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Old Today, 09:05 AM
Location: Central Ohio
624 posts, read 258,431 times
Reputation: 1201


I would say if you are talking about a single, childless person, yes, it could be done. I was a single parent with no child support for many years, with no college degree or post high school training...working low wage jobs and just managing to keep a roof over our heads, food on the table and a vehicle running. For single moms in similar circumstances, saving 10% is not so easy. As another poster stated, something always comes up that eats up whatever little amount one has managed to put by. And like others have posted, as I got older, I got my college degree and better paying jobs and began to be able to save, but saying anyone should be able to do so, is not being realistic IMHO.
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Old Today, 09:28 AM
13 posts, read 853 times
Reputation: 20
Originally Posted by Questions and Comments View Post
What I always ask people who never saved a dime for a rainy day or retirement is this question: "What if your employer had paid you 10% less, would you have survived?" They think about it and finally answer "yes, I guess so." Maybe people should think long term and pay themselves first and act like they got a job that pays 10% less, so they can save.
10% is a huge percentage of a low income while raising a family.

In running numbers, with such a low income, there is hardly 10% extra to "pay yourself"

When your income just pays your bills, then what do you do, not pay that month to accumulate a late fee?

Any emergency can arise and all you have is the lockbox funds which need to be used.

For most, emergencies arise but you could get lucky
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Old Today, 09:33 AM
Location: equator
3,556 posts, read 1,575,843 times
Reputation: 8867
For whatever reason, some of us are just not wired that way. We pay for it later, though.

We were self-employed in my younger years, and just had fun the whole time. We had our own airplane and new Corvette, remodeled our house in our 20s. I hate to admit we saved nothing, but did have equity in our house.

We lived horse-camping in the wilderness for 5 years on next-to-nothing, saving zero. In my 40s, I had 2 $10/hr. jobs. I saved a bit of money and bought an ice-sailing boat for 6k. Crazy.

I was always more interested in having adventures than saving for a rainy day. I have a lot less in retirement now, but a "memory bank" full of wonderful times.

Maybe I wish I'd saved more money, but I never have to regret "If only I'd done (insert experience or adventure here) when I was younger and able". I did everything that came my way except kids.

Not smart or prudent, but lots of fun. And still having a good time despite less retirement money.
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Old Today, 09:42 AM
2,383 posts, read 2,405,903 times
Reputation: 2381
Originally Posted by Nightengale212 View Post
When you have a household income of building up to and ending at $35,000/year you tell me how far that goes to shelter, feed, clothe, educate, and fund some activities for 3 children for 18 years ? Folks in this income situation are lucky to have two nickels to rub together by the time their last kid is out of the house. And even if they can save 10% of their $35,000/year income from say age 50-65 they will be very lucky to have saved $65,000. You sure you didn't add an extra zero by mistake ???
40 years of compounding interest gets you to the $650k figure. I appreciate the not being able to rub two nickels together, but one should adjust family planning decisions to mitigate that.
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Old Today, 09:45 AM
6,365 posts, read 4,788,310 times
Reputation: 13098
Originally Posted by cheapdad00 View Post
......one should adjust family planning decisions to mitigate that.
Where is it written that everyone needs to reproduce and raise kids? That is something many of us limited and in addition postponed until we had established careers and suitable income.
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Old Today, 10:14 AM
Location: West Coast
39 posts, read 5,828 times
Reputation: 70
Originally Posted by fluffythewondercat View Post
You seem both extraordinarily out of touch and fond of asking hypothetical questions.

I don't have any patience with your lack of a clue. I've been poor. I vividly remember what it was like. Every time I got a few dollars ahead, something happened. Car needed new tires, insurance premium went up or had an uninsured medical expense. I didn't have a birth family to loan me money when things got rough or savings to fall back on.

People who don't make much money are always living on the edge.
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Old Today, 10:53 AM
Location: Middle of the ocean
31,984 posts, read 20,147,162 times
Reputation: 46182
I always did, and just lived on the rest.
My posts as a Mod will always be in red.
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Old Today, 10:56 AM
2,303 posts, read 585,577 times
Reputation: 4019
I deferred far more than 10% of my gross income each year, and saved far more than 10% of my gross income each year -- that's on top of maximizing my 401K contributions.
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Old Today, 10:57 AM
Location: North East
61 posts, read 14,295 times
Reputation: 176
I think a lot of it has to do with being taught to save. I was taught to pay myself first, so as I grew up part of my paper route money went into savings, and that carried over into adulthood. You don't touch that money, its money you live without. We teach our children the same thing. 10% tithe, 10% invest, and the rest is yours.
That $5000 you invested at 7% from age 18 is worth over $105,000 compounded at age 63. For me it was a taught behavior that I realize many of my peers weren't taught or teach.
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Old Today, 11:02 AM
Location: North Monterey County
3,225 posts, read 2,879,370 times
Reputation: 4947
You don’t need money to have fun.
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