When I was junior in college, I received a loan of $30,000. The “anointed” members of the West Point society all said the same thing, “invest your money!!” Moreover, it was always highly encouraged to invest your low interest loan in a “Roth Ira.”
Most would argue that this is a great idea – the low taxation, compounding interest, the high returns, blah blah blah. One can not deny these truths. Yet, after I have heard all the arguments for why I should act this way, I have come to conclusion – with the help of ample discussion by the crew – that this is, in fact, not entirely the right thing to do.
Why?
By saving money each year as a young adult for retirement – the smart thing to do – what are you implying? I think you are implying two different things – both shitty. First, do you really expect to be so miserable at work at 65 that you are just going to want to be able to have the financial security to wake up one day and not have to do a damn thing. Will you be living the life of Ron Livingston from Office Space? It is my contention that, if you have “done it right,” you will enjoy going to (at least a moderate amount) work each day. You will probably be in a good place with a great salary. My father is 63 he loves going to work each day. He doesn’t even think of retiring because he enjoys his job and the people he works with. Some may call that lucky, but I don’t think it really is. If you desire success, it will be so.
It also seems to imply that you are going to be so old and decrepit that you will need this money for your health. People think, “well, I’ll be 65 – I will need this money for medicine, medical bills, possibly in-home service etc…” This is nonsense. If you live right, you will still be living life to the fullest at this age. Look at people like Art DeVany and Mark Sisson. Older gentleman who flourish! Even if you don’t live right, modern medicine is so powerful now that even people with shitty diets and lifestyles are living adequately well into their 80s. These are people who eat terribly and don’t get an ounce of exercise – pretty incredible.
Clearly, its not a bad idea to save. But save only in such a way that it doesn’t hinder your current lifestyle as a young adult. However, if you think you’re life is going to be so unbearable and unmanageable that by the time you are 65 the money you save now – making your lifestyle less enjoyable – is worth it, then save it all. I know that if I am living by 65, my life will be one of immense enjoyment. A life that wasn’t hindered by the constant thought of “well, what the hell am I going to do about retirement????”
