“And the young, they can lose hope ‘cause they can’t see beyond today. The wisdom that the old can’t give away.”

– Eddie Vedder

The above lyric comes from the Pearl Jam song Love Boat Captain – a song lauding love for ourselves and our fellow (wo)man as the one constant that helps us deal with the enormity of life and its pressures. Apparently it can apply to financial planning as well.

In a recent survey by Bankrate.com not saving for retirement early enough is the biggest financial regret. Not coincidentally the older the survey respondent the more likely he or she is to be sensitive to this.

Sun Tzu famously wrote, “Every battle is one before it’s ever fought.” Americans, judging by our behavior, prefer to address problems only after they have presented themselves – often when it’s too late to do anything about them.

The time to save for retirement is early and often – wisdom that the old can’t give away! Sadly for many Americans it’s a lesson we’ll learn too late.

Ah, who cares anyway? My new $800 iPhone works seamlessly with my $75,000 urban assault vehicle parked in the garage of my 6-bedroom McMansion.

Food for thought the next time scarce resources (i.e. money) must be allocated between current consumption (i.e. “wants”) and saving for the future (i.e. “needs”). Funny how we delude ourselves into thinking they are one and the same.