The Chit Chat Chit Chat Thread

StarWarsGirl

StarWarsGirl

Well-Known Member
In the Parks
No
Lilofan said:
I've known younger peers in their mid 20s, that daily spend at Starbucks, lunch at work, dinner a few nights out a week, happy hour on Fri afternoons, etc. In a month that's over $400 dollars spent. It can be done but not without giving up on things and not making a lot of excuses why it can't be done. The people I know who retired early were not born with a silver spoon in their mouth, scrimped, saved, live below their means, and invested.
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I'm not one of those (I had tea bags at work, I limited myself to getting lunch once a week and it was always less than $10, and I'd go out with friends a few times a month) and I'd find that hard. Granted, I'm also putting away money towards a house, and I have a lot of cash on hand (which was a life saver when I had to have surgery last year and was out of work) but trying to invest money in your twenties is challenging.

Especially the amount of things that come up in your 20s. I was given a car by my parents. Which was great, but it constantly needed repairs, and then it eventually just died. So now I have a car payment. My health bills are unusually high for someone my age, so I have an FSA in addition to health insurance, which is nice, but it cuts into my paycheck slightly. And then a lot of people my age have student loans and rent. I have neither, thank goodness, but that also makes it more challenging.

And I'd be in the more financially savvy group. I have a high credit score, I have a 401k, and I work in finance for a living. I just think liquidity in your 20s is important. I have most of my money in a money market account for that reason, so it earns interest, but it's available for emergencies.
 
Letteyeti

Letteyeti

Well-Known Member
StarWarsGirl said:
I'm not one of those (I had tea bags at work, I limited myself to getting lunch once a week and it was always less than $10, and I'd go out with friends a few times a month) and I'd find that hard. Granted, I'm also putting away money towards a house, and I have a lot of cash on hand (which was a life saver when I had to have surgery last year and was out of work) but trying to invest money in your twenties is challenging.

Especially the amount of things that come up in your 20s. I was given a car by my parents. Which was great, but it constantly needed repairs, and then it eventually just died. So now I have a car payment. My health bills are unusually high for someone my age, so I have an FSA in addition to health insurance, which is nice, but it cuts into my paycheck slightly. And then a lot of people my age have student loans and rent. I have neither, thank goodness, but that also makes it more challenging.

And I'd be in the more financially savvy group. I have a high credit score, I have a 401k, and I work in finance for a living. I just think liquidity in your 20s is important. I have most of my money in a money market account for that reason, so it earns interest, but it's available for emergencies.
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I like you @StarWarsGirl have an old Toyota Camry that was paid for by my parents. It may not be the prettiest thing, but it is mine and it don’t get driven a lot, but it will and the maintenance will come. I hope to get a new car someday like you. My parents also pay for my car insurance for now, but that will change once I get a steady enough job. I agree that at an early age it has to be really hard to save money even if you are pinching almost every penny.
 
donaldtoo

donaldtoo

Well-Known Member
MySmallWorldof4 said:
I myself am at Walmart more than I care to admit, but there is literally one only 2 miles from my house, so it is visited more often than the supermarket.
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Yep, our Walmart is about 3-5 mins. away, depending on lights and traffic. Lowe’s is a little closer than that in the same center. Home Depot, Sam’s, and Costco are all less than 10 mins. away, but, haven’t been to any since all the “fun” started.
 
donaldtoo

donaldtoo

Well-Known Member
MySmallWorldof4 said:
My oldest got her license last year. She is scared to drive by herself also. She will need to drive to school everyday this fall so she needs to get over it. She has been going out daily with her car and running errands like to Walmart or other places. I don't remember being scared like her and learned to drive in NY where it is way more crowded than where we live in PA. Where you live is super crowded and the roadways are really crowded. I can see how you could be nervous. Best thing is to just go out a little every day. It is the only way. You don't get better unless you drive more.
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Exactly...!!! :)
No joke, my Mom and Pop trusted me to drive our ‘70 Chevy Camper Special, with the cab over camper, and trailering a tent camper behind it, with just my learners permit at age 15 in the summer of ‘78 through the Rockies from Denver into Utah on I-70...!!!!! :happy:
For some reason, myself and my 3 younger sibs took to driving like fish to water.
Pretty sure we all got that from pop, and of course we all love mom so very much, but, she has always been a bit more of a nervous driver...!!! ;)
 
Gabe1

Gabe1

Ivory Tower Squabble EST 2011. WINDMILL SURVIVOR
Lilofan said:
I've known younger peers in their mid 20s, that daily spend at Starbucks, lunch at work, dinner a few nights out a week, happy hour on Fri afternoons, etc. In a month that's over $400 dollars spent. It can be done but not without giving up on things and not making a lot of excuses why it can't be done. The people I know who retired early were not born with a silver spoon in their mouth, scrimped, saved, live below their means, and invested.
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Depends. My kids worked hard for what they have. So did we as parents. We are not people of means They are well Educated and have job earnings that dictate the lifestyle you question. They earned what they have. They are enjoying life. They have savings and 401ks. They both have new cars paid cash for. My DD drove an older Cavalier through grad school but
purchased a new Subaru Forester last fall. When salaries are near six figures and the other (28year old) over six figures you can do the Starbucks and lunch out and have plenty left to enjoy life. Everyone’s goals are different and some have no goals. Everyone does what is right for themselves. Me as a parent instilled education as a must from birth. I gave up a lot for their education,I have no regrets. Nor do they. It is how we each roll.
 
L

Lilofan

Well-Known Member
Gabe1 said:
Depends. My kids worked hard for what they have. So did we as parents. We are not people of means They are well Educated and have job earnings that dictate the lifestyle you question. They earned what they have. They are enjoying life. They have savings and 401ks. They both have new cars paid cash for. My DD drove an older Cavalier through grad school but
purchased a new Subaru Forester last fall. When salaries are near six figures and the other (28year old) over six figures you can do the Starbucks and lunch out and have plenty left to enjoy life. Everyone’s goals are different and some have no goals. Everyone does what is right for themselves. Me as a parent instilled education as a must from birth. I gave up a lot for their education,I have no regrets. Nor do they. It is how we each roll.
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Thats good points. I know some who have six figure salaries and have lifestyles they flaunt. When they get laid off, it's challenging to say the least for them. The bigger they are, the harder they fall. Everyone makes their own choice in how to live.
 
L

Lilofan

Well-Known Member
StarWarsGirl said:
I'm not one of those (I had tea bags at work, I limited myself to getting lunch once a week and it was always less than $10, and I'd go out with friends a few times a month) and I'd find that hard. Granted, I'm also putting away money towards a house, and I have a lot of cash on hand (which was a life saver when I had to have surgery last year and was out of work) but trying to invest money in your twenties is challenging.

Especially the amount of things that come up in your 20s. I was given a car by my parents. Which was great, but it constantly needed repairs, and then it eventually just died. So now I have a car payment. My health bills are unusually high for someone my age, so I have an FSA in addition to health insurance, which is nice, but it cuts into my paycheck slightly. And then a lot of people my age have student loans and rent. I have neither, thank goodness, but that also makes it more challenging.

And I'd be in the more financially savvy group. I have a high credit score, I have a 401k, and I work in finance for a living. I just think liquidity in your 20s is important. I have most of my money in a money market account for that reason, so it earns interest, but it's available for emergencies.
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Liquidity is important that's true. But easier said than done, the way to financial freedom is investing 101 as earliest as possible- Make sure your money works harder than you do. Read some FIRE articles. You can see how people just like me and you can do it and did it. FIRE - Financially Independent Retire Early. Max your 401K. I ate ramen, for a while so I could put as much into 401K every week,second jobs ( pay down mortgage faster) sacrifice being away from family etc without fail. It's not just ones that are challenged with bills but I know some high income earners folks that want and currently live and maintain their lifestyle without a care about saving and investing. Those are the ones that are going to get a stiff reality check if they get laid off or have a long term illness. I refuse to go back to being a slave to debt which realistically fuels the U.S. economy.
 
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Goofyernmost

Goofyernmost

Well-Known Member
Lilofan said:
I've known younger peers in their mid 20s, that daily spend at Starbucks, lunch at work, dinner a few nights out a week, happy hour on Fri afternoons, etc. In a month that's over $400 dollars spent. It can be done but not without giving up on things and not making a lot of excuses why it can't be done. The people I know who retired early were not born with a silver spoon in their mouth, scrimped, saved, live below their means, and invested.
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I don't doubt that at all, but, picking out a few that are foolishly throwing away massive amounts of money for water poured over mud, is not the rule. They are the ones that probably are still living at home and/or have no other responsibilities or a Duel Income No Kids. In the real world there are a whole lot of hard working, responsible people that just don't have that much to spare. If they are just starting out then you might like to get a look at their credit card bills. That will probably tell the whole story. For a lot of people these are not excuses, these are valid reasons. Besides if everyone did that, the $500,000. vs. inflation over that 42 year span would probably buy you a couple loaves of bread and a quart of milk. I'm not saying it isn't a good idea, just not a realistic one for many, many people.
 
ajrwdwgirl

ajrwdwgirl

Premium Member
Gabe1 said:
They finally arrived. Half built this evening. Rockers for the deck. By the time they came they were billed at 50% off Clearance. My Covid Shelter gift to me.View attachment 476992

Bird best not
Poop on them by morning :bored:
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Looks nice, I call dibs on the rocker! I got new chairs for my porch last summer and I cover them every night (or whenever I'm done using them for the day) to keep them looking good. I don't have to worry about bird poo just pollen and dust since they are under cover with the roof.

**Edit: I see they are all rockers. So dibs on just one. :happy:
 
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MySmallWorldof4

MySmallWorldof4

Well-Known Member
donaldtoo said:
Yep, our Walmart is about 3-5 mins. away, depending on lights and traffic. Lowe’s is a little closer than that in the same center. Home Depot, Sam’s, and Costco are all less than 10 mins. away, but, haven’t been to any since all the “fun” started.
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Our Lowe's is one shopping center away from the Walmart, so that is where we get the fixer upper stuff.
 
MinnieM123

MinnieM123

Premium Member
Lilofan said:
Let me give you a financial tip if I may. It's a stretch and sacrifice but if you stick with it you will see the light at the end of the tunnel.

Age 22-65
Invest $400 monthly into Vanguard Index mutual fund without fail
Average rate of return 6.5% Inflation 2.5%
At age 65, your net worth will be valued at approx $500K.
If you decide to invest more, your net worth will be oh so much more!👍
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Goofyernmost said:
Good plan if you were born wealthy. The first 10 years are usually the most expensive with the least income. Paying rent or mortgage, buying furniture, feed a burgeoning family, providing transportation for that family, food, clothing, medical costs and even minor degrees of socialization sometimes use up all that extra money and more that would have been wonderful to invest for the future. But, under those circumstances the future seems a long, long way off and that you have plenty of time to save up for that. In the meantime, bills must be paid.
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You both made valid points. Many people will need to adjust financial advice, according to their own personal situation.

What I really like about Lilofan's suggestion to those at a young age, is that the advice is planted well ahead of time (before the person is out in the world and working). Again, individual situations will vary, but knowledge is power. :)
 
StarWarsGirl

StarWarsGirl

Well-Known Member
In the Parks
No
Letteyeti said:
I like you @StarWarsGirl have an old Toyota Camry that was paid for by my parents. It may not be the prettiest thing, but it is mine and it don’t get driven a lot, but it will and the maintenance will come. I hope to get a new car someday like you. My parents also pay for my car insurance for now, but that will change once I get a steady enough job. I agree that at an early age it has to be really hard to save money even if you are pinching almost every penny.
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If you have a Camry, you'll keep that thing going for a while. Those are good cars. My uncle drove one for Uber and finally had to get rid of it at 300,000 miles

I had two GM cars. They both hit 100,000 miles and started dying. That is why I have a Honda now. It was an act of rebellion because my parents are GM people.
 

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