Do you believe in saving for the future?

[kuksul08]

I hear a lot about how we should save our money, invest in the future, sacrifice while we're young so it will pay off when we're older. Makes sense.

At the same time, our future is uncertain. Disease, accidents, etc. Even if you're lucky enough to make it into old age without any issues, will you sit on your loads of cash and be happy about it, or will you look back and wish you enjoyed it more while you were young and physically capable?

Where do you find your balance?

 

[greenmonster]

No one gets a pension anymore except teachers and civil service/ police/fire workers so if you don’t save how can you ever retire?

 

[GAJ]

I hear a lot about how we should save our money, invest in the future, sacrifice while we're young so it will pay off when we're older. Makes sense.

At the same time, our future is uncertain. Disease, accidents, etc. Even if you're lucky enough to make it into old age without any issues, will you sit on your loads of cash and be happy about it, or will you look back and wish you enjoyed it more while you were young and physically capable?

Where do you find your balance?

Started our IRAs in the early 80s and yes, it paid off in the long run.

Had tons of fun over the years despite saving for the future as we had successful careers and access to matching 401k the last 10 of our working lives.

Did lots of traveling, bought 8 motos, I did CSS and CLASS and three different Bondurant classes and don't think I "missed" out by being relatively frugal.

Having only one child and never moving from the house we bought here helped for sure.

So it can be done.

In the long run family is what has given us the most enjoyment.

 

[Blankpage]

All those folks who partied like it was 1999 yet still kicking it broke as a skunk

 

[NorCalAthlete]

Ignore the stupid spam URL at the bottom. Point is, a lot of people don’t get [understand] delayed gratification. There IS a balance to strike for sure but yes I believe in socking away a bit now so I can enjoy it later.

That being said all my life I’ve done things for other people (and I include my future self in the “other people” I’m doing things for). So every once in a while I splurge on myself just to remind me I’m still me and still here and need to stop and smell the roses once in a while. While I still can.

 

[BillSmith]

Save your money and someday, it'll save you.

 

[Yakoo752]

I had 2 friends die this week.

1 from Cirrhosis (non-alcohol related) another 1 from a car accident, both @ 40 years old.

Whatever you do, just fucking enjoy doing it.

 

[rodr]

I think it's mostly about not doing stupid shit. Happiness is not measured by how much you spend on it.

 

[lizard]

Yes.

 

[berth]

I think it matters when you see folks who did not do that discover that they've outlived their savings, and now find themselves in more desperate straits than they were before.

Some folks never had an option, they've been hand to mouth, paycheck to paycheck the whole time.

But others do have that option and choose not too. This was more evident in the credit crisis, paying everything with debt and not building up on, well, anything. Not even equity.

Then they find themselves upside down in a hole with no shovel at all -- can't dig it deeper, but can't fill it in either.

The principals are sound and fundamental. That doesn't mean its easy for some.

And remember, while you can't take it with you, you can always donate it when you're done.

 

[budman]

My balance was going all in on fun in my 20's and then becoming mature with my money in my 30's and more so in my 40's and beyond.

Now in my 60's I have some room to pretend I am 20 again and still feel like I can get through my remaining years without feeling like I cannot go out to eat or have some fun.

Racing and then a divorce in my early 30's left me almost bankrupt so I did not have much of a choice.

I think the truth is the balance.

Live for today but save some for tomorrow.

 

[Eldritch]

I hear a lot about how we should save our money, invest in the future, sacrifice while we're young so it will pay off when we're older. Makes sense.

At the same time, our future is uncertain. Disease, accidents, etc. Even if you're lucky enough to make it into old age without any issues, will you sit on your loads of cash and be happy about it, or will you look back and wish you enjoyed it more while you were young and physically capable?

Where do you find your balance?

I mean, I always have, because I believe in freedom and independence.

Without capital, you will always be beholden to others. :dunno

 

[cheez]

I've always walked a balance. My grandfather died at 64 of heart attack; my dad died at 63 of a stroke. My family doesn't live to very old ages, so I've always felt that it made sense to live as comfortable a life as I could afford, with a plan to retire at age 50 or so on savings from 30 years of working. I've put away as much as 25% of gross at points, into 401ks and IRAs both pre-tax and post-tax, with the hope that I can manage the investments well enough to grow them to a point where I can start drawing on it at age 50 at a rate that can sustain my quality of life without impacting the principal.

Could I save more? Absolutely. Should I? Probably, it'd be prudent. Right now, though, the need to enjoy the life I'm living is outweighing the need to save more for retirement savings- I've felt rather burned out the past few years, and so I'm spending more and more on "me" things to try and recover from that.

I dunno the answer for everyone- but the rule I made at age 19, when I got my first 401k, is "anything I earn, the first 25% of gross goes into retirement savings, and the first 10% of net goes into cash savings. The remainder is your budget number for planning cash flow." I wish I'd stuck to that strictly- the numbers have eroded- but it was a good guiding rule for a young man.

Pay yourself first, as they say.

 

[ScottRNelson]

I saved for the future and now I'm there. I didn't spend beyond my means, but still did quite a few things on the way. I was able to put away more once all of my kids were out of the house and done with college. It helped that I had a job that paid well.

So now I have no financial worries and can enjoy life. My wife and I had planned to do some serious traveling, but that got derailed a year ago. We'll get in a couple of trips this year that involves driving. It will be another year or two before we go out of the country again.

I know people who have to work part time into their 70's and I'm thankful that I don't have to do that. It's nice not having to worry about making ends meet once into retirement.

 

[CABilly]

Didn’t start saving for real until I was 30 and now that I have a good career that pays well and matches my retirement contributions and then some all I can think about is hopefully being able to retire with enough life left in my body to enjoy myself. In the meantime we live within our means and still do what we can to have a good time. We splurge on frivolities but I have my eyes on the prize. Like others have said, it’s a balancing act. If something gets me at least the kid will be well set up.

My parents are boomers who worked nonstop since their early teens. They’re early sixties now and starting to retire and I couldn’t be more happy for them. I want to do what they’re doing but hopefully at least ten years earlier in my life. I’m 37 now and I know I can’t do what I do at the level I’m doing it for 30 more years.

If only I’d gotten on that BTC train 8 years ago...

 

[Agent Orange]

No one gets a pension anymore except teachers and civil service/ police/fire workers so if you don’t save how can you ever retire?

I have a pension, and Im still putting money into a 457K and maxing out my ROTH IRA. I'm even stashing money into an emergency fund that I dont touch. If theres one thing this pandemic has taught me is that shit will happen in an instant.

 

[two wheel tramp]

My employer doesn’t offer a 401k even though I tried to get them to start one so we could make tax advantages contributions. A company I work for on the side solved that problem and put me on payroll once I helped them set up a 401k. 100% of my pay from that company goes to a 401k. I max out my Roth IRA each year.

I have been paying off student loans, old tax debt (gone!), credit cards (gone) and still managed to save. Dave Ramsey says to pay off ALL debt before saving for retirement but I simply cannot agree.

One of my goals is to pick up some rental properties for cash flow in retirement, too.

 

[bikeama]

If you save long enough it will be a habit. I set up automatic savings in my 30's. I did have a good job with a pension and retirement medical. It was hard for me to start spending money and not saving money. Took almost 5 years of retirement to spend some of what was saved. But I have gotten used to spending money when I need/want to. Growing up a poor kid it is a strange feeling for me to buy a big-ticket item cash and realize it will not change our style of living. Life is good.

 

[Johndicezx9]

Save, schmave... :hand

I got a winning Irish Sweepstakes ticket and a friend in Nigeria that's a real prince. I'll be on EZ street! :laughing

 

[Blankpage]

I’ve always been a saver even as a kid, it’s just my nature.