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Old 08-04-2019, 12:08 PM
 
Location: SoCal
13,694 posts, read 6,516,267 times
Reputation: 10229

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Quote:
Originally Posted by carnivalday View Post
Busy with their jobs? So they are so busy they cant work and save at the same time?

Savers are busy with their jobs. Sometimes 2 jobs. I know people who started saving at 10 years of age, but they had parents who actually taught them that and showed them how to balance their lives and plan for retirement.
Maybe you need reading comprehension. It’s not that they don’t save, it’s where to put in the money with savings, what type of IRA. Yes, I taught them to save when they were in their teens, so no need pat yourself on the back. Most parents do. I was responding to a statement above from bpollen where she didn’t want to interfere with her nephews and nieces.
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Old 08-04-2019, 12:13 PM
 
Location: SoCal
13,694 posts, read 6,516,267 times
Reputation: 10229
Quote:
Originally Posted by lottamoxie View Post
I had my first savings account at 7 yrs old. I still remember the day I got my own account. Couldn't even see up to the height of the counter at the bank. Opened that account with $2. LOL. And of course I loved having the physical passbook and the date stamp, and each visit I made to the bank was fun.

My dad saved a letter I wrote to him when I was 8 yrs old. My aunt was making me reimburse her for the cost of some candy I ate from a box of candy she had purchased and was not intended for me to eat. My aunt charged me $3. My dad was in the hospital at the time due to an accident, and I wrote him a letter telling him I was desperate and didn't want to take the money out of my savings account and maybe he would give me a loan? He gave me that letter when I was in my early 40s.

No, my savings weren't for retirement. Had no concept of retirement at age 7 or 10 or 15. But I slowly learned how to save for things I wanted and learned what it meant to earn interest.
Passbook savings, both of my kids had them young. But they did nothing. They had their own Roth IRA in their teens, where they invest in the stock market.
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Old 08-04-2019, 12:18 PM
 
7,443 posts, read 8,740,544 times
Reputation: 9503
There was no such thing as an IRA when I was a kid and my parents weren't stock market investors so I didn't get that education for quite awhile and then when I did it was really only about mutual funds. But no matter. Learning and practicing good habits is more important for young'ins.
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Old 08-04-2019, 01:08 PM
 
Location: Forests of Maine
30,783 posts, read 49,656,094 times
Reputation: 19234
Quote:
Originally Posted by Unicorn hunter View Post
I don't think it's an excuse, I think it's mathematics. If your income is $2,000 a month and your basic, modest lifestyle expenses are $2,000 a month, what magic wand do you wave to be able to come up with money to save?
I was making $5/hour working three jobs and attending college fulltime, when I bought my first rental real estate.

I have had tenants who earned more than I made and I have had tenants who earned less than what I made.

I have had a number of Asian immigrant tenants, usually a couple with two or three children. Both adults working minimum wage jobs. Every time within 2 years the family will have enough money saved up that they buy their own home.

$2,000 a month income is a pretty good income, that is more than what I get from my pension. You should be able to support a family and save some on that income, it would depend though mostly on how many children you are raising.
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Old 08-04-2019, 01:18 PM
 
Location: Middle of the ocean
32,118 posts, read 20,232,573 times
Reputation: 46371
Quote:
Originally Posted by mlb View Post
In my last job with my last employer which was municipal government.....Human Resources did everything short of beating it into peopleís consciousness that THEY were the only ones responsible for their retirement. Even with a 401k match - FREE MONEY!- people did not respond. This was an employer that opted out of
Social security...so they really had to drive home to people that it was up to them to save.

I started that job making just short of $30k...and I saved. Once I hit a couple of raises...I saved the raise and operated as if I did not get it. Did that for years. Up to the point where I was saving $500 every 2 weeks. It hurt, but it was worth it. When they offered TDAmeritrade funds into our investments I signed up at HR...and the HR benefits person said I was only ONE of a handful of people to do this. The others were the high income administrators. People simply ignored the opportunity...at their own peril. Our portfolio from that origination is now worth over $700K.

Itís just unfathomable to me why people who seriously CAN save - donít.

And when we started seriously saving in our mid 40ís...we also went to a financial planning seminar set up by the local university. We were there with couples in their LATE 50ís and 60ís...who had not yet started

Itís the makings of a tsunami of hurt. And I am afraid we all will pay.

It's crazy. At DH's work (City and County) they offered a Flexible Savings Account. I knew about it because I had worked for the government and knew all the benefits. When we married I asked where his FSA was, and he hadn't signed up. I'm like "you HAVE to, it's pre tax money you can spend!!", went to his HR and THEY didn't know what it was. Eventually we got signed up, but they said we were like 1 of 3 people out of thousands.
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Old 08-04-2019, 02:16 PM
 
Location: NC Piedmont
4,003 posts, read 2,922,873 times
Reputation: 6452
Quote:
Originally Posted by Mikala43 View Post
It's crazy. At DH's work (City and County) they offered a Flexible Savings Account. I knew about it because I had worked for the government and knew all the benefits. When we married I asked where his FSA was, and he hadn't signed up. I'm like "you HAVE to, it's pre tax money you can spend!!", went to his HR and THEY didn't know what it was. Eventually we got signed up, but they said we were like 1 of 3 people out of thousands.
I was 1 of 3 in my small company. I say "was" because our plan year starts on 8/1 and we no longer have an FSA. The CFO told me I was 1 of 3 people and it was costing them more than me ant the other 2 were saving. She said if she was legally allowed to, she would just give us the money we would have saved.
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Old 08-04-2019, 04:19 PM
 
Location: Washington state
5,500 posts, read 2,804,773 times
Reputation: 16568
Quote:
Originally Posted by carnivalday View Post
Excuses. Do you think you are the only person who lost their job along the way, had doctor bills to pay, had to go back to step one? More people have had setbacks in their lives, both financial and other, than dont. Who do you think skates thru life with no serious issues impacting them? No one does. So if thats your excuse for not saving, thats on you.

Excuses.
I never said I was the only person who had had hardships. What I am saying is a lot of things have to come together in order to save a substantial amount of money. No one can foresee the future and blaming people who couldn't foresee a job loss or a medical emergency is pretty stupid.

What you saw weren't my excuses for not having money saved by the time retirement rolled around. Those were the reasons. And you're one of those who just doesn't get it.
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Old 08-04-2019, 05:03 PM
 
Location: NC Piedmont
4,003 posts, read 2,922,873 times
Reputation: 6452
Quote:
Originally Posted by rodentraiser View Post
I never said I was the only person who had had hardships. What I am saying is a lot of things have to come together in order to save a substantial amount of money. No one can foresee the future and blaming people who couldn't foresee a job loss or a medical emergency is pretty stupid.

What you saw weren't my excuses for not having money saved by the time retirement rolled around. Those were the reasons. And you're one of those who just doesn't get it.
I have pretty much given up on the people who believe there is room for everyone to move up when it's obviously a triangle. Of course a lot of people who had setbacks eventually catch a break, but not all do. IMO, the "it's all on you" attitude is an attempt at justification for how they treat "the least of these".
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Old 08-04-2019, 05:30 PM
 
7,443 posts, read 8,740,544 times
Reputation: 9503
The ability to be able to retire someday off in the future is not limited to the top wealthiest 30% of the population. It takes 2 things:


1. Saving some money and putting it into one or more investments as often and as consistently as possible (doesn't mean 100% every month with no break at all, because crap happens).
2. Time (could be as much as 40 or 45 years, depending).

  • $50 starting investment
  • $50 contribution per month
  • Invested in S&P Index fund
  • Time Span - most recent 40 years (July 1979 through July 2019)

Final Value of Portfolio $50 monthly investment: $348,095

Last edited by lottamoxie; 08-04-2019 at 06:21 PM..
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Old 08-04-2019, 05:52 PM
mlb
 
Location: North Monterey County
3,259 posts, read 2,892,678 times
Reputation: 4986
Also an understanding of compounded interest....and how to invest in the stock market.

We taught ourselves after dealing with financial planners that simply wanted to sell their product.
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