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Living paycheck to paycheck?

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Originally posted by: shortylickens
Back when I was making 300 every two weeks, hell yes.

LITTLE TIP: Put away a hundred or so every month.
Hide it somewhere. A savings account you never use.
EVENTUALLY you will get used to not having it and your lifestyle will change accordingly. You wont miss it. But when you get to be 60 or 65, youll have this hidden stash to dip into.

(Note: it can be anything. Not just a savings account. Just make sure it is low-risk.)

And DONT TOUCH IT. If you ever read "Rich dad, Poor dad" the author says "lower and middle class call it 'dipping into my savings'. Upper class call it 'being stupid'."

If you dip into it every time you need some cash, you wont have much when you retire.
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Yeah I read that book, good advice btw.
 
Originally posted by: Blazin Trav
Originally posted by: Scarpozzi
I can't wait for the day that I'm able to save money rather than spending it all on living expenses and paying loans back....grrrr.
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I have a feeling that is how life in my 20's will end up being. 🙁
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Me too. Luckily, I will have saved up nearly 50-70k USD by that time. 😛
Currently, I'm working as a computer technician when I'm out of school. 🙂
 
i do, but that's cause i use whatever i don't spend on living expenses to pay off my credit card debt / tuition loans.
 
Originally posted by: Blazin Trav
Originally posted by: shortylickens
And DONT TOUCH IT. If you ever read "Rich dad, Poor dad" the author says "lower and middle class call it 'dipping into my savings'. Upper class call it 'being stupid'."

If you dip into it every time you need some cash, you wont have much when you retire.
Click to expand...

Yeah I read that book, good advice btw.
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No, the book is pretty much a giant crock of sh!t written by someone that scammed you out of $12.95
 
Rich Dad Poor Dad was pretty bad, I think. I liked Millionnaire Next Door, though-- it totally changed my habits and because of it, I have good savings habits now. In short, if you don't focus on "the bling" you will end up with a hellof a lot more money in your pocket.
 
Originally posted by: rh71
the people who say no may not be full time workers with a home and family.
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Most Americans have no idea how to manage their money. I know PhD fellows who are single, rent 1 bedroom apartment, make 50K/year, but live paycheck to paycheck.
 
Originally posted by: beer
Originally posted by: Blazin Trav
Originally posted by: shortylickens
And DONT TOUCH IT. If you ever read "Rich dad, Poor dad" the author says "lower and middle class call it 'dipping into my savings'. Upper class call it 'being stupid'."

If you dip into it every time you need some cash, you wont have much when you retire.
Click to expand...

Yeah I read that book, good advice btw.
Click to expand...

No, the book is pretty much a giant crock of sh!t written by someone that scammed you out of $12.95
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I said I read it, I didn't say it was good.
 
i just bought a car so everything is being put into paying off the loan. no point saving when the interest is raping me
 
You know if you put $25 a month into savings from the time you graduate from high school to when you retire (roughly 30 years) you'll be a millionaire. I know thats what I'm doing for sure.
 
Originally posted by: Baked
Originally posted by: rh71
the people who say no may not be full time workers with a home and family.
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Most people have no idea how to manage their money. I know PhD fellows who are single, rent 1 bedroom apartment, make 50K/year, but live paycheck to paycheck.
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Fixed.

To answer the question - no, I don't. I don't really spend that much money.
 
Originally posted by: kongs
You know if you put $25 a month into savings from the time you graduate from high school to when you retire (roughly 30 years) you'll be a millionaire. I know thats what I'm doing for sure.
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Good idea.
 
Originally posted by: Blazin Trav
Originally posted by: kongs
You know if you put $25 a month into savings from the time you graduate from high school to when you retire (roughly 30 years) you'll be a millionaire. I know thats what I'm doing for sure.
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Good idea.
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Into savings? Umm...no, sorry to point out that you're full of crap.
Asssuming zero interest, (which is reasonable since at most savings give you 2% - for all intents and purposes it cancels out the effects of inflation).

$25 * 12 = $300/yr
$300/yr * 30 = $9000

Check your math again :roll:
even if you did 25 bucks a week instead of a month,
you're only going to be talking about $36000. Again, throwing money in savings barely offsets the inflation, and in some economies we've witnessed throwing money into savings actually can cause it to lose value.

Even if you did $250 a week, and threw it into savings, you're only talking about $360,000, which isn't enough to retire off of - not even close. I don't have my financial tables handly, but if someone could do a F/A entry for 360 periods (once a month for thirty years) at about 6%, that would realistically be a value if you invested in strong funds.
 
i am just barely not living paycheck to paycheck, but only cause of my student loans. i've had enough experience in managing money that i can pretty much survive without ever going grocery shopping.
 
Originally posted by: jonMEGA
Yes I live paycheck to paycheck. 25k a year isnt easy to live on with 2 kids and a wife in school.
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apprently the planned parenthood concept never crossed your mind.
 
Nope ... even when earning 600 per month with me and wife to support on it ... only stupid ppl live paycheck to paycheck and only stupid ppl in america are poor ...
 
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