The Law of... not saving money!

pato · Posted: 23 Apr 2004 07:38 AM Post subject: The Law of... not saving money!

Bemisnorris's "The Law of Bemisnorris" made me curious about something. How many people here don't have enough money saved up for an emergency (like putting gas in your car)? Do you guys have any retirement account open for when that time comes? I think it's sad how most of America lives from pacheck to pacheck, and what I think contributes to this is that everyone has credit cards, car loans, house loans, etc... therefore owes all of their pacheck before they get it. I heard that most Americans save only about 2 cents out of every dollar they earn. I noticed this with my girlfriend that has had a good job for the last 3 years, yet she doesn't even have a savings account open. All her money goes straight to her car payment, gives her mom some money, and the rest to buying clothes, makeup, eating out, etc..... and has nothing saved up for an emergency. How many of you fall under that category?

bemisnorris · Posted: 23 Apr 2004 08:00 PM Post subject:

Before coming back from the Phoenix area, I did pretty well financially, and never had to worry about whether I would have money in an emergency, but, unfortunately, I haven't been able to recover since moving back. Crying or Very sad

watts · Posted: 25 Apr 2004 10:09 PM Post subject:

I wouldn't consider filling up your car with gasoline an emergency-type situation. I think that most people, especially younger people, do not have to foresight or the discipline to set aside some money. That is just the reality.

pato · Posted: 26 Apr 2004 07:25 AM Post subject:

Yeah, most young people I know have no discipline on saving money, yet they are the ones who are always going out and drinking. Thankfully my older brother told me about mutual funds and insisted that I open one up at an early age. I did open up a Roth IRA at GAFCU bank, now Sun Community, I opened it up with $500 and they take away $100 every month out of my account, therefore I don't even notice the money being taken out, which makes it way much easier. You guys might want to consider something like this for the future. The dude told me that if I deposited $180 dollars each month into my portfolio for ten years, and let that money sit there till I retired at the age of 56 or something, I would have 1.3 million dollars by then. Hopefully I don't die before that. That brings up another point, what do I want 1 million dollars for when I retire, I need that fucken money NOW !!!

mof · Posted: 26 Apr 2004 01:23 PM Post subject:

Ditto on the IRA. Just get the money taken out automatically, and with compounding interest you will have the kind of money pato is talking about. AND you do have access to the money before that if you need/want it for whatever (down payment on a home), but you'll get penalized. If you're lucky your employer will match whatever you put into it. All around, win win situation. IRAs rock. Oh, and keep a little savings account on the side for smaller luxuries ($30 a month in there goes a long way).

elchrist · Posted: 26 Apr 2004 02:17 PM Post subject:

watts · Posted: 26 Apr 2004 05:35 PM Post subject:

elchrist · Posted: 26 Apr 2004 11:21 PM Post subject:

watts · Posted: 27 Apr 2004 09:01 PM Post subject: