It blows my mind how.....Vol. Finances (yes, another thread about money)

[blackredxiiigoat]

Some people in their early to mid 20's (maybe even late 20's) can have a such a substantial amount of money saved, or put to the side to invest in freely.

I understand a lot of people don't have those extra funds, but reading some of these recent finance related threads on NT, I see some cats 24, 25, 26 etc. with serious bread saved.

I graduated college at the age of 21, and just turned 24 last week. With taking a year off inbetween going back for my Master's, I have 1 year left before I'm done for good. Going to college (for the most part) prevents you from working enough to really make money, and you're more than likely racking up loans too.

I spent a lot of my money on bs late in my high school career and during undergrad (not like I was making much anyway). But even if I would have been more fiscally responsible from early on, there's no way I could have approached such a high level of savings like I see some people with.

I'm now selling most of my collection to get some of that back and help towards a downpayment on a home but....

My question is, those WITH a substantial amount of savings around my age, how did you get to that level?

Was it as simple as working hard, all the time, and putting some to the side every chance you got? Was there some sort of small, inital investment that turned out to be very rewarding? Or did you land some sort of inheritance or gift from your parents? (I'm being partially serious with that last one).
Did you work full time and still live at home with your parents before moving, allowing you to save quicker? Just curious as to the different scenarios people have faced...

 

[fenixconnexion.]

what amounts are we talking about?
i got some jewish friends that got a lot of $ from their barmistvah (sp?)

one dude got 22k and this was in high school

 

[proper english]

its all about living within your means..

 

[blackredxiiigoat]

Absolutely agree that living within your means is crucial.

I have a younger sister who just graduated high school, told me one of her friends who she graduated with (and pushes a Benz) got 14k for HS graduation

.

Something like that (if you're smart enough to save most of it, at 17, 18 years old) is a great jumpstart.

Me personally? I didn't have anything and I mean anything, saved during college, which I'm pretty embarrassed to admit. Truth is though, I know a lot of people that were in the same boat, and hell, a lot of em had multiple credit cards to go along with their student loans (that's a discussion for another day).

 

[north dade represent]

Man you can't worry about them folk. What you worry about is your situation right now, and if you're being fiscally responsible. If you're not blowing some serious change then you're good.

I spent a lot of dough in my early/mid twenties on stuff that I'd consider wasteful now, but hell I had a lot of fun. Yeah, I probably blew an average of 4-5 stacks a year on stuff I'd never consider buying now, but that's what made me happy at the time. Now I'm more conservative, have a house, no car note, decent savings, and stacking paper for the long run. I couldn't care less about the dude my age with $150K in the bank. Good for him. Most dudes I know with that kind of money are just going to end up having more kids than me and will spend it on them anyway, or they get to retire a few years earlier, whoopdy doo.

 

[color me green]

Learn where you're money is going and avoid temptations. It's all about discipline. 

 

[lazyj10]

No debt.

I swallowed my pride and lived at home upon graduating for a year. You can save a lot if you don't immediately cop a whip upon graduation like a lot of people do. I saved half my salary at least in that first year which allowed me to buy a place to live.

 

[1nyceballa]

Hopefully I can be like some of you cats thats in there early 20's and have bank. Im graduating college next summer with an accounting/finance degree (I'll be 21 when I graduate). Im really good at saving money. Some people say im tight with it but I dont think so. Im just not really materialistic (other than shoes). Hopefully I can get a decent job though

. Wish me luck. O yea and them loans are gonna be a $+*%*

 

[joe camel smooth]

i have been blessed in terms of family finances

but even so i feel poor as hell compared to a few of my friends and acquaintances

one of my friends, for example....he's 18....his dad gave him $250,000 cash to spend for THIS SUMMER ALONE. no joke....family is beyond loaded, and they are arabs from london, not to stereotype but that set is not exactly shy about spending extravagantly.

have multiple other friends with trust funds with $ amounts you wouldn't believe.....

not to mention the extravagant gifts and rewards some parents shower their kids with. girl i know's parents gave her 100K because she got a's and b's ONE SEMESTER. know tons of kids who got 150K+ cars for birthdays, graduation, etc.

lol what can you do man you just gotta focus on yourself....money isn't that important in the end. and if you have to work for it i GUARANTEE you'll be a lot smarter with it and make it go farther than those who are handed everything. 

 

[whyhellothere]

Originally Posted by JOE CAMEL SMOOTH

one of my friends, for example....he's 18....his dad gave him $250,000 cash to spend for THIS SUMMER ALONE. no joke....family is beyond loaded, and they are arabs from london, not to stereotype but that set is not exactly shy about spending extravagantly.

have multiple other friends with trust funds with $ amounts you wouldn't believe.....

not to mention the extravagant gifts and rewards some parents shower their kids with. girl i know's parents gave her 100K because she got a's and b's ONE SEMESTER. know tons of kids who got 150K+ cars for birthdays, graduation, etc.

my life aint +*!#

 

[three2three]

Don't worry...this is NT after all and I can guarantee 90% of the posts about money are all tales of a pato.

In real life..people are just living.

at like 23-24 I had 50k saved up (I provided proof on the other site in a tiff with ben baller, lol) but as soon as I bought a house it all went to repairs, remodeling, furniture, etc. Now Im lucky to save a 1k for the year, lol. I usually spend it on trips and eating good.

Pay off all your debt. Buy a used car (certified) gets you better rate and warranty. Start with 50-100 a month and you'll get the hang of it.

 

[the notorious bum]

Originally Posted by proper english

its all about living within your means..

this.


Im 20 have a decent amount of money saved up and plan on buying a house within the next 6months yet drive a bucket for a car.

 

[Betonblck]

Dudes get money from their parents.

 

[jusdre86]

if young dudes can afford every retro that come out, instead of buying the kicks put that joint in the bank

 

[adiosburritos]

dumb people buy dumb stuff to impress strangers

 

[wawaweewa]

Many people are just stupid with finances. Some of this isn't their fault.
The concept of "within one's means" is very important but many do not understand it all. We're a consumer driven society and because of that, people's views are twisted. It's sad to see because you realize that their lack of money management will only lead to bad things down the line. Good money management doesn't guarantee anything but what it does is allow you to get back up after you fail in life. You will fail. Everybody's fails. Many times, it won't be of your doing. Poor money management makes that inevitability too costly. 

The average person in the US doesn't understand how twisted others money management philosophy is because it seems normal to them. Driving 40k cars on a 40k salary is "normal". Buying the highest end electronics on a median wage is "normal". Taking 10k vacations on a 50k salary is "normal". Spending $100/week on takeout while making 45k is "normal". 

I've had the good fortune to save a "decent" amount of money at age 25 by most American's standards but in reality it's very little if you look at the bigger picture. 
Moral of the story is maintain it and grow it anyway you can. There's no single correct way. 
 

 

[finnns2003]

Originally Posted by JOE CAMEL SMOOTH

lol what can you do man you just gotta focus on yourself....money isn't that important in the end. and if you have to work for it i GUARANTEE you'll be a lot smarter with it and make it go farther than those who are handed everything. 

It's not that important in the end, but it is. You cannot survive without it. And it adds a lot more stress in your life if you don't have it but need it, than to have it and not need it. Trust, coming from someone who got a lot at an early age...
And oh yeah, remember kids, save it and don't blow it.

 

[joe camel smooth]

Originally Posted by finnns2003

Originally Posted by JOE CAMEL SMOOTH

lol what can you do man you just gotta focus on yourself....money isn't that important in the end. and if you have to work for it i GUARANTEE you'll be a lot smarter with it and make it go farther than those who are handed everything. 

It's not that important in the end, but it is. You cannot survive without it. And it adds a lot more stress in your life if you don't have it but need it, than to have it and not need it. Trust, coming from someone who got a lot at an early age...
And oh yeah, remember kids, save it and don't blow it.

how's that kanye line go? "money isn't everything...not having it is."
i think that sums it up pretty well. agreed you can't survive without money, but once you have enough to survive the returns additional income provides diminish quite rapidly. yet people get very caught up in accumulating as much as possible. 

 

[wawaweewa]

Originally Posted by finnns2003

Originally Posted by JOE CAMEL SMOOTH

lol what can you do man you just gotta focus on yourself....money isn't that important in the end. and if you have to work for it i GUARANTEE you'll be a lot smarter with it and make it go farther than those who are handed everything. 

It's not that important in the end, but it is. You cannot survive without it. And it adds a lot more stress in your life if you don't have it but need it, than to have it and not need it. Trust, coming from someone who got a lot at an early age...
And oh yeah, remember kids, save it and don't blow it.

Money is important. In the beginning, the middle, and the end.

It's even more important if you look at it as a means to an end ( a tool), rather than an end in and of itself. 

 

[Majorbread]

Originally Posted by proper english

its all about living beneath your means..

fixed for me personally, i like the sound of this better lol

 

[wawaweewa]

Originally Posted by JOE CAMEL SMOOTH

Originally Posted by finnns2003

Originally Posted by JOE CAMEL SMOOTH

lol what can you do man you just gotta focus on yourself....money isn't that important in the end. and if you have to work for it i GUARANTEE you'll be a lot smarter with it and make it go farther than those who are handed everything. 

It's not that important in the end, but it is. You cannot survive without it. And it adds a lot more stress in your life if you don't have it but need it, than to have it and not need it. Trust, coming from someone who got a lot at an early age...
And oh yeah, remember kids, save it and don't blow it.

how's that kanye line go? "money isn't everything...not having it is."
i think that sums it up pretty well. agreed you can't survive without money, but once you have enough to survive the returns additional income provides diminish quite rapidly. yet people get very caught up in accumulating as much as possible. 

It depends on your goal. 
If I want to build a holding corp as large as Berkshire, is there ever such a thing as enough? If I want to corner the Silver market, can I do it with 10MM?

If you look at money as a means to an end, then there's never enough.  

 

[calibeebee]

Originally Posted by adiosburritos

dumb people buy dumb stuff to impress strangers

cot damn how many cats have this as they avy???!!

 

[creamofdacrops]

Originally Posted by North Dade Represent

Man you can't worry about them folk. What you worry about is your situation right now, and if you're being fiscally responsible. If you're not blowing some serious change then you're good.

I spent a lot of dough in my early/mid twenties on stuff that I'd consider wasteful now, but hell I had a lot of fun. Yeah, I probably blew an average of 4-5 stacks a year on stuff I'd never consider buying now, but that's what made me happy at the time. Now I'm more conservative, have a house, no car note, decent savings, and stacking paper for the long run. I couldn't care less about the dude my age with $150K in the bank. Good for him. Most dudes I know with that kind of money are just going to end up having more kids than me and will spend it on them anyway, or they get to retire a few years earlier, whoopdy doo.

That's kind of the way I look at it. I feel like a lot of people keep saving and saving just to say they have that much money, then die, give it to their child(ren) and the cycle continues. Why not spend just for the sake of being elated? It is just money.

 

[dallassneakerhead08]

Originally Posted by 40inchBoost

Originally Posted by proper english

its all about living beneath your means..

fixed for me personally, i like the sound of this better lol

The sooner you learn, the better off you are.

 

[finnns2003]

Originally Posted by wawaweewa

Originally Posted by finnns2003

Originally Posted by JOE CAMEL SMOOTH

lol what can you do man you just gotta focus on yourself....money isn't that important in the end. and if you have to work for it i GUARANTEE you'll be a lot smarter with it and make it go farther than those who are handed everything. 

It's not that important in the end, but it is. You cannot survive without it. And it adds a lot more stress in your life if you don't have it but need it, than to have it and not need it. Trust, coming from someone who got a lot at an early age...
And oh yeah, remember kids, save it and don't blow it.

Money is important. In the beginning, the middle, and the end.

It's even more important if you look at it as a means to an end ( a tool), rather than an end in and of itself. 

True words. I think the most important part of it is to be able to fulfill life's balance, without the overconsumption.

Originally Posted by JOE CAMEL SMOOTH

finnns2003 wrote:

---

JOE CAMEL SMOOTH wrote:

---

lol what can you do man you just gotta focus on yourself....money isn't that important in the end. and if you have to work for it i GUARANTEE you'll be a lot smarter with it and make it go farther than those who are handed everything. 

It's not that important in the end, but it is. You cannot survive without it. And it adds a lot more stress in your life if you don't have it but need it, than to have it and not need it. Trust, coming from someone who got a lot at an early age...
And oh yeah, remember kids, save it and don't blow it. 

how's that kanye line go? "money isn't everything...not having it is."
i think that sums it up pretty well. agreed you can't survive without money, but once you have enough to survive the returns additional income provides diminish quite rapidly. yet people get very caught up in accumulating as much as possible. 


Yep.

I think, like I said, overconsumption is toxic. I've lived that life. The key is balance. Now, if you're getting $250k in a single summer, well... Time to travel!