You are a smart lady Erin which is why I watch your videos ! We are at 1.7 Million including our home which is paid off . We carry zero debt and are in our mid 60's ..

👏🏾Great vid. We're in the middle. We max out retirement accts, save/invest about 60% of our income AND take 4 vacays a year, not afraid to jet off for a weekend getaway, and maintain a higher than average 'fun money' line in our budget. Glad I found your channel...newly subbed! 💗🙌🏽👍🏽🙋🏾‍♀️

@ErinTalksMoney

2 жыл бұрын

I love to heat that!! You sound like you are really doing it right with your finances 👏👏👏 Thanks for watching and welcome to the channel 😊

Excellent, excellent video and food for thought. From the age of 14 I saw my parents argue about money, lack of regular income, failing businesses. From 15 I was told that I needed to pay for my own schoolbooks if I wanted to stay in school, though there was enough cash for alcohol and cigarettes . I started work at 15 through to 18 in soccer m stonery summer holidays working 60 hours a week. The cash gave me freedom and to some degree the independence gave me safety as I was able to travel to another country at 10 and start my own life. To this day, I still recall being on the edge of poverty at 18, 19 years old. It means I get far more endorphins saving than I do spending. But. I do feel we do it healthfully, we spend on wonderful travel, we invest in quality items, and have occasional meals out. Balance is key.

I don't really think about money, to be honest. If I want something or want to go somewhere, I just get it or do it without hesitation. I am now living on around 30% of my take home (after taxes and retirement account contributions) pay without even trying. Sure, I am as guilty as anyone else of lifestyle creep as my income has increased over the years, but I do believe lifestyle creep has a ceiling; there comes a point where you simply don't need to keep buying more new stuff. I think everyone should envision what their (realistic) lifestyle ceiling looks like, assign a price to it, and set financial goals around this ceiling. Having savings is one thing, but the peace of mind that comes with not having to worry about finances is priceless.

@ErinTalksMoney

2 жыл бұрын

I love the idea of a price ceiling, that's pretty cool! Thanks for sharing!!

I can identify with this quite a bit. I am kind of a natural saver. I do however think you can "save too much". My Mom was a hyper saver and then ended up with cancer and was dead in her late 50's. Spent a lifetime saving only to die before she could retire and use it. She did use some of it along the way, but in hindsight not nearly enough. Now I am 50 and can see I have also been a big time saver. I need to kind of take my foot off the gas and try to enjoy some of the $ I earn (and have saved). It is hard to do though when your mindset is "saver" but I am working on it.

@ErinTalksMoney

3 жыл бұрын

I'm sorry to hear about your mom. My grandma was much the same way, she got to the end of her life and always wished that she had traveled more. So I always felt sad that she never used more of what she hd saved up. And, I can totally relate....learning to spend can be a challenge!

You have such a pleasant way of sharing and I am encouraged to save more. Thanks for telling your family history.

@ErinTalksMoney

3 жыл бұрын

Thank you so much for the kind words! 🙏😊 Happy saving!

I’m the Colombian version of you, Erin. It sounded like listening to my story. Thanks for sharing. I relate to you 100% in this story and I’m also trying to enjoy a bit more now w lots of traveling. Trying not to get too upset at my boyfriend who’s a bigger spender than me 😆. Thanks for your very educational videos.

@ErinTalksMoney

2 жыл бұрын

Hey Fransini! I'm happy to have a Colombian twin! My hubby is more of a spender than I am as well - but then again, it's probably really easy for anyone to be a bigger spender than super savers like us! 😂 Make sure to have a little fun with your money - I hope you see some wonderful places on your travels!

I think my wife and I have the issue of saving too much. We paid off our $400k house at 37 and don't have any debt other than regular expenses and property tax. We are still saving and investing 100% of wife's income and 75% of my income. We just don't have the need to spend any money. We travel hack by applying 4 credit cards per year. Once you get used to saving it is very difficult to spend. On track to be financially independent by 45.

I spend but I save. Money comes and goes just don’t be reckless with money and don’t be too discipline to where you are missing out on moments in life. I don’t regret buying my Lexus, renting, going to Europe, etc.. all in my 20s.. can’t wait to see what’s in store in my 30s!!

Great video. Made me think about my own impoverished childhood that turned me into a hyperbolic saver and investor. Based on what you shared I’m just wired to experience immensely psychologically and emotional pleasure from saving and investing. I might be one of the very few people on the planet that does not really enjoy vacationing. I do not like the stress of coordinating the trip, the constant packing and unpacking , leaving my home unattended for days on end, God forbid if I have to go to the airport to get on a plane. That literally feels like walking toward the electric chair. Most of all, I don’t like the gratuitous money you are prone to spend (and the price gouging imposed on travelers/tourists) when vacationing, nor the rooms and beds of hotels or short term rentals that hundreds or maybe even thousands of people have laid in before me grosses me out completely 🤢. I could go on and on but the point is, there are a few of us on the planet who just like to focus on building wealth and not spending it but I definitely get some of the very cogent points you made and I enjoyed your video to!

Thank you for sharing!! I can definitely relate to choosing not to buy things and preferring to save then looking back realizing I could’ve spent a little more….. or spent more wisely.

@ErinTalksMoney

3 жыл бұрын

I think we all have areas where we look back and think I could have done better there. But the important thing is we learn from it and go forward! 😊

Great story! I can relate to this one. My dad got cut from his job just a couple years before being able to draw a pension and never could get a new one. Watching that growing up I did the same thing about always making sure if I got cut from my job I always had a safety net of money and side jobs. I'm getting at 30 now and realizing the exact thing you just said. Wish I saw this when I was 20!

@ErinTalksMoney

2 жыл бұрын

I think watching what our parent's go through really has a big impact on us!

Love all your videos. I will slightly disagree on the either a spender or a saver statement though. I believe age and life experiences can change your category. When I was young and got married, we spent Ike there was no tomorrow and wracked up some heavy bills. At that point I realized how much money would we have without these monthly bills that never seemed to reduce. At that point we took 3 very hard years to pay everything off. Concurrently I saw my dad and brother retire early and then not have money to do anything but barely survive. Those 2 things, along with getting older, transitioned me into the budget-crazy saver I am today, maxing out 401ks and planning every dollar. Thanks for great videos including the outtakes

Hi Erin, I was the same type of person like you, from 1978 to 2018. I saved my salaries out of fear that I may lose my jobs because my grades from college were poor because I need to work during college for self-support!! I saved around 82% to 88% of my incomes in those years but I invested the money into real estates in HK!! I didn't know about compounding interests or ROI for my investments in those years of 1980 to 2020!! But it turns out great!!! I missed lots of fun but I think it is worth it because I am financially secure, strong & comfort TODAY!! I am older but I am rich without worries!! The most important is WISE INVESTMENTS!! I know someone in my past careers, making more than I did but spent more than he made, nothing saved!! Very dismal for retirement!! I think both of us did the right thing!! If I was born rich, I don't need to work & save. I did it my old fashion style but it is GREAT!! I am UHNWI!!

@elisalyles1466

11 ай бұрын

HK..Hong Kong? Or?

Very Good Erin. If you are still into Rock Climbing, though I imagine there are many places in the Country to do it, consider Moab, Utah. I do the Jeep Tours, but have not Rock Climbed. I see the places to sign up on the web for Rock Climbing. If you have never been out there it is beautiful. Desert and Rock Formations. If you like hot with low humidity go in the summer months. Suggestion, fly into Denver and rent a car. Moab is about 6 hours of driving from Denver. What you get is a driving trip across the Great American Colorado Rocky Mountains, plus you'll have a car in Moab. I said 6 hours, but you'll pull over and stop to take in the beauty of the Colorado Rockies. Stop in Vail for lunch. Stop along the way for a cup of coffee. As they sing in the Beach Boys song "Kokomo", get there fast and take it slow. Bring a Camera, its a must!

Love this video and your whole channel! Thanks so much for sharing your personal experience!

@ErinTalksMoney

2 жыл бұрын

Thanks for watching and thanks for the kind words!

Wow, Just Wow Erin. Thank you, I sent this to my kids I hope they watch it.

@ErinTalksMoney

2 жыл бұрын

I hope so too! 😊

I am just like you. Saving I love! I’m savings 75-80% of my paychecks now after paying off my house. I started investing but nervous to. Going into index funds

Thanks for sharing so much! I think I fall in the middle, and I’m good unless I give in to the spender too much, and then I am so rude to myself! Negative self-talk is an understatement. But right now, I’m doing good! I’m working on my emergency fund, I don’t have any debt (except for my house), and I have four streams of income! And when I say “streams,” I mean “trickles.” I don’t make much from any of them, but I make enough to save about half my income when I combine them all! I think I’m house poor… but it’s already doubled in value, so I’m just going to work through it!

I love this very honest, I resonate to your feelings about saving investing and fun

@ErinTalksMoney

3 жыл бұрын

Thanks for watching! 😊

What a great message! Thank you so much 🙏

@ErinTalksMoney

2 жыл бұрын

Thank you so much! 🙏

Great stuff, contentment is the best tool in any financial tool box.

Great video and story. Presenter is still young and can experience those things. You can never save too much IMO.

Great video Erin. Thank you.

@ErinTalksMoney

2 жыл бұрын

Thanks for watching! 😊

REALLY nice video - you go Grl!!

@ErinTalksMoney

3 жыл бұрын

Thank you so much!! 😊

Savings is one thing. You will never have enough doing this. You need to learn to invest, so compound interest will let you enjoy life after 65.

Great story thanks for sharing, life is basically decisions and tradeoffs, you can have anything just not everything

@ErinTalksMoney

3 жыл бұрын

So true!

Erin, great video. The fear of being without never kicked in until 2014 for me. Eversince then I've been in hyper-drive saving/investing mode and I find myself doing the very same things you spoke about - especially going into a clothing store and not buying anything for myself (especially items I desperately needed). Now I'm desperately trying to pull myself out of this Savings/InvestingBlack hole, for even a little bit to enjoy a small percenatege of what I've been blesses to accumulate. OiyVay, this is tough.

you're so cute that was a very endearing story about your grandma and mom. thank you for sharing. all the way from Israel lol.

@ErinTalksMoney

2 жыл бұрын

Wow! Thanks for watching all the way from Israel!! 👋

I definitely fall under the "natural saver" category. But, now that my mortgage is almost paid off, and now that I'm therefore in a much more secure financial position, I've found myself over the last year opening up my wallet more.

Hey! A portlander:) I’m from Gresham! Small world. I love everything about this video. Great stuff! Just found your channel and have binge watched a lot. Subbed 🙌🏽 You give lots of value through your vids!

@ErinTalksMoney

2 жыл бұрын

Hey Tai-Anna 👋 what a small world. I miss the Pacific Northwest so very much 😭 welcome to the channel!! And thank you for watching!!

Love your sharing! I’m struggling right now with trying to get my savings rate up, with a new job and higher expenses than I’m used to in a new city.

@ErinTalksMoney

3 жыл бұрын

Whenever you have major life changes and major expense changes it can kind of feel like you are off kilter for a bit until you settle into your new spending habits. I'm sure you will find a way to save as much as you would like!! Congrats on the new job and I hope you enjoy your new city 😊

I had the same mindset as you and by the time the pandemic rolled around my 20's are gone and it kills me I realized I've been living my life wrong and could have been more balanced. Now I want to spend more and do more but things are locked down. Good news is I've blown away my coast fire number so I'm not going to let cost prohibit me from experiencing things-you only have one life to live.

@ErinTalksMoney

2 жыл бұрын

I hope you have some epic adventures!!!

It sounds like Erin was raised right. I would much prefer to be prepared when life happens. Thank you for the sound advice.

I’m a saver but I only went from savings 7% of my income to 70% when I turned 39. I want to retire at the age of 49 because I feel that there is so much I want to do in my lifetime and with my strict job schedule (a casino)out of the way I can truly enjoy it. The pandemic was a mini retirement and I enjoyed it. I’m currently 44, debt free and building a bridge account so I could Barista FIRE in three years.

@muffemod

Жыл бұрын

Fantastic story best of luck with your adventure.

@joaquimrodriguez8961

Жыл бұрын

Ditto!

I am a natural saver and I learned it from my mom as well. I love this video and it really resonated with me. I think we are very similar, although I am probably 10-15 years older than you. I save aggressively, don't like buying "things", but love experiences and trips with my family. You are absolutely right, what's the point of saving money if you can't enjoy it along the way. You are still so young, so good for you for realizing this early.

@ErinTalksMoney

3 жыл бұрын

Thank you for sharing! 😊 Sounds like we both had goos mama's! ❤️

Erin, enjoy the journey. Most people tuck away 10% -15%. This will grow to over $1 million by 30 years.

Appreciate the personal sharing you did in this episode. I feel I’m a nice balance between saver and spender. Not sure if there is a quiz to take to let me know. Tony from Toledo

@ErinTalksMoney

2 жыл бұрын

Haha! I have no idea if there is a quiz for that...but who knows, you can find anything on the internet nowadays! I think you can probably just do a gut check and know what you are 😊 - Erin from Road Island in the middle of a hurricane 😂

Heartwarming the way you love your Mother , I still have my Dad (93) & Mother (85) , & call them every day

Great video 📹 👍 👏.

@ErinTalksMoney

3 жыл бұрын

Glad you enjoyed it!!! 😊

Your grandparents and mom raised you well. I too have always had a fascination with saving money. But I'm not sure where i got it from, bc nobody in my family saves like i do lol. Maybe one of my ancestors was a savers or something lol.

@ErinTalksMoney

2 жыл бұрын

Maybe, lol! 😆

I can tell you are a good saver. Your apartment has no clutter or even pictures. Oh, the stuff that is in my house! Stuff that was super cool in 2019 and is worthless now.

@ErinTalksMoney

2 жыл бұрын

I literally don't have a single think on any wall 😂 But with that said, I would like to get some photos of my family printed and get them on the wall. As far as clutter...that will never happen. I like to clean...but I hate to clean around things, so I don't ever want anything on counters ever! (Also we move a lot, so having a lot of stuff doesn't make any sense if you are packing it up every 2-4 years)

Im a natural-born spender. I get a thrill out of shopping and owning nice, quality things. It naturally led me to credit card trouble and i learned the hardest lesson. Now i found the saver in me and is finally debt free and on my way to FIRE 🥳

@ErinTalksMoney

2 жыл бұрын

Congrats on finding FIRE!! 🔥 And a HUGE congrats on being debt free 👏👏👏

And I thought I was a hustler!. Now you only have to build your own house with your bare hands while working full time and you will be as obsessed as my Wife and I. Now in retirement, learning to spend thats a real challenge! Good for you your on a great path to financial security. And hi from Corvallis..:)

@frankish5314

3 жыл бұрын

Oh yeah and my Dad's union went on strike when I was 12 years old in post WW2 depressed London. I've never seen fear on my Parent's faces before and then he explained our apartment came with his job.. No job, nowhere to live.That was my pivotal moment and I've saved ever since.

@ErinTalksMoney

3 жыл бұрын

I've thought about that before..how will I ever learn to spend if/when I ever retire?!?! My hubby and I are going to be finishing out basement with our bare hands ...haha, so we are baby stepping our way to your level!! 😂

@frankish5314

3 жыл бұрын

@@ErinTalksMoney Finish the basement then rent it out! When I bought my house in Corvallis it was a 1953 650 sqft shack on 5.5 acres. Nobody wanted to buy it. It also had two rental properties on it (a new single wide trailer and a cabin). The rent paid the mortgage (effectively it was a FREE house)so I paid the mortgage at double rate (once from salary and again the rent). The property was paid off in 6 years and 3 months!

You didn't miss much experience in life = debtor but saving last a lifetime!

This is a really great video! Thank you for sharing your story. I think that you have a great life philosophy. I'm glad your savings obsession is in check now and you are buying experiences rather than items. **Edit** I'm a huge saver. Do you play any games on your phone? My money hoarding extends there... I have obscene amounts of little gems and coins to buy things, but I always keep a huge reserve. I quit multiple games with enormous amounts of resources just sitting there.

Great video as always Erin!

@ErinTalksMoney

3 жыл бұрын

Thank you CJ!!! 😊

ReLLY LIKE your content, i am a very aggressive investor about 60% of our hh income i invest and try to live of off 40% so it is hard sometimes for me to spend money for vacation or go out and enjoy with family or friends, always thinking i could invest that money for future.

@ErinTalksMoney

2 жыл бұрын

Thanks!! I love to hear from other aggressive savers & investors! I have the same mentality - it's hard to spend!

Living at home and saving in your teens and twenties is the best thing you can do. Time and compounding make more millionaires than just about anything.

@ErinTalksMoney

2 жыл бұрын

I totally agree! 😊

@sarahscroggins2793

2 жыл бұрын

I don’t desire to be a millionaire...

@TheRealEdStoner

2 жыл бұрын

@@sarahscroggins2793 Why? Having money allows you to do things for yourself and others that a lot of people never get a chance to do.

Yay Portland. We are a saving city. Looking at Downsizing again to a condo. I married a spender so now trying to catch up after my divorce. Thankfully my investment in Portland rentals have done well.

Well I would hope that all that early aggressive saving would allow you to save less down the line. It's TIME in the market that really matters for compounding to show its magic....and those early years when you're younger are FAR more valuable. I saved and invested aggressively with my first job. I stopped working at 43, haven't worked in 10 years. Almost 53 now, I have a couple multi-month, multiple country trips scheduled for 2022. I never made a lot of money, but my current portfolio is more than 3x my lifetime GROSS earnings (Yes, gross, before taxes), and my portfolio grows faster than I spend it. I expect it will double once more at a minimum before I start collecting SS at 62. At which point I will have already been not working for nearly 20 years. Learn about compounding!! Invest aggressively for growth. Then you can likely hit your goals sooner than you realize.

@ErinTalksMoney

2 жыл бұрын

Words of wisdom for sure 🙏🙏

Besides I would like if you share more videos on how to create couple of streams which not only keep you away from poverty but go along way to reach your FI and retirement early and with ease while ensuring positive cash flow all along : investment like in stocks , mutual funds, Rental , Royalty etcetera: that not good for fathers and mothers but such tips/ knowledge should be imparted to kids as Robert Kiosaki repeatedly emphasised that such learning never taught sadly in our schools/ colleges/ universities even in subjects like Economics, MBA , Admin what to talk of Arts Engineering Medical etcetera: that’s why I always appreciate your work which you are / have been doing : to me it supplements / makes for that deficiency in a big way : I know you ll get lots of satisfaction from it as well as we do ( I m not alone as the comments you received from across the globe testify it ) we all along get equally a lot of benefit from these due to your continuous hard work while creating and producing such quality contents…!!

Totally agree ! Saving regularly while enjoying life at the same time, got to keep a healthy balance ! We only live once

We save between 65-70% of our income. I don’t have a problem with spending any amount of money, as for us it is about value for the dollar. Value for your spend is personal and different for everyone.Most people don’t understand value because their benchmark is based on a monthly payment.

@ErinTalksMoney

3 жыл бұрын

Very nicely said!! 👏👏👏

Wow! I to started unvesting at a rather young age, I began with saving bonds...smh.

My mom and dad were entrepreneurs so I always saw them hustling. My dad told me he couldn't hold a job because he couldn't follow the rules others set for him. That left an impression on me. I decided young to create an "F you" fund so that I could have flexibility. I am glad I did because later in life, after 50, I was layed off and it took me several years to get my next fulltime job. That savings let me weather the storm. Today I continue to save about 30% of my income across 401K, Roth IRA, HSA, and after tax savings. I am in my pre-retirement countdown and while I am still trying to save as much as I can, about a decade ago my dad got really sick and I watched all the plans he made for his retirement years fade away. He passed away and while my mom is in a good place financially, she has no one to share new adventures with. I don't want that to be me so we are taking as many grand adventures as we can before retirement so I don't get there and find I am filled with regrets because of something that gets in the way. So I appreciate what you said about you and your spouse now trying to build your memories rather than focusing on saving for down the road... Great video.

I'm a natural spender. I was only able to start "saving" once I started looking at it as buying investments instead of saving. I am able to fulfill that spending bug a bit this way and once i've bought an investment I consider that money gone and spent.

Can you make a video about benefits vs cons of paying off the mortgage early?

We do save 55-60% each month and have multiple income streams as well. We both lost our jobs back in 2008-2009. When you're forced to get rid of debt & downsize you definitely prepare differently for the future...I strive to be #ErinTalksMoney!

I think the FIRE community does a great job encouraging you to care less about traditional measures of "success," but sometimes just replaces them with its own metrics, like retiring as early as possible or having the highest savings rate. If the goal is to set yourself up for a life of freedom, not letting yourself enjoy the freedom you already have so you can reach that goal a bit sooner is an easy trap to fall into

@ErinTalksMoney

3 жыл бұрын

Oh for sure! I think FIRE 🔥 is amazing, and I think it is a really incredible community. The vast majority of FIRE members really do want to strive for the most enjoyment in their life, now and in the future. What I was doing in my teen years and early twenties was not FIRE, heck I didn't even know what FIRE was at that time. I was just saving because I was worried about what the future held.

@wordsofcheer

3 жыл бұрын

Great points. I relate. It's all about a healthy balance. But, I'm going to save and when spending, spend on experiences mot many things. 😊

@ahmadmumtaz4947

2 жыл бұрын

@@ErinTalksMoney : same is here: on way / have been following on FIRE 🔥 directions : long before I knew nothing about FI andFIRE 🔥 community guide lines …!!

I'm a natural saver, but unfortunately not good at MAKING money. My first real income started during the 2008 crash, and it put me off investing in the stock market all these years. Looking at the statistics now, sure wish I had back then. Worse, I only realized later that penny pinching kept me from going all out to pursue my dreams an experience a lot of the things I want to. I'm now hyper-focused on investing and earning and still pinching every penny, but with a realistic goal to start spending in 5 years or so to pursue my dreams... if it's not too late.

@Taikaru

2 жыл бұрын

Saving 87% currently.

Great video! I am curious to know whether "saving x% of the income" indicates x% of pre-tax (gross) or after-tax (in-hand net) income. I assume after-tax, because saving 98-99% of the pre-tax income doesn't seem realistic considering the taxes and health insurance.

@ErinTalksMoney

2 жыл бұрын

Post tax most of my life. It wasn't until I was in my 30s that I had access to employer sponsored retirement plans. 😊

@financialfreedom6832

2 жыл бұрын

@@ErinTalksMoney Ah okay 👍🏻

There's a lot of risk in life not having a nest egg. If you get enough money and invest right the compound interest can grow faster than you can spend it, even while living an above average lifestyle. I will spend more when I get to that point, but for now the value of the nest egg outweighs excessive buying. I still buy, but within reason until my accounts grow to where they need to be. I don't know what that value is, but I like the idea of having a million or 2 and getting 10 percent interest in that in a year.

@ErinTalksMoney

2 жыл бұрын

Very well said! I agree with you, that’s why I spent so many years saving so aggressively. I just never knew what would happen if I didn’t have a nest egg.

Mom was right..move back in free .but do not live a foolish wasteful life and you can stay here forever...parents..esp single..have hard time drawing lines in the sand...guilt ?? Insecurity ?? I'm not sure... your mom ,I am sure is proud of you. I am.

@ErinTalksMoney

2 жыл бұрын

Thank you! My mom is literally my best friend…I’m in the process of finishing my basement…and I’m trying to convince her to move in with me for 6 mo out of the year…I want it to be a nice apartment for her. The other 6 mo she would live with my brother. We just want to see her as much as we possibly can! 😊

I really really want to watch your videos and hear what you have to say, just two things hold me back. What are your credentials? Why should I listen to you? You should state these in every video. You need a lavalier microphone. The audio on your videos is very grating to listen to with all the room echo. You've been making videos for too long without improving the audio quality. Clearly you are invested in offering your advice, and I appreciate that. Now invest in a good mic. :)

@ErinTalksMoney

2 жыл бұрын

I can understand where you are coming from. I work in finance for medical professional and insurance corporations. I have a degree in finance, and am studying for my CFP exam. However, with that said, KZread is just a fun little hobby for me, the videos are to get people thinking about their life financially and for entrainment. PS I am looking at investing into a camera with a better mic...I hate spending money 🙈🙈🙈 but I so appreciate you sharing and I know at some point I have to bite the bullet

Holy s*** your gran was saving in the 40’s? What sort of investments were they? And how did she place them?

@ErinTalksMoney

3 жыл бұрын

That was back before index funds haha! She used a broker as people did back in the day, and largely she used mutual funds, some stocks, and life ins as her investment vehicles 😊

@kevincowan2639

3 жыл бұрын

@@ErinTalksMoney yea mutual funds must have been pretty popular back in the day! But I hope you know the disadvantages of mutual funds because we’re still young we have so much time to ride through the storm and we have easy access to low cost ETF’s

Being a natural born saver is tough when you have a natural born spender as a SO😅

@ErinTalksMoney

2 жыл бұрын

Haha! True story!

At 32 with 100k in my 401k I feel like I haven't saved enough, bumping up to 20% haha. I want my retirement to not only support me but for my nest egg to grow during retirement. Is health insurance the most expensive thing in retirement?

@ErinTalksMoney

2 жыл бұрын

For many people yes, but it's very hard to make blanket statements 😊

when you talk about 55% saving rate, does that mean only for retirement saving rate or all other "sinking fund" as well?

@ErinTalksMoney

2 жыл бұрын

All savings, retirement and beyond

With all the comments from super savers, I feel like I've finally found my people...lol.

People are way overextend. We're swimming in runaway inflation. The reckoning is coming and many who are overextend will be in a precarious position.

Very very few people get paid 45k a yr out of college....smh

@ErinTalksMoney

2 жыл бұрын

Your starting pay is likely very much tied to your type of degree

Portland Oregon you say, That might not all be dog poop nowadays.

Why the volume is very low again?

Maybe after you reached saving alot of money 💰 then you can relax a little bit. I bet if you have zero savings you would have a different point of view.

@ErinTalksMoney

3 жыл бұрын

I'm sure...neither extreme is great, saving absolutely nothing vs saving everything.

Erin - you need to put a picture on the wall.

@ErinTalksMoney

3 жыл бұрын

HAHA! I need to do A LOT of things around this place! We moved in about a month and a half ago and I got to the point where I said, I'm sick of spending money - between appliances, doing the closets, the bathrooms, area rugs, installing a radon mitigator, the list goes on...so we are taking a little spending break. We will get to decorating soon!

So having a bent for saving what was your journey like transitioning to investing?

@ErinTalksMoney

2 жыл бұрын

I tend to use the word saving and investing interchangeably. I have to learn to get better at that. When I say that I saved 98% of my income - that means I invested 98% of my income. I started my investing journey at 8 - that's when I bought my first stock. I went on to mutual funds by 14, and index funds by 16.

@juniorcrandall8933

2 жыл бұрын

@@ErinTalksMoney you are a seasoned investor. For me it is Index funds also. For an individual investor it Just doesn't make sense to do anything else.

Now I know why you do this!

@duneme

3 жыл бұрын

KZread that is!

@duneme

3 жыл бұрын

I’m into Real Estate! We have four Rentals that are worth about double what we bought them for! Wife is a HUGE Saver (not as much an investor but), I have her in an Index Fund and she is happy!

@ErinTalksMoney

3 жыл бұрын

Haha! Glad to provide a little insight into the why behind it all 😊 I would love to be into real estate! But with my hubby in the military and having to move so frequently, I just don't see it as a viable option for us. I don't want to be thousands of miles away from our rental properties. My dad was very into real estate (still is) - so it's always something I've been interested in. Maybe later in life. (I'm glad you have your wife invested in an index fund - that's true love lol)

@duneme

3 жыл бұрын

@@ErinTalksMoney where does your Dad live, can you buy RE there? That way you could right-off your Visits home as You where just checking on your Rentals!

have you thought about moving abroad? that's something i would like to do.

55% is still a pretty aggressive savings rate! Savings rate is important, but increasing income should be every young person's primary goal. You can only cut so many expenses, but your earning potential is unlimited.

@ErinTalksMoney

2 жыл бұрын

Absolutely! I always like to save have a good offense and a good defense. Your offense is your income, your defense is your spending. You want to be strong on both fronts 💪

@CalmerThanYouAre1

2 жыл бұрын

@@ErinTalksMoney love it! Couldn’t agree more.

You have the same "fear based saving" mentality that I do. It's only me in this world I have no family to fall back on. The solution I've come up with is I'm allowed $200 cash every week which is for food, gas and other consumables. If I want some new toy I have to save up for it. So the goal is to bring down my weekly expenses so I can save the remainder toward the cost of the item(s).

@ErinTalksMoney

2 жыл бұрын

Absolutely 👏 I always save up before buying something

Some of those missed experiences I can appreciate, but not paying $200/month for a gym. Thats just ridiculous. 😊

@ErinTalksMoney

2 жыл бұрын

haha, I hear that!

Mike was extremely concise, prompt and knowledgable and handled our financial needs in bitcoinsamurai with professionalism and skill.

Volume is too low.

Have you not hit fire yet? Your nest egg should be pretty good with that savings rate :).

How much have you saved? After going through all this sacrifice ..I hope you have at least $2M is stocks. I am assuming you are around 35Yrs of age. By the time you actually retire you will have 15M+ easily. Yes please try not to save any more. It is counterproductive (in your case). Your husband is lucky.

I think it has a lot to do with how you were toilet trained...seriously.