decade-make/comment-page-1/#comment-2608 Carnival of Personal Finance - Edition 130 » Money Smart Life Sun, 09 Dec 2007 23:14:11 +0000 http://www.moolanomy.com/345/what-difference-does-a-decade-make/#comment-2608 [...] from Moolanomy presents What Difference Does A Decade Make?, and says, “Shows that starting investing early make a huge [...] [...] from Moolanomy presents What Difference Does A Decade Make?, and says, “Shows that starting investing early make a huge [...]

]]> By: Suburban Wife’s Daily Dollar Diary » Carnivals and a Round-Up http://www.moolanomy.com/345/what-difference-does-a-decade-make/comment-page-1/#comment-2584 Suburban Wife’s Daily Dollar Diary » Carnivals and a Round-Up Sat, 08 Dec 2007 19:42:55 +0000 http://www.moolanomy.com/345/what-difference-does-a-decade-make/#comment-2584 [...] at Moolanomy illustrates the importance of starting your savings early in What a Difference a Decade Makes. It’s a lesson that’s difficult for a 43-yo woman to [...] [...] at Moolanomy illustrates the importance of starting your savings early in What a Difference a Decade Makes. It’s a lesson that’s difficult for a 43-yo woman to [...]

]]> By: Pinyo http://www.moolanomy.com/345/what-difference-does-a-decade-make/comment-page-1/#comment-2547 Pinyo Thu, 06 Dec 2007 22:44:32 +0000 http://www.moolanomy.com/345/what-difference-does-a-decade-make/#comment-2547 @Elizabeth - I really like that idea about making things more durable and meaningful. Try to steer the kid away from disposable mindset. @Minimum Wage - I am sorry, but you just have to snap out of it. Let me tell you about my mum. She can barely speaks English and used to work in a sweatshop not too long ago -- working 50-60 hours for minimal pay, no overtime, no benefits, etc. She made some changes, tried, and now she's the head tailor for a premiere fashion designer. She also went from earning to least, to earning the most in the family. There's a sweet spot for you somewhere out there; you just have to find it. I know people who would kill to have your mastery of the English language and communication skill. @Elizabeth – I really like that idea about making things more durable and meaningful. Try to steer the kid away from disposable mindset.

@Minimum Wage – I am sorry, but you just have to snap out of it. Let me tell you about my mum. She can barely speaks English and used to work in a sweatshop not too long ago — working 50-60 hours for minimal pay, no overtime, no benefits, etc. She made some changes, tried, and now she’s the head tailor for a premiere fashion designer. She also went from earning to least, to earning the most in the family.

There’s a sweet spot for you somewhere out there; you just have to find it. I know people who would kill to have your mastery of the English language and communication skill.

]]> By: Minimum Wage http://www.moolanomy.com/345/what-difference-does-a-decade-make/comment-page-1/#comment-2520 Minimum Wage Thu, 06 Dec 2007 07:44:14 +0000 http://www.moolanomy.com/345/what-difference-does-a-decade-make/#comment-2520 I have no marketable skills and no career-related experience, and I am well into middle age. My resume is pretty useless and even I can't see anything in it that might positively interest an employer. I can't get financial aid, so going to get a skill isn't an option (and at my age probably wouldn't help). I am overweight and have bad teeth, and no money to fix them. There is no promotion path where I work, and since I have bad credit I cannot fix on my minimum wage income, getting a better job is a problem even without my other problems. I have no marketable skills and no career-related experience, and I am well into middle age. My resume is pretty useless and even I can’t see anything in it that might positively interest an employer. I can’t get financial aid, so going to get a skill isn’t an option (and at my age probably wouldn’t help). I am overweight and have bad teeth, and no money to fix them. There is no promotion path where I work, and since I have bad credit I cannot fix on my minimum wage income, getting a better job is a problem even without my other problems.

]]> By: Elizabeth http://www.moolanomy.com/345/what-difference-does-a-decade-make/comment-page-1/#comment-2512 Elizabeth Thu, 06 Dec 2007 05:08:49 +0000 http://www.moolanomy.com/345/what-difference-does-a-decade-make/#comment-2512 Pinyo, I applaud your plan to keep the number of toys under control. I think that's a key means of teaching our children core frugality values. Another important concept, for me, was to forgo all cheap plastic toys. I feel strongly that children should have well-made, open-ended toys. Cheap plastic toys break -- no matter how careful children are. If you provide sturdier, well-made toys, children will not grow up assuming that things will break and expecting to have broken toys replaced. These are great examples of how parents can teach valueable financial lessons early on. Indirect lessons can be more memorable and have a longer lasting impact that direct lectures and lessons. Pinyo,
I applaud your plan to keep the number of toys under control. I think that’s a key means of teaching our children core frugality values. Another important concept, for me, was to forgo all cheap plastic toys. I feel strongly that children should have well-made, open-ended toys. Cheap plastic toys break — no matter how careful children are. If you provide sturdier, well-made toys, children will not grow up assuming that things will break and expecting to have broken toys replaced. These are great examples of how parents can teach valueable financial lessons early on. Indirect lessons can be more memorable and have a longer lasting impact that direct lectures and lessons.

]]> By: Pinyo http://www.moolanomy.com/345/what-difference-does-a-decade-make/comment-page-1/#comment-2510 Pinyo Thu, 06 Dec 2007 05:02:29 +0000 http://www.moolanomy.com/345/what-difference-does-a-decade-make/#comment-2510 @kev - that's a good way to look at it :-) @Minimum Wage - I am sure not many. What's stopping you from earning more than minimum wage? If I am earning minimum wage, you bet I will be fixing that first. @Elizabeth - Yeah, I was joking around. I really admire parents who can teach their kids to be frugal and responsible at such young ages. I can only hope to be able to do that with my own son. One of the thing I am planning to do early is not giving him too many toys and stuff. It will be a tough balance between encouraging him to learn and helping him to appreciate his possessions. @kev – that’s a good way to look at it :-)

@Minimum Wage – I am sure not many. What’s stopping you from earning more than minimum wage? If I am earning minimum wage, you bet I will be fixing that first.

@Elizabeth – Yeah, I was joking around. I really admire parents who can teach their kids to be frugal and responsible at such young ages. I can only hope to be able to do that with my own son. One of the thing I am planning to do early is not giving him too many toys and stuff. It will be a tough balance between encouraging him to learn and helping him to appreciate his possessions.

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