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Old Yesterday, 11:03 AM
 
Location: Middle of the ocean
31,973 posts, read 20,158,339 times
Reputation: 46187

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I was never taught to save, but I did watch my parents massively over spend.
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Old Yesterday, 11:03 AM
 
2,313 posts, read 588,463 times
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Quote:
Originally Posted by Questions and Comments View Post
I run into so many people who are retirement age that tell me they don't have a dime saved...
Yeah, right. Sure you do.

I run into so many people in retirement on cruise ships, in airport lounges, at ski resorts, at art galleries, wine tastings, at celebrity chef restaurants etc. etc. who are affluent, happy, well-traveled, and enjoying retirement.
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Old Yesterday, 11:05 AM
 
27 posts, read 5,689 times
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Most people including many poor people just don't know how to manage money. They think because something costs less than $30 they can spend money on it many times and it won't make a difference.

An example: I was at the mall and a new place had opened that served a form of Korean Blue Tea. The place was jammed even though the tea costs over $6 for a small amount. Huge family groups were all in line waiting to buy a fancy tea for everyone, and I saw one family spent over $30.00. Next, we went to a movie where it seemed like everyone got a large drink, a large candy bar, and large popcorn, even small kids. It cost about $30

Yes, $30 is not a lot of money if it is a one-time charge but it is a mentality that opens them up to lots of needless spending that could have been invested.
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Old Yesterday, 11:05 AM
 
Location: Middle of the ocean
31,973 posts, read 20,158,339 times
Reputation: 46187
Quote:
Originally Posted by RationalExpectations View Post
Yeah, right. Sure you do.

I run into so many people in retirement on cruise ships, in airport lounges, at ski resorts, at art galleries, wine tastings, at celebrity chef restaurants etc. etc. who are affluent, happy, well-traveled, and enjoying retirement.
Why the attitude? I know lots of people who just live on small SS checks, and I know lots with good retirement incomes.
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Old Yesterday, 11:09 AM
 
2,313 posts, read 588,463 times
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Quote:
Originally Posted by Mikala43 View Post
Why the attitude? I know lots of people who just live on small SS checks, and I know lots with good retirement incomes.
Perhaps you're right that my attitude in that post is a bit too strong.

OP: Sorry. Too much 'tude on my part.
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Old Yesterday, 11:54 AM
 
Location: Arizona
195 posts, read 115,367 times
Reputation: 775
Quote:
Originally Posted by Questions and Comments View Post
An example: I was at the mall and a new place had opened that served a form of Korean Blue Tea. The place was jammed even though the tea costs over $6 for a small amount. Huge family groups were all in line waiting to buy a fancy tea for everyone, and I saw one family spent over $30.00. Next, we went to a movie where it seemed like everyone got a large drink, a large candy bar, and large popcorn, even small kids. It cost about $30
How do you know these people couldn't afford to spend $30 and aren't saving money?
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Old Yesterday, 12:24 PM
 
4,154 posts, read 3,816,758 times
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Yes! I remember living alone and making 18K/yr when I was in my mid 20's, in the late 1980s. I probably was saving at least 20% of what I made. I had to borrow about 5K from my mom to buy my first car (8K) to get to a better job paying 35K. I paid her back in 6 months, because I lived so cheaply. When I was in a 3 year training program that paid me about 35K/yr, I was paying off student loans, and I had saved up about 20K by the end of the 3 yr program, so I guess I was still banking at least 20% of my earnings.

I don't know how people can stand living paycheck to paycheck. Unless you have someone to bail you out, what do you do when you have an unexpected expense?
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Old Yesterday, 01:46 PM
 
Location: Tennessee
23,833 posts, read 17,744,737 times
Reputation: 27881
Quote:
Originally Posted by Questions and Comments View Post
Most people including many poor people just don't know how to manage money. They think because something costs less than $30 they can spend money on it many times and it won't make a difference.

An example: I was at the mall and a new place had opened that served a form of Korean Blue Tea. The place was jammed even though the tea costs over $6 for a small amount. Huge family groups were all in line waiting to buy a fancy tea for everyone, and I saw one family spent over $30.00. Next, we went to a movie where it seemed like everyone got a large drink, a large candy bar, and large popcorn, even small kids. It cost about $30

Yes, $30 is not a lot of money if it is a one-time charge but it is a mentality that opens them up to lots of needless spending that could have been invested.
But that's anywhere you go.

I work in a relatively low income town, but Starbucks is packed every morning. The chain restaurants are full every night.
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Old Yesterday, 01:49 PM
 
Location: Middle of the ocean
31,973 posts, read 20,158,339 times
Reputation: 46187
I had strict rules. Max 401(k), savings account for emergencies, credit card paid off every month, unless for a trip, and then must be paid off in 3 months, used cars only, drive it into ground. If I got a bonus or tax refund, I could spend half, half went to savings. Emergencies were genuine emergencies, not a new outfit.

Once that was done, rent and entertainment. Meant I had roommates until I got married and bought a home, had old cars, shopped at Ross, cooked at home most of the time. Didn't feel deprived or anything.
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Old Yesterday, 02:57 PM
 
Location: Scottsdale, AZ
7,913 posts, read 4,845,133 times
Reputation: 28996
Quote:
Originally Posted by mlb View Post
You donít need money to have fun.

No, but it sure opens up a lot more possibilities.
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