I’m 25 and didn’t want to think about saving – but a financial expert told me to change ‘retirement’ to ‘rich’

A YOUNG man was convinced to start saving after following advice from a financial expert.

Dave Ramsey told him not to think about retiring, but rather about increasing his wealth.

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Saving for retirement is a big topic of conversation The Ramsey Showbut for a listener the concept didn’t have as much appeal.

“I don’t know how interested I am in actually saving for retirement,” said Sean of Grand Rapids, Michigan.

“I don’t know if I could ever imagine actually retiring,” said the 25-year-old.

He was debt-free and had a fully funded emergency fund, as described in Dave Ramsey’s Baby Steps.

While saving for retirement is a cornerstone of his methods, Dave decided to take a different approach with Sean.

“Let’s try that,” said the money guru.

“What if we change the word ‘retirement’ to ‘rich?'”

“I really like the sound of it,” Sean said.

Dave pointed out that it was “the same thing,” but the young caller still wasn’t convinced.

“I really enjoy working,” he said.

‘WORK UNTIL YOU DIE’

However, Dave wanted Sean to understand that being able to retire doesn’t mean you have to.

“I intend to work until I die,” he said.

“Let’s pretend you get to old age and either you have $1 million or you don’t.

“One life is better than the other. So you decide whether you want to work or not.”

He continued, “Man, I haven’t had to work in a long time!”

Dave said Sean was confusing financial independence with “sitting on the dock fishing.”

“Retirement, to us, means you have a huge pile of money and can spend it next 30 years of giving everything and I never gave everything because the pile was huge.

“The issue is not retirement, the issue is building wealth,” he added.

Another young woman who called into The Ramsey Show asked for advice after her mother told her she should “fund her retirement.”

And see what the financial guru advised for a 46-year-old man without a pension and with a debt of US$46,000.