lets talk...

[txusa03]

Have you ever wonder do you live for the moment or do you live for the future?

Those of you who spent every pennies you earned on the here and now and those of you who saved as much as you can for the future. Pros and cons anyone.

I hear ppl say, why save up for the future you wont live that many years past retirement age and if you do, you have so many health issues that the hospital gets to keep all your money.

So for those who spent every pennies you earned, why do you do it because you fear that you will not live long enough to enjoy it later?

There are trust fun you can setup to protect your $ and to specified how your $ is spent.

What if you are one of those saver and you get hit by a bus at 35 and pass away and did not get a chance to enjoy live while you are here on earth.

[Ninjaneer]

I take the middle ground. I can save my money, I'm not an impulse buyer and like to research stuff before buying them so I don't regret wasting money on it later. However, I don't like the idea of spending everything I got and not having a safety cushion to fall back on. I guess to me knowing I can buy something when I want to is satisfying, yet not wasting my money on petty things shows I can handle myself responsibly while still having fun and not being a miser.

As for the retirement thing, I ask myself that question from time to time as well. Do I go for the 401K, or do I do the IRA thing, or do I just set savings aside myself but get no gains unless I do stocks and that requires practice, experience and patience to keep up with all the buying/selling and I don't like taking big risks.

Speaking of risk, I think alot of it has to do with your personality type. If you're meticulous about your finances and dislike risks, chances are you're probably not going to be a big spender. If you're a care-free personality type then you'll probably be looser with your money.

[japac1]

I agree with OP. We save considerably for our early retirement (hopefully in 13 years) but also spend pretty heavy now. Makes no sense to not enjoy life now, just make sure you're also planning and it should all work out. But, I would rather be a little poorer later than regret not doing things while I was healthy and young now.

[ejazbmw]

first year of college second semester business 101 first thing our professor told us to do for homework open up a retirement account and put a dollar a day, 6 years later still putting money in it not everyday but every week at least 150bucks so far I gotta say knock on wood I'll have a crap load of money when I retire which wont be for long time so I'm pretty much set for when that day comes

[just4kickz]

both. there's a time for everything.

[stooken]

I try to save as much as I can yet enjoy life as much as possible. Gotta get the both of both worlds.

Thing is, people who don't save, I'd say most of them don't know how to save. They aren't financially savy enough to sit down with a pen and paper and figure out their monthly expenses and savings. Sounds so easy but I know so many people that CANT do that. I remember reading somewhere that the 2 most important people that you need in your life are 1) your physician and 2) your financial advisor. With good health and money coming in, life is good.

I spend money because I enjoy many of the luxuries in life. That's not to say I'm gonna buy every single damn thing I want. But at times, I will splurge on myself. Why? It makes me feel better. Feeling good about yourself is KEY. I'll take vacations. I'll spend stupid money on my car. I'll buy my girlfriend expensive purses.

But I also save about $500 per paycheck. I have a 401k. It's good to set a higher percentage deduction if possible. By doing so, I got used to getting smaller paychecks. Big paychecks make me want to spend more. When I started making more money, I started to save more. Most people increase their debt with increased income. In that case, you're not really making more money. Debt to income is the same if not higher.

[Neurorad]

Originally Posted by Ninjaneer

I take the middle ground.

+1

Moderation in everything.

(Of course, too much of a good thing is...awesome.)

[Ray]

I find satisfaction in spending every penny I have on investments that may give a return.

[flush01]

im in the middle... yes spending money is fun, you want to enjoy life and all that, but then you wont have anything when you over 40... i rather work hard and retire at 30 which is still pretty younge and then go on vocation every month with a nice milf then blow all the money while being younge and then work for the rest of your life until you can't get up nomore.... thats how i bought 335, i toled myself I gatta enjoy it while I can (but thats because i'm crazy about cars, if I wasn't there's no way I would drop so much $ )

[UncleWede]

When you're young, time is your friend for investing. Putting that small amount away will soon turn into huge savings. Automatic payroll deductions are a great way to do this. Put some into the 401K that your company (hopefully) sponsors. If they match funds, even better. Then do your own thing (IRA, savings acocunt, CDs) via another bank. If it never gets in your pocket, it can't burn a hole in it.

And when you get raises (COLA, merit, length of service) if you were managing fine with the old paycheck, have that extra money added to you auto deducitons.

[Gort]

You must search for balance in your life Grasshopper...

[phoenixbmwlife]

I have to say from experience its much better to save when you're younger, than when you're older. I'm still young, but at my age I sometimes think of how much more I could have NOW if I didn't spend so much back then. You can still have lots of fun, and experience great things when you're young, without spending all your money on the moment.

The best thing to do is find a middle ground, and invest your money in areas that's hard for you to take it out. Can you remember seeing something and thinking to yourself "I GOTTA HAVE THIS"? Are those things really that important when you think about it now?

Most people (young people especially) cannot resist the temptation to dip into saving for things they GOTTA GET. You don't really have to get it, but when you live in the moment isn't that what it feels like?

[Sedan_Clan]

Originally Posted by Ninjaneer

I take the middle ground. I can save my money, I'm not an impulse buyer and like to research stuff before buying them so I don't regret wasting money on it later. However, I don't like the idea of spending everything I got and not having a safety cushion to fall back on. I guess to me knowing I can buy something when I want to is satisfying, yet not wasting my money on petty things shows I can handle myself responsibly while still having fun and not being a miser.

As for the retirement thing, I ask myself that question from time to time as well. Do I go for the 401K, or do I do the IRA thing, or do I just set savings aside myself but get no gains unless I do stocks and that requires practice, experience and patience to keep up with all the buying/selling and I don't like taking big risks.

Speaking of risk, I think alot of it has to do with your personality type. If you're meticulous about your finances and dislike risks, chances are you're probably not going to be a big spender. If you're a care-free personality type then you'll probably be looser with your money.

I agree. I play the middle well.