I really enjoyed this article Cosmo on how to start saving in small numbers. During my saving and investing journey, I worked to change my thinking framework from right now to 10, 25 and 40 years from now. I have used this calculator, https://www.investor.gov/financial-tools-calculators/calculators/compound-interest-calculator, countless times before purchasing a pair of expensive sunglasses, bicycle or "x" item. When thinking about how 5, 10, 100, 1000 or $7500 purchases now vs. future, it allowed me to make better decisions. I started Moonlighting as a resident in 2009 and I remember my peers wondering why I was working so hard. I did the math. Each night of "moonlighting" was equal to 1 month sooner retirement. Needless to say, I moonlighted a lot (hundreds of nights) over my 9 years of training. I don't do nights or weekends in the hospital anymore because of thinking 10, 25 and 40 years in the future. Your future you will thank you.
This is a sharp reframe of delayed gratification. Recognizing your efforts' impact on future-you is a powerful motivator. Thanks for sharing this. It's the kind of story that will stick with readers for a long time.
That $5 is about building the savings muscle for sure. I'd probably prioritize the high interest debt repayment above building a larger emergency fund but I'd still want to see some money going to a savings account monthly just to keep working on that habit.
I really enjoyed this article Cosmo on how to start saving in small numbers. During my saving and investing journey, I worked to change my thinking framework from right now to 10, 25 and 40 years from now. I have used this calculator, https://www.investor.gov/financial-tools-calculators/calculators/compound-interest-calculator, countless times before purchasing a pair of expensive sunglasses, bicycle or "x" item. When thinking about how 5, 10, 100, 1000 or $7500 purchases now vs. future, it allowed me to make better decisions. I started Moonlighting as a resident in 2009 and I remember my peers wondering why I was working so hard. I did the math. Each night of "moonlighting" was equal to 1 month sooner retirement. Needless to say, I moonlighted a lot (hundreds of nights) over my 9 years of training. I don't do nights or weekends in the hospital anymore because of thinking 10, 25 and 40 years in the future. Your future you will thank you.
This is a sharp reframe of delayed gratification. Recognizing your efforts' impact on future-you is a powerful motivator. Thanks for sharing this. It's the kind of story that will stick with readers for a long time.
That $5 is about building the savings muscle for sure. I'd probably prioritize the high interest debt repayment above building a larger emergency fund but I'd still want to see some money going to a savings account monthly just to keep working on that habit.