DO YOU SAVE MONEY??

[OS]

Originally posted by: Zebo
Property is my #1 because that's all I can afford. I mean anyone can get a home loan today. Just accelerate payment schedule of your primary residence and that's a good investment. Sure it's not some killer IPO or other get rich quick skeem but since you need a place to live always, the western world treats property rights very seriously, and the value will never go to zero I think it's about the best investment. Gold is pretty poor, unless the big one happens, so i don't recommed it. Basically in 1917 a ounce of gold was $3 (same as a good suit) now it's around $430 (same as a good suit). So it's a poor vechile for speculation IMO. But junk like aniques, cars, consumer durables, electronics is basically worthless in a depression or as an investment.

Well if you outright own your 5 acres and a gun, there's not much else you need to get by. 😛 I agree property rights are almost sacred in western society, IMO a currency crisis is more likely than property laws being wiped out.

I don't own a home yet but I'm still relatively young and now is kind of a poor time for first time buyers to buy real estate in my area because of the run up.

I don't buy much in the way of consumer products, like you say it's all junk in short time anyways. It's always easier to piss away money than it is to get it back.

 

[Zebo]

Once you start saving you find yourself cutting back even further because you realize what can really be achieved...
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aint that the truth. It's like addictive to be cheap...Plus the more you work the less you have time to spend.😛

RossMAN
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Being the king of spending does'nt mean it's a good investment no matter how cheap you get these depreciating items for😀

 

[Zebo]

Originally posted by: Descartes

Originally posted by: Zebo
Property is my #1 because that's all I can afford. I mean anyone can get a home loan today. Just accelerate payment schedule of your primary residence and that's a good investment. Sure it's not some killer IPO or other get rich quick skeem but since you need a place to live always, the western world treats property rights very seriously, and the value will never go to zero I think it's about the best investment. Gold is pretty poor, unless the big one happens, so i don't recommed it. Basically in 1917 a ounce of gold was $3 (same as a good suit) now it's around $430 (same as a good suit). So it's a poor vechile for speculation IMO. In that same time you know what property and blue chips look like, 1000- 100000% gainers. But junk like aniques, cars, consumer durables, electronics is basically worthless in a depression or as an investment.

Simply owning a home doesn't always constitute a solid investment. Not all real estate markets appreciate; sometimes you're better off renting, maxing out tax-deductible investments, and putting the rest in some fund. It all depends on your location, what you do to the house, etc. A house won't pay for your retirement.

Also, why are your comments all relative to a depression?

I don't care about appreciation per-se. I care about being unemployed or out of business and the bank comes knocking. Then what? For cash flow or investment I build about 4 specs a year in addition to my job as an engineer. This way I'm not "holding" them for more than 6 months and can gauge RE market pretty confidently. I don't believe in securites, pyramid scheme as far as I'm concerned with current valuations of stocks. The *only* reason I vest is company match up to 10%, not doing so is like throwing money away essentially.

 

[dquan97]

have an automated system that deposits $$ into a separate account each month

 

[Chaotic42]

I save about $600/mo.

 

[Koing]

I'll save loads as I don't spend much.

I'll live at home and save loads of money. Not buy a flash car and get a good run around car with low mileage and definately not new! I'll get a 3-5yr car and save 40%+ over MRRP!

I don't smoke and don't drink loads as I get drunk with not much effort 😛

I hope to be able to buy a place after 3yrs of working when I get a job sometime this summer. I'll make lunch and save money instead of paying for it.

Good advice people 🙂

Koing

 

[mhillary]

I don't earn much but i still manage to save some each month.

 

[archcommus]

To each his own, I suppose. I support saving for retirement and trying to acquire a decent sum to fall back on in the event of job loss, but being addicted to saving and being as cheap as possible is just pissing your life away. It is dumb to dump 40 grand into a brand new luxury car unless you're very wealthy but that doesn't mean every big purchase is unjustified. You work to support yourself and your family, but also to make them happy and to make their lives enjoyable. That is why I feel that saving as much as possible, possibly more than you will ever need, is dumb. Save smart but also USE the money you make for yourself, that is part of the reason you're making it. I personal goal is to try acquire two million or so in investments by my mid-50s. Going for more than that seems pointless. Yes, we'd all be hit pretty hard if there was a depression, but living your life constantly prepared for a depression is really hampering yourself.

 

[arcas]

The point folks are trying to get across is: you don't have to be miserly to save money. You just have to be aware of what you're wasting money on today. Simple things like: how often do you eat out at nice restaurants? 3-4 times/week? Try cutting it down to 1-2 times/week. Do you smoke? How many cartons/week do you burn through? If you live in California, are you still burning incandescent lights? Do your jeans cost $100/pair? Did you buy a $500 video card when a $200 card would have given you 90% of the real-world performance? It's not necessarily the big purchases -- car, appliances, etc -- that need to be adjusted. The little purchases (that are often bought on spur-of-the-moment decisions) add up to serious money over the course of a year.

Like most things in life, you have to be able to exercise discipline and strike a balance between two extremes.