I just read a post that you should just spend all your money because saving it doesn’t make sense. And it made me think…. What if it all was for nothing and I should just enjoy my life?
What would you say?
I just read a post that you should just spend all your money because saving it doesn’t make sense. And it made me think…. What if it all was for nothing and I should just enjoy my life?
What would you say?
There is a balance. You shouldn’t destroy your quality of life to hit a certain savings percentage, but you also want to save enough to be self sufficient and have a good quality of life during emergencies and retirement. It sucks to heavily save and then die younger, but it also sucks to get to retirement and live poor.
Sounds like a great idea, if you want to be homeless at the first unplanned life event!
Quoting the words of the Oracle of Omaha:
Do not save what is left after spending, but spend what is left after saving.
Because I lived through the 2008 recession. There can come a day where your job will lay you off and it will take a year for you to get back to making any adequate income. In this time, rent, utilities, food, all of that doesn’t stop. This is how people end up evicted and homeless and it’s very hard to get back to the place you were. After you save an emergency fund (and are paying for necessary insurance), you can (and should) enjoy your life by spending your money.
That’s stupid.
Sorry but how does saving your money so you don’t land in a crisis and can use your money the way you want?
Look, I could buy custom Nikes and 300 lobsters or whatever with my money, or I can save so that I can make bigger purchases (and prepare for a rainy day)
I would say that is astoundingly shortsighted.
It’s all a matter of personal perspective. Back in the late 90s/early 2000 time frame I spent money as fast as it came in. At that time I assumed that I would always have another pay check in 2 weeks and could get by easily.
Then I got laid off during the Dot Com collapse and it took me several years to find a good job to replace the one I had lost. I went from having plenty of money to spend whenever I wanted to barely managing to scrape money together to keep from being evicted and to cover my wife’s medical bills.
As I have gotten my finances back on track I’ve made putting money aside for savings and investments a priority unlike how I did years ago. Now if something bad happens I do not have to worry because I have the money to cover almost any emergency. In the worst case, if I have to I can liquidate some of my investments and use that to cover a true emergency.
Having money in savings gives you options for dealing with the inevitable unexpected things that happen. Whether it’s a car that suddenly needs repairs or an appliance that died in your house, having a good savings plan can take something that for most people would be “Oh, Crap!” and turn it into “Oh, well.”
You need to look at your own finances and decide what is the best choice for you. You may not be able to save as much as someone else or simply may not want to. As long as you’re prepared to accept the consequences of your own choices, go with what you feel is best for you.
Life ins’t enjoyable if you have an emergency you can’t cover. Find a balance.
Where is that post and what’s the context?
I was poor in high school and college and qualified for need-based financial aid. Had I saved any money from working, my financial aid would have been reduced. So at that time it didn’t make sense to save, at least not in any bank account.
People receiving SSI would lose their benefits if their assets exceeded something like $2K per person or $3K per couple. It doesn’t make sense for them to save beyond that limit either, because they’d lose their benefits.
People who are retired with guaranteed (and sufficient) income for life don’t have to save money, because they’re set. If they do save any money, they may end up spending it on healthcare or assisted living or hospice, which they’d likely get regardless of whether they do or don’t have money. It makes sense to live it up before it’s too late.
I’m sure there are other exceptional situations where saving money may not make sense. But if those situations don’t apply, then not saving money does not make sense.
Edit: just thought of another one — people living through hyperinflation. It doesn’t make sense to save if your savings can become worthless quickly.
You need to do both. Most of those YOLO people will, in fact, not die early and will have massive regrets in their older age when they’re begging their kids for money or eating Alpo toward the end of the month.
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