Anonymous wrote:

Anonymous wrote:I don't understand this person...if the money isn't going for savings for paying of debt or retirement, they just spend the money??

Yes

What are they spending it on? Eventually don't you get to certain months where you just don't "need" anything -- i.e. food, housing, bills are paid and money is allocated to debt or retirement or college -- and then there is some left over and you don't really need to shop, pay for a household expense etc. What do they do with that? Just create a need -- i.e. I have always wanted a new car/appliance/whatever?

Anonymous wrote:

Anonymous wrote:I don't understand this person...if the money isn't going for savings for paying of debt or retirement, they just spend the money??

Yes

Working class view of money.

Anonymous wrote:I don't understand this person...if the money isn't going for savings for paying of debt or retirement, they just spend the money??

Yes

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I save money because I want it to work for me, rather than the other way around.

+1 you betcha.

Took 13 years to make the first million, 6 years to make the second million and just about 4 to hit the $3 million net worth mark. Try it, you'll like it more than any fancy trips, cars or other material items.

We are on a similar trajectory and it really is amazing to see how quickly things grow after that first million. Of course, we've been helped enormously by the fact that we hit $1M in 2010 and have enjoyed several years of fantastic returns, but still.

Call Power of compound.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I save money because I want it to work for me, rather than the other way around.

+1 you betcha.

Took 13 years to make the first million, 6 years to make the second million and just about 4 to hit the $3 million net worth mark. Try it, you'll like it more than any fancy trips, cars or other material items.

We are on a similar trajectory and it really is amazing to see how quickly things grow after that first million. Of course, we've been helped enormously by the fact that we hit $1M in 2010 and have enjoyed several years of fantastic returns, but still.

Where do you keep that million-plus?

Anonymous wrote:

Anonymous wrote:I save money because I want it to work for me, rather than the other way around.

+1 you betcha.

Took 13 years to make the first million, 6 years to make the second million and just about 4 to hit the $3 million net worth mark. Try it, you'll like it more than any fancy trips, cars or other material items.

We are on a similar trajectory and it really is amazing to see how quickly things grow after that first million. Of course, we've been helped enormously by the fact that we hit $1M in 2010 and have enjoyed several years of fantastic returns, but still.

Anonymous wrote:I save money because I want it to work for me, rather than the other way around.

+1 you betcha.

Took 13 years to make the first million, 6 years to make the second million and just about 4 to hit the $3 million net worth mark. Try it, you'll like it more than any fancy trips, cars or other material items.

I don't understand this person...if the money isn't going for savings for paying of debt or retirement, they just spend the money??

I save money because I want it to work for me, rather than the other way around.

I save money just because. Well actually, not just because. It gives me a great feeling of security to know I have padding. I treat myself to some luxuries but would never spend money just because I have it. That's how you end up with no money.

When I was younger (in my 20s), I saved money - wasn't completely sure of the goal, but I saved it to have it for something in the future. It could have been used for a downpayment for a home, a spontaneous trip with a friend, money for a "rainy day," etc.

I ended up saving $90K over the course of about 10 years. I used $70K for a downpayment for a house and held on to $20K for emergencies.

Now that I'm older (in my 40s), I am more specific with my savings - retirement savings, college savings and everything else is pretty much my emergency fund with a cushion for extras that crop up - new car, for example, and we continue to replenish it as necessary.

***Savings brings financial security/peace of mind, and often gives you opportunities that you would not have had otherwise.***

-To take that great trip---see the world!
-To open a business
-Unforeseen expenses and luxuries.

I save my money because I have an enormous fear of being without it. I'm not comfortable unless I have a substantial cushion, even though I don't need the funds for anything immediate. In the long run, I want to be wealthy enough to be content in my retirement years.

How about this...my husband will find out today if he's being laid off. My company has also completed it's first round of layoffs, which I survived, but I probably won't make it if there's a second round. Having robust savings means my stress levels are significantly lower than they otherwise would be. That is why is i have a fully funded emergency fund and save "just because."

Failure of imagination.