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Do You Save $$$ Reguarly?
mikerussell
post Jun 17 2013, 07:00 AM
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Saving money is essential. As they say, you should live off 80 % of your income & save the other 20!
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Jackie0433
post Jun 17 2013, 06:59 PM
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QUOTE (Rhyker @ Feb 23 2010, 07:03 PM) *
I invest most of my money in long term managed investments. When you want some good education on the subject buy the entire Robert Kiyosaki book range and search for a local cashflow club meeting to play the cashflow 101 and 202 games.

Saving money is absolutely useless, that's what broke people do. You have to create assets that generate you a continous cashflow of passive income.


I love the way you think! Haha my thoughts exactly.


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ShadowWolf
post Oct 2 2013, 05:36 PM
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Of course, you will want to start out by having a back up savings fund that can be used in case of emergencies for rent or house payment, utilities, moving expenses, etc. Then a secondary fund for car repair and other expenses you might not expect. Once you have a significant amount saved you can put that money into an interest bearing CD (should be short term so you can access the money when needed). Next you should establish some type of retirement account that cannot be accessed regularly without penalty. And, then have a small portion of your paycheck deposited. Or, have your bank automatically transfer money into that account every month. Over time, all this money will add up.


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eagleteamventure...
post Oct 10 2013, 08:52 AM
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I would avoid altogether long term managed assets because the fees you pay will cause you to largely underperform the market as they come right out of the profits. After trading on Wall Street for a few years, I observed first hand that most investment companies are useless at outperforming the S&P 500 because it is incredibly difficult to time the market effectively. If you don't want to invest straight in the market, I would suggest putting your money with one guy who actually has outperformed the market consistently over the years, Warren Buffett, and buy his Berkshire Hathaway Class B shares, BRK-B.


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Kirstwyn
post Oct 23 2013, 04:50 PM
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QUOTE (mikerussell @ Jun 17 2013, 08:00 AM) *
Saving money is essential. As they say, you should live off 80 % of your income & save the other 20!

With daily expenses being as they are sometimes it's difficult to tuck away even five percent of monthly income much less twenty percent.


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ShadowWolf
post Nov 8 2013, 08:09 AM
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QUOTE
With daily expenses being as they are sometimes it's difficult to tuck away even five percent of monthly income much less twenty percent.


Time marches on. You need to save now so you can have a good lifestyle when you retire, otherwise you will end up living in poverty or being homeless or having to work during your elder years.


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rasinde
post Dec 5 2013, 08:21 AM
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saving is good for all. but we need make saving which can get more money. it mean your saving money must be invest. i saving everymonth and i invest it on forex market, stock market
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Ralfs
post Dec 7 2013, 08:04 AM
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QUOTE (mikerussell @ Jun 17 2013, 08:00 AM) *
Saving money is essential. As they say, you should live off 80 % of your income & save the other 20!


Or, or, invest the 20 and live of 80.
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DarioMontesdeOca
post Mar 11 2014, 01:55 AM
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Current strategy is 10% of monthly income plus $2 a day set aside for investments, this will continually go up as time goes on


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resincome
post Mar 30 2014, 10:16 PM
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They say you should save at least six months' salary for emergency funds. Savings rate is too low so investing in diversified mutual funds is best.
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DarioMontesdeOca
post Mar 30 2014, 10:25 PM
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QUOTE (resincome @ Mar 30 2014, 11:16 PM) *
They say you should save at least six months' salary for emergency funds. Savings rate is too low so investing in diversified mutual funds is best.


Yeah right, mutual funds are one of the riskiest investments because you have no control over them and you make the banks rich instead of yourself.
Choose your teachers wisely!

https://www.youtube.com/watch?v=TlWOCvjQveg


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resincome
post Mar 30 2014, 10:34 PM
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QUOTE (DarioMontesdeOca @ Mar 30 2014, 11:25 PM) *
Yeah right, mutual funds are one of the riskiest investments because you have no control over them and you make the banks rich instead of yourself.
Choose your teachers wisely!

https://www.youtube.com/watch?v=TlWOCvjQveg



Not true, I used to think that way & was afraid to invest, leaving money in a low rate savings account of less than 1%. In Vanguard, you have control & keep track of your mutual funds every day, can switch to a different fund or exchange it to a treasury account if you want with no charge. I wished I did that a long time ago.

This post has been edited by resincome: Mar 30 2014, 10:36 PM
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