The Motley Fool Discussion Boards
Retirement Discussions / FIRE Wannabees
|Subject: Re: Letter to young couple (long)||Date: 8/21/2003 12:34 PM|
|Author: ImCalvin||Number: 506 of 5138|
When you are young, I think one of the important parts of any plan is to understand why it's relevant to you. I think most young people (myself included) don't want to heed the advice of their elders and are still in a half state of rebellion. FI takes a real commitment, and until they really decide that it's important to them they won't really take all the necessary -- and sometimes painful steps.
You've given them some important information about why you've chosen to go down this path but to help them make up their minds you might ask them some leading questions about what they want to do and how they want to live. FI is within reach, you just have to know you want it.
I agree with most of the other advice given. Specifically, I'd highlight in more detail the importance of an E-Fund (didn't really understand that until last year, and it's cost me) and the problems rampant consumerism can create. It's not that you like having used cars, but it's that there is such a high price to be paid for getting the "newest, latest shiny thing."
One other book I'd highly recommend is "The Wealthy Barber". Some people like it and some don't, but I think it's a nice starter and get's a good point across.
|Copyright 1996-2016 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us|