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Bottom Contributor | Do people really think 'saving' is a way to get rich? |
I see this on Yahoo finance and other financial advice places. People tend to spend what they make. Do people think getting rich is by living poor and squirreling away money until they are old? And then they die with some money tucked away? Something is wrong with this picture. Comments? |
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:)
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I took an amazing course this semester that dealt with topics such as this. It covered everything from materialism, consumerism, debt, savings, etc. and looked at it all from a different perspective. It was a unique course, one of the very few of its kind here in the U.S., and it tied in aspects of consumerism, materialism, etc. and gave it a "political theory" twist. It really makes you think about your money, the way you spend it, save, etc. Email me if you want the book listings, I highly recommend them! angelisa360@yahoo.com |
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roadrunner426440
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there are several "tricks" to wealth (other than inheriting)
1 - get a good college education in an employable trade
2 - don't spend every dime you make - max out on 401k plans and IRA's
3 - Don't overbuy on your home
4 - don't get divorced (this creates lots of real poverty)
5 - Don't have children out of wedlock - I know "old fashioned" but true
6 - work your butt off
good luck |
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Stu
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You get rich by living below your means, not by living poor. Save and invest the remaining money and before you know it (15 years) you will find out that you are "rich". |
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susann
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Hmm...I don't know. But I DO know that spending is a good way to become poor. If people tended to spend what they make, we wouldn't have a nation full of debt-ridden citizens. People tend to spend MORE than they make and the more they make, the more they spend. So saving some instead of spending it all plus some that you don't have makes sense, no? |
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daisyk
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The idea is that you put the money you save into investments that earn money for you. So you can either earn a healthy interest over time, or you can spend it and earn nothing. |
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mldjay
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You shouldn't spend everything you make because when you retire you won't be able to because you spent everything. Most people (in USA), spend MORE than what they make.
Yes, you can save your way to a millionaire. The average worker in the USA makes a couple of million dollars during their working life time. If you are smart and save money and earn interest you can have over $1 million dollars when you retire.
Read The Total Money Makeover by Dave Ramsey
AND
The Millionaire Next Door by Stanley (on how the average millionaire makes their millions) |
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strwrs7772000
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many people spend their money to also earn money. they buy stocks and bonds, and invest their money in higher interest rate-savings accounts. I have a few friends and co-workers thta buy into Timeshares and rent them out to other people, some people buy property and fix it up then re-sell for more money. |
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Doug M
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You're right -- Americans, at least, tend to spend every penny they earn. But you don't *have* to do so.
And wealthy people don't necessarily hide their money away until they die. Many use that wealth to fund their lifestyle after the point where they can reasonably be expected to work full-time and earn a living. Not many 70-somethings *can* work 40 hours a week at the job they had when they were 35, even if they wanted to.
If you're looking to "get rich quick", then saving won't work. I'm going to "get rich for certain", by taking most of the risk out of it. It's really very easy to do, too: here's the three step program:
(1) develop a source of income -- either get a decent job or start your own business
(2) live beneath your means -- no matter what you earn, there is a way to live on 10% less than you earn, because there are people out there who do it
(3) invest the difference -- either into investment vehicles like a 401k, Roth IRA, mutual funds, or real estate or back into your own business
The younger you start, the sooner you'll be wealthy (which I define as "able to continue your chosen lifestyle by drawing an income from your own wealth, rather than from an employer").
Good luck,
Doug |
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Marcus S
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Simple answer yes, but you would want to earn money on whatever you put away. If you just have idle cash laying around, it will decrese in value. If you live below your means (like the other answerer said) and invest your money, you can become rich. Any person with any kind of financial sense would leave money for their kids. This is how families become wealthy. |
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Blicka
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I'm saving ~35% of my income and will more than likely start my own business withing 5 years and be fully retired in 20 years so I guess my 'squirreling' will work pretty well.
I also don't live poor, I have a decent place, a great dog, eat/party pretty well, and take several nice vactations a year. Sure, that extra 35% could really help me have a blast but I don't think I'll regret it when I'm sipping a fruity drink on a full-time vacation in my 50s. Until then, its grind time! |
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Joseph Sangl
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The idea is that you HAVE a life PLUS save money at the same time. My family goes on vacation every year and has a lot of fun, but we have made "paying ourselves first" a top priority NO MATTER WHAT.
If we cannot GIVE money away, SAVE money for a rainy day, and SPEND money so we can enjoy life, we CUT expenses until we can do all three - GIVE/SAVE/SPEND.
I write about how my family is able to do this every single weekday at http://www.josephsangl.com |
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black97accord
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"Tucking" money away is no way of getting rich! The average of inflation is around 4%. Most banks offer 1% APY or 2% APY if you're lucky for your savings account, so you're already losing 2-3% per year on that money just sitting there. My advice would be to talk to a person that invests, and please make sure you trust this person. Stocks can be a gamble if you take bad advice or randomly pick places to invest your money. Safe places to invest are Indexes such as the S&P500 Index. I would also advise you to "paper trade" when you decide to start investing your money wisely. This way you can play with money w/o LOSING as well as winning. It won't cost you anything to dabble and see how good you are with doing research on companies. Read, read ,read as well... there are great books out there on investing. I like Jim Cramer of MAD MONEY, so check him out if you want. He makes investing interesting and is an incredible wealth of knowledge.
I say make your money work for you, stay ahead of inflation, and try to live a little. There's nothing wrong with spending what you make because it makes life worth living. Enjoying the intangibles of life... is Living! |
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MsET
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Unfortunately, the majority work long for little...and saving was the way of their predecesors, and so they carry on...
Working the buck is the game...it is the only way money can reproduce proficiently...yes, there is risk, but there is also risk with walking across the street...the power lies in knowledge...when & where to invest, when & where is the best time to cross...See??? In either case, the lesser scenerio would be to come away with your buns still attached. LOL |
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Terry
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The thing that is wrong with the picture is you. You seem to figure everyone should just get rich somehow. No hard work, no waiting. Well, unless you are born rich, it doesn't work that way.
If you start saving - even $10 a week - in your teens, you have a good chance of having $1million or more when you are in your 50s.
If you are good at something, work extremely hard, and get a few lucky breaks, you might also get rich that way. Most successful businessmen work at least 16 hours a day, seven days a week, for years to get rich.
If you are one of the even luckier good actors, or good sports players, AND if you get noticed, then you might get rich the 'easy' way. |
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drunken pumpkin
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not necessarily "rich' as in mansions, rolls royce's & cadilacs in the garages. but "richer" as in, "i didn't blow my money on sex, drugs &/or rock'n'roll, so since you have no more money, that makes me richer... not really better though" |
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