One glance at the graph below and you will see why most people in America today do not get ahead or save any money. Consumer debt is using your credit card and not paying it off each and every month. Much like drugs, do not do this. Even once. If you do not have the money, do not spend it. I have never had any month on any credit card where I did not pay off the balance. If you get into debt then you will not be able to save for retirement. How bad is retirement savings in the US?
The Fantastic Life Rule #4: All of Life is Connected
By following Rule #4 you will learn that what you do today will effect tomorrow. Do not let yourself lose sight that going beyond the boundaries of your pocketbook is directly connected to your future. There is no purchase today, that is worth giving up your life for tomorrow.
Below is an extract from a letter to the editor from the 1/30/14 Wall Street Journal:
By considering the finances of current retirees, they miss the true crisis: the retirement picture for those currently age 45 to 64. Three-quarters of Americans nearing retirement have less than $27,000 in their retirement accounts and one-third do not have any sort of retirement account at all.
Sen. Sherrod Brown (D., Ohio)