After you get a few grand saved is there really any point to save more?

[Family Man]

People save/invest so that they can become more financially independent and have more freedom. nikkas need to think more long term.

 

[Sonic Boom of the South]

you mean the debt? yeah i know.. too lazy

u basically burning money from the interest

 

[john goodman]

I feel you, I have $53,000, and dont know what to do with it.

I got no kids, no girl, 3,200 in debt, and no real plans

i'm looking for investors for a groundbreaking online business...

get at me breh we'll both be rich

 

[Family Man]

yall are acting like investing 10k will turn into 100k. i could care less about making a 1-3k return if that on my investment that shyt is peanuts. plus you risk losing it.

How old are you?

 

[M617]

How old are you?

26

 

[blackzeus]

I know obviously if your trying to buy a home or a big purchase then you have to save but really when you think about it after you save like 5k-10k for a nice safety cushion to fall back on is there really any point to save all your money like a squirrel saving nuts for the winter?

If your just a average joe and live life renting apartments and already have a car why not take most of your money and eat the best foods, wear the best clothes and take the nicest vacations?

whats the point of saving a boat load of money you may never spend and you could die tomorrow being a cheap ass

im thinking as i get older and realize what i want that its ok to spend and keep that safety savings and just live it up

i look at these old jews(seriously their bad with this) and old b*stards i work with and they are so damn cheap and will never spend a dime but they already lived the best part of their lives and will die with their money....thats fukking weak imo

If you save for the point of saving only, then yes, I feel you. But you if have any sort of ambition, you should be saving a stack to reinvest, so you can break the shackles of capitalism, which is the American dream. If you don't see the point of that, then I feel for you my brother

 

[M617]

If you save for the point of saving only, then yes, I feel you. But you if have any sort of ambition, you should be saving a stack to reinvest, so you can break the shackles of capitalism, which is the American dream. If you don't see the point of that, then I feel for you my brother

how much do you feel you need to have saved to be well off?

obviously i know as much as you can but sometimes thats not possible so whats a good ball park figure? 50k? 100k?

 

[Family Man]

26

You're no spring chicken my nikka. Smarten up.

 

[M617]

You're no spring chicken my nikka. Smarten up.

lets say i save 50k and keep it in a saving account....and just keep adding like 10% of my paycheck to it and spend the rest on whatever....is that not a good look?

 

[Family Man]

how much do you feel you need to have saved to be well off?

obviously i know as much as you can but sometimes thats not possible so whats a good ball park figure? 50k? 100k?

It depends on the type of life that you want to live. For me, $500,000 set aside would be ok.

 

[blackzeus]

how much do you feel you need to have saved to be well off?

obviously i know as much as you can but sometimes thats not possible so whats a good ball park figure? 50k? 100k?

My G, it's not saving to be well off, it's saving so you don't have to work, so you can be chilling downtown or at the beach and call in to your secretary and your accountant to make sure everything's on the up and up. If you want my personal opinion, to have any sort of REAL freedom, you need to be making at least $100K net after paying management, employees, taxes, business expenses, etc. That more or less gives you freedom to travel wherever you want, more or less live wherever you want (on a rental/mortgage basis). But that's just me, some people like to get up at 7AM everyday and prepare to go to work for somebody else

 

[M617]

It depends on the type of life that you want to live. For me, $500,000 set aside would be ok.

500k is crazy money though i make a decent wage(union construction) and saving that much money is gonna take more than a lifetime lol. ill be old and washed up by then

 

[Family Man]

lets say i save 50k and keep it in a saving account....and just keep adding like 10% of my paycheck to it and spend the rest on whatever....is that not a good look?

That's an excellent look. Plus there is this thing called compound interest and the time value of money. You would be eating decent.

 

[M617]

My G, it's not saving to be well off, it's saving so you don't have to work, so you can be chilling downtown or at the beach and call in to your secretary and your accountant to make sure everything's on the up and up. If you want my personal opinion, to have any sort of REAL freedom, you need to be making at least $100K net after paying management, employees, taxes, business expenses, etc. That more or less gives you freedom to travel wherever you want, more or less live wherever you want (on a rental/mortgage basis). But that's just me, some people like to get up at 7AM everyday and prepare to go to work for somebody else

i thought about getting my own business going when i get laid off in the winter(i work construction)

my options maybe alot more limited than someone who has a college degree so opening my own business and working for myself is pretty limited and straight forward

 

[blackzeus]

i thought about getting my own business going when i get laid off in the winter(i work construction)

my options maybe alot more limited than someone who has a college degree so opening my own business and working for myself is pretty limited and straight forward

If you're in construction, get a bond, and start looking for demo jobs. I contracted out two demo jobs in NYC earlier this year, and it's not even my field Easiest money ever. A guy like you with experience should kill.