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I am not a financial advisor, but... start with 10%. Use high-interest savings accounts if you need to dip into the money unpredictably. Use term deposits if you'll need to access the money in a year (shares might dip in that time). Use index funds if you won't need the money for a decade (index funds aren't very risky at that time horizon). And start putting away money for your kids the moment they're born, find something that tax-effectively allows you to transfer the money into their name when they turn 20ish without some form of capital gains on their behalf. Consider spreading it around to some different accounts so that if one investment goes under you don't lose the lot.



https://www.mrmoneymustache.com/2012/01/13/the-shockingly-si...

Savings rate is basically the only number that matters in determining how long until you can comfortably retire. A 10% savings rate puts you on track to retire in ~50 years, starting from zero and given some conservative assumptions.


Wow, 10% really doesn't get you very far, does it! Well, maybe people should aim higher. In my case, i'm less worried about retiring early, and more interested in saving so my kids can more easily buy their first house.




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