Originally posted by: Skoorb
Originally posted by: ISO
If you really can't think of anything then put it in the bank. You don't HAVE to spend it right away.
When you're young you HAVE to spend money. Saving just does not compute!
Years ago, I was doing a mortgage refinance for an elderly couple. It was one of those that I hate to see. Once they had obviously had their house paid off and their future secure but then they made the mistake of living too long -- they were refinancing all their debt back into their house just to save some money monthly on their fixed incomes to live a while longer. Sad situation.
At one point during the process, the old man started telling me how all their problems came about. I hear these things all the time and usually it's so sad I just don't like to hear them. But then he said something I'll never forget.
He said: "When you're young, you'll want money. When you're old, you'll
need money."
Considering the source, I continue to think of that as very sound advice.
editted for some minor typos