Money Savings - question to all of u - GoFuckYourself.com

Jai · 05-15-2008, 05:20 PM

ok so this convo comes up with a variety of ppl once in a while...and i will never accept their stupidity and i guess ive been spoiled by hanging around too many immigrants

WHY DO SO many non american/canadian ppl i talk to not understand that it is reasonable to NOT GO IN DEBT if you have a full time job? (excluding mortgage)

lets say some guys are making 35K/year , they are single, some live with parents some dont....

how on earth can u possibly complain that you have so much credit card debt and are paying 20% interest.....

i just say, if you make X$ a month, then dont spend X*2$ a month, just spend less than X$ a month and youll be fine since you Know the exact value of X
./.....many tell me its just to hard to plan your purchase budget cause things change....

i dont care what changes, unless extreme circumstances and bad luck like robberies, sickness, family problems....you should still be able to spend less than what you make if you have no one dependant on u
....

i just cant understand.. a few also say if you make 35K , its impossible to save 5K including rrsp a year....

WTF!!!!!!!!

i know immigrants that make 30K and save 8K a year

please tell me there are ppl that are well from debt here (not including mortgage) to help me think that there are normal ppl out there

Socks · 05-15-2008, 05:23 PM

One of the richest guys I've known told me the key was to spend less than you make, and you'll always have money. If he didn't have the money, he didn't buy it, simple.

Spunky · 05-15-2008, 05:23 PM

People live beyond their means. it wasn't hard to rack up dept when I was younger and even harder to pay off once I rung it up..now it's cash only and one card for emergencies and it's paid off every month

Sly · 05-15-2008, 05:25 PM

It's pretty much just an excuse.

I was talking with a friend the other day and telling him about my experience in San Diego when I lived there... every one of my friends had brand-new cars. Nothing completely fancy, but brand-new. We are talking $15-20k cars. Every one of them worked in retail, had credit card debt, was living on their own, etc. Yet, they had to have that $15,000 new vehicle even though it made them absolutely broke every month.

No idea man, no idea...

The real killer is that 20% financing. Most of them could get that wrapped up into a bank loan at under 10%, maybe 13% max. I don't know if they just don't realize that or what...

Jai · 05-15-2008, 05:32 PM

Quote:

Originally Posted by Spunky

People live beyond their means. it wasn't hard to rack up dept when I was younger and even harder to pay off once I rung it up..now it's cash only and one card for emergencies and it's paid off every month

good to knwo theres normal ppl here and smart ppl

when i talk to these type of ppl i go nuts...like most ppl at my work talk like this and im like WTF?
even if they make 60K + they still talk like this and have no fmaily spending obligation

ztik · 05-15-2008, 05:47 PM

Quote:

Originally Posted by Socks

One of the richest guys I've known told me the key was to spend less than you make, and you'll always have money. If he didn't have the money, he didn't buy it, simple.

Yup, words to live by. If I make a major purchase I have to first set a sales goal that will more than pay for that purchase before buying it.

ladida · 05-15-2008, 05:58 PM

I'm leaving 2/3ds of my monthly earnings aside each month as i plan to retire young.

Sly · 05-15-2008, 06:01 PM

Are you guys saving or investing?

Maybe I'm missing something, but saving doesn't match up with inflation... why save? Shouldn't you be investing?

qwe · 05-15-2008, 06:14 PM

Quote:

Originally Posted by Sly

Are you guys saving or investing?

Maybe I'm missing something, but saving doesn't match up with inflation... why save? Shouldn't you be investing?

you can loose your ass with investing as well... i hate when people say "you can invest and make lots of money" like they know what the fuck they are talking about... 99% safe investing will get you 5-7% return TOPS which in my opinion is nothing... if you want to get 20-50% return you're going to have to take some type of risk...

Sly · 05-15-2008, 06:18 PM

Quote:

Originally Posted by qwe

you can loose your ass with investing as well... i hate when people say "you can invest and make lots of money" like they know what the fuck they are talking about... 99% safe investing will get you 5-7% return TOPS which in my opinion is nothing... if you want to get 20-50% return you're going to have to take some type of risk...

I would rather have a 5-7% return than a 3% return. Investing doesn't mean 20-50% returns...

sicone · 05-15-2008, 06:26 PM

I have one credit card. It pays for my hosting and a few various other charges every month. Every month I send a payment to the credit card company for the amount owed in full.

A few yrs back I went out and got several merchant specific cards and racked up a lot of debt. Took me 3+ yrs to pay off all the charges I made on those cards.

Jai · 05-15-2008, 07:25 PM

Quote:

Originally Posted by Sly

Are you guys saving or investing?

Maybe I'm missing something, but saving doesn't match up with inflation... why save? Shouldn't you be investing?

some savings accounts give 4.5% interest and thats guaranteed no amtter waht

BradM · 05-15-2008, 07:32 PM

20% of my earnings go right into my cars. I love my cars, I love driving and that's an expense I am prepared for.

I still save a lot of money, but I do spend a lot as well. If I want it I buy it. I live once and frankly I could get hit by a bus tomorrow and never have enjoyed anything. So I use a hybrid model. I just live paycheck to paycheck technically, although my savings could handle any shortcomings.

woj · 05-15-2008, 07:52 PM

Quote:

Originally Posted by Socks

One of the richest guys I've known told me the key was to spend less than you make, and you'll always have money. If he didn't have the money, he didn't buy it, simple.

It sounds so simple, doesn't it? Funny part is, it actually IS as simple as it sounds... no idea how most people get themselves into debt...

cheekycherry · 05-16-2008, 01:09 AM

Most people are STUPID when it comes to their finances.

I totally agree... I've NEVER understood why people spend the extra money on cards and get loans when they really don't need to.

They just want to live beyond their means... And then moan when they say the rich are getting richer, and the poor are getting poorer.

Jens Van Assterdam · 05-16-2008, 01:19 AM

Really depends on how much i make a month. Lets say i have 20k/month, i will mostly take 10-15k and make some angle investment. Then i have 5k left, pay like 3k for the bills and have 2k left to spend. So i maybe save like $500 -$1k per month when iam lucky.

tiger · 05-16-2008, 01:19 AM

A society of debt. Everyone wants to live like a rockstar.

Tell me why 2 of the most important things in life, MONEY and SEX yet there is almost no education for people when you are growing up.

Jens Van Assterdam · 05-16-2008, 01:20 AM

On the other hand i have some old american friends in the army which are stationated in europe. They all have brandnew cars and like $5k rimms too.. seems to be pretty normal for americans to have large debts.

After Shock Media · 05-16-2008, 01:31 AM

I have many credit cards but next to no credit card debt (I just paid most my bills with my cards this week, and will issue online payment for 90% of balance on monday). I used to carry no balance at all and then fucking chase cancelled my ass for keeping a zero balance.

Medical debt I do have.
I also have a huge vehicle loan right now. I think without checking payment book around 30k owed still. Sweet eh?
No mortgage though as thats paid off, so just insurance, property tax, and upkeep on it.

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05-15-2008, 05:20 PM	#1
Jai Confirmed User Join Date: May 2005 Location: http://www.fitnesspornbabes.com Posts: 6,915	Money Savings - question to all of u ok so this convo comes up with a variety of ppl once in a while...and i will never accept their stupidity and i guess ive been spoiled by hanging around too many immigrants WHY DO SO many non american/canadian ppl i talk to not understand that it is reasonable to NOT GO IN DEBT if you have a full time job? (excluding mortgage) lets say some guys are making 35K/year , they are single, some live with parents some dont.... how on earth can u possibly complain that you have so much credit card debt and are paying 20% interest..... i just say, if you make X$ a month, then dont spend X*2$ a month, just spend less than X$ a month and youll be fine since you Know the exact value of X ./.....many tell me its just to hard to plan your purchase budget cause things change.... i dont care what changes, unless extreme circumstances and bad luck like robberies, sickness, family problems....you should still be able to spend less than what you make if you have no one dependant on u .... i just cant understand.. a few also say if you make 35K , its impossible to save 5K including rrsp a year.... WTF!!!!!!!! i know immigrants that make 30K and save 8K a year please tell me there are ppl that are well from debt here (not including mortgage) to help me think that there are normal ppl out there

05-15-2008, 05:23 PM	#3
Spunky I need a beer Industry Role: Join Date: Jun 2002 Location: ♠ Toiletville ♠ Posts: 133,934	People live beyond their means. it wasn't hard to rack up dept when I was younger and even harder to pay off once I rung it up..now it's cash only and one card for emergencies and it's paid off every month __________________ *YOUR INFORMATION HERE*

05-15-2008, 05:25 PM	#4
Sly Let's do some business! Industry Role: Join Date: Sep 2004 Location: Austin, TX Posts: 31,319	It's pretty much just an excuse. I was talking with a friend the other day and telling him about my experience in San Diego when I lived there... every one of my friends had brand-new cars. Nothing completely fancy, but brand-new. We are talking $15-20k cars. Every one of them worked in retail, had credit card debt, was living on their own, etc. Yet, they had to have that $15,000 new vehicle even though it made them absolutely broke every month. No idea man, no idea... The real killer is that 20% financing. Most of them could get that wrapped up into a bank loan at under 10%, maybe 13% max. I don't know if they just don't realize that or what... __________________ Vacares - Web Hosting, Domains, O365, Security & More - Paxum and BTC Accepted Windows VPS now available - 3 months free for GFY members - 3 slots available Great for TSS, Nifty Stats, remote work, virtual assistants, etc. Click here for more details.

05-15-2008, 05:58 PM	#7
ladida Confirmed User Join Date: Nov 2005 Posts: 2,167	I'm leaving 2/3ds of my monthly earnings aside each month as i plan to retire young. __________________ agentGFY at gmail.com

05-15-2008, 05:23 PM	#2
Socks Confirmed User Industry Role: Join Date: May 2002 Location: Toronto Posts: 8,475	One of the richest guys I've known told me the key was to spend less than you make, and you'll always have money. If he didn't have the money, he didn't buy it, simple.

05-15-2008, 06:01 PM	#8
Sly Let's do some business! Industry Role: Join Date: Sep 2004 Location: Austin, TX Posts: 31,319	Are you guys saving or investing? Maybe I'm missing something, but saving doesn't match up with inflation... why save? Shouldn't you be investing? __________________ Vacares - Web Hosting, Domains, O365, Security & More - Paxum and BTC Accepted Windows VPS now available - 3 months free for GFY members - 3 slots available Great for TSS, Nifty Stats, remote work, virtual assistants, etc. Click here for more details.

05-15-2008, 06:26 PM	#11
sicone Retired Industry Role: Join Date: Jan 2004 Location: Sac Posts: 18,453	I have one credit card. It pays for my hosting and a few various other charges every month. Every month I send a payment to the credit card company for the amount owed in full. A few yrs back I went out and got several merchant specific cards and racked up a lot of debt. Took me 3+ yrs to pay off all the charges I made on those cards. __________________

05-15-2008, 07:32 PM	#13
BradM Confirmed User Join Date: Dec 2003 Location: 1123,6536,5231 Posts: 3,397	20% of my earnings go right into my cars. I love my cars, I love driving and that's an expense I am prepared for. I still save a lot of money, but I do spend a lot as well. If I want it I buy it. I live once and frankly I could get hit by a bus tomorrow and never have enjoyed anything. So I use a hybrid model. I just live paycheck to paycheck technically, although my savings could handle any shortcomings.

05-16-2008, 01:09 AM	#15
cheekycherry Confirmed User Join Date: Feb 2002 Location: N/A Posts: 1,703	Most people are STUPID when it comes to their finances. I totally agree... I've NEVER understood why people spend the extra money on cards and get loans when they really don't need to. They just want to live beyond their means... And then moan when they say the rich are getting richer, and the poor are getting poorer.

05-16-2008, 01:19 AM	#16
Jens Van Assterdam The Dupre Pimp Join Date: Feb 2008 Location: Koh Samui Posts: 6,677	Really depends on how much i make a month. Lets say i have 20k/month, i will mostly take 10-15k and make some angle investment. Then i have 5k left, pay like 3k for the bills and have 2k left to spend. So i maybe save like $500 -$1k per month when iam lucky. __________________ Read TOS for signature rules

05-16-2008, 01:19 AM	#17
tiger Confirmed User Industry Role: Join Date: Apr 2002 Location: Los Angeles Posts: 6,986	A society of debt. Everyone wants to live like a rockstar. Tell me why 2 of the most important things in life, MONEY and SEX yet there is almost no education for people when you are growing up. __________________ Last edited by tiger; 05-16-2008 at 01:20 AM..

05-16-2008, 01:20 AM	#18
Jens Van Assterdam The Dupre Pimp Join Date: Feb 2008 Location: Koh Samui Posts: 6,677	On the other hand i have some old american friends in the army which are stationated in europe. They all have brandnew cars and like $5k rimms too.. seems to be pretty normal for americans to have large debts. __________________ Read TOS for signature rules

05-16-2008, 01:31 AM	#19
After Shock Media It's coming look busy Join Date: Mar 2001 Location: "Ph'nglui mglw'nafh Cthulhu R'lyeh wgah'nagl fhtagn". Posts: 35,299	I have many credit cards but next to no credit card debt (I just paid most my bills with my cards this week, and will issue online payment for 90% of balance on monday). I used to carry no balance at all and then fucking chase cancelled my ass for keeping a zero balance. Medical debt I do have. I also have a huge vehicle loan right now. I think without checking payment book around 30k owed still. Sweet eh? No mortgage though as thats paid off, so just insurance, property tax, and upkeep on it. __________________ [email protected] ICQ:135982156 AIM: Aftershockmed1a MSN: [email protected]