[Gay State Conservative]

My long departed Dad was a child of the Depression.Being the youngest of 7 living in the slums of South Boston ("Southie") and having a father who spent a lot of time in hospitals thanks to chronic,incurable,TB taught him many things.As a kid and as an adult hard work and long hours were his life.Also,as he became successful and earned a good salary he insisted on living below his means.He was always *very* good to my mother and us kids but *he* always wore Timex watches and drove Oldsmobiles when he could have afforded *much* better.

That lesson wore off on me...bigtime.I drive a car that is much cheaper than what I can afford.Ditto my house,my clothes,my food,my "toys".

And as a result I have a pretty respectable "nest egg",a good portion of which I hope to pass on to younger family members.Of course that nest egg will surely be the target of Rat politicians before too long...so I'll have to devise a strategy to prevent them succeeding.

[Albion Wilde]

I recommend buying rental properties and hiring a management company, unless you have the energy to do it yourself (which is more profitable).

[Graybeard58]

...so I’ll have to devise a strategy to prevent them succeeding.

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When you come up with that strategy, share it with the rest of us.

[PapaBear3625]

And as a result I have a pretty respectable "nest egg",a good portion of which I hope to pass on to younger family members.Of course that nest egg will surely be the target of Rat politicians before too long...so I'll have to devise a strategy to prevent them succeeding.

If you have to go to a nursing home, that nest egg will be eaten up quickly. I'm hoping you have taken the time to do financial planning and set up trusts for your descendants well ahead of time.

[Cronos]

That is very sensible. I remember reading that the vast majority of Americans (and Brits and Canadians) have barely enough savings to last a month without work.

That is scary.

Poland is heading the same way (if not already there).

the Germans and Japanese are savers. Saving, saving.

That’s “bad” for a consumer society, as it cuts down on GDP. So Draghi wants to change that.

[Cronos]

A car is a liability - it constantly depreciates. So buying second hand good cars and holding on to them is very, very sensible.

I’d suggest:
1. having 3 months expenses in a savings account earning at or slightly below inflation (if you can get one that beats inflation, great!)
2. having 3 months expenses in some money-market instrument or similar - little more risk, little more income
3. having 6 months expenses or more in investments - whichever you like (I personally don’t like real estate, but that’s my own personal preference)

What scares me is the number of people who aren’t prepared and who will get in deep doo doo when the 2020-2021 recession hits