moonchild
VIP Contributor
There's a lot of mainstream contents out there advocating for saving 10% of your paycheck, claiming it'll make you rich before your retirement and will also afford you the life of your dreams, I think it's largely misguided and just make people feel good in the moment, it's mathematically unrealistic.
This type of advice completely ignore the most important metrics like inflation, time, pay scale etc, a million dollar today has a lower purchasing power compared to a million dollar 10 years back, also if you're just earning a minimum wage you won't be able to save a million even if you're saving 50% monthly.
This type of advice completely ignore the most important metrics like inflation, time, pay scale etc, a million dollar today has a lower purchasing power compared to a million dollar 10 years back, also if you're just earning a minimum wage you won't be able to save a million even if you're saving 50% monthly.
