Originally posted by LivinADream
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Rainy Day Funds...
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Originally posted by LivinADream View PostI am here. 20% to 401K, after that, it's hard to save much more, with a single income and 3 kids at home. 401K looks NICE, bit it's useless in a time like this, I can't put my hands on it. Luckily we're doing ok, but I always wish I had more money that I could get my hands on if needed in a hurry.
Don't get me wrong, I could put some up if I just sat at home, but life is too short to be bored.
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Never learned to save growing up, but my wife change that 30 some years ago. We are now retired and living nicely off our SS and my retirement. The RMD that my wife has to take out now is just extra money every year. We have two trucks and two cars, an RV and our home and a cabin in the mountains all paid for. Life is good, just hope we don't run out of TP.
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Originally posted by Hotrodd View PostWise words from a wise man!
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I grew up thinking we were kind of hard up, just plain stuff, didn’t eat out much, take fancy trips etc. My parents seemed dull compared to the neighborhood kids folks who took them to Hawaii, had big toys and kind of got caught up in the moment. At a point in college my dad and I got to talk about life, money and expectations. I wanted to buy a motorcycle and some other toys and he told me I couldn’t afford it. Burned me up and I showed him how affordable the payments would be. He laughed in my face and said have fun making someone else money when times are good and losing everything when there’s a bump in the road. I still think of him telling me I can’t afford something unless I can pay cash and not have it impact me if I don’t have a job. That man squeezes a nickel so hard he gets buffalo poop on his fingers, but he’s right and he’s living the dream as a result of savings and self control. I remember reading Dave Ramsey and Robert Kyosaki books not long after folding on the motorcycle and opting to save and getting upset because it felt like a lecture from my old man. Consistently saving is really key to financial independence.
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I think learning to save is one of the most valuable skills you can learn in life. I have ALWAYS tried to have the “pay yourself first” mentality and so far it has worked. I was blessed with a great job straight out of college and as a young single man with no kids I started that habit and so far I’ve kept it up. I try to put it away before i even see it. I never see my pension,IRA, 457 or savings account. If I can’t afford it after that I don’t get it. It sucks from time to time but I know for a fact that it will pay off. My parents weren’t, and still aren’t that good at it and they’re noticing it now. My grandparents however saved everything and are still living the dream in retirement.
My grandpa asked me one time “Why spend money to impress people that mean nothing to you?!” That has stuck with me my entire life.
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Originally posted by Acameron52 View PostI think learning to save is one of the most valuable skills you can learn in life. I have ALWAYS tried to have the “pay yourself first” mentality and so far it has worked. I was blessed with a great job straight out of college and as a young single man with no kids I started that habit and so far I’ve kept it up. I try to put it away before i even see it. I never see my pension,IRA, 457 or savings account. If I can’t afford it after that I don’t get it. It sucks from time to time but I know for a fact that it will pay off. My parents weren’t, and still aren’t that good at it and they’re noticing it now. My grandparents however saved everything and are still living the dream in retirement.
My grandpa asked me one time “Why spend money to impress people that mean nothing to you?!” That has stuck with me my entire life.
Congrats on being fortunate to save your hard-earned money! I had the same mentality for saving- but a nasty divorce, substantial child support, and student loans, and a relatively small paycheck put me in bad bind of just trying to make it month to month for the last several years. But the light is starting to shine. My student loans are paid off as is one of my 'big' credit cards, and my child support will be done in 3 years. My wife and I are going to meet with a financial planner soon and get this ball rolling to smash the rest of our debt. We are lucky in that we both have fair pensions for life when we retire, so anything after that is pure gravy.
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Originally posted by Mexico View PostWhen I was a young man my grandfather instilled the idea of " Rainy Day Funds " into my head. He lived through the great depression and 2 World Wars and never once did without...
He would always tell me if you earn a nickel hide a penny... cause one day that penny is going to shine bright....
Glad I listened to that great man!
I know every person has different situations but I know a lot of people that I grew up with, work with, etc. that live well beyond their means.
Big house, 2 new cars, toys (boats, ATVs, and such), credit cards and when a hiccup hits they are in a very tight spot.
Nothing wrong with having any and all of that but balancing income/debt is important
I need to add up what percentage I am saving of my income but it is enough to have a cushion and a peace when life throws a curve ball
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Originally posted by BTLowry View PostYour grandad was a wise man
I know every person has different situations but I know a lot of people that I grew up with, work with, etc. that live well beyond their means.
Big house, 2 new cars, toys (boats, ATVs, and such), credit cards and when a hiccup hits they are in a very tight spot.
Nothing wrong with having any and all of that but balancing income/debt is important
I need to add up what percentage I am saving of my income but it is enough to have a cushion and a peace when life throws a curve ball
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Originally posted by Acameron52 View PostI think learning to save is one of the most valuable skills you can learn in life. I have ALWAYS tried to have the “pay yourself first” mentality and so far it has worked. I was blessed with a great job straight out of college and as a young single man with no kids I started that habit and so far I’ve kept it up. I try to put it away before i even see it. I never see my pension,IRA, 457 or savings account. If I can’t afford it after that I don’t get it. It sucks from time to time but I know for a fact that it will pay off. My parents weren’t, and still aren’t that good at it and they’re noticing it now. My grandparents however saved everything and are still living the dream in retirement.
My grandpa asked me one time “Why spend money to impress people that mean nothing to you?!” That has stuck with me my entire life.
Just givin ya a little hell. Sounds like you have the right mind set.
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Originally posted by solocam_aggie View PostThat sure is a fancy truck you have listed in the classifieds
Just givin ya a little hell. Sounds like you have the right mind set.
Ha! Two things I’ll spend money on... hunting and my pickup. But money is put back before that payment is ever made.
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total money
Originally posted by HoustonHunter94 View PostI also have a copy of Total Money Makeover that I will send to someone for free. It’s in my office and I’m working from home now but when I got back I’ll happily send it to someone. Just DM me.
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I wish everyone of the checks the government is about to mail out came with a requirement that the recipient sit through a class on personal financial responsibility. I understand this virus isn’t anyone’s fault and it has caused good hard working people to go without a paycheck, but it drives me nuts that anyone feels that it is the government’s responsibility to cover for them. The current situation is the very reason everyone should have an emergency fund.
I just shake my head every time a person tells me that they are barely making it and can’t save any money as they pull a $1,000+ phone out of their pocket and begin to tell me about the latest series they are watching on cable.
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