Is It Bad To Have More In Pm Than You Do In Your Savings Act

I'm confused as to what "everything else" is. It would seem like all your basic expenses are paid for except automotive. With a scenario like that & a halfway decent job it shouldn't be any problem to save 50% or more of everything you make.

Ya I had a good amount of medical expenses that I just kinda got done paying for. I think I have like $300 to go out of $4900 so that is something most people my age don't really have to worry about.

Credit Card was maxed out from 18 - 20. Paid off, then I used it again and maxed it basically for a root canal that I absolutely needed. That's just been paid off this last month. (But now I have to worry about a stupid crown or cap or w/e thats gonna cost me another $1300)

People think that if you live rent free, you should do nothing but save save save. In an ideal world, yeah thats what should be done but when you have bills coming in every month I had no other real choice.

I read that too and was going to reply but didn't want to tip my hand to much, but I totally agree. I have no clue where you live, but $600 a week is what, like $22 an hour after taxes there abouts.

But the main point is that you are doing something. Everyone you talk to will always give you the same advice, I wish I had started earlier. So while it may not be ideal to have your assets distributed the way they are now, at least you have some assets and some savings.

I know way to many people who live pay check to pay check (or pay day loan to pay day loan ). Not dumb people or poor people either.

Asking for some opinions is all... In the end I absolutely have the power to do what I want, but id like to do the smart thing.

I live in good old new jersey where car insurance for me in a 95 4cyl pickup is $1500 a year, and rent for a 500sq ft studio is $1100 a month.

I would completely ignore 1893.

Here is why-

You can spare yourself a lot of mistakes and speed up the learning process by absorbing the experince of others. Those who ignore the lessons and experince shared by others end up like a road that has a big yellow sign that says "Dead End". Dont be a dead end.

Save your money, start now and work on your credit. I am no where as old as several of these posters on this list but I know that after your mid 20s the days fly by and time moves on.

You haven gotten a lot of great advice that is pretty much in the same vein and thread. Don't fall for the old "do what you wish". You can avoid all the mistakes, errors and misjudgments because others have already done them, or even if they have not made any errors in judgment, they have already been in your exact same shoes at one point, so they know what works best.

Thats really one of the biggest reasons most people advocate to save. Retirement is nice and all but the real reason for a savings account is life happens. You never know what the next day will bring or when youll need it but having it there when something happens makes the horrible experience a little bit better and a little less stressful.

Im actually not that much older than you and have had a REALLY bad two year medical run from a knee surgery gone bad. Luckily I had been saving for a long time though otherwise I would have been selling things to try and pay for the medical bills and insurance. I know exactly where youre coming from and if you look at it in a big picture way its just flat out depressing. For me its a lot better if you break it down and set goals looking at it once step at a time. Once you get that first step done you move onto the next and one day youll realize youre almost done with it all or have gotten out of the worst of it.

You just have to remember it takes time and you wont significantly change the situation over night. Depending on how much free time you have you could try and find some part time jobs or some odd jobs to increase the income and speed up the process if you want. If you need to hide the coins to keep from being tempted I would do that, the other thing you could do is use them for motivation. If you find something you really want and have the time use it as motivation to find some part time or temporary work to get the funds to get it without interrupting your savings plan.




Agreed. In the end its your decision and theres nothing wrong with customizing advice to fit your life better, but to pretend like no one knows anything and you have nothing to learn from the experience of others is a great way to make a lot of bad decisions. Life is all about learning from experiences and if you can use some others experience to avoid some mistakes then youll be better off. Mistakes are only a mistake if you dont learn from them.

I am 28 years old, been in U.S. Army 10 years and sit at about $199,000.00 in debt. I have a 2 year old brand new home that I rent out, then I also have to pay rent where I live now, due to me being in Military. I also have about 10K in credit Card debt and about 34K in auto loans. I can retire out of the U.S. Army in 9 years 11 months with full benefits. I still spend around 200-300 dollars a month on coins. Sometimes I buy American Silver Eagles, sometimes I buy low grade Morgan silver dollars, then sometimes I buy a good MS-64 or higher coin. I look at it like this... 1. You only live once. Why have all this money in savings and eat Ramen Noodles because your scared of what "could" happen. I also have a 2 year old son who I plan on leaving all of my collection to. I haven't decided when I want to stop collecting. I am currently almost done filling up a complete dansco ASE collection, as well as a Morgan dollar Date Collection.

After I fill both of those albums, I don't know what I will collect or build up on next. All I know if that each time I feel like I am not making progress or my savings account looks low, I can punch in my safe combo and look at my coins, and gun collection, and being in Military I know I can't get fired or lose my job. Do what you want to do in life, spend your money the way you want to spend it. Everything will work itself out in the long run.

Countless people who followed the "Do what you like" creed as a lifestyle have ended up bankrupt, doing long stretches in prison, developing terminal lung
cancer from a lifetime of smoking and terminal cirrhosis from a lifetime of heavy drinking, getting Hep C or becoming HIV+ from IV drug use, contracting every
known form of STD, etc,etc,etc ad infinitum.

Less uninsightful advice would be "Do what you choose after putting a lot of thought and planning into your course of action and be prepared to accept and
deal with the consequences that your actions will bring your way."

"Do what ya wanna do" and "If it feels good, do it" went out along with the end of the hippie era 35 years ago.