Many of us love Suze Orman, well she goes into her views as to what strategy people in their twenties to should look to incorporate into their savings and retirement plan.

Retirement RoadMap for your 20s - *******************

haha ..this chick here is delusional...

where you know an average 25 yr old with extra 400 bucks a month assuming they went through the regular hustle of college loans etc etc..

smh..she must be referring to them lily white 25 yr olds who graduate and their parents connection land them a 70K+ jobs starting out the gate..

sadly a lot of "us" regular folks start on average 30-40k...im sure as hell most dont have 400 to just be putting aside like that.

I've got to give it to you on this one Alex. Suze can be very delusional at times. Sometimes she makes great sense, but sometimes not.

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In our generation the average 25 year old that is or isnt in college is working 2 jobs at the least. It literally takes 2 jobs to live a somewhat moderate middle class lifestyle these days. Everything from food to clothes is so expensive while the job pay rates stay the same. Even if you have a college degree, you still have to have some kind of extra gig on the side bringing in additional income. So if you have one job to pay your bills and can use your other job as a means of savings and investments at 25 you can totally place aside 400.00 per month. I would much rather work my butt off while Im young and focus on saving, investing, and retirement than to work until I die, which is what most black people do!

No she ain't it is possible. By 23, I had at least that much extra to stash away a month or maybe a tad bit more at times but most of the time I choose it on other things that I wanted at the time. When i was between the age of 19 to 21 I made about that much a year 30k and managed to open up a investment fund and stash 200 dollars away a month in it for about a yr and play around with stocks with the little money I had to understand the concept. I believe it is excuses that holds one back. It can be done. You need to manage your money more better. Things that one should avoid when starting off with a low salary.

1.) don't buy new cars with 400-500 dollar car payment. Buy something real cheap and pay it off in cash.

2.) Stop trying to keep up with them Jones (Black people are notorious for buying ish we don't need) I even do it sometimes but those are habits you gotta break.

3.) Living above our means. 500-1000 car notes with 2k rims on the ride and you still living with your folks. SMH

4.) Getting into large amounts of debt.

5.) Quit taking out all these loans for school. Adopt the pay as you go idea or get hired on with a employer that will foot the bill.

6.) Get a 2nd job or hustle use that money to stash into investments.

It is because of these most of us are living paycheck to check and barely staying afloat at times.

I remember when i was going through my 20's I always worked 2 gigs and most black people my age was like why you doing all that for even though i did not have too. Because now that I just hit my 30s I don't have to work as hard as I did then in my 20s and don't have to work if I don't want to. Was it worth it.... hell yeah.

My parents don't know ish about investing but I will not make that a excuse for me not too.

Here is some real talk for ya

If you are young in a high cost of living that is when you need to move somewhere else cheaper or get a roommate or relocate to a cheaper state until you get established and then move back. You can limit food cost but if you are eating out every day then that is another problem of itself. Clothes are not that expensive. Stop buying the name brand ish all the time and you will be alright.It is ok to shop at Target . I think part of the problem is most need to want to do it to succeed at it. It is too easy to give excuses why you can't

But I do agree it is better to get started early in your 20's than having to struggle later. It is sad situation when most of us have nothing left to pass on to our kids or future generation. Most of us die broke with nothing. Seriously. I have seen it time and time again. We all have been to that one family member furneral were they did not have no money to bury them
and come asking everyone for some handouts to bury your azz. Crazy ish.
They could have a least put that walmart casket on layway even they got those now. I mean damn

Back in the day, i could see how it would have been difficult for folks to save and have money left to pass on to loved ones at death b/c black folks really didn't have as many opportunities as our white brothers and sisters. However, with the onset of the internet, PUBLIC LIBRARIES and free seminars/workshops on money management, there is simply no excuse! None at all.

I'm trying to do that myself b/c I want to retire at 65 and not work until I'm 80 b/c I didn't save well or live within my means.

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I couldn't agree more with you. Lots of times there are things that I want to buy but that doesn't mean i'm gonna buy it. We gotta break the bad habits like you said and learn to save. Those little $30 shopping trips are gonna turn into hundreds of dollars soon enough. It is possible to save a couple hundred dollars a month. You know i never knew how to invest at all. I started reading these finance websites on my own like fool.com and moneyning. They really helped me get a head start in just owning up to my personal finances. It's not that hard to just read a few finance blogs a day. You'd be surprised how much you can actually learn from it.

Also, I think you'll come to see that you'll need to start investing,too. I started first having traditional savings accounts but after seeing that they didn't give too much return on interest I began to invest in a normal 6 month CD. Just short term until I could stash away more money. But now I've started looking into a liquid cd so that's a little guide to how to start investing.

Everything takes small steps. But you'll get there eventually. First and foremost, pay off those loans! We all got them!

There are plenty of people who acquired University degrees without accumulating a bunch of student load debt. She is referring to intelligent young people who are capable of making good decisions and managing their money in an intelligent manner.

Good stuff. People like to complain before they use logic. I like your points.

good ole suze

delete

oi

I'm 23 and I believe that everyone in their twenties should be preparing for retirement. You don't have to contribute the maximum to a Roth IRA every year (it would be great if you did). Just remember that something is ALWAYS BETTER than nothing. Given you invest your IRA into a target-Date retirement fund, all you have to do is make automatic contributions monthly sit back, relax and watch your money grow.
It's never too early to start saving for retirement. For all the parents reading this thread go ahead and get started on preparing your children to be financially literate and sound before it's too late.