Small early retirement contributions compound into meaningful tax benefits.

Evidence

I do understand that for many black families, especially those supporting siblings or elders, these prescriptions may already seem out of reach. However, I urge you to look anywhere you can in your life to find money for a contribution, no matter how small. I’d recommend my mother’s approach to every raise she ever got: “You didn’t have the money the day before you got it—so act like you still don’t have it.” This is one area where tax treatment will benefit you, if you can find a way to participate. — Dorothy A. Brown, The Whiteness of Wealth, 533

Categorization

Category: Craft and Method

• APHORISMS: The mother’s rule — ‘you didn’t have the money the day before you got it, so act like you still don’t’ — is practical spending-discipline advice worth keeping.