Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Re: Savings Tips
Old 04-20-2005, 01:30 PM   #21
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
cute fuzzy bunny's Avatar
 
Join Date: Dec 2003
Location: Losing my whump
Posts: 22,697
Re: Savings Tips

I started off looking at the pennies when I ER'ed. Those are mostly automatic monthly bills that drain the withdrawal funds and force higher withdrawals as inflation increases.

I dropped all the $5 this and that telephone features...changed my cable tv plans...looked for little deals and benefits...started buying stuff with coupons...only went out to eat when I was armed with a 2-for-1 coupon.

I can control the big capital spends by deciding when and where to make them. Small steady bleeds need to be stemmed.

Sorry about that chicken wing thing. Trust me, its better than shooting milk out of your nose. Which can get pretty weird when you realize that you werent drinking milk at the time.
__________________

__________________
Be fearful when others are greedy, and greedy when others are fearful. Just another form of "buy low, sell high" for those who have trouble with things. This rule is not universal. Do not buy a 1973 Pinto because everyone else is afraid of it.
cute fuzzy bunny is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Re: Savings Tips
Old 04-21-2005, 06:04 PM   #22
Recycles dryer sheets
VoyT's Avatar
 
Join Date: Feb 2005
Posts: 445
Re: Savings Tips

Quote:
th said ..
You do need to really work hard to figure out what these products are for though. *After watching all those mike ditka cialis commercials I thought the pill helped you play football better.
Friend of mine reports that her 9-year-old, after seeing the commercials with Rafael Palmero, announced that "I don't need that stuff to play baseball."
Both mom and dad nearly busted a gut trying to hold their laughter in ....
__________________

__________________
"Coffee: the finest organic suspension ever devised." -- Kathryn Janeway
VoyT is offline   Reply With Quote
Re: Savings Tips
Old 04-22-2005, 10:07 AM   #23
Recycles dryer sheets
 
Join Date: Oct 2003
Posts: 452
Re: Savings Tips

Just an opinion, but I wouldn't worry about saving before the age of about 30. Just don't get into debt.
At age 30, you might be earning enough to begin saving and you have at least 25 years to accumulate wealth.
If you can save now, more power to you.
DON'T GET INTO DEBT , especially credit card debt. A house is ok though. But you don't want to be house rich and money poor.
Here's how I paid for my kids college education. About 5 years or so before the first one entered college, I began to save my yearly pay increase. Did that for about 10 years when both kids were done with college. It worked for me and I did not have to finance their educations. The same principle could be applied to you right now. Just don't spend your yearly pay raise - save it instead. At your young age, that might not be possible. That's why I say not to worry too much about saving until about age 30.
__________________
renferme is offline   Reply With Quote
Re: Savings Tips
Old 04-22-2005, 10:24 AM   #24
Full time employment: Posting here.
 
Join Date: Mar 2005
Posts: 927
Re: Savings Tips

I agree with all the live-below-your-means comments on this thread, and I do that -- bigtime.

But outgo is only half the equation, as you seem to be finding out. You've got to have income to live and save.

You don't say what you work at or what your plans are, but that's what I focused on when I reached my late 20s and realized that making $15K a year was not going to make it -- no matter how much good my non-profit was doing. I took myself over to Cal and got an MBA, and my income skyrocketed. (Being part of the IT boom didn't hurt either.)

Not that I recommend business school -- it's boring as hell. And I've seen people without the diploma making a lot of money by picking a good company and industry and moving up the ranks.

Whatever way you go, if you want to retire early you need a plan to generate some decent income, preferable at something you can enjoy, for the next 20 years or so. Saving crumbs is great, and they really add up over time, but saving whole slices of cake at a time is better!

FWIW,
Caroline
__________________
Caroline is offline   Reply With Quote
Re: Savings Tips
Old 04-22-2005, 10:29 AM   #25
Dryer sheet aficionado
 
Join Date: Apr 2005
Posts: 31
Re: Savings Tips

Yea, I majored in Poli Sci at UCLA. Not a lot of options for a liberal arts major, so I am going to law school. i was lucky enough to get a scholarship at a nice local school. Hopefully that works out, and like you said, I can make inroads into increasing my income
__________________
thechoson is offline   Reply With Quote
Re: Savings Tips
Old 04-24-2005, 07:40 AM   #26
Recycles dryer sheets
 
Join Date: Nov 2004
Posts: 123
Re: Savings Tips

Caroline: I'm the same story. Reached mid 20's in mid 80's and making $17 K a year was not going anywhere with the income side of it. So I got my MBA, not out of any "love" for the business world but decided if I could make money early and save I could relax later in life (hopefully).

I have friends are doing things they love, writing, art, etc. But they grouse about their income. But when they turn to me and say I am so "lucky" to be making a good salary and that it "isn't fair" that their professions pay less I do get irritated. I made my choices and live with them...I don't like my job very much and I don't have much social life becasue I am working all the time, but I am saving my money. They took another path..they love what they do, but need to accept there isn't a lot of dough in it. Everyone makes their choices.
__________________
You can either take action, or you can wait for a miracle. Miracles are<br />great, but they are so unpredictable.<br />(Peter Drucker)
kayelem is offline   Reply With Quote
Re: Savings Tips
Old 04-24-2005, 07:49 AM   #27
 
Posts: n/a
Re: Savings Tips

Quote:
They took another path..they love what they do, but need to accept there isn't a lot of dough in it. Everyone makes their choices.
Yup, you're right on here. Everytime I hear one of the lucky 1% say that 'Do what you love and the money will follow', it makes me want to gag. This has got to be one of the biggest lies on earth!
__________________
  Reply With Quote
Re: Savings Tips
Old 04-24-2005, 08:10 AM   #28
Thinks s/he gets paid by the post
 
Join Date: Dec 2002
Posts: 3,875
Re: Savings Tips

I agree Cut-Throat. You may get other rewards, but it's
pretty rare when the big money follows.

JG
__________________
MRGALT2U is offline   Reply With Quote
Re: Savings Tips
Old 04-24-2005, 08:37 AM   #29
Thinks s/he gets paid by the post
 
Join Date: Dec 2003
Posts: 1,375
Re: Savings Tips

Quote:

Yup, you're right on here. Everytime I hear one of the lucky 1% say that 'Do what you love and the money will follow', it makes me want to gag. This has got to be one of the biggest lies on earth!
If you modify that statement to "Do what you love, and are very, very good at it, the money will follow, is probably realistic. (Of course the people that found that particular star won't be interested in early retirement).
__________________
Jarhead* is offline   Reply With Quote
Re: Savings Tips
Old 04-24-2005, 10:38 AM   #30
Moderator Emeritus
Nords's Avatar
 
Join Date: Dec 2002
Location: Oahu
Posts: 26,616
Re: Savings Tips

Quote:
'Do what you love and the money will follow'
I thought it was "Do what you love and save like crazy."

I loved it the first 14 years anyway.
__________________
*
*

The book written on E-R.org, "The Military Guide to Financial Independence and Retirement", on sale now! For more info see "About Me" in my profile.
I don't spend much time here anymore, so please send me a PM. Thanks.
Nords is offline   Reply With Quote
Re: Savings Tips
Old 05-02-2005, 09:11 PM   #31
Full time employment: Posting here.
 
Join Date: Mar 2005
Posts: 927
Re: Savings Tips

Quote:
But when they turn to me and say I am so "lucky" to be making a good salary and that it "isn't fair" that their professions pay less I do get irritated.
LOL, I hear you on this one, Kayelem.* I've got a sister who likes to say, when I pass on the opportunity to co-sign a loan for her, that "the rich get richer and the poor get poorer."

This is from a woman who sprang from the same womb one year and one day behind me, lived in the same house with the same parents and got the same contribution for college as I did ($ 0.00).*

Don't get me wrong, I love her dearly.* But we do different things with our time and our net worth reflects it.

__________________
Caroline is offline   Reply With Quote
Re: Savings Tips
Old 05-06-2005, 12:43 PM   #32
 
Posts: n/a
Re: Savings Tips

Quote:
Small steady bleeds need to be stemmed.
I agree with that one.* I hate recurring expenses.* For example, we skipped cable TV for many years; we were the only house on the block with an antenna.* But 1982 to 1999 with no $20/month cable bill = $4,080 in savings.* Now we pay $9.50 per month for basic cable.
__________________
  Reply With Quote
Re: Savings Tips
Old 05-06-2005, 12:47 PM   #33
Moderator Emeritus
laurence's Avatar
 
Join Date: Feb 2005
Location: San Diego
Posts: 5,234
Re: Savings Tips

Monthly bills EVIL. Easy payments sent more than one person to an early grave! I applaud your strength, TromboneAl, (you mind if I type T-Al for short?), I am hopelessy addicted to my HDTV cable and high speed internet.
__________________
laurence is offline   Reply With Quote
Re: Savings Tips
Old 05-09-2005, 08:27 AM   #34
Recycles dryer sheets
 
Join Date: Jan 2005
Posts: 322
Re: Savings Tips

When people ask no cable? I say no cable, we have ADT instead (after husband's woodshop broken into).
No cell phone, basic phone service, dial up internet. Husband cuts grass (albeit with a riding lawn mower). Clean own house- people insist, why don't you get someone to clean your house, you can afford it?! Exactly, my point exactly. Besides, clean my own house, am reminded of all the stuff already have and need to use up, and less likely to buy more stuff. Have found minimizing use of putting food in freezer (or buying frozen food), to be a big money saver.
__________________
P.S. is offline   Reply With Quote
Re: Savings Tips
Old 05-09-2005, 09:39 AM   #35
Recycles dryer sheets
 
Join Date: Oct 2004
Posts: 408
Re: Savings Tips

I am of the same mindset about house cleaning. I find when my house is clean I am more content with what I have and have no desire to clutter it up.

LovesLife
__________________
LovesLife is offline   Reply With Quote
Re: Savings Tips
Old 05-09-2005, 01:22 PM   #36
Thinks s/he gets paid by the post
Eagle43's Avatar
 
Join Date: Jan 2005
Location: DFW
Posts: 1,879
Re: Savings Tips

Would it reflect badly on me if I confessed I have steadfastly refused to get a cell phone? Might change my mind, since I saw the thread with the cheap cell phone deals, but so far, have not. We do have satellite tv; got it because cable costs kept increasing.
__________________
Resist much. Obey Little. . . . Ed Abbey

Disclaimer: My Posts are for my amusement only.
Eagle43 is offline   Reply With Quote
Re: Savings Tips
Old 05-10-2005, 08:47 PM   #37
Recycles dryer sheets
VoyT's Avatar
 
Join Date: Feb 2005
Posts: 445
Re: Savings Tips

Quote:
Originally Posted by Eagle43
Would it reflect badly on me if I confessed I have steadfastly refused to get a cell phone?*
*
* * No, I don't think anyone will kick you off the board * If you don't need/don't want one, why spend the $$?
__________________
"Coffee: the finest organic suspension ever devised." -- Kathryn Janeway
VoyT is offline   Reply With Quote
Re: Savings Tips
Old 05-10-2005, 10:01 PM   #38
Thinks s/he gets paid by the post
 
Join Date: Feb 2003
Location: Mesa
Posts: 3,588
Re: Savings Tips

We have no cell phone. People I used to work with find this incredible since I spent much of my career working on cell phone devices and technologies. I even spent 3 years traveling around the world as the IEEE MTT-S Distinguished Lecturer delivering a presentation about cell phone radio trends and advances. But I just don't see how the occasional convenience of a mobile phone is worth the cost to me.

I also don't have cable or satellite. We have a dial-up modem. We take care of our own lawn and house maintenance.

On the other hand, I spend lots of money traveling and on camping and archaeology gear. I spend a fair amount on air-fare and hotels (although we'll stay in Motel 6 or less if it's available.
__________________
sgeeeee is offline   Reply With Quote
Re: Savings Tips
Old 05-11-2005, 01:26 PM   #39
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
cute fuzzy bunny's Avatar
 
Join Date: Dec 2003
Location: Losing my whump
Posts: 22,697
Re: Savings Tips

Weirdo.
__________________
Be fearful when others are greedy, and greedy when others are fearful. Just another form of "buy low, sell high" for those who have trouble with things. This rule is not universal. Do not buy a 1973 Pinto because everyone else is afraid of it.
cute fuzzy bunny is offline   Reply With Quote
Re: Savings Tips
Old 05-26-2005, 12:26 PM   #40
 
Posts: n/a
Re: Savings Tips

The book "The Complete Tightwad Gazette" is a fun read and has lots of good ideas. Wish I'd read this when I was 30.
__________________
  Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Automatic payments from a money market (savings) account a FIRE and Money 4 04-07-2007 01:14 PM
Income from TIPS? Gearhead Jim FIRE and Money 6 04-05-2007 03:52 PM
The Upside to Low Savings Rate? REWahoo FIRE and Money 0 03-29-2006 10:08 PM
SWR, terminal values, TIPS, I-bnds & comm paper sgeeeee FIRE and Money 144 02-25-2004 04:35 PM
EE bonds to ??? cute fuzzy bunny FIRE and Money 1 12-24-2003 01:33 PM

 

 
All times are GMT -6. The time now is 08:03 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.