quote:
Always nice to have one when you can. Unfortunately, a lot of people can’t put away that much when they’re younger and have to pay off different debts/bills.

I get it. But I was young once, too. (A long, long time ago!)

I always used the excuse that I couldn't afford to get into my companys 401K. But when I did....my wife and I lived (and still do) under a fairly strict budget. The only thing we owe money on is our house, and if we wanted to (Or had to) we could pay it off tomorrow.

You have to start young, though. Well, the younger you start the better off you will be. Is it easy? Not really. You can't do what other people do...or live the way they live.

Look up a book called "The Millionaire Next Door" by by Thomas J. Stanley and William D. Danko...then read Dave Ramsey's book "The Total Money Makeover".

They will open your eyes to a lot of things. It's not about looking like you have money....it's about actually having it. Most people that look like they have money actually owe a ton of money.

My apologies. I didn't mean to hijack this thread and turn it into a Financial seminar. Finances have always been an interest of mine.

ETA
The credit card thing is an area I part ways with him. We use credit cards, but we make sure we can pay them off every single month. I don't remember ever having to pay interest on a credit card. I'm sure it has happened, but I don't remember it.

If anybody else wants to discuss finances start another thread. I'll keep an eye on it and will join in on it, but I don't want to start a thread if nobody is really interested. And, that will keep us from derailing this thread anymore than we (I) already have.

This post was edited on 4/6/20 at 12:24 pm

1 ...

Report Post

Posted by Crowknowsbest

Member since May 2012

25902 posts

Posted on 4/6/20 at 1:20 pm to DawgsLife

quote:
I always used the excuse that I couldn't afford to get into my companys 401K.

Most people fall into at least one of the following categories:

1) don’t have a retirement account
2) too young to have built up substantial savings for an emergency situation
3) can’t access that account without serious tax penalties

Even people that are diligent about saving are going to have big liquidity problems if the shutdown continues. It’s the people who are most financially vulnerable (young, less savings, student debt, lower income, less educated, etc.) who are taking the brunt of the impact. As it turns out, young people are also the least impacted medically, so frustration will eventually be very loud.

This post was edited on 4/6/20 at 1:26 pm

2 ...

Report Post

Georgia Sports Board - Replies to Post

Return To Board

Page 1

Return To Board