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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.
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.
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
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..
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.
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.
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.
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.
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!
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