Investing 102

[WILWAXU]

Originally Posted by GregWeld

I doubt anyone reading this thread is in this situation -- but if they/you are.... they/you only have yourself to blame. Saving and investing is a discipline... if you have no discipline... Well.... good luck 'cause you're going to need it.




62% of Americans have less than $1,000 in a savings account. Even at higher income levels of between $100,000 and $149,999, 44% had less than $1,000.


66 million Americans have zero dollars saved in an emergency fund. 47% of Americans could not afford an emergency expense of $400.


43% of working-age families have no retirement savings at all. The median working-age couple has saved only $5,000 for retirement. 70% of couples have less than $50,000 saved.


65% of credit card users carry a balance (don’t pay off their bill every month), paying an average interest rate of over 15%. The average credit card debt for households that carry a balance is $16,048.

Yup, it's crazy. Glad I was able to work my way out of that mess. I do wish I would have started earlier .. but thankful everyday for where I am.

[GregWeld]

Originally Posted by AMSOILGUY

I can say not to terribly long ago I fell into at least one of those categories. I sort of look at my brokerage account as a savings. It's available if I need it. I put in a little over 6k last year.

AWESOME!!! You should be proud - you looked - you understood - and most importantly -- you took action. Words are just BS --- but actually DOING --- AWESOMENESS!

[mdprovee]

Greg, before this thread I was in that boat. But after several years of plucking away, we are turning the corner, rely less on credit, have a little savings, and paying more cash. We are getting there, and as always, thank you for your information.

[captainofiron]

ROTH IT IS!
haha

thanks.

As far as those figures, I read an article recently about the 8 money mistakes middle class people make. It had quite a few of those. I think I was only guilty of #8 (relatively big car payments)

http://www.businessinsider.com/8-mon...-making-2017-3

but some of that just blows my mind.

I had a coworker the same age as I was who did not put any money into his 401k, had virtually no savings, and had 3 cars on a lease. But then again he chose to live with his roommates (parents) and was in his 30s...

[GregWeld]

Originally Posted by mdprovee

Greg, before this thread I was in that boat. But after several years of plucking away, we are turning the corner, rely less on credit, have a little savings, and paying more cash. We are getting there, and as always, thank you for your information.

Good to hear Mike!!


Hey == we're running Thunderhill this month = April 22/23rd

And then I rented Thill for May 18th for a private track day for a few buddies to run ====== the FIRST ANNUAL I AIN'T DEAD YET RACE..... Love to see ya!

[GregWeld]

Originally Posted by captainofiron

ROTH IT IS!
haha

thanks.

As far as those figures, I read an article recently about the 8 money mistakes middle class people make. It had quite a few of those. I think I was only guilty of #8 (relatively big car payments)

http://www.businessinsider.com/8-mon...-making-2017-3

but some of that just blows my mind.

I had a coworker the same age as I was who did not put any money into his 401k, had virtually no savings, and had 3 cars on a lease. But then again he chose to live with his roommates (parents) and was in his 30s...

Good on the ROTH -- it's a true gift -- the younger you are the more the gift will be because taking all those gains and dividends TAX FREE == just WOW that can be so YUGE! LOL


It really makes me happy when I see and hear everyone here gaining some traction. And while it might seem paltry or "not much" now..... I know in my heart of hearts that the compounding will show people how great it can be with just a little bit of time.

Now -- if we can just avoid these financial calamities in the market (1999 dot.bomb bust = 2007 housing bust)..... but even WITH THOSE people would be so f'n far ahead!!

[SSLance]

Originally Posted by GregWeld

And then I rented Thill for May 18th for a private track day for a few buddies to run ====== the FIRST ANNUAL I AIN'T DEAD YET RACE..... Love to see ya!

So hope I can make the second annual event!! I'll be much closer by this time next year!!!

[GregWeld]

Originally Posted by SSLance

So hope I can make the second annual event!! I'll be much closer by this time next year!!!

YOU WILL BE INCLUDED!!

[carbuff]

Originally Posted by GregWeld

Good to hear Mike!!


Hey == we're running Thunderhill this month = April 22/23rd

And then I rented Thill for May 18th for a private track day for a few buddies to run ====== the FIRST ANNUAL I AIN'T DEAD YET RACE..... Love to see ya!

Love this! And a bit jealous!

[GregWeld]

Originally Posted by carbuff

Love this! And a bit jealous!

LOL ---- "things" (as you're all well aware) have changed a bit for me.... It might be hard for me to do - but I'm going to start having even more fun in my life going forward.


Too bad you're so far away. Although we took a vote -- if you'd arrive with The Salt Lick brisket and some ribs you may be considered! LOL