Rescue Yourself From Reckless Saving
I got a lot of positive feedback on my first column.
Here's a representative sample: "What an ass you are. If you are typical of our recent college grads, God save us. Your hedonistic attitudes violate all principles of self-discipline, responsibilities to others and maturity."
My friend, flattery will get you everywhere.
Many of you thought I was being reckless and irresponsible when I advised young people not to save money. I couldn't disagree more strenuously. There's no percentage in being a paragon of self-restraint and spending discipline while you're in your early 20s.I'm not advising anyone to go out and spend every last cent on a stereo or some sweet rims. Telling young people to be circumspect about their savings isn't the same as telling them to be financially irresponsible. It's responsible to enjoy yourself, it's irresponsible to devote every second of your life to retiring comfortably, even at the expense of being happy in the present. It just so happens that others agree with me. Laurence Kotlikoff has serious credentials and he's saying the same thing,
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