Saving Sunday – Millennials may learn from babyboomers
https://www.wsj.com/articles/with-15-left-in-the-bank-a-baby-boomer-makes-peace-with-less-1487259894
I created “save a lope” ™ to teach financial literacy to my child. The first thing was show him: We give CASH in exchange of THINGS. Money goes out of the wallet when we purchase things. Very simple.
If we don’t have money, we cannot buy things.
You save for things you need to buy. I want to make sure he would never spend the money he doesn’t have.
We all made that mistakes with credit cards. But it looks like we continue to make that mistakes in spite of the awareness that “debt is bad.”
Because it is a habit. Habit of spending was introduced before habit of saving.
Our generation may not be able to retire ever. But I want our next generation to be able to enjoy life more than us.
Millennials may need to double their saving for retirement. Saving would be easier if you are NOT distracted by buying more stuff to make you happy. Focus on “health” “value” “moral” factors before pulling money out of your wallet.
Happy Saving –