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Posted: 8/10/2021 9:41:25 PM EDT
[#1]
Quote HistoryQuoted: Save money so it can be devalued by inflation? |
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Posted: 8/10/2021 9:43:01 PM EDT
[#2]
Quote HistoryQuoted: There is not a fine line between saver and cheap ass bastard. In addition to saving for retirement, having 3 years income saved for unexpected life events is not a bad idea. But I agree, having too much in liquid cash is not a great investing strategy. Investing it all in August of 2001 was worse. |
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Posted: 8/10/2021 10:01:13 PM EDT
[#3]
So far I see lots of semantics like whether $1000 is enough or inflation this or I have credit that, bla bla bla…
From people who I assume make decent money as wage earners. That’s the trap: wages and credit lull us into a false sense of security and next thing you know you’ve worked for 30 years and have a house full of junk, a neglected 401k, and a few hundred bucks in the bank. Try harder. It’s okay if you’re not wired to be a saver; just means you need to be more intentional about it. |
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Posted: 8/10/2021 10:33:05 PM EDT
[#4]
The last ten years of my life have been nightmarish with small periods of calm.
Financial. Work. Kid with psychiatric issues. Wife with chronic illness. Multiple layoffs. Working four jobs at a time and still not being able to pay bills. Every vehicle I owned breaking down at the same time. I stock food and household goods. I stock ammo. I stock meds. I try to keep enough stuff in the house so that I don't have to go to anywhere for at least a month. We have older shit phones, older shit cars, most of my clothes are goodwill. I do insist on underwear and socks be purchased new. I refurbish and use old laptops people give me or sell for cheap. I hate buying new anything. Ten years ago I had a healthy wife and child, a nice two story house in Phoenix, two decent newish cars, and a promising career and a degree in my field. I'm not a bad person or a stupid person. I'm honest and hard working. I just have shit for luck and a dark cloud follows me around. |
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Posted: 8/10/2021 10:53:24 PM EDT
[#5]
I sacrificed in the beginning of my career to invest.
When friends were buying new trucks I bought a used Corolla. I’m in my mid 30s and have a fancy truck now. And my investments have returned more YTD than I will earn through my job this year. Grinding to lay that foundation in my early to mid 20s sucked sometimes but it was worth it. Now I can do both - afford nice things while I continue to invest and watch my net worth grow meaningfully with each passing year. |
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Posted: 8/10/2021 10:58:48 PM EDT
[#6]
Quote HistoryQuoted: OP makes a good point. Astra Zeneca may be able to help. |
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Posted: 8/10/2021 11:02:57 PM EDT
[#7]
Quote HistoryQuoted: $1000 in ammo can fix a great number of shits. Quote HistoryQuoted: Quoted: $1000 isn't fixing shit. It's a really good indicator that your in bad shape. $1000 in ammo can fix a great number of shits. Not without gas money 
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Posted: 8/10/2021 11:05:33 PM EDT
[#8]
Quote HistoryQuoted: $1000 isn't fixing shit. It's a really good indicator that your in bad shape. |
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Posted: 8/10/2021 11:09:00 PM EDT
[#9]
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Posted: 8/11/2021 12:23:46 AM EDT
[#10]
Quote HistoryQuoted: Sure they do. It’s only 50 blowjobs. You're paying too much. |
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Posted: 8/11/2021 1:44:39 AM EDT
[#11]
Quote HistoryQuoted: So far I see lots of semantics like whether $1000 is enough or inflation this or I have credit that, bla bla bla… From people who I assume make decent money as wage earners. That’s the trap: wages and credit lull us into a false sense of security and next thing you know you’ve worked for 30 years and have a house full of junk, a neglected 401k, and a few hundred bucks in the bank. Try harder. It’s okay if you’re not wired to be a saver; just means you need to be more intentional about it. Can't I have a house full of junk and a fat 401k? |
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Posted: 8/11/2021 1:59:39 AM EDT
[#12]
Quote HistoryQuoted: Bought my first home in 1985. For 1 year I had an average bank balance of $1000. Back then it was a lot, today no Quote HistoryQuoted: Quoted: $1000 isn't fixing shit. It's a really good indicator that your in bad shape. You're not kidding, and it's only getting worse. The tires on my truck cost more than a grand. |
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Posted: 8/11/2021 2:16:45 AM EDT
[#13]
OP is not wrong. You would be surprised how many people couldn’t come up with $1,000 if they had to. I know people who have had refrigerators fail, cars break down, lawnmowers quit, washing machine break, kid needs glasses, you name it and they were fucked and couldn’t pay for it. They had to scramble and sell something, borrow from people, wait until they got their tax refund, you name it. There are a ton of people that live on the edge and a lot of them aren’t below the poverty line. They are just morons with their money. I knew a guy who had a state job in a rural cheap to live area that made 60k a year. He got paid once a month. On more than one ocassional I saw him hitting up people near the end of the month to borrow small amounts less than $100 just so he could get gas to go to work.
Fuck all that. I have never been broke since I started working for $4/hr in 1992. I have always saved a portion of my income no matter how small it may be. There have been tons of times I didn’t do things or buy things because I was unwilling to deplete my savings to do so but I have never been broke. For the most part my net worth has increased ever so slightly every month for the last thirty years. Large expenses like replacing the heating and air unit put a dent in it but without fail I save/invest every month. How people can live their lives with nothing to fall back on blows my mind. |
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Posted: 8/11/2021 2:18:18 AM EDT
[#14]
Quote HistoryQuoted: So far I see lots of semantics like whether $1000 is enough or inflation this or I have credit that, bla bla bla… From people who I assume make decent money as wage earners. That’s the trap: wages and credit lull us into a false sense of security and next thing you know you’ve worked for 30 years and have a house full of junk, a neglected 401k, and a few hundred bucks in the bank. Try harder. It’s okay if you’re not wired to be a saver; just means you need to be more intentional about it. That is flat out poor talk. You're talking about a 30 year end zone that is dependent on saving and a 401k plan. That's why people are fucking poor when they retire. A diverse portfolio, assets and alternative income streams. What are your thoughts on real shit? |
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Posted: 8/11/2021 2:39:51 AM EDT
[#15]
Time to bring Grover back.
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Posted: 8/11/2021 2:43:34 AM EDT
[#16]
Quote HistoryQuoted: Save money so it can be devalued by inflation?  It's GOING to happen again and this time I'll snatch me up a huge piece of property for my retirement place. When nobody else has money but you do, PROFIT. |
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Posted: 8/11/2021 5:22:41 AM EDT
[#17]
Quote HistoryQuoted: That is flat out poor talk. You're talking about a 30 year end zone that is dependent on saving and a 401k plan. That's why people are fucking poor when they retire. A diverse portfolio, assets and alternative income streams. What are your thoughts on real shit? Did I say $1000 was all anyone needed, or that everyone’s mindset, income, and net worth was the same? Perhaps this thread doesn’t apply to you? |
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Posted: 8/11/2021 5:24:21 AM EDT
[#18]
Quote HistoryQuoted: Can't I have a house full of junk and a fat 401k? You can do whatever you want. Perhaps this message doesn’t apply to you, unless it’s pissing you off. Then there might be room for self reflection. |
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Posted: 8/11/2021 5:31:42 AM EDT
[#19]
Quote HistoryQuoted: Saving in a high inflationary environment. /media/mediaFiles/sharedAlbum/vladimir-putin-laughing_zpsov82lsef_GIF-129.gif Having a relatively small emergency fund in cash is a good idea. $1000 isn't that much and shouldn't be anywhere close to the majority of total net worth. |
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Posted: 8/11/2021 6:01:29 AM EDT
[#20]
Everyone should have a buffer. I usually recommend 2-3 months worth of food, rent etc. When you've saved up to that you start investing long term.
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Posted: 8/11/2021 6:06:22 AM EDT
[#21]
I've always found insulting people is a great way to convert others to my way of thinking!
Good job, op! 
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Posted: 8/11/2021 6:18:27 AM EDT
[#22]
To those that said "what's a $1000 gonna do?", or "why would I need $1000?", think about all the threads where people are going to be forced to take the jab, or lose their job.
It's not the dollar amount. It's the BARE minimum to get you out of "holy fuck, we need 4 new tires on the car". You don't have to put it on credit. I get it, I used to do stupid with money. I used to live check to check, as a grown-ass man. Now I don't, and if I lost my job today, I would probably go on vacation for a couple weeks to ponder what I should do next; and I'll pay cash for it. |
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Posted: 8/11/2021 6:40:21 AM EDT
[#23]
Quote HistoryQuoted: I’ll admit I’m not the best teacher but I’d suggest you not get so focused on the dollar amount, and instead think about the concept of having some money you can access in an emergency. If you can’t imagine being in the middle of some sort of emergency, I’d suggest trying to imagine, harder. Quote HistoryQuoted: Quoted: What problems can $1000 solve? I really can't forsee ever needing to come up with $1000 cash unless I'm buying a gun or guitar or something I’ll admit I’m not the best teacher but I’d suggest you not get so focused on the dollar amount, and instead think about the concept of having some money you can access in an emergency. If you can’t imagine being in the middle of some sort of emergency, I’d suggest trying to imagine, harder. Especially when you imagine you're the kind of person who has only $0 to $1000 to your name. Good PSA, OP. Most of these guys are just giving you a hard time. The fact of the matter is that you can't save 5k or 10k or 100k until you've saved the first 1k. |
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Posted: 8/11/2021 6:41:44 AM EDT
[#24]
Quote HistoryQuoted: Sure they do. It’s only 50 blowjobs. Quote HistoryQuoted: Quoted: Quoted: WTF is $1000 going to do?  Solve a lot of problems. I don’t think you understand how many people don’t have ready access to $1000. Sure they do. It’s only 50 blowjobs. I don't pay anywhere near that much to get one. eta: deleted some because I was out of line, but just trying to be funny |
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Posted: 8/11/2021 6:47:20 AM EDT
[#25]
Honestly if you don't have 3+ months of expenses put back you're doing it wrong.
I'm personally closing in on an entire year. |
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Posted: 8/11/2021 6:49:04 AM EDT
[#26]
Saving and inflation don't mix well.
Spend every dime on appreciating assets, like land and equipment. |
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Posted: 8/11/2021 6:51:30 AM EDT
[#27]
Quote HistoryQuoted: So far I see lots of semantics like whether $1000 is enough or inflation this or I have credit that, bla bla bla… From people who I assume make decent money as wage earners. That’s the trap: wages and credit lull us into a false sense of security and next thing you know you’ve worked for 30 years and have a house full of junk, a neglected 401k, and a few hundred bucks in the bank. Try harder. It’s okay if you’re not wired to be a saver; just means you need to be more intentional about it. I was never taught to be a saver, so I had no idea how to do it. My parent's idea of saving money was to set a short term goal, save for it, and then blow the whole wad. I kind of figured it out on my own eventually and try to keep enough money in the bank to cover payroll and expenses for a few months at a time. However, hording your cash doesn't help with business growth. I always try to have at least something new (or new to me) financed that is making me money faster than it's costing me money, with the end goal being a bigger and more productive business each year. |
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Posted: 8/11/2021 6:55:23 AM EDT
[#28]
Quote HistoryQuoted: WTF is $1000 going to do? Replace your water heater. |
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Posted: 8/11/2021 6:59:38 AM EDT
[#29]
OP just found Dave Ramsey.
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Posted: 8/11/2021 7:00:02 AM EDT
[#30]
Poor is a mindset. I know a guy making 30 an hour that is broke all the time.
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Posted: 8/11/2021 7:01:34 AM EDT
[#31]
I keep a $1000 liquid at all times to lend to people I don't like. It's always worked superbly.
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Posted: 8/11/2021 7:14:30 AM EDT
[#32]
Raising kids to not be materialists in a materialist society--good luck.
I didn't realize I was a materialist until after I became a parent. I've had good, steady employment for > 30 years. I'm reduced to tears when I think of the wealth I could have amassed had I not blown it early in life on show-off stuff. I was stupid. I know YOLO, but what I did with my $, as seen from middle-age, didn't really add value to my life. Had I even once thought then, Fancy cars today or couple-hundred acres in the future?, maybe I'd have seen it earlier. I didn't look at myself because saving money was invisible to me peers. It wouldn't show. I was a materialist. I was stupid. |
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Posted: 8/11/2021 7:15:31 AM EDT
[#33]
Quote HistoryQuoted: OP just found Dave Ramsey. I've been aware of him for a while but never went on his plan, and we definitely break some of his rules. It's interesting how any mention of having cash savings is by default a Dave Ramsey approach. |
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Posted: 8/11/2021 7:24:28 AM EDT
[#34]
There's math; and then there's materialism.
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Posted: 8/11/2021 7:27:15 AM EDT
[#35]
Quote HistoryQuoted: Saving and inflation don't mix well. Spend every dime on appreciating assets, like land and equipment. I think there's a wide range of definitions of "saving". Inflation has made the old ways of keeping life savings in a bank savings account obsolete. I'd agree appreciating assets are necessary but everyone needs some liquidity too. |
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Posted: 8/11/2021 7:29:28 AM EDT
[#36]
Quote HistoryQuoted: WTF is $1000 going to do? |
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Posted: 8/11/2021 7:40:31 AM EDT
[#37]
Since my first job as a kid I've strived to invest 50% of my earnings. I've missed out on somethings along the way, but I've never worried about money.
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Posted: 8/11/2021 7:42:02 AM EDT
[#38]
Quote HistoryQuoted: I was never taught to be a saver, so I had no idea how to do it. My parent's idea of saving money was to set a short term goal, save for it, and then blow the whole wad. I kind of figured it out on my own eventually and try to keep enough money in the bank to cover payroll and expenses for a few months at a time. However, hording your cash doesn't help with business growth. I always try to have at least something new (or new to me) financed that is making me money faster than it's costing me money, with the end goal being a bigger and more productive business each year. Mostly, I think this is taught. Growing up paying yourself first was hammered into me. I always worked, real money started in middle school couple paper routes, worked for a Vet cleaning up, odd jobs. During HS mowed lawns (22 by the time I handed them off), repaired and sold power equipment, 30 hours a week at a dept store, hauled stuff off - ATFAB. Anything to make a buck. Old man required rent or rules - I choose rent. He also made me stash whatever "excess" cash and stressed a set amount into "savings" and a emergency/replacement fund for my mowing. I was able to pay my way but also had a good pile by the time I went to college. When I left for college I found out my "rent" had been invested for me. I worked through college and bought property, learned more there than in school. His dad was in banking and when we'd visit he'd give us a roll of coins. If we brought it back he'd exchange it, pennies-nickels, dimes-quarters - I still have some of those. At my HS grad party my Grandad handed me an envelope, walked away saying "don't lose it there's a million dollars in there". Actually there was $2k and a formula - wasn't always able to fund what was prescribed but it was always a goal and I was pretty consistent. He has a lot of rules - paying attention to them helped me immensely. Did teach me about IRAs, Mutual Funds, Taxes - and Tax consequences. Back when inflation was significant, it was a factor you planned against. A grand or two ain't an investment - it's a backstop. Inflation erosion is a least concern if invested properly. Not finding a significant amount of excess regularly to invest leads to a lack of wealth, whatever the excuse. |
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Posted: 8/11/2021 7:42:22 AM EDT
[#39]
Saving and an emergency fund are two different things. Jam as much as you can to the point it is uncomfortable into your savings (stock/401k/crypto/real estate/PMs/etc), that stuff starts to grow pretty crazy on it's own.
But before you start investing in long term savings, work up to 1-5k in liquid cash and/or a checking account (more is fine as well). Inflation doesn't do shit to $1,000 except cost you a few dollars for the financial insurance of having it available. Even a small stack of cash can turn a major problem into a minor inconvenience or a lost opportunity into a great success. It allows you to "get off the X" and buys you time to make smart decisions and not desperate reactive ones. There's zero excuse for any adult to not have some liquid capital on standby. |
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Posted: 8/11/2021 7:43:38 AM EDT
[#40]
I’ve heard it said that one should have six months of cash saved up in case they lose their job.
I could quit work tomorrow and not have to work for 5 years. |
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Posted: 8/11/2021 7:50:33 AM EDT
[#41]
Quote HistoryQuoted: So picture someone who's a full blow wage slave nothing in the bank to speak of amd they get paid in acouple days but that money is already essentially spent before he even gets his hands on it To people in that situation even something like there A/C breaking in the middle of summer or their car having an issue that they can fix easily but uh oh the parts is $234 and regardless of how bad they need to drive to work they simply don't have it can really be a bitch to deal with |
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Posted: 8/11/2021 8:03:08 AM EDT
[#42]
After watching some family recently freak out over not being able to come up with a few thousand in an emergency, totally agree with OP.
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Posted: 8/11/2021 9:31:32 AM EDT
[#43]
Quote HistoryQuoted: By inflation do you mean gobbling up houses and property for pennies on the dollar as I did after 2008 It's GOING to happen again and this time I'll snatch me up a huge piece of property for my retirement place. When nobody else has money but you do, PROFIT. Quote HistoryQuoted: Quoted: Save money so it can be devalued by inflation? It's GOING to happen again and this time I'll snatch me up a huge piece of property for my retirement place. When nobody else has money but you do, PROFIT. If people are really concerned about inflation, they should look at 1965-1985. Instructive, but tax law changes caused as many permutations in the RE world, esp CRE market, as inflation. Regular people got along fine, and many used it to their advantage. |
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Posted: 8/11/2021 9:40:32 AM EDT
[#44]
Quote HistoryQuoted: After watching some family recently freak out over not being able to come up with a few thousand in an emergency, totally agree with OP. -In laws (in their 60s) spending every dime of their stimmy on patio furniture and other crap when they have no savings. -A parent with no buffer in a bank account; literally it's a daily calculation of whether there are enough credits to cover the debits. Edit: I'm not talking about autisticly minimizing every cent in a bank account because muh inflation; there's no other money, anywhere. Zero net worth. There is no agency in their lives. It's unfathomable to me. It doesn't mean they're bad people. They're all wonderful human beings; they're just also very dependent on others. So yes I had the epiphany that people who aren't savers by habit or training, or who reject the concept of saving, are setting themselves up for more difficult lives especially as they age. |
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Posted: 8/11/2021 9:45:54 AM EDT
[#45]
Quote HistoryQuoted: What problems can $1000 solve? I really can't forsee ever needing to come up with $1000 cash unless I'm buying a gun or guitar or something Buy a water heater or fix some other plumbing disaster on the spot. Same for an electrical fix. Tires for your car. Medical. On and on… |
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Posted: 8/11/2021 9:48:21 AM EDT
[#46]
Quote HistoryQuoted: I’ve heard it said that one should have six months of cash saved up in case they lose their job. I could quit work tomorrow and not have to work for 5 years. This. I bet more than half the people here in this thread would be ROYALLY fucked if they lost their job tomorrow. Flat broke. As in, seriously facing living in a rusted-van-by-the-river broke. Mortgage foreclosed, car repossessed, no more health insurance that pays the thousands of dollars in med bills... Oh, and sold all your guns just to have some cash to buy a few boxes of mac and cheese. Wake up. Start saving your hard earned money NOW. |
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Posted: 8/11/2021 9:52:31 AM EDT
[#47]
Quote HistoryQuoted: Nah. Credit is so easy to get, put it on a card until they are all full, then declare bankruptcy. The court will leave you with enough to pay rent and the banks will get a dime on the dollar if they are lucky. In two years, they’ll lend to you again. Repeat. This is reality. The OP is just too blind to see it. |
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Posted: 8/11/2021 10:00:26 AM EDT
[#48]
Quote HistoryQuoted: What problems can $1000 solve? I really can't forsee ever needing to come up with $1000 cash unless I'm buying a gun or guitar or something You don't have a vehicle? That's nice, you won't have to fork over for a major repair. Don't own a home? Great, new roofs are expensive. Also HVACs. You're in perfect health? Lucky you, co-pays and deductibles add up. And on, and on............ When I was a yoot I realized that every time I bought some gimcrack a major expense was just around the corner. Simplify, simplify. |
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Posted: 8/11/2021 10:35:43 AM EDT
[#49]
Ha, saving is for suckas. Buy as much as you can on credit. When the value of the dollar crashes, you'll be able to pay off your house with what it costs for a loaf of bread in two years.
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Posted: 8/11/2021 10:44:34 AM EDT
[#50]
Thanks scooter.
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