How to start saving

LottaFun said:
Yes start your own business. Yes of course it might fail. Please tell Steve Jobs and Bill Gates that! They build computers in a heavy competitive environment in a time that people had hardly heard of the internet. Boy, were they doomed to fail!

Retirement - Strange thing. Put away as much as you can for the first 40 years of your life (age 20 to 60) so that you can live more or less comfortably for the next 30 (60 to 80). Do as little fun things as possible while you are young, so that you have money when you are old but do not feel like doing anything!
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I can show you a lot more people that failed in business than you can show me that succeeded. And picking those two as an example "cheapens" your argument. Pick 8-9 of your immediate neighbors instead.

The average working person needs to realize that his retirement is going to be in a three bedroom house with a Honda Civic in the garage.

Those that are destined to retire with more already figured it out and know how to do it. They don't need to be told how.
 
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Hamster said:
I can show you a lot more people that failed in business than you can show me that succeeded. And picking those two as an example "cheapens" your argument. Pick 8-9 of your immediate neighbors instead.

The average working person needs to realize that his retirement is going to be in a three bedroom house with a Honda Civic in the garage.

Those that are destined to retire with more already figured it out and know how to do it. They don't need to be told how.
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The average person working for a boss is going to retire in a three bedroom house with a Honda Civic in the garage.

The few that get paid enough to retire comfortably are one of the following:
- Specialists in their field
- A friend/relative of someone important (tenderpreneur)
- Struck it lucky (inheritance, brain wave idea, lottery)
- Lived very frugally and made wise investment choices
- Self-employed (pay your own salary)
 
IMHO, and I agree with Hamster here, is that being able to retire comfortably has less to do with being paid enough, and more to do with responsible money management.
All of those individuals you mentioned above can still end up out of pocket in their old age.
People don't seem to get that.
 
Hamster said:
I can show you a lot more people that failed in business than you can show me that succeeded. And picking those two as an example "cheapens" your argument. Pick 8-9 of your immediate neighbors instead..
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Was the LottaFun post you quoted deleted? Can't see it on Tapatalk?
 
LottaFun said:
Retirement - Strange thing. Put away as much as you can for the first 40 years of your life (age 20 to 60) so that you can live more or less comfortably for the next 30 (60 to 80). Do as little fun things as possible while you are young, so that you have money when you are old but do not feel like doing anything!
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Massive issue with this post. Why spend 40 years working your ass off and only enjoying the last 30 when you have much less energy to do the things you always wanted to do?
 
LottaFun said:
Dem I am going to agree and disagree with you all. Saving in itself is not enough, but saving towards a goal makes sense. Let me explain what I mean. You put money aside every month. You might get 5% growth on that money per year. Whoop-de-doo. That is peanuts. Now let's say you save to buy a scooter that will save you on buss fare every month, now that makes sense. If you want to start a business that might generate extra income, saving for that makes sense. You want to buy a house and put down a big deposit to cut down on the amount you have to lend, that makes sense.

If you save, you must have a goal/idea how to grow that saving. The guys that know call it "letting your money work for you". Just putting money aside and restricting your life makes no sense. You might as well throw the towel in now already, because if you can't save more that what the speed of inflation is growing at, it will be a fruitless exercise.

Let me give you a practical example. I bought a policy when I started working and in those days my car installment was R400/month for a brand new Renault 5. That policy paid out after 30 years a total of R36 000! I couldn't pay a years school fees with that money! Why, inflation and cost of living increases.

The best advice I can give you, save and start your own business. Start small. My parents should have told me that.
That is my life experience!
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The point is to actually be saving, which is primarily where most people fail.

A person getting 5% per annum when saving R1000 a month is still sitting with R12600 at the end of that year as opposed to the person who didn't save at all and is sitting with -R???.
 
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