Money Savings - question to all of u

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  • Jai
    Confirmed User
    • May 2005
    • 6915
    #1

    Money Savings - question to all of u

    ok so this convo comes up with a variety of ppl once in a while...and i will never accept their stupidity and i guess ive been spoiled by hanging around too many immigrants

    WHY DO SO many non american/canadian ppl i talk to not understand that it is reasonable to NOT GO IN DEBT if you have a full time job? (excluding mortgage)

    lets say some guys are making 35K/year , they are single, some live with parents some dont....

    how on earth can u possibly complain that you have so much credit card debt and are paying 20% interest.....


    i just say, if you make X$ a month, then dont spend X*2$ a month, just spend less than X$ a month and youll be fine since you Know the exact value of X
    ./.....many tell me its just to hard to plan your purchase budget cause things change....

    i dont care what changes, unless extreme circumstances and bad luck like robberies, sickness, family problems....you should still be able to spend less than what you make if you have no one dependant on u
    ....

    i just cant understand.. a few also say if you make 35K , its impossible to save 5K including rrsp a year....

    WTF!!!!!!!!

    i know immigrants that make 30K and save 8K a year


    please tell me there are ppl that are well from debt here (not including mortgage) to help me think that there are normal ppl out there
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    • Socks
      Confirmed User
      • May 2002
      • 8475
      #2
      One of the richest guys I've known told me the key was to spend less than you make, and you'll always have money. If he didn't have the money, he didn't buy it, simple.

        Comment

        • Spunky
          I need a beer
          • Jun 2002
          • 133986
          #3
          People live beyond their means. it wasn't hard to rack up dept when I was younger and even harder to pay off once I rung it up..now it's cash only and one card for emergencies and it's paid off every month

            Comment

            • Sly
              Let's do some business!
              • Sep 2004
              • 31375
              #4
              It's pretty much just an excuse.

              I was talking with a friend the other day and telling him about my experience in San Diego when I lived there... every one of my friends had brand-new cars. Nothing completely fancy, but brand-new. We are talking $15-20k cars. Every one of them worked in retail, had credit card debt, was living on their own, etc. Yet, they had to have that $15,000 new vehicle even though it made them absolutely broke every month.

              No idea man, no idea...

              The real killer is that 20% financing. Most of them could get that wrapped up into a bank loan at under 10%, maybe 13% max. I don't know if they just don't realize that or what...
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                • Jai
                  Confirmed User
                  • May 2005
                  • 6915
                  #5
                  Originally posted by Spunky
                  People live beyond their means. it wasn't hard to rack up dept when I was younger and even harder to pay off once I rung it up..now it's cash only and one card for emergencies and it's paid off every month
                  good to knwo theres normal ppl here and smart ppl


                  when i talk to these type of ppl i go nuts...like most ppl at my work talk like this and im like WTF?
                  even if they make 60K + they still talk like this and have no fmaily spending obligation

                    Comment

                    • ztik
                      Confirmed User
                      • Aug 2001
                      • 5196
                      #6
                      Originally posted by Socks
                      One of the richest guys I've known told me the key was to spend less than you make, and you'll always have money. If he didn't have the money, he didn't buy it, simple.
                      Yup, words to live by. If I make a major purchase I have to first set a sales goal that will more than pay for that purchase before buying it.
                      .

                        Comment

                        • ladida
                          Confirmed User
                          • Nov 2005
                          • 2179
                          #7
                          I'm leaving 2/3ds of my monthly earnings aside each month as i plan to retire young.
                          agentGFY *at* gmail.com

                            Comment

                            • Sly
                              Let's do some business!
                              • Sep 2004
                              • 31375
                              #8
                              Are you guys saving or investing?

                              Maybe I'm missing something, but saving doesn't match up with inflation... why save? Shouldn't you be investing?
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                                • qwe
                                  Confirmed User
                                  • Jul 2003
                                  • 2109
                                  #9
                                  Originally posted by Sly
                                  Are you guys saving or investing?

                                  Maybe I'm missing something, but saving doesn't match up with inflation... why save? Shouldn't you be investing?
                                  you can loose your ass with investing as well... i hate when people say "you can invest and make lots of money" like they know what the fuck they are talking about... 99% safe investing will get you 5-7% return TOPS which in my opinion is nothing... if you want to get 20-50% return you're going to have to take some type of risk...

                                    Comment

                                    • Sly
                                      Let's do some business!
                                      • Sep 2004
                                      • 31375
                                      #10
                                      Originally posted by qwe
                                      you can loose your ass with investing as well... i hate when people say "you can invest and make lots of money" like they know what the fuck they are talking about... 99% safe investing will get you 5-7% return TOPS which in my opinion is nothing... if you want to get 20-50% return you're going to have to take some type of risk...
                                      I would rather have a 5-7% return than a 3% return. Investing doesn't mean 20-50% returns...
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                                        • sicone
                                          Retired
                                          • Jan 2004
                                          • 18453
                                          #11
                                          I have one credit card. It pays for my hosting and a few various other charges every month. Every month I send a payment to the credit card company for the amount owed in full.

                                          A few yrs back I went out and got several merchant specific cards and racked up a lot of debt. Took me 3+ yrs to pay off all the charges I made on those cards.

                                            Comment

                                            • Jai
                                              Confirmed User
                                              • May 2005
                                              • 6915
                                              #12
                                              Originally posted by Sly
                                              Are you guys saving or investing?

                                              Maybe I'm missing something, but saving doesn't match up with inflation... why save? Shouldn't you be investing?
                                              some savings accounts give 4.5% interest and thats guaranteed no amtter waht

                                                Comment

                                                • BradM
                                                  Confirmed User
                                                  • Dec 2003
                                                  • 3397
                                                  #13
                                                  20% of my earnings go right into my cars. I love my cars, I love driving and that's an expense I am prepared for.

                                                  I still save a lot of money, but I do spend a lot as well. If I want it I buy it. I live once and frankly I could get hit by a bus tomorrow and never have enjoyed anything. So I use a hybrid model. I just live paycheck to paycheck technically, although my savings could handle any shortcomings.

                                                    Comment

                                                    • woj
                                                      <&(©¿©)&>
                                                      • Jul 2002
                                                      • 47882
                                                      #14
                                                      Originally posted by Socks
                                                      One of the richest guys I've known told me the key was to spend less than you make, and you'll always have money. If he didn't have the money, he didn't buy it, simple.
                                                      It sounds so simple, doesn't it? Funny part is, it actually IS as simple as it sounds... no idea how most people get themselves into debt...
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                                                        • cheekycherry
                                                          Confirmed User
                                                          • Feb 2002
                                                          • 1703
                                                          #15
                                                          Most people are STUPID when it comes to their finances.

                                                          I totally agree... I've NEVER understood why people spend the extra money on cards and get loans when they really don't need to.

                                                          They just want to live beyond their means... And then moan when they say the rich are getting richer, and the poor are getting poorer.

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