Retire at 70? I Would Rather Die
That 150% premium I refuse to pay for a nicer, but unnecessary apartment, gets invested in stocks each month. In fact, before I touch my money, the IRS gets XX% of it, a regular savings account gets XX% of it, IRAs get XX% of it, taxable investments get XX% and the rest goes toward expenses, fun and more saving and investing.
Now more than ever, our connected, on-demand society requires patience. The ability to distinguish between wants and needs could also help quite a bit. The generic skip the morning latte advice might be the best generic advice popular summaries of research studies provide. Throw in a muffin and that's five bucks a day, seven days a week.
That's $140 a month that you're paying Starbucks(SBUX) when it should be paying you.
Sounds idealistic to some, but it's a heck of a lot more empowering than throwing your hands up and extending your work life any longer than you want to. After all, you have a better chance of enjoying whatever money you have when you're in your 50s and 60s than you do in your 70s and 80s.
At the time of publication, the author was long BCE, INTC and TWX.
This article is commentary by an independent contributor, separate from TheStreet's regular news coverage.