Here's a tidbit I found in Money magazine's February issue that made me pause and chuckle a bit:
In an Allstate survey about tough tasks, 32% said quitting smoking was hardest; second, by a hair: saving for retirement, at 31%.
I know how hard it is to quit smoking. My parents tried quitting for decades and I lived through it all -- hypnosis, tapes, cold turkey, patches, "fake" cigarettes, and on and on. Nothing worked. It finally took my mom getting breast cancer two years ago to get them to stop. They haven't smoked now for seven months.
I've written about how stopping smoking is a great way to save a ton of money. It not only saves you the cost of the cigarettes themselves but also a bunch of money in related costs. In addition, it delivers a benefit that money can't buy -- it makes you healthier. If you smoke, please consider quitting for your own sake and for the sake of those who love you.
But saving for retirement -- this is what threw me. It's as hard as trying to stop smoking? Come on! The only reason it's hard is because most Americans can't spend less than they earn and continue borrowing like wild monkeys to fund a lifestyle way above their income level. Of course it's hard in this case! But in reality, saving for retirement is not hard at all -- especially if you make it automatic.
Um, how exactly does one borrow like a wild monkey?
Posted by: Andy | April 05, 2006 at 01:08 PM