Comments on: Some Thoughts About Saving Money http://www.ncnblog.com/2007/07/19/some-thoughts-about-saving-money/ Debt Reduction Rocks - We Are Living Debt Free! Fri, 21 Nov 2008 02:53:13 +0000 http://wordpress.org/?v=2.6.3 By: Mia http://www.ncnblog.com/2007/07/19/some-thoughts-about-saving-money/#comment-67491 Mia Sun, 30 Dec 2007 08:51:52 +0000 http://www.ncnblog.com/2007/07/19/some-thoughts-about-saving-money/#comment-67491 Saving money is only complicated AFTER you learn that you should be saving in the first place. The old saying, "Knowledge is Power" couldn't be more true when it comes to money. I was well into my thirties before it even dawned on me that saving money was something a responsible adult should attempt... no one in my life, family or friends, ever talked about money (unless it was to complain about the price of something or about how hard it was to make a 'decent' living). Most people I knew, and still know today, were more concerned with finances on a month to month basis - and rarely think about 20 or 50 years down the road, or even about saving for the next big expense this year. I give thanks constantly for two things - the first is when I discovered the paperwork for my husband's 401k and a light bulb went off (free money! how could I have ignored free money??!!). And the 2nd is that when I turned to the internet for information and discovered personal finance blogs. Now, 10 years after 'seeing the light' I can comfortably say that we are the most financially secure and knowledgeable people in our family and circle of friends - never mind that we don't make the highest income. Yes, learning about our savings options does require work and can be complicated, but first people have to learn that there are those options even exist. What joy there is in the simple knowledge of "I have options! There is a way to do this! I can have an easier life! " I'm not happy about how complicated investing or saving can be - but I am THRILLED that there are so many choices available when I once believed there was nothing more than the 'simplicity' of debt. Saving money is only complicated AFTER you learn that you should be saving in the first place. The old saying, “Knowledge is Power” couldn’t be more true when it comes to money. I was well into my thirties before it even dawned on me that saving money was something a responsible adult should attempt… no one in my life, family or friends, ever talked about money (unless it was to complain about the price of something or about how hard it was to make a ‘decent’ living). Most people I knew, and still know today, were more concerned with finances on a month to month basis - and rarely think about 20 or 50 years down the road, or even about saving for the next big expense this year.

I give thanks constantly for two things - the first is when I discovered the paperwork for my husband’s 401k and a light bulb went off (free money! how could I have ignored free money??!!). And the 2nd is that when I turned to the internet for information and discovered personal finance blogs. Now, 10 years after ’seeing the light’ I can comfortably say that we are the most financially secure and knowledgeable people in our family and circle of friends - never mind that we don’t make the highest income.

Yes, learning about our savings options does require work and can be complicated, but first people have to learn that there are those options even exist. What joy there is in the simple knowledge of “I have options! There is a way to do this! I can have an easier life! ” I’m not happy about how complicated investing or saving can be - but I am THRILLED that there are so many choices available when I once believed there was nothing more than the ’simplicity’ of debt.

]]> By: James http://www.ncnblog.com/2007/07/19/some-thoughts-about-saving-money/#comment-28340 James Thu, 16 Aug 2007 09:59:28 +0000 http://www.ncnblog.com/2007/07/19/some-thoughts-about-saving-money/#comment-28340 I agree with what NCN said about applying 50 jobs till you get a better one. I've heard many people berate their jobs, their boss the pay, BUT, are not doing anything about it! Even if you are not earning minimum wage, I recommend that people go apply for jobs & go for interview just to get a feel of how much the market can offer. Most bosses just want you to stay where you are & tell you how lucky you are when you have a $100 raise. Remember, their job is not to make you rich. That is you job. ed I agree with what NCN said about applying 50 jobs till you get a better one. I’ve heard many people berate their jobs, their boss the pay, BUT, are not doing anything about it!

Even if you are not earning minimum wage, I recommend that people go apply for jobs & go for interview just to get a feel of how much the market can offer. Most bosses just want you to stay where you are & tell you how lucky you are when you have a $100 raise. Remember, their job is not to make you rich. That is you job.

ed

]]> By: Posts I Enjoyed Last Week | The Sun’s Financial Diary | A Personal Finance Blog on Saving and Investing http://www.ncnblog.com/2007/07/19/some-thoughts-about-saving-money/#comment-24850 Posts I Enjoyed Last Week | The Sun’s Financial Diary | A Personal Finance Blog on Saving and Investing Sun, 22 Jul 2007 19:28:50 +0000 http://www.ncnblog.com/2007/07/19/some-thoughts-about-saving-money/#comment-24850 [...] Credit Needed talks about saving money. Really, is it too complicated to save [...] [...] Credit Needed talks about saving money. Really, is it too complicated to save [...]

]]> By: NCN http://www.ncnblog.com/2007/07/19/some-thoughts-about-saving-money/#comment-24680 NCN Sat, 21 Jul 2007 12:56:00 +0000 http://www.ncnblog.com/2007/07/19/some-thoughts-about-saving-money/#comment-24680 Minimum Wage.. I realize that their are folks who earn minimum wage... but are you looking for a different job or working towards a situation where you earn more? As for saving, I can't imagine that you'd be able to do much more than "get along" if you are making minimum wage.. unless you are living an extremely frugal, frugal, frugal lifestyle. Personally, if I were making minimum wage, I'd apply for 50 jobs a day until I found some place that would pay me more... or I'd work 2 or 3 jobs... NCN Minimum Wage..
I realize that their are folks who earn minimum wage… but are you looking for a different job or working towards a situation where you earn more? As for saving, I can’t imagine that you’d be able to do much more than “get along” if you are making minimum wage.. unless you are living an extremely frugal, frugal, frugal lifestyle. Personally, if I were making minimum wage, I’d apply for 50 jobs a day until I found some place that would pay me more… or I’d work 2 or 3 jobs…
NCN

]]> By: Minimum Wage http://www.ncnblog.com/2007/07/19/some-thoughts-about-saving-money/#comment-24659 Minimum Wage Sat, 21 Jul 2007 09:55:49 +0000 http://www.ncnblog.com/2007/07/19/some-thoughts-about-saving-money/#comment-24659 Some of us don't save money because we earn minimum wage. How much do you expect us to save? Some of us don’t save money because we earn minimum wage. How much do you expect us to save?

]]> By: Jay http://www.ncnblog.com/2007/07/19/some-thoughts-about-saving-money/#comment-24497 Jay Fri, 20 Jul 2007 13:02:50 +0000 http://www.ncnblog.com/2007/07/19/some-thoughts-about-saving-money/#comment-24497 I've never thought about it this way before, and I have to say I agree. Me and my wife are working to build up our emergency fund to six months so we will be 'focusing' on investing next. Do you have a book or two you would recommend on investing basics? I'd like to get 'up to speed' a little before I go sit infront of someone trying to sell me something related to investing. Thanks, Jay I’ve never thought about it this way before, and I have to say I agree. Me and my wife are working to build up our emergency fund to six months so we will be ‘focusing’ on investing next.

Do you have a book or two you would recommend on investing basics? I’d like to get ‘up to speed’ a little before I go sit infront of someone trying to sell me something related to investing.

Thanks,
Jay

]]> By: Ed http://www.ncnblog.com/2007/07/19/some-thoughts-about-saving-money/#comment-24352 Ed Thu, 19 Jul 2007 19:23:40 +0000 http://www.ncnblog.com/2007/07/19/some-thoughts-about-saving-money/#comment-24352 I think that is a main reason many people don't save or invest. Managing multiple type of accounts can be a headache. I usually recommend people to "KISS" i.e. keep it sweet and simple. So that at least you will be able to build some momentum on saving to get started. I suspect many people don't want to think about their finances till it is too late when they are in debt, then besides the emotional problem of having no money, they have to manage multiple accounts in one go. I wrote about building momentum a few days ago, http://www.personalmoneytips.com/blog/building-your-money-momentum.htm/ perhaps it can help the readers here, Ed I think that is a main reason many people don’t save or invest. Managing multiple type of accounts can be a headache. I usually recommend people to “KISS” i.e. keep it sweet and simple. So that at least you will be able to build some momentum on saving to get started.

I suspect many people don’t want to think about their finances till it is too late when they are in debt, then besides the emotional problem of having no money, they have to manage multiple accounts in one go.

I wrote about building momentum a few days ago,
http://www.personalmoneytips.com/blog/building-your-money-momentum.htm/

perhaps it can help the readers here,

Ed

]]> By: Moneymonk http://www.ncnblog.com/2007/07/19/some-thoughts-about-saving-money/#comment-24328 Moneymonk Thu, 19 Jul 2007 16:31:45 +0000 http://www.ncnblog.com/2007/07/19/some-thoughts-about-saving-money/#comment-24328 "Being broke and making payments is “simple”. Building wealth and saving money can be “complicated”. " Wow, you hit the nail on the head. I felt like this at 23 years old out of college. It is much easier to be broke than to save and invest. Being broke require no discipline. Most young people take the broke and simple route “Being broke and making payments is “simple”. Building wealth and saving money can be “complicated”. ”

Wow, you hit the nail on the head. I felt like this at 23 years old out of college.

It is much easier to be broke than to save and invest. Being broke require no discipline.
Most young people take the broke and simple route

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