Comments on: How to Know if You Are Saving Enough for Retirement http://wealthpilgrim.com/saving-for-retirement/ WealthPilgrim.com -No Money Worries. No Matter What. Wed, 23 May 2012 12:06:25 +0000 hourly 1 http://wordpress.org/?v=3.3.2 By: Erik http://wealthpilgrim.com/saving-for-retirement/#comment-3859 Erik Tue, 02 Mar 2010 20:52:27 +0000 http://wealthpilgrim.com/?p=13460#comment-3859 I see you’ve been trying very hard to make something happen, and I’m guessing that stiff competition in the job market may be part of the problem. There are people with Masters degrees doing the work of lowly interns just to get a break these days! If this career field is what you really want, I would suggest continuing your search while you concentrate on piling up cash. If you’re working full-time plus an extra 10 – 15 hours, that ought to set you up pretty well while you pursue the career you really want. And what do you really want? I sense a little uncertainty in your answer “at least I think I want to get into hospitality”. What is it you hope to do eventually after you’ve worked your way up from front desk clerk? Finance, general management, accounting, real estate, etc? Many business fields need these skills, so perhaps you could gather experience in whichever field you want in another type of industry temporarily. While insider knowledge and connections are great, a good accountant is a good accountant whether he’s cut his teeth in manufacturing or hotel balance sheets. All of this to say is, can you find a way to “work your way up” and gain experience in the general skills of your profession without necessarily starting as an entry-level hotel employee? Neal has expressed his confidence in you, and from what I’m reading you sound like a person who will make it. Keep up the fight! P.S. Next month, tell us about the FOURTY letters you sent out. Stamps are cheap. I see you’ve been trying very hard to make something happen, and I’m guessing that stiff competition in the job market may be part of the problem. There are people with Masters degrees doing the work of lowly interns just to get a break these days! If this career field is what you really want, I would suggest continuing your search while you concentrate on piling up cash. If you’re working full-time plus an extra 10 – 15 hours, that ought to set you up pretty well while you pursue the career you really want.

And what do you really want? I sense a little uncertainty in your answer “at least I think I want to get into hospitality”. What is it you hope to do eventually after you’ve worked your way up from front desk clerk? Finance, general management, accounting, real estate, etc? Many business fields need these skills, so perhaps you could gather experience in whichever field you want in another type of industry temporarily. While insider knowledge and connections are great, a good accountant is a good accountant whether he’s cut his teeth in manufacturing or hotel balance sheets. All of this to say is, can you find a way to “work your way up” and gain experience in the general skills of your profession without necessarily starting as an entry-level hotel employee? Neal has expressed his confidence in you, and from what I’m reading you sound like a person who will make it. Keep up the fight!

P.S. Next month, tell us about the FOURTY letters you sent out. Stamps are cheap.

]]> By: Neal@WealthPilgrim http://wealthpilgrim.com/saving-for-retirement/#comment-3857 Neal@WealthPilgrim Tue, 02 Mar 2010 16:19:18 +0000 http://wealthpilgrim.com/?p=13460#comment-3857 I think Erik's advice is great. I can vouch for Justin....he has all the qualities of a very successful person and I KNOW he's going to do fine. .-= Neal@WealthPilgrim´s last blog ..<a href="http://wealthpilgrim.com/saving-for-retirement/" rel="nofollow">How To Know If You Are Saving Enough For Retirement</a> =-. I think Erik’s advice is great. I can vouch for Justin….he has all the qualities of a very successful person and I KNOW he’s going to do fine.
.-= Neal@WealthPilgrim´s last blog ..How To Know If You Are Saving Enough For Retirement =-.

]]> By: Erik http://wealthpilgrim.com/saving-for-retirement/#comment-3856 Erik Tue, 02 Mar 2010 15:54:04 +0000 http://wealthpilgrim.com/?p=13460#comment-3856 Justin, maybe you should drop the freelance work for now and just pick up an extra job that pays ok and you find interesting enough to not be completely bored and/or hating it. When you're young and debt free, an extra $100 - $200 a weeks isn't too hard to earn. Maybe something that gets you involved with people, like a courier-for-hire or cooking meals for people who are too busy (if that's a skill you have). Lots of service oriented self-employment opportunities since people are so busy these days. If you could tuck away an extra $50 a week into an emergency fund and $50 a week into a growth-stock mutual fund account, you'd have a nice investment and a "rainy day" fund built in no time. And do look for opportunities to expand your skills into a different job. Sometimes, though when you're starting out, you have to pay your dues for a few years so that people will see what you are worth. Most mega-rich people started out sweeping floors or doing menial work. They learn the business, build a reputation, and keep going upward. You can too! Justin, maybe you should drop the freelance work for now and just pick up an extra job that pays ok and you find interesting enough to not be completely bored and/or hating it. When you’re young and debt free, an extra $100 – $200 a weeks isn’t too hard to earn. Maybe something that gets you involved with people, like a courier-for-hire or cooking meals for people who are too busy (if that’s a skill you have). Lots of service oriented self-employment opportunities since people are so busy these days.
If you could tuck away an extra $50 a week into an emergency fund and $50 a week into a growth-stock mutual fund account, you’d have a nice investment and a “rainy day” fund built in no time.
And do look for opportunities to expand your skills into a different job. Sometimes, though when you’re starting out, you have to pay your dues for a few years so that people will see what you are worth. Most mega-rich people started out sweeping floors or doing menial work. They learn the business, build a reputation, and keep going upward. You can too!

]]> By: Neal@Wealth Pilgrim http://wealthpilgrim.com/saving-for-retirement/#comment-3853 Neal@Wealth Pilgrim Tue, 02 Mar 2010 04:59:20 +0000 http://wealthpilgrim.com/?p=13460#comment-3853 You are still a young man ( do you hear Tower of Power?) so I'd put the $100 in a growth mutual fund. You have a very long time horizon so low prices now are actually to your advantage. Start w/$100.....work it up to $200....etc etc. Start now....you'll be building the right habits and it will pay off BIG time. You are still a young man ( do you hear Tower of Power?) so I’d put the $100 in a growth mutual fund. You have a very long time horizon so low prices now are actually to your advantage. Start w/$100…..work it up to $200….etc etc. Start now….you’ll be building the right habits and it will pay off BIG time.

]]> By: Neal@Wealth Pilgrim http://wealthpilgrim.com/saving-for-retirement/#comment-3852 Neal@Wealth Pilgrim Tue, 02 Mar 2010 04:57:04 +0000 http://wealthpilgrim.com/?p=13460#comment-3852 Up to you.....I am closer to collecting that you are. I do think it will be here but I believe they'll push the age at which you are able to collect. Stick it to the man by living a long time Karyn! Up to you…..I am closer to collecting that you are. I do think it will be here but I believe they’ll push the age at which you are able to collect. Stick it to the man by living a long time Karyn!

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