 If I am 26 and can only save about $125 per month...? |
If I am 26 yrs old and can only afford to save about $125 per month, what is the best thing to do with that money to save for retirement? Or even to simply save?
Additional Details
If I ... |
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 I'm drowning in debt. What should I do?? |
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 What would you do with this money? |
i have $2,000 dollars saved in the bank and im 15 years old i got the money working with my uncle and dad...
but i was wondering what would be a good way to spend all this money!!!
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paul l | Why do people continue to get credit cards they cannot afford? |
Explain this to me... Most people get credit cards because at a certain time they don't have the cash to buy something. So if a coke costs $2.00 at the store why would you pay it with credit for $2.00 plus interest? The coke was 2.OO !!!!!!! If you don't have $2.00 you can't afford it!!!! Same goes with clothes, cars and homes... A small amount of Smart Americans use credit cards to build up good credit, that is achieved by paying a credit card on time but still paying interrest. |
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IamConfused
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Well, I wont say "Most" people get credit cards because they cant afford it or "small" amount of people paying a credit card on time but still pay interest...
Many of my friends and people i know (including me) pay off our credit card balance before end of cycle and don't have to pay any interest. The main reason I use credit card is because:
1) Earn cash back/reward point
2) Don't have to carry cash around.
3) Credit card is easier for me to keep track of where my money goes...
So credit card can be good or evil...all depend on how you use it.
Anyway, to answer your question regarding why people buy something they can't afford. I guess many people want to own the must-have things advertise on TV or the must-have things their friends and families have. Many people also only live for today and hardly think about tomorrow. |
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Eric H
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We live in a society of "I have to have it NOW!" that is why people, get cards they can't afford, plus all the offers people get sound good till they miss or late on the payment, then the credit card company JACKS U UP, I heard of 49% and even have seen a few friends that had it on their bills from CHASE, until people stop using credit wrong we will see people in trouble with them. |
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quizzard123
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Most people I know (which might admittedly be a small subset of the population) use credit as it's meant to be used. In other words, to avoid having to carry cash for purchases, and using a simple single monthly payment to pay it off. For that privilege, there is no interest.
I spend at least 80% of my monthly purchases on credit cards. Every penny is paid off every month, not a penny of interest is paid. Meanwhile, I get airline points that give my family several nice trips each year.
So before going off about people using credit for the Coke, perhaps it might be useful to consider maybe that's just the way that person happens to handle their finances. |
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mary b
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The answer to this one is rarely easy. Loads of baby boomers lived like there was no tomorrow, and now their children have been taught the same thing. It's called "Keeping Up With The Joneses." Now those baby boomers are retirement age, and their bills are piling up after living like there was no tomorrow, and now they take out reverse mortgages so they can continue to borrow against a lifestyle they cannot afford. And those baby boomers raised us, and we're raising our children to charge away and once again borrow against a lifestyle we cannot afford. It's a sad but true cycle. |
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TCB 32
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Because the world is made of greed . People want what they cant have . They want to keep up with what everyone else has . They just bury them self's in credit card debit . Sad but true |
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Bogie
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to buy gas to go the job they are about to lose to pay for the house they can't afford. |
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Goonhilda
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Simple answer: People are stupid.
Complicated answer: people get told all sorts of lies by society about the kind of lifestyle they 'deserve' or ought to have, and therefore spend accordingly, without thought to how they will pay it back. Basically, the whole 'people are stupid' premise with society as a scapegoat, because in this day and age it's not trendy to be responsible for your own stupid life decisions.
Seriously, it's common sense. You wouldn't leave the house naked. Why should you incur useless debt? Some people make stupid decisions and then act like it's someone else's fault. The key to fixing disasters is accepting your role in creating them. If you deny your role, you'll never move past the causative factors of the problems.
People know better. They just pretend that they don't know better and then blame other people for their situation. It's totally transparent and everyone knows they're doing it, but they turn a blind eye to the fact. People need to stop being so lazy about their finances and get in control. That's why they get the credit cards they can't service. Lazyiness and unwillingness to accept their financial situation.
Best wishes |
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Common Sense
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There are large amount of people that refuse to live in reality.
Be glad you're not one of them! |
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Big Sky 23
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How else are people supposed to buy stuff they don't need with money they don't have to impress people they don't like? |
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kiwidood3
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I call em instant debt cards and Im still trying to pay off $4000 from last year :( |
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dumdum
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It's not quite that simple.let's say you have a family, you're paying the bills but you have no savings.-Your car breaks down,you have to get to work- it needs to be rebuilt-$4000 -you put it on a credit card- a month later your child gets sick-you can't afford insurance,so you have none. The bill is $3000 you put it an a credit card. A little while later the icebox goes out $900- credit card. You can see what's happening here. When poor people need some money to survive they have to do something even if it's wrong. |
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bomber
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Because they can and no one wants to admit they are poor. |
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John M
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i personally like geting in lots of debt, money is just paper and heavy objects, wish i could be a chimpanzee |
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