This post is written in response to today’s Daily Post about the one piece of advice I wish I had received years ago.
I wish someone had convinced 16 year old me to start saving at least $50 USD per month towards retirement. At the time I was more interested in paying for fees related to sports, going shopping, going out to eat with friends, and saving for a trip to Europe upon graduation. I’m still proud that I paid my own way, however, now I am almost 29 and I am thinking more about retirement. I didn’t start saving for retirement until I was 25 or 26!
As I have posted before, here and here, most international teachers do not have a retirement fund or social security to fall back on so we need to create our own retirement funds. I’m sure if I had more time (or a more mathematically inclined brain) I could figure out what the balance would be if I had invested $50 every month into my Vanguard retirement account since the age of 16. I missed out on a lot of compound interest I’m sure. If you are so inclined, go ahead and do the math and post it in the comments section…but I’m already pretty sad thinking about all that lost money as it is! 😦