Welcome to the latest series at the wildly popular JosephSangl.com – “How To Destroy Your Finances”
In this series, I will be sharing methods proven to cause financial pain and agony. Use these methods if you want to live with piles of stress and harm your relationships.
Part Three Don’t Invest – Retirement Is Too Far Away Anyway
When offered a company match for your retirement savings plan (401(k), RSP, 403(b), TFSA, IRA, Roth IRA, etc), refuse it. You need that extra money for your
budget spending right now. Say things like, “I don’t ever plan to retire anyhow” and “I’ll make my kids take care of me.”
Choose to remain ignorant in the ways of investing and how compound interest works. Use the wonderful excuse, “Investing is just too confusing.” You only have $100 to invest each month, anyway. What difference could that money really make?
Rely on the lottery as your best chance of retirement. Demand an inheritance from your parents. Better yet, continually hit them up for money right now. If they don’t immediately comply, use the “guilt trip” approach. When your siblings approach you about your leech behavior, become outraged and tell them, “You just don’t understand how hard it is for me.” And, of course, when mom and dad do give you money, don’t you dare invest it. AB-SO-LUTE-LY do not do this! To properly destroy your finances (and relationships), spend it on something ridiculous like an original VCR.
Of course, if you don’t want to destroy your finances, you will invest some of what you earn each paycheck. You will choose to lasso the power of compound interest that makes $100 per month for 40 years at 12% annual growth equal $1,176,477. You might even look at my current list of investments as a starting point for your investment strategy.