Comments on: Getting Generation Y to Save for Retirement http://allfinancialmatters.com/2006/09/27/getting-generation-y-to-save-for-retirement/ A personal finance blog dedicated to discussing such topics as budgeting, asset allocation, 401K, IRA, cash flow, insurance, financial planning, portfolio management, and other areas in personal finance. Fri, 20 Nov 2009 19:56:44 -0800 http://wordpress.org/?v=abc hourly 1 By: Comment on Getting Generation Y to Save for Retirement by Comment … http://allfinancialmatters.com/2006/09/27/getting-generation-y-to-save-for-retirement/comment-page-1/#comment-320202 Comment on Getting Generation Y to Save for Retirement by Comment … Tue, 10 Jun 2008 05:46:28 +0000 http://allthingsfinancialblog.com/2006/09/27/getting-generation-y-to-save-for-retirement/#comment-320202 [...] Comment on Getting Generation Y to Save for Retirement by Comment … Comment on Getting Generation Y to Save for Retirement by John On an entry level salary its not easy, even with a bare bones budget and living 5 up in a 3 room apartment, you still have very little to nothing to save. … [...] [...] Comment on Getting Generation Y to Save for Retirement by Comment … Comment on Getting Generation Y to Save for Retirement by John On an entry level salary its not easy, even with a bare bones budget and living 5 up in a 3 room apartment, you still have very little to nothing to save. … [...]

]]> By: Comment on Getting Generation Y to Save for Retirement by John http://allfinancialmatters.com/2006/09/27/getting-generation-y-to-save-for-retirement/comment-page-1/#comment-320190 Comment on Getting Generation Y to Save for Retirement by John Tue, 10 Jun 2008 05:02:40 +0000 http://allthingsfinancialblog.com/2006/09/27/getting-generation-y-to-save-for-retirement/#comment-320190 [...] Comment on Getting Generation Y to Save for Retirement by John On an entry level salary its not easy, even with a bare bones budget and living 5 up in a 3 room apartment, you still have very little to nothing to save. The market doesn’t make it easier either. Oil and food is up, and the inflation … [...] [...] Comment on Getting Generation Y to Save for Retirement by John On an entry level salary its not easy, even with a bare bones budget and living 5 up in a 3 room apartment, you still have very little to nothing to save. The market doesn’t make it easier either. Oil and food is up, and the inflation … [...]

]]> By: John http://allfinancialmatters.com/2006/09/27/getting-generation-y-to-save-for-retirement/comment-page-1/#comment-320156 John Tue, 10 Jun 2008 02:25:43 +0000 http://allthingsfinancialblog.com/2006/09/27/getting-generation-y-to-save-for-retirement/#comment-320156 Looks like I a bumping this article two years later. It is VERY difficult to put money away into a 401k/IRA these days, especially for Gen-Y'ers. The price of day-to-day living is ASTRONOMICAL. If you want to build a career (and income, read that as "more disposable income for retirement savings"), you have to live near a major city. As we all know, living near a major city is VERY expensive. On an entry level salary its not easy, even with a bare bones budget and living 5 up in a 3 room apartment, you still have very little to nothing to save. The market doesn't make it easier either. Oil and food is up, and the inflation that causes that tanks the market. So either you spend more to live, or your investments tank. As far as being an "active" trader, someone building a career just simply does not have the time. This country is in for a HUGE shock when Gen-Y and on starts to hit retirement age and they basically need government assistance. Taxes and homelessness are going to be sick... Looks like I a bumping this article two years later. It is VERY difficult to put money away into a 401k/IRA these days, especially for Gen-Y’ers. The price of day-to-day living is ASTRONOMICAL. If you want to build a career (and income, read that as “more disposable income for retirement savings”), you have to live near a major city. As we all know, living near a major city is VERY expensive. On an entry level salary its not easy, even with a bare bones budget and living 5 up in a 3 room apartment, you still have very little to nothing to save. The market doesn’t make it easier either. Oil and food is up, and the inflation that causes that tanks the market. So either you spend more to live, or your investments tank. As far as being an “active” trader, someone building a career just simply does not have the time. This country is in for a HUGE shock when Gen-Y and on starts to hit retirement age and they basically need government assistance. Taxes and homelessness are going to be sick…

]]> By: prlinkbiz http://allfinancialmatters.com/2006/09/27/getting-generation-y-to-save-for-retirement/comment-page-1/#comment-38393 prlinkbiz Wed, 01 Nov 2006 17:27:01 +0000 http://allthingsfinancialblog.com/2006/09/27/getting-generation-y-to-save-for-retirement/#comment-38393 Same writer- you made a funny! I am financially free at 29 from a business investment. One friend has done well in SF Real Estate, and funneled the money into business(30). One friend figured out internet stragey and was out in two years(33). Another specializes in multi family and rode the markets over 7 years wisely investing to financial freedom(45). Another invested in real estate, started a real estate based business and conitues to invest in RE(45). One built and bootstrapped built and sold an internet company and is free(35). I can keep going. None of these are get rich quick- they all took time, effort, education, and a lot of character. They all required more financial education and know how than most people have. They all required hard work and the ability to manage risk while living on the edge. It can be done- there is a price to pay for sure though and most people aren't willing to work that hard/smart. I would rather hit it hard now and have the rest fo my life to live as I wish. Those who think it can't be done need to get out the way of those of us who are doing it...or join in the fun. Same writer- you made a funny! I am financially free at 29 from a business investment. One friend has done well in SF Real Estate, and funneled the money into business(30). One friend figured out internet stragey and was out in two years(33). Another specializes in multi family and rode the markets over 7 years wisely investing to financial freedom(45). Another invested in real estate, started a real estate based business and conitues to invest in RE(45). One built and bootstrapped built and sold an internet company and is free(35). I can keep going. None of these are get rich quick- they all took time, effort, education, and a lot of character. They all required more financial education and know how than most people have. They all required hard work and the ability to manage risk while living on the edge. It can be done- there is a price to pay for sure though and most people aren’t willing to work that hard/smart. I would rather hit it hard now and have the rest fo my life to live as I wish. Those who think it can’t be done need to get out the way of those of us who are doing it…or join in the fun.

]]> By: Bill http://allfinancialmatters.com/2006/09/27/getting-generation-y-to-save-for-retirement/comment-page-1/#comment-29250 Bill Tue, 03 Oct 2006 15:27:27 +0000 http://allthingsfinancialblog.com/2006/09/27/getting-generation-y-to-save-for-retirement/#comment-29250 I think Gen Y needs mentors that can lead them in the ways of saving. I think Gen Y needs mentors that can lead them in the ways of saving.

]]> By: samerwriter http://allfinancialmatters.com/2006/09/27/getting-generation-y-to-save-for-retirement/comment-page-1/#comment-28796 samerwriter Fri, 29 Sep 2006 16:42:42 +0000 http://allthingsfinancialblog.com/2006/09/27/getting-generation-y-to-save-for-retirement/#comment-28796 prlinkbiz, Let me guess; all these guys retiring at 35 after 2 - 7 years of working just had to send put their name and address on the bottom of a list, send $1 to the other names on the list, then forward the list to 10 of their friends? prlinkbiz,

Let me guess; all these guys retiring at 35 after 2 – 7 years of working just had to send put their name and address on the bottom of a list, send $1 to the other names on the list, then forward the list to 10 of their friends?

]]> By: samerwriter http://allfinancialmatters.com/2006/09/27/getting-generation-y-to-save-for-retirement/comment-page-1/#comment-28795 samerwriter Fri, 29 Sep 2006 16:40:53 +0000 http://allthingsfinancialblog.com/2006/09/27/getting-generation-y-to-save-for-retirement/#comment-28795 Having "been there and done that" with regard to savings and debt while in college, I used all these excuses. Ultimately, I was just more interested in spending money going out to eat and buying CDs than I was in saving. Having “been there and done that” with regard to savings and debt while in college, I used all these excuses.

Ultimately, I was just more interested in spending money going out to eat and buying CDs than I was in saving.

]]> By: Foobarista http://allfinancialmatters.com/2006/09/27/getting-generation-y-to-save-for-retirement/comment-page-1/#comment-28686 Foobarista Thu, 28 Sep 2006 16:28:47 +0000 http://allthingsfinancialblog.com/2006/09/27/getting-generation-y-to-save-for-retirement/#comment-28686 You can invest in income producing assets while still funding 401Ks or Roth IRAs - and if you're a bit clever, you can do it legally while using them. There are custodians that let you buy real estate or other self-directed investments through your IRA and even a self-employed 401K if that's your cup of tea. You can invest in income producing assets while still funding 401Ks or Roth IRAs – and if you’re a bit clever, you can do it legally while using them. There are custodians that let you buy real estate or other self-directed investments through your IRA and even a self-employed 401K if that’s your cup of tea.

]]> By: prlinkbiz http://allfinancialmatters.com/2006/09/27/getting-generation-y-to-save-for-retirement/comment-page-1/#comment-28671 prlinkbiz Thu, 28 Sep 2006 15:30:50 +0000 http://allthingsfinancialblog.com/2006/09/27/getting-generation-y-to-save-for-retirement/#comment-28671 I'm saying that while saving is important, you have to if you want money to invest with or save, I will always opt for and encourage others to invest in income producing assets that create cash flow. My goal is $X amount of income from my investments to provide for my income, not savings. Then I have money coming in regularly, as well as the value of the assets to protect me and provide for me through retirement, not just savings. A 401 K is great, especially if you can tap into some of that money today and invest in in income producing real estate. I just can't imagine tying up money for so many years to get such a small return, when I can take that money today and get a much great return. This method is how several of my friends have been able to retire before 35, and most of them took 2-7 years to do it- and they are very well off, while continuing to work. Gen X, and especially Gen X are not going to be as keen on saving for retirement- the world is a different place now. Forgive the rant- I should have done a post! LOL I’m saying that while saving is important, you have to if you want money to invest with or save, I will always opt for and encourage others to invest in income producing assets that create cash flow. My goal is $X amount of income from my investments to provide for my income, not savings. Then I have money coming in regularly, as well as the value of the assets to protect me and provide for me through retirement, not just savings. A 401 K is great, especially if you can tap into some of that money today and invest in in income producing real estate. I just can’t imagine tying up money for so many years to get such a small return, when I can take that money today and get a much great return. This method is how several of my friends have been able to retire before 35, and most of them took 2-7 years to do it- and they are very well off, while continuing to work. Gen X, and especially Gen X are not going to be as keen on saving for retirement- the world is a different place now. Forgive the rant- I should have done a post! LOL

]]> By: Katie http://allfinancialmatters.com/2006/09/27/getting-generation-y-to-save-for-retirement/comment-page-1/#comment-28670 Katie Thu, 28 Sep 2006 15:23:03 +0000 http://allthingsfinancialblog.com/2006/09/27/getting-generation-y-to-save-for-retirement/#comment-28670 I am currently a senior in college, and I am very concerned about starting a 401k plan once I start working a full-time job. I think the problem with the 21-25 age bracket is that we receive no real education on 401k's except what we get from our parents. It would be beneficial to get financial companies to speak to companies with a lot of new hires. I am currently a senior in college, and I am very concerned about starting a 401k plan once I start working a full-time job. I think the problem with the 21-25 age bracket is that we receive no real education on 401k’s except what we get from our parents. It would be beneficial to get financial companies to speak to companies with a lot of new hires.

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