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I’m not saving ninety percent of my income for myself

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Re: I’m not saving ninety percent of my income for myself

#111

Post by joncrane »

wayoutthere wrote: post #62
xenihn wrote: post #12

I'm honestly so jealous of the husband's situation. 7-figure networth before hitting 30, a 4-bedroom home in a major tech hub, and a compulsively frugal wife who is obsessed with financial planning and amplifying your shared incomes/networths. The dream. This article just feels like a vector to drive traffic towards her sites, though.

I mean, I’m in a similar boat. I did the whole “make it rain” thing for a few years by dripping in designer clothes, fancy restaurants, etc. But that lifestyle made me way more anxious as impostor syndrome kicked in. Having money doesn’t really solve problems; there’s always someone with more who will make you feel poor. Buy a Gucci bag and it’ll feel like half the world is dripping bespoke Hermès. You can’t win. I l…

Good on you on graduating from that mindset.

Re: I’m not saving ninety percent of my income for myself

#112

Post by cheerlessbog »

newfangle wrote: post #83
xenocyon wrote: post #37

I think about this a lot, as another frugal but high-earning household that earns way more than we spend, even after maxing out 401(k) contributions. Most people in our position save more than they need partly as a means of hedging personal risk (higher-than-typical retirement and medical expenses, children who grow up unable to financially self-suffice), and partly (IMHO) just because they gain some satisfaction fro…

As the other commenter said, unless you are hiding your money under your matgress your money is being used by society in some manner.

Hiding your money under the mattress increases the value of money being spent because it reduces the amount of money in circulation in the near term.

Re: I’m not saving ninety percent of my income for myself

#113

Post by pfortuny »

StillBored wrote: post #106
pfortuny wrote: post #68

Earlier quoted context omitted.

Thanks for writing this. Saving is not storing money. It is delaying your right to “use” it, thus allowing others to “use” it now (which is why you expect a return interest). That is why banks are not evil. On the contrary: they are the basis of a healthy economy.

Nothing is black/white. Banks which operate like your grade school basic economics classes are providing a healthy/necessary service for the economy. OTOH, it might be debated that banks which take your money leverage it out and get huge returns while giving you a fraction of a percent, banks that charge 2-4% transaction fees for basic transfers for merchants, or fee harvesting people for more than their net worth ar…

Well, I was referring to the institution, not to specific instances of it. I should have said "banking", probably. You have a point (that corruption is almost ubiquitous nowadays in the large banking corporations) but my argument was intended as an abstract.

And precisely because banking is so essential to economy, its corruption is one of the worst events in an economy.

Re: I’m not saving ninety percent of my income for myself

#114

Post by neogodless »

lucb1e wrote: post #13

Answer: it's to support her parents' retirement.

I do not think this is accurate. While she does provide them with support, the article states that they actually need very little. She's saving a lot more than what's needed to support them.

Re: I’m not saving ninety percent of my income for myself

#115

Post by StillBored »

adbge wrote: post #105
StillBored wrote: post #100

Earlier quoted context omitted.

And who wouldn't love to live in their "Depression" They have 2% unemployment and some of the highest quality of living standards in the world. Sounds like they are doing something right. If you opt out of the growth is required mindset its perfectly possible there are other economic models which work just fine to live under despite the scary sounding descriptions.

> And who wouldn't love to live in their "Depression" The Japanese are committing suicide at higher rates than Americans[1], and a million of them have chosen to live as shut-ins rather than participate in society.[2] They're also not having children. Maybe that's your utopia but it sure isn't mine. [1] https://en.wikipedia.org/wiki/Suicide_in_Japan [2] https://en.wikipedia.org/wiki/Hikikomori

But that isn't new, their rates have been high for the ~80 years your linked chart points at.

Re: I’m not saving ninety percent of my income for myself

#116

Post by _bxg1 »

xenocyon wrote: post #37

I think about this a lot, as another frugal but high-earning household that earns way more than we spend, even after maxing out 401(k) contributions. Most people in our position save more than they need partly as a means of hedging personal risk (higher-than-typical retirement and medical expenses, children who grow up unable to financially self-suffice), and partly (IMHO) just because they gain some satisfaction fro…

My parents tithe 10% before tax each year. When I became an atheist I decided it wasn't going to make me less generous, so I "tithe" 10% of my pre-tax income to an assortment of charities and put the rest of my excess in savings. Of course the right amount varies greatly by an individual's circumstances, but 10% seems like a good rule of thumb unless you're super-rich.

Re: I’m not saving ninety percent of my income for myself

#117

Post by _nhynes »

Reedx wrote: post #102
maxaf wrote: post #56

I’m 100% the opposite way. My wife is very frugal, but I save nothing. What’s the point of pinching every single penny? That’s not life; it’s survival. Even more ironic is the fact that this is multiple decades of mere survival all aimed towards one goal: ensuring survival in those decades when work is no longer possible. Perhaps I’m obtuse, but this isn’t a life worth living. I want to enjoy my healthy years in the…

One of the problems with this strategy is that it ends up becoming a burden to your family and others (who sacrificed to save for a rainy day). And it may happen sooner than you think. > I’m keenly aware that I’ll be left penniless once I can no longer work, but I have a plan for that. What's the plan?

> What's the plan?

I have a morbid, but sneaking suspicion that that it's the latter half of "live fast, die young." Maybe I'm just projecting, though ;)

Re: I’m not saving ninety percent of my income for myself

#118

Post by labster »

StillBored wrote: post #100
mruts wrote: post #64

Earlier quoted context omitted.

Hasn’t really helped Japan get out of their 30 year depression, though.

And who wouldn't love to live in their "Depression" They have 2% unemployment and some of the highest quality of living standards in the world. Sounds like they are doing something right. If you opt out of the growth is required mindset its perfectly possible there are other economic models which work just fine to live under despite the scary sounding descriptions.

Japan's unemployment rate hides a whole host of social and economic problems. Hikikomori have withdrawn from social life to the extent they don't consider work, but the initial cause is often work stress related. The unavailability of child care services means many women cannot consider working even if they want to. Plus, just like the US economy, part-time work is still on the rise, which means people are employed but not financially secure.

Re: I’m not saving ninety percent of my income for myself

#119

Post by badpun »

adbge wrote: post #105
StillBored wrote: post #100

Earlier quoted context omitted.

And who wouldn't love to live in their "Depression" They have 2% unemployment and some of the highest quality of living standards in the world. Sounds like they are doing something right. If you opt out of the growth is required mindset its perfectly possible there are other economic models which work just fine to live under despite the scary sounding descriptions.

> And who wouldn't love to live in their "Depression" The Japanese are committing suicide at higher rates than Americans[1], and a million of them have chosen to live as shut-ins rather than participate in society.[2] They're also not having children. Maybe that's your utopia but it sure isn't mine. [1] https://en.wikipedia.org/wiki/Suicide_in_Japan [2] https://en.wikipedia.org/wiki/Hikikomori

There's an argument that Japanese people don't accept being medicated as much as people in US/EU, which, combined with very supportive parents, means that the depressed people just stay home as shut-ins instead of trying to function on anti-depressants, as they do over here.

Re: I’m not saving ninety percent of my income for myself

#120

Post by madengr »

codingdave wrote: post #96
joshbaptiste wrote: post #92

Earlier quoted context omitted.

Once he placed the ring on her finger he accepted her terms .. as an American who hasn’t grown up with Asian cultural norms I would never marry someone with an obligation to take care of their parents also in America.

Then it might surprise you that 30 states in the USA have laws requiring you to be financially responsible for your parents' care if they cannot cover it themselves.

That’s insane, as there is no limit to the amount of money that can be spent on elderly care, and whole industries with the sole purpose of bilking the life savings of the elderly.

Do you have a link to the list of states?

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