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Posted on 5/18/15 at 9:07 pm to J Murdah
Like many others have said it's not all about how much you have saved, but how much debt you have amassed.
Compound interest works in both ways but always favors the lender over the saver.
If possible, spend at a rate that you can pay off your credit debt in full each month.
If you are single, save as much as possible pre-tax and at least what your employer matches in a 401k or 403b, etc.
After all that, still try to save enough to steadily build up about 6 months income in emergency reserve.
Compound interest works in both ways but always favors the lender over the saver.
If possible, spend at a rate that you can pay off your credit debt in full each month.
If you are single, save as much as possible pre-tax and at least what your employer matches in a 401k or 403b, etc.
After all that, still try to save enough to steadily build up about 6 months income in emergency reserve.
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