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Catch up on some of the latest posts with this week's roundup:
By now, you’ve probably heard that you should use your money to buy experiences rather than stuff to improve the joy you get from spending. But experiences take time. If your days are full of commuting and working then there’s not much time left for anything else.
No wonder so many of us default to spending our money on stuff and trying to relax by watching TV. The internet has made it easy to buy practically anything we want in a few clicks and to watch limitless amounts of TV series, movies, and Fail videos. Yet these activities are likely counterproductive to improving our happiness and sense of well-being.
Once our basic needs are met, time is our most valuable asset. Time to do the activities we enjoy. Time to exercise. Time to be with friends and family.
I’m sure if you’re in residency, you are spending countless hours thinking about how you will strategically reach your future retirement goals. Or not.
Between grueling shifts, research projects, studying for boards, and all the other tasks that eat up a resident’s time, you probably don’t have a spare minute to think about anything else. Because you have to sleep sometime.
That doesn’t mean you shouldn’t be taking advantage of a great retirement tool—one that you will regret not taking advantage of as you get older, knowing the difference it would have made. This great retirement tool is called a Roth IRA.
Depending upon your age, you can expect to change jobs 11 – 15 times in your career. That’s a lot of 401(k)s. So many, in fact, you may be tempted to leave them behind or cash out and go on a spending spree. It’s free money, right?
Not at all. Simply ignoring the supercharged growth potential of early investing makes it a lot harder to get on track with retirement planning 10, 20 and 30 years down the road. That “free money” from your 20s and 30s suddenly costs dearly when you find yourself working five extra years to meet your retirement goals.
Many Americans live paycheck to paycheck and drown in credit card debt. I’m not speaking to those folks. I’m talking to those that are spending responsibly and saving for the future.
They do so to the point that they feel sick about spending money on things now that could bring themselves or their families a lot of joy. This particular young family hadn’t been on a vacation that their parents hadn’t paid for in 3 years because they feared what they were saving wasn’t enough and that they’d never be able to accumulate enough to retire.
You don’t have to regret every dollar you spend. To combat this ugly doubt, you need to a plan!