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I'm not rich by any means but thank God I'm doing better than most people. I'd like to hear from people who are NOT finically stressed. Who DO have $500, $1000, or more discretionary income left over after living expenses other bills, and savings/investing are accounted for.
If you're doing well, what are your thoughts on saving versus spending? Your thoughts on money in general? The stories of others you hear about? The economy and jobs situation. Heck, even the serendipity of life….like health issues than can affect finances.
I ask because I hear more stories about people being broke. Can't save for this. No money for that.
If you have a fair amount of discretionary spending -- before or after your savings, or 401K or Roth contributions. How does it feel do be doing pretty well?
I guess I'm just feeling pretty darn blessed. No financial issues, no real health issues.
Again I'd just like to hear stories from people who aren't broke, or struggling…who are doing pretty OK.
I'm SINK, make decent money in a major metropolitan area.
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I also asked because I saw coupons for Bush Beans…$1.00 if you buy two cans. And I thought to myself: do I really need to use my time to cut out a coupon to save a dollar on two cans of beans? Thank God I don't.
One the one hand I DO believe what my mom used to say: "pennies, become nickels, become dimes, become quarters." So any amount saved is good. But I'd like to hear from people who DON'T need to clip coupons, Who Don't need to pick up every penny they see.
Sometimes I wonder how people live who don't have enough money, or work two or more jobs. It's got to be sooo stressful. Worries about paying bills. No time for yourself.
For example, I don't watch every penny. I go to the grocery store and buy what I want. I eat well, and eat out often. If I want bison or ostrich (at $10 a pound) I buy it. Thank God I don't need to use coupons or even care what's on sale.
That's not to say I DON'T see what's on sale some times, but usually I don't. To be fair that's usually because I buy the same things. So whether they're on sale or not I'm sell going to get it. If beams or bagged salad or seltzer water are on sale great. But if they're not I'm still buying them.
Also I do cut back in other areas I'm not traveling right now. Mostly because there's no place I want to go bad enough to spend the money on. So it's not that I don't have to watch SOME spending. I can't afford a boat, or a big trip abroad every year.
I'd say my wife and I are doing better than most. We do attempt to save roughly 50% of our income and it may vary in the 40-50% range but we still travel and like you we purchase what we want at the grocery store. The thing I'd say is that you do have to put some effort into the process regardless of income to stabilize your finances and after that happens I think most people would see a stress relief. The financial security gives you options in the choices you make for recreation and for work that living paycheck to paycheck can rob you of. I think that's the biggest upside I see to getting ahead of the game
Doing well here. Saving for a house so that's where all of our money is going.
Our retirement accounts are there and we're probably putting a tiny bit more than average in them.
We have great health insurance. And two newer cars (which are my vices).
Very little debt otherwise. I want everything to be paid off before we buy a home and I'd like to have close to 20% down as possible for a down payment but in Los Angeles, that can be tough/take a while.
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We've made some smart decisions, and some questionable ones, but we don't (or try not to) spend money frivolously and try to be conscious in terms of how we spend. We have never been out of the country together and MOST of our voluntary trips are road trips, which are very inexpensive, at least in compared to flying somewhere.
Like I said in another post we make decent money, and if it wasn't for that and for our parents to give us those opportunities, by essentially making college mantatory, etc... we wouldn't be in our current position in life...or at least it would have been made more difficult.
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It's only been within the past 3-4 years where I feel, we're in a decent financial place. Where we're able to save and have everything we need AND want...except for a house...but as long as we're able to save at a decent clip it's OK.
We're one percenters by income, but not by wealth. We save agressively, but have enough left over to indulge in a few luxuries for ourselves and relatives.
My wife and I both grew up in lower-middle class immigrant families. We haven't been at this income level until fairly recently, so we're conscious of trying not to let our lifestyle grow into the income too much, yet we'd like to enjoy the rewards of all those years of study and sacrifice.
Similarly, we'd like to use this opportunity to build generational wealth that can be passed down, but at the same time raise kids who will appreciate the value of a dollar and understand that they should try to build on that wealth, rather than deplete it.
Our concerns are very different than the issues our parents had, but I'd much rather deal with questions about estate planning than worrying about when we can leave a refugee camp or whether my English is good enough to get a job.
I'm not rich by any means but thank God I'm doing better than most people. I'd like to hear from people who are NOT finically stressed. Who DO have $500, $1000, or more discretionary income left over after living expenses other bills, and savings/investing are accounted for.
If you're doing well, what are your thoughts on saving versus spending? Your thoughts on money in general? The stories of others you hear about? The economy and jobs situation. Heck, even the serendipity of life….like health issues than can affect finances.
I ask because I hear more stories about people being broke. Can't save for this. No money for that.
If you have a fair amount of discretionary spending -- before or after your savings, or 401K or Roth contributions. How does it feel do be doing pretty well?
I guess I'm just feeling pretty darn blessed. No financial issues, no real health issues.
Again I'd just like to hear stories from people who aren't broke, or struggling…who are doing pretty OK.
I'm SINK, make decent money in a major metropolitan area.
------------------------------
I also asked because I saw coupons for Bush Beans…$1.00 if you buy two cans. And I thought to myself: do I really need to use my time to cut out a coupon to save a dollar on two cans of beans? Thank God I don't.
One the one hand I DO believe what my mom used to say: "pennies, become nickels, become dimes, become quarters." So any amount saved is good. But I'd like to hear from people who DON'T need to clip coupons, Who Don't need to pick up every penny they see.
Sometimes I wonder how people live who don't have enough money, or work two or more jobs. It's got to be sooo stressful. Worries about paying bills. No time for yourself.
For example, I don't watch every penny. I go to the grocery store and buy what I want. I eat well, and eat out often. If I want bison or ostrich (at $10 a pound) I buy it. Thank God I don't need to use coupons or even care what's on sale.
That's not to say I DON'T see what's on sale some times, but usually I don't. To be fair that's usually because I buy the same things. So whether they're on sale or not I'm sell going to get it. If beams or bagged salad or seltzer water are on sale great. But if they're not I'm still buying them.
Also I do cut back in other areas I'm not traveling right now. Mostly because there's no place I want to go bad enough to spend the money on. So it's not that I don't have to watch SOME spending. I can't afford a boat, or a big trip abroad every year.
I don't need to clip coupons, pick up pennies or care what's on sale. But, I do. My Husband and I live well and live well below our means.
Since, you never know what can happen, it is best to spend wisely. Most wealthy people know this and put in into practice. Especially ones that come from Old Money.
We're one percenters by income, but not by wealth. We save agressively, but have enough left over to indulge in a few luxuries for ourselves and relatives.
My wife and I both grew up in lower-middle class immigrant families. We haven't been at this income level until fairly recently, so we're conscious of trying not to let our lifestyle grow into the income too much, yet we'd like to enjoy the rewards of all those years of study and sacrifice.
Similarly, we'd like to use this opportunity to build generational wealth that can be passed down, but at the same time raise kids who will appreciate the value of a dollar and understand that they should try to build on that wealth, rather than deplete it.
Our concerns are very different than the issues our parents had, but I'd much rather deal with questions about estate planning than worrying about when we can leave a refugee camp or whether my English is good enough to get a job.
Good luck building wealth.
The middle class depend on W2 income to build wealth. Higher taxes on higher incomes as our progressive tax system does only insures that its harder for the middle class to ever join the ranks of the “rich”. The rich, they don't depend on income and aren't as effective by high taxes, their wealth is already in the bank
The magical income level where happiness stops increasing is $200,000! The reason why your happiness doesn’t get much greater after making more than $200,000 is because the current administration has clearly telegraphed they are going to gang tackle every dollar from you after $200,000!
I went through a "Never know what can happen" phase.
I was lucky enough to be raised in a well to do family. We weren't 1%ers, but we always had enough money, and things weren't a struggle for us. My parents cosigned for a car for me, and then made the payments until I graduated college, at which time I took them over. When it came time to buy a house, my parents, who are builders, built it for me, and gifted me their profit to use as down payment. So I had a lucky start of it, and a big helping hand.
Also, if we travel, we usually drive. In fact, if we want a vacation, we just schedule a week at my family's cabin, right outside West Yellowstone. 7 hour drive, but you couldn't pick a more beautiful setting to go and relax for a week. Plus, it is practically free. Groceries, gas, and park admission, and we're about set. Friends and family who aren't in town are mostly within a 6 hour drive. So it is rare that we fly anywhere. So yeah, that is a big help.
But my husband and I aren't really that ambitious. We work because we have to, not because we have a career that we are in love with. We both make fairly average income for our area (under $70k gross combined). But we chose not to have kids, and we are fairly frugal by nature, so we save about 50% of our net income. Our house will be paid off in our mid 40s, and we have about 18 months worth of expenses in liquid funds (not investment accounts). So I would call us financially very stable. We could live indefinitely off either of our incomes if one of us lost their job, and about 4 or 5 years if we both lost our jobs (and didn't have unemployment, which we both would, for a while at least). Fingers crossed, we are planning to retire in our mid 50s.
But we weren't always that solid. When the market crashed, my husband lost his job. At that time, we had more debt (car loan, credit card, student loans and the mortgage as opposed to just the mortgage now). We put the student loans in deferment, which helped. We had some savings, so were able to get by until he got a new job almost a full year later, but only just. We were at the point where if he had gone 1 more month, expenses would have started being charged on the credit card. Fortunately, that didn't happen. So after that, we paid off all our non-mortgage debt within about 6 months of him going back to work, and started aggressively saving. 5 years later, we are much better off.
But my upbringing still defines my personality. Because we never had to bargain shop, or clip coupons, I find that is who I am as well. Whatever the product, I always buy the brand I like, it doesn't matter if another brand is on sale, or generally cheaper. I buy what I want. I don't buy much, but what I do buy, I buy quality. When I buy clothes, I find what I want, and only afterward, if at all, look at the price tag. Very often, I have found myself at a cash register expressing surprise that an item was on sale, because I didn't notice. We buy new, including cars, but we also keep things forever. My car just graduated from High School this year, and my husbands is in Middle School now. And they still have a lot of miles to go.
And yet, I am also a math person. I do find that if there are two items available of the same product, but different sizes, I will look to see which is a better $/oz and buy two smaller packages instead of one large one if that is the better deal, or vice versa. And if a nonperishable item is on a great sale, and I notice it, I may buy one or two extra.
I feel bad for people who have trouble making ends meet, but I only really feel bad about the ones who didn't get there through their own choices. If someone is broke because they chose to have 4 kids they couldn't afford, that is different than someone who had 4 kids they could afford, but then the earning spouse died unexpectedly. Life insurance only goes so far. If someone is broke because they had to get braces for their kids and didn't save properly, that is different from someone who gets cancer. Health insurance only goes so far.
I have to say that I sleep pretty well at night knowing that my bills will be paid, and that nothing under $10k is an emergency. If I needed a new roof tomorrow, I could pay for it. If my heat goes out, lets get it fixed, I don't need an estimate first, just get the job done. If my car gets totaled, my only concern is whether anyone was injured. I can get a new car. Expenses may be annoying, but they aren't catastrophic. I mean, I hope those things don't all happen the same week, because that would suck, but if they did, it would be ok.
It is also nice to live in a low COL area. It is unlikely I will ever break 7 digits net worth in my lifetime, but I still intend to retire in my 50s, because I don't need that much to live on. Hubby and I were actually talking yesterday, when he received his SS benefits paper that says "if you retire at full retirement age, you'd get $xx/year in today's dollars". We could theoretically live on what the two of us will receive, without our retirement funds. Nice situation to be in.
I believe success was a combination of luck, hard work, strategy, risk, and market timing.
The Good: I feel secure and free. I feel I can take off anytime I want, to anywhere I want. I can buy what I want, without having to save for it. I can buy the best products. I have access to more networks that open doors to more opportunities.
The Bad: I don't trust people as much, and worry about ulterior motives. I worry my kids are given things too easily, which will hurt their work ethic. I'm having a harder time relating to the financial struggles and lifestyle of family/friends who I grew up with.
I'm not rich by any means but thank God I'm doing better than most people.
Why?
Why be happy you are not rich? It sounds like a big cop out to me. If one is wealthy, and old, it means there are no more life worries.
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