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spend less than you make and save what you dont spend.
i am 33, hubby is 40. our house is paid for, we paid cash for our cars and have 0 debt. we have 2 kids who dont go without anything they need, and they have lots of things they want.
we have enough saved that we could very comfortably retire now. for all intensive purposes, hubby is retired, and i work from home.
Thanks rfr. I do need the assistance as at 57 I am having a very hard time finding a job after I was laid off. I get heat assistance help and without that, I don't think I could make it. When I worked I never asked for any help, thinking as you do, that families who need it should get it as there are limited amounts of funding.
I'm not ashamed to take the help now and when I do find a job, will once again leave the funding for people who need it.
Good to take it if you need it that's what it's there for plus sounds like you paid your way for many years so now that you need it you are definately entitled to it and glad it's there for you.
A buddy of mine who works construction gets laid off every winter. Instead of getting a job he sits on hsi ass doing nothing which more power to him except that he just recently went out and got a link card.
Doesn't even need the food assistance but says the less he pays for food out of his pocket the more money he has for other things.
I definately was not shy in telling him how I felt about what he was doing so we havn't hung out in a few days...lol
Taking assitance when you doing need it just to be cheap, selfish or whatever your logic is potentially making some kid go to bed hungry, some family live in a dangerously cold house, etc. Plus its a drain on the system and the rest of us pay for the deadbeats.
Live below your means.
Only go into debt for a home. Put a lot down. 15 yr loan and pay it off early.
No student loans, car debt or credit cards.
Learn to tell yourself NO.
Student Loans can rank right up there with a mortgage - if there are no other alternatives to pay for college other than a student loan, it can pay off in the long run. Better to incur that debt and get an education as opposed to not getting one. I am still paying off my student loan debt; but without taking out those loans and getting the education that I did, I would likely be making a lot less money than I do now.
As to credit cards - there is nothing wrong with them as long as they are used responsibly. First of all, it is important to establish a credit history - not having one can hurt later in life. Second, one can use them, just not to pay for something they can't afford. I use a credit card for pretty much every purchase I make, from groceries to a pack of gum. But I also pay the balance off in full every month. Also, its hard to do some things (like rent cars or hotel rooms) without one.
Live below your means.
Only go into debt for a home. Put a lot down. 15 yr loan and pay it off early.
No student loans, car debt or credit cards.
Learn to tell yourself NO.
Buy everything a year or two after it comes out. For example, instead of buying Madden '12 this August, buy Madden '10. Year or two old video games are usually only 5-10 bucks. Also take old furniture people are throwing out. No need to spend 1000 on a couch.
I have to disagree with your number one. I am not making much money now an could qualify for energy assistance type stuff and other programs and assistance but I am not truly in need. I have a roomate, I can pay my bills nad buy food.
I feel taking something like that, even though I may qualify, if I am not truly in need is a scumbag thing to do. I'm potentially taking money away from some family who really needs the assistance plus I'm living off other tax payers and citizens when I'm not truly in need.
Its gaming the system. Just b/c you qualify doesn't mean you are in need and to play the system is a low life thing to do.
I tend to agree with you, although there are always legitimate exceptions to what you are saying.
One thing I'd add though....If you really want to have savings and investments, you don't want to be dependent on government programs. They usually only allow you a limited amount of savings or other assets. Government programs as currently designed, do nothing to encourage people to save. Instead, they promote dependence.
Hi y'all, I'm a younger man and money has never been an issue with me. I've never had a lot, but I've always had some. But I'm starting to get older and I really want to start saving and investing. I was just wondering what are the basic rules and guidelines y'all live your life by? What attitudes help you succeed at living frugally and saving? Where do you save or invest your money to help it grow?
Thank you for your help.
When I really got serious about my money at age 26, this is what I did:
--Kept my rent to 20% or less of my gross income. That meant living with roommates for 8.5 years until all student loan and credit card debt was paid off and I had a decent amount socked away in retirement accounts.
--Paid cash for decent used econoomy cars. I bought my current car when it was 4 years old. It is now 15 years old and still runs ok andithas not needed a ton of repairs.
--Try to live as close to work as you reasonably can. See if it's possible to live without a car altogether by living close to work & taking mass transit. If you can't do that, get as close to that ideal as you reasonably can.
--Even if you have debts, you should start putting something in a retriement account (either IRA, 401K, 403b, or 457), even if it's only $50 a month. Then focus on paying down debts and building savings. Once debts are paid down and savings built up (to 6 months of living expenses as a minimum), then it's time to ramp up the savings. Don't put so much in retirment accounts that you can't continue to put away at leas some cash, though.
--Invest in a "boring" mutual fund that invests in a mix of stocks and bonds. People tend to go to extremes with risk. They either way overestimate their risk tolerance (usually men) or they way underestimate it and invest only in things with guaranteed rates of return (usually women). The answer for most of us is between those 2 extremes. i wish I had learned this. I'm a typical man. I overestimated my risk tolerance. I should have invested in "balanced" mutual funds that buy a mix of stocks and bonds. I would have a lot more money today if I had done that.
Here are a few really good balanced mutual funds with great long term returns:
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