Reader Roundtable :: Money, Money, Money
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From time to time I like to take a step back and let all of you share your thoughts on a particular topic to get a feel for what you hope to get out of Dad Balance.
In an effort to provide as much value as possible with this blog, I strongly believe in doing whatever is possible to make your experience as interactive as possible. While not truly interactive, I want all of you to know that your voice is being heard and that you are a valued part of this community.
Today I would like to get your thoughts about money.
- Is money a stressful component of your life?
- Do you know how much savings you will need for retirement?
- Are you struggling with consumer debt?
While I typically cover issues related to consumer debt at my personal finance blog, I believe that money plays a very important role in all of our lives and can certainly have an impact on the quality of your work life balance.
I’d like to open this up to all of you to share your thoughts, questions, or concerns about money and how it plays a role in your ability to balance your life with your work while doing your best to avoid any related stress.
Share your $0.02 about money!
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I have a simple theory on money - most of us tend to live the lifestyle we can almost but not quite afford.
All my friends tend the have the same % level of debt - a debt they can service and clear if they desperately had too - regardless of incomes. Very few of us have savings in any real form or another.
Maybe this is particular to Australia given the compulsory superannuation savings that exist and which you can’t touch until you are of retirement age - which is 65. This was a scheme set up by the government and is highly regulated. Personally I know that while I have nothing in the bank apart from some emergency funds, and while I do have a standard mortgage, I also know that in my super fund is a considerable sum of money that is just waiting for me at the other end - forced retirement savings in fact.
Of course if I die first then my wife will be laughing.
Thanks for the insight on what it is like in Australia and how you have approached the topic of money/savings in your life.
I’m a saver by nature and try to stash as much money as possible in my retirement accounts, taxable stock trading accounts, and emergency savings accounts. My wife does a pretty good job of reminding me that I also need to enjoy life now and that does mean spending a little money here and there.
As far as my friends and family, I have assumptions on the way they handle their money but nobody discusses details. My wife and I had a period where we carried debt but now our approach is that the only debt we carry is our mortgage.
With your super fund, are you able to choose your own investments? I’d love to hear more about that either through the comments or email if you prefer it to be off the blog.
I do agree that money is an important part of our lives, although we can’t focus on money to be happy. What I focus on is the ability to do what I want, without having to worry about if there’s enough money or not. I don’t NEED a million dollars, I just want enough to not worry about things.