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“It’s not how much you make but how much you save” = pure cope
09-07-2021, 05:11 PM
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#1
- r32gojirra
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“It’s not how much you make but how much you save” = pure cope
Hear this one from Dave-Ramsey-eat-ramen-drive-Corolla types all the time.
It’s cope because:
1) if you’re only earning enough to just get by, you won’t have money to save. Even if you scrape together a few dollars the first “emergency” you have will wipe out your savings.
2) being on a low income is very expensive. You spend a lot of time and mental effort managing insecure housing, optimising groceries and wasted time eg buying half a tank of gas instead of filling up when it’s cheap.
3) spending money on things is usually pleasurable and motivates you to keep pushing, in your career, business, whatever.
4) even if your percentage rate of savings is low, if your total income is high you’ll still save more in absolute terms.
5) some people are just bad at saving. I suck at managing expenses because I hate it so I focus on the revenue side. That includes investing in myself with education and qualifications.
6) there is no point “saving” unless that money is actually invested for a decent return. Therefore the emphasis on saving is a bit pointless (despite what economists might assume about S = I on an economy wide basis)
Cliffs: focus on growing your income, when you make more money than you’re capable of spending, the savings will come.
Also investment is far more important than saving.
It’s cope because:
1) if you’re only earning enough to just get by, you won’t have money to save. Even if you scrape together a few dollars the first “emergency” you have will wipe out your savings.
2) being on a low income is very expensive. You spend a lot of time and mental effort managing insecure housing, optimising groceries and wasted time eg buying half a tank of gas instead of filling up when it’s cheap.
3) spending money on things is usually pleasurable and motivates you to keep pushing, in your career, business, whatever.
4) even if your percentage rate of savings is low, if your total income is high you’ll still save more in absolute terms.
5) some people are just bad at saving. I suck at managing expenses because I hate it so I focus on the revenue side. That includes investing in myself with education and qualifications.
6) there is no point “saving” unless that money is actually invested for a decent return. Therefore the emphasis on saving is a bit pointless (despite what economists might assume about S = I on an economy wide basis)
Cliffs: focus on growing your income, when you make more money than you’re capable of spending, the savings will come.
Also investment is far more important than saving.
09-07-2021, 05:16 PM
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#2
- HMFIC_BROWSIN
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- HMFIC_BROWSIN
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Wow.
I actually thought you were smart before this post.....
I actually thought you were smart before this post.....
09-07-2021, 05:18 PM
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#3
09-07-2021, 05:19 PM
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#4
- r32gojirra
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Originally Posted By HMFIC_BROWSIN⏩
Tell me where I’ve gone wrongWow.
I actually thought you were smart before this post.....
I actually thought you were smart before this post.....
It’s not too late for me to turn it around
09-07-2021, 05:20 PM
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#5
09-07-2021, 05:22 PM
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#6
- r32gojirra
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Originally Posted By Tears⏩
Quote the part where I talked about my income here. You wouldn’t even know what my income is.OP makes a thread every weak talking about how much money he makes, as if anyone on the internet really gives a ****
09-07-2021, 05:23 PM
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#7
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I think the concept is moreso geared towards people who don't see the value in saving money. Plenty of studies have been done showing that even when people have access to coupons and discounts on the things they buy, they refuse to use them. 60 cents off a pack of eggs is 60 cents you don't need to spend. But if someone is making enough money to afford the full price they will just scoff at the opportunity cuz "lol 60 cents who cares lmao"
09-07-2021, 05:24 PM
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#8
- HMFIC_BROWSIN
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Originally Posted By r32gojirra⏩
Spend like 35 seconds with a compound interest calculator and you will debunk ur entire post.Tell me where I’ve gone wrong
It’s not too late for me to turn it around
It’s not too late for me to turn it around
09-07-2021, 05:25 PM
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#9
09-07-2021, 05:27 PM
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#10
- gainztrain818
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All of OP’s excruciating wall of text can be replaced by:
Net worth
Net worth
INTJ crew
Investor crew
World traveler crew
09-07-2021, 05:29 PM
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#11
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I think you're dead wrong because you're viewing the world from your own personal lense instead of an average man
A buddy of mine upgraded from a low paying weekend job to FIFO mining, earned good money for a year before the contract ended. Later on i curiously asked him if he invested etc and turns out he barely saved anything.
The funny part is that he lives quite modestly which goes to show money can be pissed down the drain so easily on nothing if you lack the saving discipline
A buddy of mine upgraded from a low paying weekend job to FIFO mining, earned good money for a year before the contract ended. Later on i curiously asked him if he invested etc and turns out he barely saved anything.
The funny part is that he lives quite modestly which goes to show money can be pissed down the drain so easily on nothing if you lack the saving discipline
*Reps good posts, doesn't rep back crew*
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09-07-2021, 05:30 PM
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#12
09-07-2021, 06:11 PM
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#13
Personal finance is just that, personal. As long as you’re not in debt (outside of a mortgage and a car) and at least have some form of retirement plan, I don’t think there is really once size fits all answer for what to do with your money. Some people value long term security, others want to enjoy their money while they are young.
S/B/D—185/165/205 (sumo w/ straps)
09-07-2021, 06:12 PM
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#14
- yieldtonothing
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it's not where ya from, but where ya pay your rent and it's not how much you make, but how much you SPEND
09-07-2021, 06:17 PM
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#15
09-07-2021, 06:29 PM
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#16
- WiseOldApe
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The real and only truth is that if you're truly at peace and happy with your self, you don't need anything out side of your self to be happy.
Decent paying job to pay for rent and food is all you need really.
Happiness does not come from anything out side of your self.
If you're unhappy and restless, you will never have enough money, because you constantly feel like spending it and 'fixing something' that doesn't need fixing.
Decent paying job to pay for rent and food is all you need really.
Happiness does not come from anything out side of your self.
If you're unhappy and restless, you will never have enough money, because you constantly feel like spending it and 'fixing something' that doesn't need fixing.
"It's hard to be yourself in a world filled with haters" - WiseOldApe.
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09-07-2021, 06:31 PM
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#17
09-07-2021, 06:38 PM
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#18
- mr.left hook
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I been stacking my Chips since the age of 25... I did spend money on BS at the same time, that is my only Mistake - I would probably be up like Gordo except not jacking OFF SOLO
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'Cause I went from negative to positive
And it's allGood..."
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09-07-2021, 06:40 PM
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#19
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Originally Posted By NextPound⏩
Nah that is actually.That’s cope. Having stacks in the bank, no debt, and bills paid a month in advance offers peace of mind that you can’t ever obtain just grinding constantly.
You're outside world is a reflection of your inside world.
if you're poverty inside, you're poverty outside, even if you've got mad stacks.
"It's hard to be yourself in a world filled with haters" - WiseOldApe.
"Why be anything when you can be an influencer?" - WiseOldApe.
"It's not about what is said - it's about who it is said by" - WiseOldApe.
09-07-2021, 07:59 PM
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#20
- r32gojirra
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Originally Posted By HMFIC_BROWSIN⏩
I know how compound interest worksSpend like 35 seconds with a compound interest calculator and you will debunk ur entire post.
But compounding a very small amount will do little compared to compounding a large amount
Many people (including me) start out with only their labour to sell.
Maximising your return to labour is at least as good a strategy as reducing consumption.
Maximising the return on your savings is at least as important as focussing on the starting amount.
To pretend the percentage saved is somehow more important than
a) total income
b) rate of return
Is ridiculous and misleading.
09-07-2021, 10:31 PM
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#21
- r32gojirra
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Originally Posted By Swaggod9k⏩
My suggestions would be:Yo G, how can I make more money??
I'm fiending for some green
I'm fiending for some green
1) invest in yourself, and in particular education and qualifications that will increase your hourly earnings
2) take calculated risks when you’re young. Think sensibly about how much risk you can take on.
3) use wage earnings only as a means to an end. Get enough capital together to start your own business so that you’re not reliant on your own labour as a source of income.
4) be sensible and realistic about your approach to money management. If you are honest with yourself and know that you spend impulsively and big then focus on out-earning your own spending habits. The real cap on your ability to save, after all, is how much you earn in the first place
09-07-2021, 10:37 PM
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#22
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Originally Posted By HMFIC_BROWSIN⏩
this.Wow.
I actually thought you were smart before this post.....
I actually thought you were smart before this post.....
Know so many people making 100-200K a year and are paycheck to paycheck lmfao
09-07-2021, 10:41 PM
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#23
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Originally Posted By lolatpaniccels⏩
They should take my advice and focus on growing their earnings.this.
Know so many people making 100-200K a year and are paycheck to paycheck lmfao
Know so many people making 100-200K a year and are paycheck to paycheck lmfao
09-07-2021, 10:46 PM
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#24
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Start small, start young, reap benefits.
09-07-2021, 10:50 PM
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#25
09-07-2021, 10:51 PM
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#26
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All of this is covered in rich dad poor dad.
- don’t say “I can’t afford it”, instead ask yourself “how can I afford it” is of similar mentality.
Of course if you’re buying expensive cars and just generally living beyond your means that’s just dumb. But that’s where liabilities vs assets come in.
I agree with op somewhat, I used to try to save and generally sucked at it. But if you’re on $30k per year and trying to save, that is just silly, spend and spend on yourself and your assets and grow your income.
I spent every penny I had on myself, courses, investments, business etc. Now I could save in a month what would have taken me a year to save before, so saving may actually be worthwhile. There’s no point in trying to scrap a few pennies if you’re on a very low income, focus on increasing your income first whether that requires spending or not.
- don’t say “I can’t afford it”, instead ask yourself “how can I afford it” is of similar mentality.
Of course if you’re buying expensive cars and just generally living beyond your means that’s just dumb. But that’s where liabilities vs assets come in.
I agree with op somewhat, I used to try to save and generally sucked at it. But if you’re on $30k per year and trying to save, that is just silly, spend and spend on yourself and your assets and grow your income.
I spent every penny I had on myself, courses, investments, business etc. Now I could save in a month what would have taken me a year to save before, so saving may actually be worthwhile. There’s no point in trying to scrap a few pennies if you’re on a very low income, focus on increasing your income first whether that requires spending or not.
09-07-2021, 10:52 PM
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#27
09-07-2021, 11:26 PM
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#28
- r32gojirra
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Originally Posted By plsmire⏩
I had probably written off kiyosaki as a shill for property investment as a means to passive incomeAll of this is covered in rich dad poor dad.
- don’t say “I can’t afford it”, instead ask yourself “how can I afford it” is of similar mentality.
Of course if you’re buying expensive cars and just generally living beyond your means that’s just dumb. But that’s where liabilities vs assets come in.
I agree with op somewhat, I used to try to save and generally sucked at it. But if you’re on $30k per year and trying to save, that is just silly, spend and spend on yourself and your assets and grow your income.
I spent every penny I had on myself, courses, investments, business etc. Now I could save in a month what would have taken me a year to save before, so saving may actually be worthwhile. There’s no point in trying to scrap a few pennies if you’re on a very low income, focus on increasing your income first whether that requires spending or not.
- don’t say “I can’t afford it”, instead ask yourself “how can I afford it” is of similar mentality.
Of course if you’re buying expensive cars and just generally living beyond your means that’s just dumb. But that’s where liabilities vs assets come in.
I agree with op somewhat, I used to try to save and generally sucked at it. But if you’re on $30k per year and trying to save, that is just silly, spend and spend on yourself and your assets and grow your income.
I spent every penny I had on myself, courses, investments, business etc. Now I could save in a month what would have taken me a year to save before, so saving may actually be worthwhile. There’s no point in trying to scrap a few pennies if you’re on a very low income, focus on increasing your income first whether that requires spending or not.
But i agree on investing in yourself. If you don’t back yourself nobody else will.
09-08-2021, 05:14 AM
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#29
- HMFIC_BROWSIN
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Originally Posted By r32gojirra⏩
$100 invested with Warren buffet 40 years ago is worth $147,000 today.I know how compound interest works
But compounding a very small amount will do little compared to compounding a large amount
Many people (including me) start out with only their labour to sell.
Maximising your return to labour is at least as good a strategy as reducing consumption.
Maximising the return on your savings is at least as important as focussing on the starting amount.
To pretend the percentage saved is somehow more important than
a) total income
b) rate of return
Is ridiculous and misleading.
But compounding a very small amount will do little compared to compounding a large amount
Many people (including me) start out with only their labour to sell.
Maximising your return to labour is at least as good a strategy as reducing consumption.
Maximising the return on your savings is at least as important as focussing on the starting amount.
To pretend the percentage saved is somehow more important than
a) total income
b) rate of return
Is ridiculous and misleading.
The only way you have $100 to invest, is by saving first.
Unless you save, there's literally nothing.
In the last 30 days, my investments have returned 2 years worth of living expenses... I'm 33 years old. The ONLY way I pulled this off was by saving money via frugality.
But sure bro, keep working ur azz off to increase your income so u can spend more lmfao.
09-08-2021, 05:23 AM
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#30
Point 1, word 1, you've already palmed a rhetorical card.
"If". If you make $1 million but spend $1.1 million you will live hand to mouth until you earn more or save more.
Agreed hard on point 6 tho. Saving money and then not actually SAVING that money is very common. Brb cut expenses but don't actually put the money to work, end of the month it has disappeared.
"If". If you make $1 million but spend $1.1 million you will live hand to mouth until you earn more or save more.
Agreed hard on point 6 tho. Saving money and then not actually SAVING that money is very common. Brb cut expenses but don't actually put the money to work, end of the month it has disappeared.
Smooth Seas don't make Strong Sailors. Keep your head up.
MrWhiskey24 for jolly cooperation (PS)
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