The “Water Cooler” is a feature on Claycord.com where we ask you a question or provide a topic, and you talk about it.
The “Water Cooler” will be up Monday-Friday at noon.
Today’s question:
QUESTION: It’s hard, we know, but what are you doing to save money for the future? Share your tips and tricks with all of us.
Talk about it.
Kinda hard when i dont get paid much. But im not eating out much its become so expensive to go to restraunts. I also dont do any traveling. Vacations cost a lot of money.
Plan to stay away from amazon prime offerings.
Voting for Trump
Me too.
Nope.
Absolutely, no question about it.
Every paycheck I add to my savings and 401K. My savings should cover any car emergency, dental etc. I always have a little extra in my checking. I also have high yield CD account, not a lot of money in that, under $10.000 but a little extra cushion.
Common Sense and Dr. J I always thought republicans and conservative were about not relying on others, but being self sufficient. That is actually one issue I agree with conservative on. I don’t like people always playing the victim card, unless they are a true victim, house burning down, spouse leaving you high and dry etc. Trump is not going to put money in your savings or 401K.
“Trump is not going to put money in your savings or 401K”.
*
No Hanne, he isn’t, back when he was President I was able to do that myself, but not after Biden was finagled into the White House and inflation jumped up past 9%.
Labor Department says that the cost of living has risen nearly 22%!
Go grocery shopping and see how many items are twice the price they were 3 years ago.
Trump is not going to raise taxes or make bumbling financial decisions to cause massive inflation like Joe did… he has in fact promised to cut taxes again, the Biden/Harris administration has promised to RAISE taxes.
OK, so tell me all about common sense now.
I don’t want anybody to give me a handout. What I want is for the government to leave me alone and allow me to take care of myself.
Biden, through his horrible policies, has mad that nearly impossible. They have f’ed things up to the point that my costs have gone through the roof and I look over my shoulder when I’m in public, Biden (and now Harris) have consistantly backed policies to increase my costs and make the US less safe. And they have vowed to pursue policies to make it worse.
Life was better under Trump. It WILL be better under Trump.
Dr J,
To be fair…..That babbling sellout didn’t make decisions, he did as directed by the big-eared puppeteer.
I’m ashamed of both those b@$t@rds. One hates America, the other doesn’t know the difference.
OK, so Joe was just another useful idiot…. no argument there.
It goes something like this…
https://tinyurl.com/2m8cr8ht
I have been able to save and put just as musch money into my 401K, during the Biden presidency as I did under Trump. Prices are up, although the inflation have slowed down, and with some careful shopping it can be managed. I got a bigger pay raise under BIden than under Trump, however I don’t credit Biden with that, nor do I blame Trump, it was the decision of my company. They had to keep up with other businesess, like Target, or they would loose to many good people, and have trouble hiring new quality people.
So Biden just made shopping & saving more challenging for you…. and everybody else too, then promised to raise taxes higher as well…. on top of that we now have the good fortune to be paying for the food, shelter & medical care of 20 million foreigners who broke our laws by entering the country illegally with Joe’s blessing.
You must enjoy a good challenge Hanne, letting idiots squander your money …. I’m sick of it.
Invest, invest, invest. Compound interest. Just a simple S&P 500 fund with low fees. Even if it’s not much it will grow more than a bank.
Unfortunately this isn’t taught to the young or poorer classes. It’s the way the rich get richer.
I am retired, so I get a pension, plus social security. I save 100% of my pension, and live entirely off social security. My home is paid for, and the only bills I have are my utilities, internet, and phone.
@ DAWG ~
We are on the same page as you, … plus property tax and all the insurances, holy cow!!
Had our daughter (1982), I was going to go back to work, but childcare was going to eat 1/2 my income.
We decided for me to stay home, and the first 5 years were the hardest, …really tight budget.
Then, as his salary went up, we worked to pay down the house.
Then focused money which was house payments to his 401K.
I went back to work parttime for 5 years, when our daughter was old enough to drive to school & work.
My Hubby just retired end of May 2024. We both have our social security in June 2024.
We still budget a bit and don’t need to hit the investment money , … yet.
Not going out for dinners, movies, shopping and buying unnecessary items, .. just disappointments anyway.
Thankfully, our daughter & hubby are following our game plan a bit too.
They even grow some of their food like us.
It’s never been easy to save, but I feel it’s much harder for folks now.
Same here. I just don’t have a pension. I’ve never been a big spender and bought and paid off my home by working.
Just bought an electric car and have solar panels. Paid cash for both.
Traveling was business trips paid for by the company. Have no desire to travel today.
1. Spend wisely now.
2. Stash maximum amounts into my 401(k).
2. Rely on advice from my highly competent financial planner for my current Rollover IRA investments and for my retirement plans.
All excellent advise. Same advise I gave to our kids except that last one. Don’t rely on a financial planner. Educate yourself and do it yourself.
Financial planners can be helpful, but you have to educate yourself, so you can spot bad advise. Don’t follow any advise blindly, if it dosen’t feel right, trust your instincts.
To research an advisor go to “FINRA BrokerCheck” and you will learn a lot. If they have given up their securities license they will have their RIA designation and may be researched on the SEC IAPD (investment advisor public disclosure) website.
Or seek “advice” from someone who can “advise” you.
Not voting for democrat politicians. Hey bleed(tax) hard working honest responsible citizens endlessly to buy votes and to fill their bank accounts.
Planning my escape from California.
Amen.
Don’t have to, 20 years ago loaded up on stocks that pay good dividends, split a few times and rocketed up and have not worried since.
Social security happy to say I don’t even need.
Buying crypto and stocks
Trying to keep my wife from spending all of it.
Avoiding any investments with ESG exposure as they will always under perform.
21% of my income into my 401(k) and Roth Ira every week. Averaging a return of 21% Pretty soon retire and put this terrible place in the rearview mirror when I moved to Free America. I’ll be taking my money, guns, and freedom when I escape Communist California.
I’m retired. I was blessed that when I started my career I worked with some money savvy older women who taught me that on payday to “pay myself first. I invested in deferred comp and with a personal broker. I have a pension and have yet to touch my safety net investments. What little I get from SS I put in my credit union savings account for “emergencies” I also have always had 3 savings accounts at the credit union. The emergency account, a high yield money market and the “fun/vacation” account. And when I use a credit card the bill is paid in full when received. For the most part I live with my debit card which equals “cash basis”.
The stock market has been fantastic the last few years, so I put all the money I can in S & P 500. 20-24% growth there makes the 3-4% inflation not so important, especially with my modest spending. No pension for me, so this great environment for investing is important for my future.
It’s of utmost importance that we get required basic finance classes in high schools. Everyone should explain to the young folks in their lives how important it is to pay themselves first if working. Put $10 out of every paycheck in an interest bearing account. As they get older increase that amount. I didn’t listen to that advice until I was in my 30’s. If I only had. Remember that old Cosby show when he was trying to teach Theo about living expenses? Classic
Spot on! I have always done a personal finance unit in my econ class. I use compound interest calculators to show students the power of compound interest. I have some students who set up Roth IRAs when they turn 18 and start investing in high school.
California is adding personal finance to high school graduation requirements starting in a year or two.
THANK YOU MDUSD Teacher for doing that.
It’s always my pleasure. All young adults need solid financial knowledge to succeed.
And they love learning about it.
That’s terrific.
This next generation will have a tough time themselves maintaining the standard of living their folks provided. A financial education is imperative; the earlier the better.
No special overpriced Starbucks coffees or JambaJuice.
yeah, its amazing how many people complain how they struggle, yet I see convenience-related stores and stores that sell overpriced fast goods (fast food places, Seven Elevens, Starbucks, etc.) always busy.