27 June 2006

Wiki financial advice

Here's some obvious, but amusing, advice from Wiki on how to retire in your 30s. Number 3 is always good advice:

3. Lower your expenses. The #1 reason people in high paying salaried jobs are still working hard when they are fifty is because they can't keep their spending under control. To soothe their agony regarding their dull, demanding job, they placate themselves with toys that fail to make them happy: a penthouse apartment, a fancy car, a diamond ring. Resist the massive pressure to dress, eat and shop like your peers, and live a modest lifestyle. Focus on work, as your play will come later. Some keys to not spending:

* Rent a modest apartment. You will be at work all the time, so do not splash out on housing. Clean and small will do just fine.
* Don't eat fancy dinners. Unless you are a gourmet connoisseur, you have to admit that a $5 burrito tastes 90% as good as a fancy steak served on fine china.
* Keep a budget. Track your expenses. Set goals for saving and celebrate when you meet them.

Obvious, sure, but valid. It's a renter's market right now, and it's always a $5- burrito market.


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