Is it all worth it?

[Mirah Nirvana]

I'm 25 and I absolutely love that post! I've been living on my own for over 2 years, and if circumstances were different I would still be living at home (I have a little brother who also lives at home, rent free, and no job...see the issue?).

I moved into an apt with rent that I can easily afford, and I don't plan on moving any time soon. I'm really taking a hard look at what I think I want, and I find out it's not much. I like to travel, and see different places, but I don't have to be in the most luxurious hotel with a bunch of things I won't use. I think for most of us, the problem is excess. It's thrown in our faces, and people are just eating it up. I've taken more proactive measures to protect myself from such influence. I know there are people who are above such influence, but there are so many implicit ways that consumerism and the culture of "more" can get into your subconscious.

I have this goal to be able to retire by 45 if I choose to. That means saving and learning more about what Mirah wants and needs. I'm also a believer in doing what you love (or fulfilling your purpose in this life). If I can do that and make a living then I'll keep doing it until I can't do it anymore. There is freedom and truly having a choice to leave a job for whatever reason, not just another job. I'll be following this thread closely! Thanks so much for posting

[fuzzy_slippers]

I'm not with this idea entirely. I love my job. It would be much harder on my lifestyle if I had to foot the bill for all the tools I need it if I were "in business" on my own/for myself. I spend what I want and I save what I want. To me, every good decision I make is worth it.

[MissChelle]

This way of making it work doesn't really help people who are stuck in the cycle. Bottom line: you have to have money to save money. If a person is working a low income job, or multiple low income jobs then they won't always have money to save. They may be happy in the profession or job that they are working but it is not enough to set your self up for the future. Would you rather work let's say for 10 years at a job/ profession that you hate because you will make more money and be able to set your self up for a future; or would you rather do what makes you happy, even if it's not paying the bills and you're only scraping by?

I think this is a lesson that needs to be taught from parents to kids by example. Once you're out on your own it can get hard to budget, plan, and save.

[Intellexual]

Some lifestyles and working (business) situations cost more money to maintain than they're worth, especially once serious fashion and social obligations spell the difference between advancement and being stepped over. People of color, in particular, can have a huge disadvantage when it comes to the social intangibles. The amount of energy it takes to maintain an appropriate profile is far more than it takes to do any actual "work" exceptionally. The appearance-sake expenses can get someone caught up in a fiscally irresponsible and socioeconomically intersected cycle of dependency.

If one is able to make a decent profit and avoid overhead from imposed social machinations, the third biggest hurdle is getting over their indoctrinated or interpersonally influenced "lifestyle". The number one slave driving game that employers and "society" work hard to sell to people they want to be able to fleece are the choices LBellatrix overviewed.

When you catch some life cancer, each one adds at least 5-15 years to your workload. You can overcome that by not sleeping, going to school while working FT, leveraging unhealthy coping mechanisms, or getting lucky enough to be able to lean on very loyal and healthful people. When you are bringing money in, usually the people closest will not be an asset without coming at prohibitive cost. The breadwinner in any social dynamic is likely to be obligated and responsible to such a degree that they're living an indebted lifestyle before they even try to treat themselves or buy some form of relief/release. So, "having people" is a wildcard that either works very well or goes terribly wrong (as people always have the alluring potential to be more valuable than money).

There are people who can live well below the bleeding edge of their income but they feel entitled and obligated to do otherwise. With that sort of mentality and the likelihood that most people will catch life cancer before they know what hit them, the option to eat and sleep well while trying to build up and upon some peace and security can be beyond daunting. The hardest yet easiest way for people to destress and gain ground is to focus on making their income (it is money; much more than most people make) stick to them. Everything you buy can be used to bring in more health and profit. If it doesn't, it's a luxury or cancer that you can hone in on to dump or scale down.

For the most part, child(ren) makes for the only permanent life cancer. But it gets discernibly better or worse if you're having them live in a manner that contributes to your family or if they're being spoiled and taught to consume and just be (at your expense). No one with these mentalities and teachings (forfeiting their income) gets the outcome they otherwise deserve. Whether folk make minimum wage or hundreds of thousands per event/game, it's the same mentalities and being sold (as slaves) on ideals built on indebtedness and glorified servitude.

[Vavoon]

We're about the same age, I'm 25, but there is no way I could afford to save any of my check, let alone almost 60%! LOL, I wish!!!! I barely make ends meet, and owe too many companies money right now. I need to start saving though. I feel like I'm in a hole with no way out. I'm going to find one though. Some how...

I shouldve been more clear - all of that is for my apartment/emergency fund so im actually saving 30%. Once i get my apt this amoubt will decrease rapidly

I plan on having one kid. I feel like for every child you have, you postpone your retirement by 10-15 years me thinks

[Beryl]

Some of you know that I'm right in sync with the early retiree.

I've been retired now for 2 years and not looking to work for an income. It is possible because of being debt-free. I'm driving a 2010 Chevy (3rd car after leaving college in 1982) with zero plans to get another car until the self-driving electric car has been released. I'm comfortable but not rich.

I could not have done this so young if I hadn't lived frugally in my 20s and was continuously employed (IBM - now a crappy place) for 29 years. I didn't go on those cruises and didn't buy all of those designer bags and shoes. I stopped renting and built up net worth with homeownership - not the most expensive property but what I could afford. I didn't furnish my homes with fancy stuff. Most importantly, almost 20 years ago, I went NATURAL.

Not having children helped my situation but a working couple with one (or two) child can do the same since two people can live cheaper than one.

Another advantage for an early retiring black person is that we don't necessarily forgo youth for early retirement. My doctor told me Monday that I look "at least 10 years younger than your actual age." She also told me that I could easily start a new career because most people would think. I was about 40.

IMO, black people are under MORE stress on the job so we are possibly prolonging our lives by planning for early retirement. If, after retiring we want to work, we can do so because we WANT to - not because we HAVE to work.

[crépue]

I liked school and I enjoy work. I don't feel like I'm "forced to do something" or that "'I don't want to be there". I'm now in my 30s, owning my own business and trying to be responsible with money because I don't want to be in deep shit in my old age, but I didn't save (and didn't get into debt either) in my 20s and from where I stand right now. I'd rather work 5-10 years longer and have the experiences that I've had then, than forego of that so that I could retire at 55.

[gcandis]

Its totally worth it...having your car break down or having major house repairs and not stressing about how to pay for it is comforting. I'm not financially free at 32 but I can see myself near that goal in the next 10 years,

Being free of consumer/student debt is key....I like to think the ideal state of having a job is to build wealth via investments/real estate vs paying the bills or debt. The fact that there was a study that said only half of americans have less than 25K saved for retirement should be a wakeup call. To achieve long term goals sometimes we need to give up instant gratification.

I keep a finance journal where I write my long term goals (no more than 5 yrs) and breakdown that into yearly benchmarks. Over the years its amazing how far I've progress. I still enjoy a 2 week vacation but I cut down other expenses (I walk to work, drive a paid off car, shop at the farmers market, goodwill and outlet stores etc.,)

Educate yourself financially by reading up and doing your own taxes....

[Savvyone]

Many of us are seeing income levels our parents could only dream of, so we should collectively be saving more right? WRONG. And it's not just young folks caught up in the bling, it's older folks sending their kids off to college and buying a bigger mansion for just 2 people, straining two incomes to pay the mortgage and for what?? Alot of it is fear too, haven't we heard "money is the root of all evil" most of our lives? That kinda stuff gets in your psyche and will keep you from ever having any and when you do get some you'll mis-manage it...endless cycle....Money is a tool, PERIOD.

Figure out how you want to live your life (no matter your age), it's NEVER too late and start making steps toward that path...yeah I wish I had been wiser in my 20s but hey, can't get those years back so I'm operating from a smarter/focused place right now and going forward. I love to travel, so I have to include it in my budget, I'm not waiting til my 60s or 70s to do that Tahiti or Galapagos vacation, I'm saving up and marking them off my "bucket list" as I go along. It was so sad one of my co-workers retired and he and his wife saved up the past 40 years to do everythhing they had always planned....and she unfortunately passed away last year, so I wouldn't advise to put that "dream" of yours on hold, just be wise about it, save up the cash rather than charging it on an 18% credit card....you can save, build wealth and do the things you love at the same time, just takes careful planning and patience.

[mehogeni]

Bravo to this poster. True Financial freedom is the best feeling in the world. I just accomplished my goal of filling up my emergency savings account and I already have such a weight lifted off my shoulder so I am looking forward to the day when I'm just "done"

However, one point I need to make regarding the "live your life now" argument. You definently don't have to live like a hermit to save just be smart about what you invest in. I still enjoy my trips, etc...I just do it less often and smarter with technology + ideas that some of our parents/grandparents simply did not have. I could not imagine the horror that would have occurred if my grandma(RIP) knew about Groupon, Living Social, Ebay or extreme couponing apps. She was living like a comfortable middle class woman with her meager wages. She would have been a queen with the tools we have available. Yet there are still so many people trying to buy a lexus and $1000 purses. Why? What's the point?

Straying Off topic + I might be putting myself out there but I'm a prouddddd super saver. People hear "super saver" and think "ewww". However, I am cheap but FABULOUS and none of my coworkers/friends know any different. I buy my clothes/accessories at Old Navy/Ross/TJMaxx/DSW/Forever 21(*21 just for blazers and jewelry) AND ONLY if these stores offer me coupons or CLEARANCE deals. I still get more compliments than all of my coworkers who shop at full price stores. I do admit I usually invest in high quality jeans every 5-6 years and thats usually when I truly need a replacement because they keep so well. I stay at apartments on Airbnb versus hotels when I vacation. My last apartment was right on the beach of Puerto Rico whereas the 3-4 star hotel next door was charging $150-$200 more per night. Their piece of the beach wasn't any better than mine and I had way more space + a kitchen to cook breakfast and save even more money. I don't own a car, I walk or take public transportation. I invested in a 50% off Black Friday HDTV and a 70% off blu ray player so I can watch theater quality movies from redbox. I even bought a small popcorn machine to make fresh, organic popcorn at home (and cut down on costs of buying microwave popcorn). I don't eat out unless I have a Restaurant.com certificate or a Scoutmob 50% off or more deal but usually these companies offer AMAZING options at great locales for date nights. I found all of my nice living room furniture at 70% off from a furniture store liquidation ad in Craigslist. My Food-on-the-table App gives me weekly lists regarding local grocery items on sale as soon as they hit the public so I save about $100- $150 every month on food without even trying. Mint.com is my budget guru and I never stray one cent from my plan unless there is an emergency. I think this is a golden opportunity for budget babies

End note-My grandmother always warned me about these times. A time when America would become so prosperous yet not properly protect and care for their backbone, their workers. We have bankers making millions of dollars but our kids can't even read a book or walk down a street without fear of getting shot. We aren't living in times where you could be with the same company for 30+ years, gain respect, and a nice pension. We are expendable(ESPECIALLY our people) and we really need to work and save to make sure we have something to fall back on and rebuild our confidence in our own abilities. Don't think 2007 is the only time we'll have a recession that deep. People who choose to work for someone else aren't "slaves" at all, but we just need to have that cushion, that financial awareness, if our name comes up against "Becky" and "Tom" if/when something happens again with the economy. In the white world, saving is about a nice retirement and/or early retirement. In the black world, saving needs to be about retirement AND security....The argument might be "well, Becky and Tom were laid off in 2007 as well". That is true, but we were laid off FIRST and in greater numbers than any other group of people in America and we need to protect ourselves for the next storm. Some of us are still trying to find a job. How many of us can say we could survive not having a job for 6 months, let alone a year or multiple years?