How many savers in the house?

[rwh11385]

What dream world do you live in?

I know lots of wealthy people that say credit cards are not worth the trouble. 75% of the Forbes 500 said that the best way to build wealth is to first get out of debt and stay that way.

I think this is another one of those people who read things on the internet and take full faith in them. Okay buddy... credit cards are the devil. Who needs credit scores? I'm going to live on my savings account alone....


Yeah. Well they are wealthy. If they need money, they have it. You, on the other hand, buy used control arms and drive an E30. It's not like if something happens in which you need $25,000 immediately that you can pull it out of your back pocket. They could. In an emergency, I personally have a card with half that as a limit... my first one. You would be FUCKED if you ever needed that sum of money in an instant.

People need money and unless you pay off a credit card immediately, money costs money. But to get more money, you need credit.

This is just like all the other internet-hypes that go around... SCREW CREDIT SCORES!!!! OMGWTFBBQ!!!!11

[Ryan Stewart]

Example?

Locally there is a 17 year old girl who contracted cancer and, despite her parents having awesome insurance, they are already about $200,000 in the hole in expenses their insurance didnt cover. Insurance companies are raising rates and restricting coverage because other bullshit is eating into their profits.

Fuck, heeter is right. You must be reading too much shit on the internet. Everyone thinks Michael Dell started his superduper company by selling his car. They neglect the $60,000 capital loan. The car just paid his bills till he was able to make enough money sellin 'puters. Then to expand operations he had to incur a shitload of fixed cost/capital. Trump got his start on other peoples money. Walton, you cant move into new markets solely off the income of a fucking General Store. Buffet may have made some smart investments but he had to be given a million to start with. You have to HAVE money to invest it.

The wealthiest make their money by taking the right risks. Usually with other peoples money. If you are investing that means you are LOANING someone else your money. Either way someone loans someone else money.

I loaned TELMEX $600 of my dollars and got $3000 back a few years back. You think I would have loaned them that money I didnt think they could pay it back? Nobody would bet on your business if you paid in cash, that is, unless you are dealing drugs.

[Brian 89 325i]

I used to save about 25% every month to pay for school but had to change jobs so now I save nothing and have no more back up money. Bad place to be in. Good luck to me.

Plus my hobbies are all expensive as shit.

Brian

[AdironRider]

Im in college, and Im going to be about 30k in the hole with student loans once I get out. Ive taken out a small credit card just for gas and stuff. I pay it off completely every month out of my checking account and never really incure any charges from the credit card companies. Every six months or so my limit goes up as I build credit. Nice to know that if Im ever out snowboarding or something and I get hurt, or my car breaks down out in the boondocks, etc, Im safe.

[Jand3rson]

I don't have any real savings to speak of, but I have a good compnay-matched 401K with a Roth IRA at work, meaning that everything that goes into it is pre-taxed, so when I take it out, it comes straight out with no taxes. What savings I did have got burned up with some bills when I had my accident a few years ago, and recently with my wife having a baby.

We don't have a very good credit score, but we're very soon here going to be fixing that. We're taking out a small personal loan to pay of all of our oustanding bills and some other things that have fallen behind. I've been told by several people and a financial consultant that one of the best things you can do in regard to your credit score with outstanding debt is to pay it all off at once (with a loan, if you have to), that way instead of a bunch of payments every month to outstanding debts, you've just got the one bill due toward the loan. After that, we're going to stick to paying that loan off, and probably get a credit card from our bank, and start working on rebuilding our credit. What I've been told is a good way to start is to buy a few things on the credit card each month, then pay the bill as soon as it comes.

[e30sd]

i save 75% of every check. i want a house.

[Jand3rson]

i save 75% of every check. i want a house.

I wish I made that much money. :D

[E30 Wagen]

BTW.. You can track cash just as easy.. it's this cool new thing called a checking or debit card. I have this new fangled technology called "online banking" I can track everything I spend my $$ on with no problems. Even makes it easier to save!

I have one of those. I wouldn't say it makes it easier to save...

I remember when I got my first job at this restaurant when I turned 16. I spent probably more than half of my paychecks on CD's. I certainly don't do that anymore, but lately I've made a couple impulsive purchases, kind of like last summer with records, and also getting screwed on eBay for $175 on shitty junkyard euro smilies (FUCK). But I have wasted so much money at automotive shops with my e30 when I first got it - that's what I regret the most, being an ignorant fool about my own damn car. I carefully spend only to slowly repair/upgrade my troubled car and on $1 movie rentals a couple times a week. Working with my dad at $15 an hour all day isn't so bad, so I'm able to save up pretty well.

When you say yes to some things, you say no to many others.