It is a fact that no matter how much a person earns, they can spend more than that amount.
When people have never learned to manage money, even if they obtain tens of millions, they blow through it in a few years.
To prosper and create legacy wealth, all they need to do is to save and invest 15% of what they earn.
In the United States this is relatively easy, if you have a little bit of will power and understand your goals.
If you have never learned to manage money, most people simply spend what they have on generally meaningless "status" symbols.
Many give away enormous amounts to greedy relatives and "friends" who blow through it.
Many spend thousands every year on eating out.
More spend thousands every year on cigarettes and alcohol, especially at bars.
Going into debt, especially with credit cards, puts you on the path to fund other peoples wealth.
I have taken numerous trips that cost me little, but were great vacations.
In my experience, eating at a hole in the wall restaurant often beats the $200 a plate meal.
I have had more fun with my $50 kayak than most have with their $50,000 power boats.
Yes, I am bragging, not complaining.
“I feel like I’m living paycheck to paycheck, and have been for forever,” says a 30-year-old...”
30 year old...Have been forever...ROFLMAO...
She has no clue what real life is about yet...
Spoken like a Fellow Traveler! I was able to retire at 56 thanks to having health care through my VA (I’m a Vet) and the fact that I saved more than I spent. Always. Since my first fast food paycheck at 15 and various babysitting gigs prior to that.
I have never lacked for a thing, never missed a meal, raised three boy, flipped houses when the flippin’ was good, sold my farm for a small fortune a number of years ago, etc.
Never owned a new car, kept our grocery bills to a minimum due to hunting, fishing and growing my own veggies and herbs.
It is a Lost Art. And when TSHTF, I’m gonna be the one smiling and waving - sittin’ there on my sack-o-seeds*.
*Obscure Jim Stafford ‘Wildwood Weed’ reference. ;)
My Air Force duty had me driving out to work many miles from base out in some farmer's field.
The mom and pop diners with the sign "EATS" out in front, located out in the small farm towns, were as good or better than the two five-star restaurants at which I have dined.