How good can you save money?

[Leonardo_Di_Vinci]

How good can you save money and what's the mentality when you grow up to save money? Give me tips, cause now I never can. No matter how much I try.

[Anonymous]

Everything's relative. I like to think I'm pretty good at saving. They say you should have 10 to 12 times your pretax annual income to retire. I've already got 16. How do I do it?

First I put 15% of my pretax income in a retirement plan. I my case a 401k but you can open an IRA if your job does offer one. In fact unless they have one with an employer match it's usually better to go with an IRA.

Next I make a budget of what I need to live, and I follow it pretty closely. The rest I put in the bank. When you get enough to meet the minimum requirements you can put in a money market account which pays a higher interest rate. Or you can skip that altogether and just start putting excess funds into CD's as that typically gives you the best return. Next I would open a trading platform account. And start investing your interest (at least that's what I do).

The whole point is eventually get to where you have multiple revenue streams.

I don't know if this answered your question. Because saving is 90% attitude. If you don't want to, you won't. And always remember life is not fair. I've had A LOT of things break my way in life. I have a sister with the same upbringing as me. And she has been bankrupt TWICE. A lot of things broke the other direction for her.

So just do your best, and don't beat yourself up if you truly are doing your best.

[Leonardo_Di_Vinci]

Well it really gave me an idea, much appreciated

[Opinion Owner]

Np. Also, I was flat broke at 26. So you're not starting too late. Good luck man! If you have any other questions I'll do my best to help. But I am no expert.

[Leonardo_Di_Vinci]

Damn, how did you manage to end that at 26? For me, I'd say it's pretty late. You have a lot of responsibility at that time.

[Opinion Owner]

Well my father passed away at that age. It really kicked my ass into gear to take care of my sister, and mom. I've never really taken a vacation in my life. In hindsight I was probably a little too focused. But this is my point. There are a lot of things in life outside your control.

[Opinion Owner]

I was miserable till about 40 because I measured every success in life by a dollar sign. Don't be that guy either.

[Leonardo_Di_Vinci]

Woah, that must have been really hard.

[Opinion Owner]

No. I don't think my life was hard. I just think I was too focused on saving. I wouldn't change any of it. Because I'm happy with what I accomplished. I'm just saying I could have been happier, or at least less fear based earlier.

[exitseven]

I grew up poor and had to scrape to get by. Eventually I dug myself out of the hole but I am still cheap. I give myself a monthly allowance and I put the rest in the bank.

[Leonardo_Di_Vinci]

How do you calculate that allowance?

[exitseven]

I just guessed. It seems to work. I always have a little left at the end of the month and most ends up in the bank.
Sometimes I see my kids wasting money on stupid stuff and think that maybe they had it too easy growing up.

[Leonardo_Di_Vinci]

My guess game ain't that strong then 😂

[exitseven]

you need to really suffer for along time. That will step up your game.

[exitseven]

Thanks for the MHO😎

[NordicInScandinavia]

Pretend you're a poor mofo who can only afford the basics.

I live my life like I'm on social security, the money just keeps on rising and I honestly don't know how to spend them but that's alright, means I won't go starving any time soon. (Depending on the big cheeses in the world, they be trying to ruin us)

[Leonardo_Di_Vinci]

doesn't that makes you stingy?

[NordicInScandinavia]

You've to be unwilling to spend money to save money or else you won't get any where. And no I'm not stingy but I am frugal. I'm not unwilling to spend money, I just don't have many wants/needs to spend them on and I'm far from being ungenerous.

[EmmaMary]

I was taught this very old saying which goes "If Somethings Worth Having Then It's Worth Saving Up For"... Other than our house (mortgage) this has always remained my motto in life.

[EmmaMary]

There's also another excellent old saying which goes "Spend A Little Save A Little".

[Leonardo_Di_Vinci]

The problem is I usually eat a lot as I am a foodie and also I dont get fat, thank god and the other thing is travel, I go on weekend rides and thats how I know nothings gonna be saved my the end of the month.

[EmmaMary]

Well only you can do the hard work to hopefully reap the benefits... Good Luck.

[Leonardo_Di_Vinci]

Appreciated 🫶

[EmmaMary]

You're most very welcome indeed.

[EmmaMary]

Thank you for the MHO.

[AI Opinion]

Saving money requires discipline and a shift in mindset. Growing up, I learned to differentiate between needs and wants. The key is to start with small, achievable goals. Create a realistic budget, track your spending, and prioritize savings as an expense. Consider paying yourself first by setting aside a portion of your income before other expenses. Develop the habit of assessing purchases critically. Lastly, learn from setbacks and adjust your approach as needed. With patience and persistence, saving becomes second nature.

[Nikki1989]

It is too easy when you make more money than you can possibly spend and have everything you have ever wanted to own.

[Leonardo_Di_Vinci]

Nah, the more I earn, the more I spend still can't save.

[Jay-_-]

Literally throw your money in the vault and pretend as if you didn't have it. Use a very tiny portion and throw the rest in the vault.

[Leonardo_Di_Vinci]

can't pretend that's the issue

[Jay-_-]

You know what I can't say anything to that, good point, you got me... LMAO