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Post by maui1 on Mar 30, 2011 15:26:19 GMT -5
you can't save a dollar without 1st saving that penny
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Post by robbase on Mar 30, 2011 19:43:58 GMT -5
a penny saved is a penny earned
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suziq38
Well-Known Member
I love to save
Joined: Dec 22, 2010 21:11:27 GMT -5
Posts: 1,160
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Post by suziq38 on Mar 30, 2011 20:34:30 GMT -5
I like this quote, except that I would have typed the word BELOW in caps and in bold print.
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Deleted
Joined: May 5, 2024 23:25:17 GMT -5
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Post by Deleted on Mar 30, 2011 21:29:49 GMT -5
I like this quote, except that I would have typed the word BELOW in caps and in bold print. I would add another: if you get married or merge finances with a significant other... try your best to live of one income. This way if one of you were to lose your jobs, you will not be struggling to cover all expenses or stress will not be as high.
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Post by maui1 on Mar 31, 2011 9:26:00 GMT -5
it is not what you earn, but what you keep that 'counts'
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Firebird
Senior Associate
Joined: Dec 29, 2010 12:55:06 GMT -5
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Post by Firebird on Mar 31, 2011 11:14:51 GMT -5
Marry rich.
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Deleted
Joined: May 5, 2024 23:25:17 GMT -5
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Post by Deleted on Mar 31, 2011 11:16:22 GMT -5
Define rich, we seem to have a problem doing so.
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Firebird
Senior Associate
Joined: Dec 29, 2010 12:55:06 GMT -5
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Post by Firebird on Mar 31, 2011 11:31:20 GMT -5
Spends at least $20,000 on your ring and brings home at least half a million a year - or enough to allow you to go to the spa and the hairdresser daily, whichever is higher.
And the shoes. Don't forget the shoes.
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shandi76
Junior Member
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Posts: 107
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Post by shandi76 on Mar 31, 2011 13:54:50 GMT -5
It's probably a bit late for this advice, since !'m guessing you graduated college several years ago now, but I kept living like a penniless student as long as I could (until I was 29) and saved at least 40% of my income for several years by doing so. If you haven't got used to luxuries you don't miss them as much, and the earlier you can save the better, thanks to compounding.
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strider
Familiar Member
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Post by strider on Mar 31, 2011 14:09:05 GMT -5
It's probably a bit late for this advice, since !'m guessing you graduated college several years ago now, but I kept living like a penniless student as long as I could (until I was 29) and saved at least 40% of my income for several years by doing so. If you haven't got used to luxuries you don't miss them as much, and the earlier you can save the better, thanks to compounding. Doing this now.
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kathyattraverse
Established Member
Joined: Dec 25, 2010 20:50:31 GMT -5
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Post by kathyattraverse on Mar 31, 2011 14:13:12 GMT -5
Amen to the disability insurance. My husband and I bought this 35 years ago thinking we would probably (hoping) never use it and lo and behold two years ago he was very ill and we are reaping the benefit. It has made our house payment and we have gotten about three times more than we paid for the premiums. If you get it when you are young the premiums are cheap. Also save as much as you can as the other posters said.
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shandi76
Junior Member
Joined: Dec 29, 2010 12:03:37 GMT -5
Posts: 107
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Post by shandi76 on Mar 31, 2011 14:22:33 GMT -5
It's probably a bit late for this advice, since !'m guessing you graduated college several years ago now, but I kept living like a penniless student as long as I could (until I was 29) and saved at least 40% of my income for several years by doing so. If you haven't got used to luxuries you don't miss them as much, and the earlier you can save the better, thanks to compounding. |
Doing this now. Sounds like you'll be in a great financial position in a decade or so strider
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IPAfan
Familiar Member
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Posts: 890
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Post by IPAfan on Mar 31, 2011 16:58:42 GMT -5
Consider areas where you can earn higher returns investing in your career/business/education than by putting money in index funds. Beware of overpaying for an education without an adequate economic return. I'm a young attorney trying to make a living in private solo practice. I spent my first year trying to save everything I could for stock investments. My second year I sold some of my stock investments to "invest" in my business (advertising) and have seen faster economic returns than stock investments. I'm thinking of "investing" $40-$50k to send my DW back to graduate school so that she can make $40-$50k a year 5-6 years down the road. I suspect this will be more valuable than a stock investment, although honestly I struggle with the idea of committing a chunk of money that large when the investment returns could be huge over 30 years. I've earned 20% annually on my investments over the past 10 years. I don't think 20% avg. investment returns are likely or possible over my investment career. If they were then a $50,000 investment could compound to about $12 million, and I'd be better off not paying for DW's education
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motherto2
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Posts: 1,719
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Post by motherto2 on Mar 31, 2011 20:39:45 GMT -5
Make sure you find a mate (if that's what you want, not everyone wants that) that has the same values that you have. You'll be better off if both of you want the same things out of life. Be happy with what you have, not unhappy with what you don't have. Remember, it's good enough. I used to wonder how people I knew that had the same general income that I/we had could afford things that I/we couldn't. Now I realize they are up to their eyeballs in debt. And aren't very happy.
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Post by robbase on Apr 5, 2011 20:53:53 GMT -5
I would tell them- did you know Einstein said compound interest is the greatest power in the universe?
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Politically_Incorrect12
Senior Member
With a little faith, we can move a mountain; with a little help, we can change the world.
Joined: Dec 20, 2010 20:42:13 GMT -5
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Post by Politically_Incorrect12 on Apr 6, 2011 7:12:34 GMT -5
Put $15,000/yr into products have a 10%/yr to 12%/yr return. Don't try for >12%, too much risk and don't use <10%, not enough risk. Doesn't matter if you keep the money in Roth, 401k, or taxable accounts. Have it invested automatically so that you must 'live on the remainder' - that is the opposite of "saving the remainder each month after the bills are paid". If you do that for 30 yrs, it should be about $3.3M. And with the knowledge that you are on-track to have $3.3M, you are free to enjoy spending everything else anyway you want - starbucks? Because everybody has $15K to invest yearly?
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brdsl
Familiar Member
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Post by brdsl on Apr 6, 2011 7:46:25 GMT -5
Learn to read, comprehend and write.
Not that drivel your taught in school, actually be able to write a nice document, read any book necessary and comprehend what the book is telling you.
Sad that many think they have this skill set, yet very few do.
It will help you leaps and bounds in career advancement, and your personal life.
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Firebird
Senior Associate
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Post by Firebird on Apr 6, 2011 7:47:40 GMT -5
If you don't, you don't belong in the YM club ;D
Just kidding. It's a good number to aim for though.
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Firebird
Senior Associate
Joined: Dec 29, 2010 12:55:06 GMT -5
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Post by Firebird on Apr 6, 2011 7:48:46 GMT -5
Learn to read, comprehend and write. Not that drivel your taught in school, actually be able to write a nice document, read any book necessary and comprehend what the book is telling you. Sad that many think they have this skill set, yet very few do. It will help you leaps and bounds in career advancement, and your personal life. QFT. Karma for this post, which should really be a law.
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phil5185
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Post by phil5185 on Apr 6, 2011 8:08:09 GMT -5
Because everybody has $15K to invest yearly? Actually, most US families do, they just don't seem to know it. (The payments on 2 cars is $9000/y, the payments on the 3000 foot house is $24,000/yr - cut $15k/y out of that $33k/y and there is your $3M)
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workpublic
Junior Associate
Catch and release please
Joined: Dec 30, 2010 14:01:48 GMT -5
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Favorite Drink: Heineken
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Post by workpublic on Apr 6, 2011 8:47:24 GMT -5
try to marry a rich person.
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