Quote:
Originally Posted by Slava
Frankly, most people need to realise that returns are not the major part of the equation; saving is. If most people would just put the money away in the first place and worry about these issues after they would be in a better position.
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I think this thread is getting a little off topic.
Discussing ETF funds performance is not the point of this discussion. I do concede that talking about specific real estate investments isn't either, so I won't go into details about purchasing a personal residence or investment property for that matter anymore either
The point is that many people in their 20's, and 30's (moreso than 40's I believe) are not saving enough, are overly materialistic, addicted to spending, are too in debt, and in large part, do not have the means to get out of debt or save up money for the long term.
I have heard alot of good ideas on this thread as well as anecdotes from younger individuals that managed to get debt free and are doing well for themselves by living within their means.
Lets continue to discuss solutions / ideas on how to live our lives sustainably and in our means.
Here are some ways I was able to save up money after graduating University:
Every month I would put away $2,000 in savings no matter what.
I would clear that every two weeks from my office job, which meant I had the other paycheque to pay my mortgage with, utilities, bills and groceries.
I got a second job working as a bouncer a couple nights on the weekend to pay for anything extra, like gasoline for my truck (paid off), insurance, and anything I couldnt cover from my regular office pay cheque.
I got a roommate to live in the house I purchased to also offset high utility bills in the winter, misc vehicle repairs, hockey registration fees, etc.
Because I was working on the weekend at the bar, I wouldnt spend any money getting loser pissed (drinks, taxi's, cover charge) and I would still get to experience a good time at work.
I never bought new clothes. I had 3 pairs of decent jeans i bought for under $100 that would last me a year. I would buy a new dress shirt for work maybe every 5 months.
My only vice would be spending 3.50 at lunchour on a 6 inch sub, or more if I went to Edo!
A year after I bought my house I had saved up over $20,000