U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Economics > Frugal Living
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Closed Thread Start New Thread
 
Old 01-30-2017, 04:07 PM
 
Location: Forests of Maine
29,722 posts, read 47,483,706 times
Reputation: 17565

Advertisements

Quote:
Originally Posted by NancyDrew1 View Post
... Do you have any savings/401K, Roth, IRA etc..and/ or do you own a home?

Are you on your way to a secure retirement or a retirement that will at least, meet your basic needs?
Less than $1,000 in savings. No 401k, no Roth, no IRA. We own our home, no mortgage. No debt.

We own a couple cars, a dump truck and a tractor.

I retired in 2001, when the Navy put me on pension. I get roughly the same as Minimum-Wage.

We feel very secure in our retirement.



Quote:
Originally Posted by jencam View Post
The Millionaire Next Door has a lot to say about how many people became millionaires by being frugal.
There are principals in that book to live by.

You do not need a big income, to become a millionaire. That is for sure.

 
Old 01-30-2017, 04:14 PM
 
1,190 posts, read 571,053 times
Reputation: 1010
Quote:
Originally Posted by nmnita View Post
Have to ask you: why do you say you will have no medical costs when you start collecting SS?
Because we'd qualify for the QMB Medicare program

But I really want to work as long as possible so if it appears things change regarding taxes and healthcare, I may keep working untiL I drop. Which is best for my mental health. Not speaking for anyone else but I do enjoy my job and it is something I could do until I am pretty old unless health gets in the way.
 
Old 01-30-2017, 04:16 PM
 
1,190 posts, read 571,053 times
Reputation: 1010
Quote:
Originally Posted by elnina View Post
Who are "they" who said so? And no, I don't agree. Most people who frequent here are smart. They DO have home, savings, 401K, IRA etc... BECAUSE they have a great sense of budgeting, and spend less than they earnt.
Others come here to learn those ways.
Spenders, who don't have much, except debts seem not to be interested in frugal living.
Even those who make a good income each year and spend it all, are not getting wealthier. They are just living high. Wealth is what you accumulate, not what you spend.

FYI: there are many extremely wealthy people who choose to live frugally. One of the main reasons why they are wealthy, and maintain it, is that they are living frugally, saving carefully, and living below their means.
7 billionaires who are frugal - Business Insider
15 frugal billionaires who live like regular people
Maybe I shouldn't have said that. It just seemed when in other forums it would come up and they'd post that the poorer people post in the frugal forums. Probably typed before thinking here

I agree with you about there being many extremely wealthy people who live frugally. Personally I think it is the best way to go because you don't get into the trap so much of wanting more and more. But that is just my humble opinion
 
Old 01-30-2017, 04:23 PM
 
866 posts, read 446,738 times
Reputation: 2335
Quote:
Originally Posted by NancyDrew1 View Post
compared to the rest of the forum

Do you agree? Do you have any savings/401K, Roth, IRA etc..and/ or do you own a home?

Are you on your way to a secure retirement or a retirement that will at least, meet your basic needs?

Just curious

1. Not sure
2. Yes, 401k, IRA, life insurance products
2. Homeowner
3. Looking to retire with a good chunk of change that would enable a very comfortable retirement including unforeseen issues.


Being frugal is a key investment strategy that Warren Buffet has used. This can trickle down to everything in life. Mostly, it's living within your means and being efficient with your time. We had a thread recently where a girl prioritized cable tv over necessary medication that her and her boyfriend needed so they could work.

She easily could have enough money left over every month to fully fund a Roth IRA on a yearly basis.

I just bought a pair of skids for my snowblower off a guy. I didn't realize until later that he sells his skids in Home Depot. This guy skipped Shark Tank and is well on his way to being a millionaire. All just because he had a good idea to solve a real problem and just so happened to have metal skills. I will not be shocked when his invention is OEM on snow blowers. The current OEM are plastic and I were out a pair in fifteen minutes. His will last a lifetime.

Last edited by Campfires; 01-30-2017 at 04:34 PM..
 
Old 01-31-2017, 04:45 AM
 
Location: Bella Vista, Ark
69,278 posts, read 79,447,244 times
Reputation: 38636
Quote:
Originally Posted by 49erfan916 View Post
nice to meet you.


I live in sacramento so im not too far away from sierra college. I am a niner fan but they're pissing me off big time.
I know we are off topic, but they **** be off as well, for more than 1 reason.
 
Old 01-31-2017, 04:48 AM
 
Location: Bella Vista, Ark
69,278 posts, read 79,447,244 times
Reputation: 38636
Quote:
Originally Posted by elnina View Post
Who are "they" who said so? And no, I don't agree. Most people who frequent here are smart. They DO have home, savings, 401K, IRA etc... BECAUSE they have a great sense of budgeting, and spend less than they earnt.
Others come here to learn those ways.
Spenders, who don't have much, except debts seem not to be interested in frugal living.
Even those who make a good income each year and spend it all, are not getting wealthier. They are just living high. Wealth is what you accumulate, not what you spend.

FYI: there are many extremely wealthy people who choose to live frugally. One of the main reasons why they are wealthy, and maintain it, is that they are living frugally, saving carefully, and living below their means.
7 billionaires who are frugal - Business Insider
15 frugal billionaires who live like regular people
Yep, that was my step mom and even my dad to a degree, but the difference was: my step mom was not just frugal but cheap to the point it was borderline sick.
 
Old 01-31-2017, 07:34 AM
 
Location: New Market, MD
2,003 posts, read 2,450,129 times
Reputation: 2503
I am pretty sure that can't be true. I am sure most of the people are frugal on some of the items or categories and they spend a lot on others i.e. what they like. So they come hear to check if they can save "some" money on what they like because they are used to it and know how much money it can save and still getting what they want. Also everyone has their limits e.g. if I hear that adding coupons and such at walmart can be slightly cheaper than what I get at costco without hassle I am not going to do it. But sometimes visiting these websites such as slickdeals you realize you can get much bigger discount even at costco (which you wouldn't know otherwise). Bottomline is they visit various sites for this reason not because they are poor. Atleast this is what I do. And yes I am far from being a poor.
 
Old 01-31-2017, 11:43 AM
 
Location: North State (California)
28,196 posts, read 2,196,057 times
Reputation: 9833
Being frugal is smart. Anyone who wastes money, will not become comfortable in retirement. I am frugal by nature & my parents also did not approve of frivolous spending. We have a good amount in savings & investments, sold our home in San Francisco & retired to a mobile home park for 55+ it is a cheap & simple way to live.

If people want to waste money, then they have that right, but most wealthy people I have known, are also frugal, it goes with the territory.
 
Old 01-31-2017, 12:05 PM
 
Location: 76102
3,200 posts, read 1,485,423 times
Reputation: 9571
Sometimes I "poor-mouth" or tell folks I'm on a fixed income, poor, etc.

But I'm not.

When I retire in December I'll be very well off with just my pension and SS. And as a couple it is doubled.
 
Old 01-31-2017, 01:31 PM
 
Location: Las Vegas
13,432 posts, read 24,204,419 times
Reputation: 24745
Some people will always be poor no matter how much money they have. If they get X dollars per month they will always spend X+100. And wonder why they are poor! You don't have to be a Rhodes Scholar to figure this one out.

There are plenty of poor people who are smart. Some of them chose to take a path they knew would never lead to material gain. They saw something worth more than money when they made their choice. The world needs music, art, writers, and SAHMs more than it needs another corporate drone anyway! And there are those who just up and quit the rat race. The world would be a lesser place if we were all the same.

Learning to be frugal is a universal skill that benefits people in all economic groups. It's not just for poor people!
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Closed Thread

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Economics > Frugal Living
Similar Threads
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2018, Advameg, Inc.

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top