When you looking at your weekly or monthly expenses you seldom think of your habits like smoking, drinking or that daily coffee at Starbucks, which is where you lose the most. The biggest asset that people in their twenties have is time and making use of that time while you young is the best way to ensure you have enough money in your retirement.
The fact that there are people who do not smoke who will wail loudly about how much you could have in 30 years’ time if you saved your money spent on cigarettes today does not deter from the reality that you would still need to have a good return on investment plan and invest a little each month to get there.
The point is that there are more than 60% of Americans who do not have enough money saved up for their retirement and these people will have to work till they are older than the average retirement age and that is why everyone encourages young people to start saving with their first pay check, even if it is only $20.
When I think of all the money I’ve spent on going out in the past without saving a bean, it does make me cringe. The thing is when you’re young, you just want to have fun! I wish I could have made my younger self see financial sense!