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Saving 15% sounds nice but may be impossible for those with cc debt, mortgage, fixed expenses, etc
That's why one needs to be very, very careful about taking on a lot of "fixed" expenses when young (including kids, cars, pets, student loans, mortgages, & having your own apartment). Not all can be avoided, but many more can be than people will admit to.
Last edited by mysticaltyger; 11-29-2015 at 06:53 PM..
Not a myth. You used a bad example in order to make a point. You have to do more than save money to be wealthy.
i always say a penny saved is a penny earned , but it will always remain a penny .
it is the investing of those pennyy's over decades ,compounding from good investing skills that is needed to grow wealth . most of us will never have much wealth just accumulating the small drops of money we can save from our checks .
Yeah, you can. You live with less "extras". Pass on that smartphone and 55" TV, cut out the premium channels on the cable. Turn off lights when rooms are not in use. Go to school part time, learn something to earn more money, join the military.
Pardon for not having read all the comments, but tat is what the OP means by myths. I dont have cable, got a 20 yr ol TV and DVD that was a Christmas gift ,only use basics on a cell phone, piggy back the neighbors internet on a 13 yr old computer, don't have a car, and DH and I are still struggling. I have a laptop, but it i shared with the family biz. Poor people arent allowed to do anything or complain about anything, but richer people can complain about how bad poor people are. Likely those people have never been poor.
Keeping recurring expenses to a minimum and a frugal lifestyle...
I've often found couples that have money issues either both like to spend or one likes to and either combination is bad. It is the rare couple that are both on the same page when it comes to being frugal and cost conscious.
Don't have a cell... yet I bought one for Mom... I have her on a plan where a $100 buys 1000 minutes... they never expire and her average year has been about 60 minutes... looks like it will work out to less than $10 PER YEAR for her.
I do realize many seniors can or have free phones... she has always been a person that pays her own way... she is from the generation where a phone was never for conversation.
Compared to most of the world I believe America is a Live and Let Live society... nobody really cares what adults do as long as they are paying their own way...
I want to thank the posters on this thread.
I learned a lot from the different posts here. A couple posters came off as real jerks but they were brutally honest and that was the most help. I appreciate someone who tells it like it is and doesn't sugar coat the message.
I will begin to put some of the suggestions here into practice.
Pardon for not having read all the comments, but tat is what the OP means by myths. I dont have cable, got a 20 yr ol TV and DVD that was a Christmas gift ,only use basics on a cell phone, piggy back the neighbors internet on a 13 yr old computer, don't have a car, and DH and I are still struggling. I have a laptop, but it i shared with the family biz. Poor people arent allowed to do anything or complain about anything, but richer people can complain about how bad poor people are. Likely those people have never been poor.
So, where do you spend your money?
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