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Are You Saving Too Much?

You’ve been advised to save, save, save for as long as you can remember, and you’ve done a great job of saving diligently thus far. But now someone (me) comes along and questions if you are saving too much? How is this possible, when Fidelity recommends having at least 10 times your annual salary saved by age 67, knowing your salaries will continue to increase and this 1 Ox rule will continue to elude you?

Many people tend to think of being wealthy and having a lot of money as one and the same. But what is the purpose or reason for accumulating a bunch of money? Being wealthy, as termed by Brian Portnoy in his book The Geometry of Wealth, is funded by contentment. Essentially you are wealthy when you have the means to live your ideal lifestyle and be content in your endeavors. This is where the savings rules of thumb should be taken lightly. Someone who anticipates cruising around the world (post-Covid, of course) for eight months out of the year will certainly need a larger nest egg than someone who wishes to simply maintain their current lifestyle, with a paid-for house and self-sufficient children, and who would like to take 2-3 trips per year.


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