CDZ Do you make money savings?

[Anathema]

Nope. My wife and my combined savings can be measured in the double digits. We don't have and don't intend to have kids. We have no interest in owning a home. We live within our means, but the extra after the bills is invested in guns, ammunition, and other surival tools or spent on entertainment. We have enough life insurance between us to cover burying us and any outstanding debts when we go. Come into this life with nothing and leave with nothing.

 

[Flopper]

I was homeless at 16 and decided then I would never be homeless again. While working, I was fanatical about saving money and investing. The result is that I am now retired and comfortable.

What Moonglow said above is true - always pay yourself first.

There have been many times when saving was hard to do but I found ways to do it. For example, I never spent quarters or $5 bills. Also, I never spent "found" money. Probably sounds silly but it worked and it still does. We keep a separate account for our business income and expenses as well as travel. Any found money goes into that account.

Don't bother putting your savings in a savings account because the interest is non-existent but I do recommend keeping the money separate so you're not tempted to spend it.

I was real dumb when I was young, I always had to buy $100 sneakers, mustang and a porsche, I never saved. It took me to my 40s to realize I might not die young, so I have my 401k I put in the max 7% , I have two debit cards that my payroll check is direct deposit, one for bills @60 and one for extras @40%
I have a safe at my house that when it reaches $2,000 I will Take out a grand and buy some physical gold or silver and put it into my safe deposit box at my bank.
I also have two envelopes stashed I will put in $20 bucks a piece a week, one for my next vacation and one for the next goodie I want to buy.

I just buy used pickup trucks now, I shop at thrift stores, the only clothes I will buy new is Underwear, socks ,baseball hats and jeans

Death or disability is just not on the radar of most young people in low income jobs. 401K's are often just savings to be spent in between the many jobs they will hold. Health and life insurance or a waste of money because they're just not needed.

When you have enough money to invest you should diversify. There is nothing wrong with putting a little money in precious metals, emerging growth stocks, bonds, or cash. However, if you're building a retirement nest-egg, putting all your eggs in one basket is a serious mistake for most people. This is because all asset classes have periods of good and poor performance and those periods sometimes last a number of years. If you have to retire and your investment is in a period of poor performance, you're in deep trouble because the size of your nest-egg is shrinking due to market performance plus you will be hitting it for funds to live on. Diversification should be a part of any retirement plan otherwise, you're just gambling with your future.

 

[Flopper]

Nope. My wife and my combined savings can be measured in the double digits. We don't have and don't intend to have kids. We have no interest in owning a home. We live within our means, but the extra after the bills is invested in guns, ammunition, and other surival tools or spent on entertainment. We have enough life insurance between us to cover burying us and any outstanding debts when we go. Come into this life with nothing and leave with nothing.

Going out of life with nothing means you plan to die poor. I've see a lot of this and don't recommend it. Young people often assume when they become older, they just won't need much money. What they don't understand is age changes you in ways you don't expect, not just physically but mentally. Financial security and a comfortable life style become far more important and are not cheap.

 

[Anathema]

Going out of life with nothing means you plan to die poor. I've see a lot of this and don't recommend it. Young people often assume when they become older, they just won't need much money. What they don't understand is age changes you in ways you don't expect, not just physically but mentally. Financial security and a comfortable life style become far more important and are not cheap.

Flopper, I don't plan on living to a ripe old age. Once I can't do for myself, there's a 230 grain, .45 ACP, Jacketed Hollowpoint with my initials carved into the case sitting in my drawer, just waiting for me.