As Winston Churchill said, “Those that fail to learn from history are doomed to repeat it.”
We’re so busy day to day with work and family that we often don’t have time to think about our finances beyond the very short term future. How much is in the checking account? Which card should be use to buy school supplies for the kids? Should I get cash for the week or just use my card when I buy lunch at work?
But if you ask your older relatives what they think about money, what do you think they would say?
The online finance site, Bankrate.com, published an article where readers could share their regrets about money. Coulda woulda shoulda…
http://www.bankrate.com/finance/savings/20-savings-mistakes-that-people-make-1.aspx
While hindsight is 20/20, no one has ever complained that they saved too much money. Or wished they had more stress about finances.
I’d be willing to bet that if you asked your older relatives and asked them to respond honestly, they would tell you many of the same things as what you read in the article.
So what’s it going to be for you? Will you learn from history or repeat it?
Answer to the last trivia question: C – 47%. Yes, almost half of people surveyed within 10 years of retirement would run out of money if they retired at age 65. Well, realistically, they wouldn’t run out of money. They would run out of lifestyle. That is, they would have to cut back what they did and how often to try to make the money last. And of course, they would have to work well beyond retirement age.
This week’s trivia question: According to the IRS and Moody’s research, the top 5% of all wage earners paid 61% of all income tax, but account for what percentage of consumer spending?
A – 5%
B – 22%
C – 37%
D – 61%
