What is your best motivation to save money?

[el_Te_de_la_Rosa]

Mine would be for a nursing home. 😆

[GuyAnswersGirls123]

I'm not sure it's my best motivation but I like to save lots and lots of money and have a separate bank account just to deposit more and more with no intention of ever withdrawing it except for a complete emergency.

When I graduated from uni and got my serious job, I spent money left and right and saved nothing for the first year or so. I wasted most of it on expensive drinks, the fanciest clothes, car, VIP access in night clubs, and bling-bling nonsense like that. Then my father became very ill with no one to support him. So I had to spend almost all my money for the following year supporting him and I was completely miserable, having to decline all sorts of invitations to hang out with friends since I couldn't even afford beers.

After that experience, I started to value saving money and not wasting it so that I will be prepared for any unanticipated emergency that happens.

[GuyAnswersGirls123]

first serious job

[el_Te_de_la_Rosa]

I think that's a great lesson. I'm quite similar. I didn't care much about the saving till my mom was sick and passed away about a couple of years ago. But for me, I used to think that I'd just join an organization as a volunteer, but I was wrong for where I belonged. Now I need to revise my plan for my future.

You are doing the right thing since companionship for entertainment will never last. Real friends won't only care when you can provide them and make them happy.

Have a nice day.

[GuyAnswersGirls123]

Thanks and you too!

That lesson and discipline to save is something I do wish I learned much earlier since I cringe reflecting on how much money I wasted when I was younger.

My parents were relatively poor and I was the first on my mother's side of the family to ever go to university (thanks to a full scholarship), so they never learned themselves or taught me how to save and invest money since they had little to save or invest in the first place living paycheck-to-paycheck. So once I got a very decent-paying job, I not only had no discipline to save but I think I also wanted o show off how much money I was making to my family and other people with expensive clothes and so forth having started off relatively poor.

I also wanted to know what it felt like to be treated and seen as someone upper class when I came from a working class family. It wasn't a big whoop in hindsight; I've come to value a much more modest way.

So learning to save and invest is a lesson I had to learn in a very hard way! Ideally I think this is something public schools should teach starting from high school so that fewer people have this learn the lesson the same hard way I did.

[el_Te_de_la_Rosa]

Well, that's why it's called Life. The best way to learn something is to experience on our own. I totally agree with you that this topic should be taught in schools By the way, people with different background will spend money on varied purposes. We'll never know what is waiting for us until it's the day. So now you're lucky (and certainly because of your discipline as well) that you could overcome the ups and downs, and here with the wisdom to teach others about what you've experienced.

I also learned from you. Thank you very much.

[Iron_Man]

Why that’s a bad place to go to they disrespect you the workers and actually can beat you up they stick you in a room with two other people that are very sick and you’re always being controlled and told what to do haven’t you heard all the rumors

[el_Te_de_la_Rosa]

In my country, there are many levels. If I collect enough money, I can choose the better one. And if robots are available in next 30 years, I might buy one to take care of me. Lol.

[Iron_Man]

What about your kids and your family members looking after you

[el_Te_de_la_Rosa]

I don't think I can have my own kid. I have nobody now. Just a sister, but she isn't reliable.

[el_Te_de_la_Rosa]

*kid at this age. I'm too old for that. 😅

[Iron_Man]

I wish you the best on that, but you don’t know if you’re gonna even get married or if the guy that you married has kids but keep your options open

[el_Te_de_la_Rosa]

Awww. Thank you very much. I appreciate your reply, sincerely. I hadn't been on here for years. Lots of things happened.

I wish you the best too. 😊

[Little_Bumblebee]

I've always liked saving and seeing money added to my savings account, and I feel more safe to have money set aside for emergencies and such. I guess that's my motivation.

[el_Te_de_la_Rosa]

Very good. I agree with you. Who knows what would happen tomorrow, right? Better have something than nothing.

[Little_Bumblebee]

Yeah, exactly. Also, now that I have a car, it's a very good idea to have money set aside when it needs to get a repair or something

[DeeDeeDeVour]

1. To be 100% debt free in the present and in the future.

2. To be able to afford all present & future expenses.

3. To "live life to the fullest" without stress or worry.

[DeeDeeDeVour]

1. Checked!

2. Checked!

3. Checked!

[el_Te_de_la_Rosa]

That's wonderful. You're wealthy!

[Anonymous]

Financial security. I've invested 15% of my pretax income since I was 25 in a retirement plan and managed to sock away 10k a year in a discretionary fund. I'm not Oprah rich. But with any luck I won't have to work ever again and am able to enjoy a comfortable living.

[el_Te_de_la_Rosa]

Yes. I should be serious on my plan, too. I read the Psychology of Money. That idea of compound interest is very interesting.

[IslaTheWitch]

I won't work forever and don't want my kids to sacrifice themselves to take care of me.

[el_Te_de_la_Rosa]

Your are a true mama. I've seen to many parents who have kids just to rely on them when they're old. I will never do that.

[strateguy632]

when i saw the "buy power" due to inflation, saving money is stupid. just saved a few fhousand for emergency. saving 1000 dollars for a year is lost value. better use it while it can buy stuff.

[el_Te_de_la_Rosa]

How about investing in something else, like gold? What is the situation in your country?

[midnightmoon05]

I like to collect houses…so I will buy more.

[rigmarole]

You want to live in a nursing home? :/ It would probably be better to save money in order to live in your own home close to your family and have in home nursing than to go to a facility...

[el_Te_de_la_Rosa]

I much prefer to build my own nursing home. Actually, I'm designing and planning for my friends who are single (moms) too. I don't have kids and if I have one, I don't rely on them anyways.

[rigmarole]

That's not what I am saying... What I am saying is that if you are a home owner, then your home is where you have built your life. Hopefully you have family close by that visit you regularly as you grow old, your home is where you see your children and grandchildren for family gatherings and what not. It's where you are likely most comfortable and happy. So rather than leaving that home, you hire nursing staff to come to your home for several hours a day to assist your with your needs, rather than selling your home to move to a new home with no memories that is away from your family in order to obtain healthcare. In the USA, we have doctors and nurses that will do house visits or even live in nursing staff that will stay with you if you provide a room and bathroom in addition to financial compensation for their work. Ideally, it's nice to stay in the home where you build your life and enjoy time with your family and friends and have the health care come to you.

[butterly248]

To clear my debt. Then slowly save enough to rent a room, maybe a flat share or a studio apartment if I'm lucky! Maybe even someone's shed or garage 😭😂😅😌

[Paris13]

Rainy Day Money For Social Security Age and To Make It Last Till The End of Time. xx

[Paris13]

You Can Can Make a Living Will On Your Money By Appointing Someone and protect it from a Nursing Home. Then Medicaid (If There Would Still That) Would need to Help!!! xxoo

[exitseven]

I am thinking about retirement. I want to go out soon.

[Anonymous]

Why is everything in the world paid for except a nursing home?

[el_Te_de_la_Rosa]

I'm questioning that too. 😅

[Opinion Owner]

When you need it the most and aren't able to work 🤷‍♀️

[NathanDavis]

health insurance/costs realizations...

[Zestyassmf1997]

I don’t be to be broke.

[Astarlessnightsky]

To buy and pay for expensive stuff.

[Anonymous]

I don't, I just keep making more

[Jennz6]

To buy a car

[Anonymous]

house

[OtterMan68]

Retirement

[DaBiggestBird]

Donald John Trump.