how do YOU manage wealth? now vs future

[Halfwit]

i know there are more variables than listed in the poll, but i wanted to keep it farely simple.

main idea/question:

would you rather have a better (financially stable) life later on in life(knowing you will be very financially stable, given that you are still alive), or spend your money on what you want now, be it your brand new car, engine swap, turbo kits, and other things over the years that have no real ROI (return on investment)?

for example. im 21. i have my fun here and there, but i cant bring myself to go crazy, buy flashy fast cars (even though i could well afford it) i save money very well, but i fear im missing out on"being young and crazy" which includes blowing money on stupid relatively unnecessary things. in the back of my head i just always think (i could be 35, and have everything i want then, instead of few things here and there throughout, like do it bigger and better, jsut later)

when looking at your money, and things you want, how do you decide weather or not you should buy what you want vs saving your money?

i have an extremely hard time with spending money, and if i do buy something i want, i quickly turn around and sell it, for fear that i couldnt sell it in the future.

it is soo hard for me to part with money, i save and save.

i understand (somewhat) the "i only live once im going to make sure its the best" philosophy, but i jsut get soo stressed that if i spend money now and have a good time, that i could be endangering my future (yes i understand future isnt promised)

but i dont see when it will be enough for me. when will feel financially stable enough to buy things i want and dont need?

dont get me wrong, i buy things (street bike, 4 wheeler) but i only do so if i get a very good deal and am pretty positive that i can resell it and make at least most of my money back.

i do know that irony will probably fuck me, and the day i go to spend my hard earned stash of cash ill be killed or something, but im jsut soo scared of being "poor" in a sense that i cant bring myself to spend money.

side question- think its worth it to have a mediocre 20-30 life, and a better 30-50 life?

[Vteckidd]

It's a give an take. I could afford a lot of things, but I choose to indulge in other stuff.

Like I would rather drive a $15000-20000 car and take a few vacations then drive a $40000 car and eat ramen noodles.

I save a lot mainly because I'm looking to the future and where I want to be in 2-5 years and beyond. I do have a lot of nice things IMO (flatscreens, furniture, watch, clothes, etc) but I don't blow money either.

I am always frugal when it comes to what I buy. Luckily I make enough that I can afford certain luxuries without much consequence. Meaning I can buy a $xxx watch or any new video game when it comes out or $xxx on clothing a week or whatever and it doesn't bother me. I can spend $200/300 a week on bullshit for myself and it doesn't hurt my overall income.

But I'm single, no debt, low bills , cheap car (actually no car at the moment) etc. Now to some of my friends they think I'm this crazy baller with all this money, but some of my friends have a house or two $20000 cars while I drive $2000-5000 cars and I rent. I have my reasons I like to invest my money so I don't keep it tied up in thing I can't make easy money on.

Guess what I mean is it's all perspective. If you make $20000 and live at home with a $2000 civic you prob live like a baller. If you make $100000 a year and have a $300000 house and two kids you're broke lol

you seem like you enjoy life plenty. How many motorcycles have you owned or cars your built etc? You own a house right?

[Halfwit]

i get that, but you are just (to me) budgeting yourself.

what i got from your post is that you can spend xxx a week on bs because u drive a 5000 car. semi-knowing you im sure you have xxx a month that goes to savings, but what im trying to say is, i like you, have the priveledge of being able to spend 200 a week on bs and it not touch savings,but i could never bring myself to do that.i constantly think my savings isnt enough. like yes ive had 10 motorcycles, but ive made money on jsut about all of them, and overall only bought them as investments.

flatscreen for example, i know i would be happier with a 46" tv over my 32, but "how much" happier? would it, and other things make me happier over time than having VERY expensive things in the future? 46" over 32 now, or 72" over a 50" in the future (on that comparison)

i also understand u could very well have the same 70" i nthe future as me, i just dont KNOW for a fact ill have the job i may, or make as much as id like, and thats what scares me into savings

i jsut never feel i have enough.

im not to the point where i feel i can buy flatscreen, ect even though it would be a small percent of my savings/income because i always think "well maybe my xx,xxx in the bank isnt enough, and i should wait til i have Xx,xxx in the bank.


i have my fun, and i dont need huge tv, or sweet car to be content, its just the overall thought that i could regret it later, or die having not "eaten the fruits of my labor" its jsut i know i could be doing everything on a much bigger scale, its that i cant make myself.

on your "perspective " note.

make 20,000 a yr, have 2000 car and live at home, live like a baller? yes you COULD, but my dillema is that i cant bring myself to do it. i cant part with that money. i could have all my income disposable, just cant bring myself to "dispose" of it so to say, and im not talking about eating shit food everyday, or driving a 400$ scooter, but just a 97 civic over 09 altima, etc. jsut everyday thingsi see ppl doing, buying new cars, ect.


i guess it all boils down to this, if im content how i live and things i have, saving isnt bad, because die or not, i wasnt living poor, just living below my means, and if i do make it to 35, well ill have my "fun" then

[Vteckidd]

But yes you're like me a lot. Anytime I buy something like a car or whatever I always think "if I resell this can I make my money back" or " how big a hit will I take?"

it's a good quality to have man it means you're smart don't look down on it. Too many people I know are retarded with money and have no ambition. We all used to think "when I'm 30 I'll worry about it" well now they are 28,29,30 and have no money , debt, shit job no education etc.

I'd rather miss out on the dumbass shit from 20-30 and relax later than be 30 and have to start another career or something.

As long as you enjoy yourself on the weekends , spend a little on yourself from time to time, you're fine. Don't be miserable

it's guys likeus that become succesful you just have to believe it. While everyone else is squandering their life away we are making moves.

[Halfwit]

thats the conclusion i ultimately have come to, and need to believe.

i have fun, have my recreation, buy some shoes and clothes when i need, and dont have stress about "shit how am i gonna pay this"

its jsut planning for the worst, and making the worst, still pretty damn good.

[Vteckidd]

I guess what I'm trying to say is where do you see yourself in 2-3-5-10 years?

I used to make $14000-22000 a year. Now I make a lot more. 2.5 years ago when I started my business I had $800 to my name and no savings. I used to think $2000 was a ton of money. I remeber saying man if I ever get to $10000 saved I the bank I'll be golden. I used to freak out when I had less than $1000 in the bank. Now if I drop below $10000 I freak out.

After two years in business sales are up but ultimately I know I've reached a plateau. I can have a really good month and a really slow month. I might make $60000 on year and $80000 the next but I'll never make $200000-300000-500000 a year doing what I'm doing. So after two years I'm re-entering the corporate/private sector. Some people think I'm stupid cause I live the life right now. I don't work I make a good living and I have all the free time in the world, why go back to a 9-5? For me it's an issues of standing still I'm always looking to better myself.

Why not have a real job with a career and benefits and run my biz on the side? That way If kiddracing goes belly up in two years I have something o fall back on. If it doesn't I have a nice second job so to speak. And who knows with the extra money I may be able to invest more in my business take more risks and retire even earlier!

I have goals and I don't want to be 30-35 slanging headers and figuring out what to do THEN.

I think it's good you save and have that mentality of knowing what you're buying an what it's worth. I think it's good you aren't like the rest of our people our age.
I just think living it up now hinders you in the future and it's harder to correct the older you get. I'd personally rather enjoy myself now bit be smart and have a plan and to live well in the future when everyone else is going "how did I get here"

[NevrNufTorq]

it's all about budgeting, and your budget saves more....nothing wrong with that at all. especially in today's economy.

inho you're just thinking about it too much. now you save it all and wonder is that weird? but at the same time you admit if you spent all of it you'd question that also.

my take, after taxes a 1/4 to 1/3 always goes to savings period. form there i do as i please after all the bills are paid. go on the 1/3 side for 2 years even though it may put a crutch on your lifeflr that time if you need it you have something to fall back on.

how much to save for me imho deoends on what you own such as a house then you have to decide rainy day funds for water heaters and a/c if it goes out. as well as a good idea to build up a seperate account for bill pay in xase of an accident. like say 3-4 house payments in reserve

easy start get a book from someone like dave ramsey and then decide if his way is too much or too little. i dont beleive you have to have everything paid off like he says but i only like to have a house payment and one dd payment and anything else is paid in full but that's what i chose to do and gl to ya

[AirMax95]

Good thread!

The Dave Ramsey book is a good read also. He takes an aggressive approach to personal finances.

[TSiFTW]

IMO you will be happier when you are older. I always think that way. Everytime I see someone driving a car I want it puts me in my "want" mode. I really have to talk myself out of it. Or everytime I see that newest piece of electronics etc. It is all worth it though when something bigger comes up like you need a new roof, or septic tank lines need redone, which both happened to me last year, and you can just pay cash for it. You have less worries. I do condone keeping yourself happy and if you really, really want something then get it if it wont break you.

[David88vert]

I used to spend everything. Made good money, spent it a lot.

I am 37, married, 2 kids, and a house.

Trust me, save everything you can while you are young, and invest it. It will pay off later. You can never have too much money. There is always something else to spend it on, and it all gets more expensive as time progresses.

[Vteckidd]

Dave ramsey is a horrible. He's not for guys like Halfwit he's for people too stupid to save their own money. He's a smart guy but he advocates taking almost no risks at all. Halfwit doesn't have a problem saving.

[AirMax95]

Dave ramsey is a horrible. He's not for guys like Halfwit he's for people too stupid to save their own money. He's a smart guy but he advocates taking almost no risks at all. Halfwit doesn't have a problem saving.

Good point....but for general education (if needed) he is a good source. The latter half (IIRC) of the book is stuff most people don't know.

I need to get on my investment track for income. My 401k is cool, but I need a few $$ generators for my 30's.

[neon_ert3]

i spend money like its goin out of style! BUT, i do have 15% of my pay check goin into my tsp ( kinda like 401k i guess). i dont go out and buy 20k cars cuz i hate having a car payment and being told that i have to have full coverage. i own a house and have 1 kid and i live life to the fullest now and then when i retire ill live it up some more. maybe ill even buy a new car lol

[S2KJD]

Our little trick, if i must call it something, is that we have been living off of my salary for a year and a 1/2 now and then my wife will be graduating this June and making about 10k more than me so we will then move to living off of her income and strictly saving mine as if it doesnt even exist. Many folks would "upgrade" their way of living when incomes more than double; however, we will continue to live a modest and comfortable life still going on a vacation and having dencent cars and have a little above average home etc. yet saving a butt load behind the scenes!

[ueyedgr8tness]

since i have got married and had 1 hell of a spending spree i am def growing up a little.I pretty much give my check to the wife and let her pay the bills and put $ in savings.I do regret putting most of my $ in a locked accounts with loans because i would of rather bought my house this yr cash rather than have to take a loan out on it.I love to eat out alot so thats the only big problem i have now far as spendin goes because i sold all my toy's.As far as being really tight on $ i don't do it because i have to many friends that had plenty of $ and they will never got to use it because there dead now,and to me that just makes all that hard time saving go right out the window considering they had no kids and the $ just goes back to there filthy little rich parents that hold there nose up at other ppl.


So i say have fun now and put a little back,buy a cheap house thats nice and live within your class.

[5speed]

I dont make much money right now but I do spend it all. I get all my bills paid too. For me as long as I am not in debt and hungry I am fine. As for the future I should be saving or making an investment in some kind. Truth is I just dont have that kind of money right now. As if I am getting by but not hurting.

[ISAtlanta300]

It always feel better to have some security... i.e. some money set aside.

My advice is to just pace yourself. There is almost nothing that you 'want' right now, that you cannot get in the future.

I waited 7 years to buy myself a brand new car in 2002... which I still have. It runs great, looks awesome.. so I do not "need" a new car at the moment.

Had I bought something on impulse back in 2000 maybe I would be regretting and 'wishing' I had a newer model or something.

It took me a couple of years before buying my first flat screen..... on a black Friday! Had I jumped on the first Plasma's back then, I would be kicking myself in the ass for the burn ins, lower resolution etc.

Those are just some examples.

Especially in this day and age, technology changes so quickly, i.e. all those people who bought the first iPhones should have waited for the 3G.. then the 3Gs etc etc.. Buying on impulse may cost you. Better to just wait it out a bit, and buy... especially when the prices start to fall.

[psychodrama_81]

I know what you mean. My problem is that I give too much, I am always helping someone else in need, knowing that I need to save for myself. I work at Target, and my check isnt all that impressive. Almost always it goes to bills....and I live with other roommates. I was doing good for a while until the homeowner asked if I could take over some of the utilities. That was a bad move on my part, now Im right back to where I was before, TRYING to save what little I do have to function on a daily basis.

The only high dollar things that I have bought in the past 4 years since I have move to Alpharetta is this laptop that I am typing on and my lil green goblin of a Volkswagen.

As for me, it takes very little for me to be happy. All I really want is peace of mind with roof over my head. Any other amenities are an added bonus.

[Julio]

Dont worry man! Social Security got our backs when we hit 70 !!!!

bahwhahahhahaa lmao !!!!!

Keep doing you and forget about the world..

[fininfarina]

I don't like to put money in the bank
They will call you everyday at least 3 times a day, just ask you to put in saving or whatever they have for 5% interest.
I recently bought 2 houses for investment and making pretty good money.
I do not buy a car more than 3.5k, currently no car.

Age of 22
I spend a lot less money than others but planning/investing a lot.
Just for future...
wish can retire before 40

[B18c1Turboed]

We basically live off my income. My wife saves most of her money. I have 2 houses 3 car pymts and 2 children and a 300K house. And I still spend as I want I have every toy you can think of. For the future I have a huge saving account, its call inheritance.

If you make $100000 a year and have a $300000 house and two kids you're broke lol

All i can say is SPEND wisely, and save as much as you can. U never know what tommorow holds for you! Prime example I work for my mom but i run the office she never works. 2 days ago we got in ahuge fight and i quit. After getting home i regret it,but i was fine knowing we had enough too carry us for a few years, so that took alot of stress off my back.
Needless to say she hiried me back, but u never know what will happen tommorow. YOu want too atleast have 1 years of income saved at all times!!

[Vteckidd]

Danny you've always been smart with money we have had long talks about it personally.

But I know like my sister her husband makes $120000 before taxes, with one kid, a $35000 car and living in dc (home is $340000) they live well but they are not rich by any means.

[Mantooth]

Saving for the future is where it's at right now. Sadly, I have a hard time saving money. I would love to save more, but if I see something I want, I buy it. Also, I eat out every single day. Hopefully when I got back to my old position, I will be able to buy stuff and cook. 1. It's cheaper, and 2. It can be healthier. Fortunately for me I have no kids, no home, no rent, and all of my student loans are paid for. I have a cell phone bill, car payment, and car insurance. I've been meaning to invest into something, but I just can't figure out what I want to do. As for now, I'm putting $1k a month into my savings and maxing my 401k. It works for now, but I definitely want to jump feet first into an investment in the near future. In my line of work, I don't really have to worry about being without a job for more than a few months, so I only keep an accessible 5 months worth of income. I could stretch it to 8-10 months if I had to.

Also, I REALLY shouldn't have a car. I don't need one, nor do I get to drive it as much as I would like, but for some reason I feel naked not owning a car. I wouldn't take the decision back, and is hasn't hurt me financially in anyway, as of now. These fuckers cost an arm and a dick to fix if they break, so wish me luck.

[-S Double C-]

well im the average american, 21 65k a yr job. Maybe 1500 in bills a month was triple that but paid alot off. I eat out nearly everynight. I buy something for one of my cars at least everyweek and i can not really save money. If i start to save money once a i have a good bit saved up ill blow it and buy something big. The future money is gonna come from my girls parents 2million dollar house bisnuess's and land..

[Mantooth]

well im the average american, 21 65k a yr job. Maybe 1500 in bills a month was triple that but paid alot off. I eat out nearly everynight. I buy something for one of my cars at least everyweek and i can not really save money. If i start to save money once a i have a good bit saved up ill blow it and buy something big. The future money is gonna come from my girls parents 2million dollar house bisnuess's and land..

What's her name? Just in case you and her split ways.

[MINI]

What's her name? Just in case you and her split ways.

If y'all get married can I live in the garage? The Cooper doesnt take up much space

Hey now that I think about it.

I want a room that is also my bedroom and the place where I park my car.
I would love that.

[Mantooth]

If y'all get married can I live in the garage? The Cooper doesnt take up much space

Hey now that I think about it.

I want a room that is also my bedroom and the place where I park my car.
I would love that.

The Cooper can live in the garage and you can live in the guesthouse.

[SLOWR/T]

I just spend all my money... Never really been good at saving..... unless I want to buy something thats more than a check. Hell you can't take it with you lol. Seriously I have set a goal to save a certain amount this year. Im alittle behind but Ill be catching up in a couple months when I get outta this house Im in.

[ueyedgr8tness]

well im the average american, 21 65k a yr job. Maybe 1500 in bills a month was triple that but paid alot off. I eat out nearly everynight. I buy something for one of my cars at least everyweek and i can not really save money. If i start to save money once a i have a good bit saved up ill blow it and buy something big. The future money is gonna come from my girls parents 2million dollar house bisnuess's and land..

me and you have something in common we shall go out for a drink 1 day

[-S Double C-]

me and you have something in common we shall go out for a drink 1 day

haha fa sho!

[hondalover00]

well im the average american, 21 65k a yr job. Maybe 1500 in bills a month was triple that but paid alot off. I eat out nearly everynight. I buy something for one of my cars at least everyweek and i can not really save money. If i start to save money once a i have a good bit saved up ill blow it and buy something big. The future money is gonna come from my girls parents 2million dollar house bisnuess's and land..

get a new job

[-S Double C-]

get a new job

nah thats adding what i sell a year in parts as well Its all good though my girl works 4 days a month for her mom and gets more then both are salaries in a month

[Mantooth]

nah thats adding what i sell a year in parts as well Its all good though my girl works 4 days a month for her mom and gets more then both are salaries in a month

WAT? More then both ARE? You mean "more than both of our".

Who is teaching English these days? Jesus fuck.

[-S Double C-]

lol im a high school drop out fuck spelling.

[Paul]

you take everything in strides... you should try to put money away while living good. the wife and i do well but we also live in an older home we bought for 127k years go so we can drive new cars and take vacations anywhere we want (example: 2010 world up in south africa).... i would rather enjoy life experiencing new things then live house poor like many people do. i also don't have to keep up w/ the jones b/c i just don't give a fuck; having money in the bank and ability to do what i want is most important.

[IhartmyHonda]

Save for your future...You have NO idea where you will be in 30 yrs or where the economy will be...I would hope these past couple years would have taught people a lesson SAVE SAVE SAVE....you can always spend it later...for that car you want or house payment if you lose your job you just NEVER know...

PM me if you want more advice..

[KERR]

you have to do both, i mean you dont want to end up being 40 years old with kids and still living check tocheck...

i have friends that blow ever penney that make, when thats gone they hit the visa until payday again.... yea i guess they are having fun, ok cars, living with the mom and pop, drinking ever night, etc etc... but one day it will hit you have nothing...

also with economey doing crazy shit id save a lot cash now... never know when you will into work and they say your fired.

also some of you young lads have no idea what it cost to have kids and live.... im not picking on anybody but i saw a figure of someone making 65k a year..

with having a 6 and 4 year old i pay out about 2K a month with needed stuff.. that $24K a year.. before you ad in hospita bill, wifes shit, car payments, house payemnts etc... its ads up in a hurry...

Soo put some back, its so much easier to save money now and buy what you later than to have to repay the debit to buy...
most people go to college and you never know the status of what your spouce owns until you get married.. .

say you have all debit paid off, nothing but food electric gas, you marry some one with $10K in visa card at 30% interest, they have $20K in students lowes... then you find you self saying I do to $30K in debit...

bottom line, ALWAYS SAVE