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Old 04-15-2014, 07:21 PM
 
Location: too far from the sea
19,830 posts, read 18,839,234 times
Reputation: 33728

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Quote:
Originally Posted by HappyTexan View Post
Bingo !

Live beneath your means and you won't be worrying so much.
Americans don't tend to do that though. If anything they live above their means using credit and are and have always been poor savers.
I'm not picking on you in particular but we keep hearing these sweeping generalizations about Americans who do not save, use credit cards, live above their means. Usually it's aimed at one of those generations like X, Y, or Z. Now it's just ALL Americans in general?

I know the greatest generation definitely was not like that and being a "child" of that generation I am not like that and have never even known anyone who was like that. I know they must be out there somewhere -- living in their McMansions with multiple car garages, big boats, numerous country club memberships that they can't afford, spending money every year to go to DisneyWorld or go on a gambling trip, buying all kinds of junk that they can't really afford and not doing any planning or saving. Or is it just a myth.
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Old 04-15-2014, 07:25 PM
 
Location: Grove City, Ohio
10,129 posts, read 12,378,690 times
Reputation: 13947
Quote:
Originally Posted by silibran View Post
The thing is, you can't simply save for retirement. You have to invest. What savings plan or instrument pays any significant interest these days? Investing is hard. Luckily for me, DH does a really good job with this. But I know plenty of people who do not have any idea how to start to invest or how important it is. I know of friends whom I don't know how will survive into retirement with any sort of decent lifestyle. I mean, how will they buy anything beyond basics? What will they do when their old car dies?

The only way to make one's money grow in this present economy is to invest in something. We spent decades deciding we were not stock investors. But we do have assets invested in various funds. Investing is the only way to make money work.

But how many people don't know anything about investing? How many have lost value in their homes in the last decade? The present economy is not structured to assist people of moderate means who need to save.

And even with investing, the market is manipulated by day traders and institutional investors. I think the cards are stacked against those of us with moderate means who need to save. But save, we must.
Everyone has a plan and not one plan fits everybody but here's mine.

We are preparing, carefully mapping every possible move because retirement can come as early as eleven months, or maybe not for four years, but in our plan is not to spend any retirement money leaving the savings for the surviving spouse should that day come.

We are structuring our standard of living not only so we can live comfortably on social security alone but we can live on social security and the small pension alone while saving $750 every month out of our social security money.

We sold the four bedroom two and a half home moving to a much small home in an area with a lot less taxes for one move.

In the last five years we put a new 30 year roof on the house, completely gutted and remodeled the bathroom, installed all new electrical system and all new plumbing from all the fixtures all the way out to the street. This was expensive but I really don't think we will have any giant repairs anytime soon in the future.

We are all different, what may be important to you may not be important to me, but what is important to me is I always have cash to do what I want to do while living in security.
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Old 04-16-2014, 05:49 AM
 
Location: Great State of Texas
86,093 posts, read 72,479,637 times
Reputation: 27565
Quote:
Originally Posted by in_newengland View Post
I'm not picking on you in particular but we keep hearing these sweeping generalizations about Americans who do not save, use credit cards, live above their means. Usually it's aimed at one of those generations like X, Y, or Z. Now it's just ALL Americans in general?

I know the greatest generation definitely was not like that and being a "child" of that generation I am not like that and have never even known anyone who was like that. I know they must be out there somewhere -- living in their McMansions with multiple car garages, big boats, numerous country club memberships that they can't afford, spending money every year to go to DisneyWorld or go on a gambling trip, buying all kinds of junk that they can't really afford and not doing any planning or saving. Or is it just a myth.
It's not a myth.
As the US turned from a producer nation to a consumer nation spending went up and savings went down.




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