'You can do it. But there is only one solution for this,' says dailydirtnap:
You’ve screwed up. You’re drowning in debt. You haven’t saved for retirement. You’ve chopped yourself to bits in the stock market.You are not screwed. The only way you are screwed is if you are at retirement age already. Then it is kind of too late. But if there is any time on the clock at all, you can fix this.
I know people who have partied it up well into middle age, then said, “Oh crap, I don’t have anything saved for retirement.” So what does this austerity look like? You will have to start saving 50% or more of your paycheck every year. Sound bad? Hey, look, if you started when you were 23, you could get by with saving 10%-20% of your paycheck. Now you have to double up to catch up.Read: The No. 1 thing people with fat savings accounts scrimp on — that you likely don’t
Look on the bright side. Saving money can be fun, too. I derive satisfaction out of socking money away. Most of the time, investing is fun. It has been pretty easy the last 10 years. This is probably the first time I speak like a motivational speaker. Quoting Rob Schneider from “The Waterboy”: “You can do it.” I have seen it done.
And when I said there are no shortcuts, there are no shortcuts. If you reach for more risk in the stock market, there is a very good chance that you will lose more.
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