Comments on: New research sheds light on the habits of successful savers http://moremoney.blogs.money.cnn.com/2009/06/04/saving-who-what-why-and-when/ Money Magazine looks at a wide range of personal finance issues and asks for your feedback. Tue, 22 Dec 2009 00:19:01 +0000 http://wordpress.com/ hourly 1 By: Mike, Midway, KY http://moremoney.blogs.money.cnn.com/2009/06/04/saving-who-what-why-and-when/#comment-21303 Mike, Midway, KY Tue, 29 Sep 2009 23:51:11 +0000 http://moneyfeatures.blogs.money.cnn.com/?p=1126#comment-21303 Working on making the 1 million dollar net worth mark, and am up to $850K. Worked my way through college to get an engineering degree. 44 years old. Grew up in Western Kentucky farming community. Have a small $75,000 debt that I can pay out of available savings at any moment. It can be done, and I encourage others to do it. My wife have always lived by the rule "live beneath your means". It works. Working on making the 1 million dollar net worth mark, and am up to $850K. Worked my way through college to get an engineering degree. 44 years old. Grew up in Western Kentucky farming community. Have a small $75,000 debt that I can pay out of available savings at any moment. It can be done, and I encourage others to do it. My wife have always lived by the rule "live beneath your means". It works.

]]> By: Nigel, San Diego, CA http://moremoney.blogs.money.cnn.com/2009/06/04/saving-who-what-why-and-when/#comment-21300 Nigel, San Diego, CA Tue, 29 Sep 2009 19:22:49 +0000 http://moneyfeatures.blogs.money.cnn.com/?p=1126#comment-21300 "Who is John Galt?" In order to preserve wealth, first you need to know what wealth is and what it isn't. This is not as easy as it sounds. "Who is John Galt?"

In order to preserve wealth, first you need to know what wealth is and what it isn't. This is not as easy as it sounds.

]]> By: Álvaro, Montevideo URUGUAY http://moremoney.blogs.money.cnn.com/2009/06/04/saving-who-what-why-and-when/#comment-21296 Álvaro, Montevideo URUGUAY Tue, 29 Sep 2009 12:22:30 +0000 http://moneyfeatures.blogs.money.cnn.com/?p=1126#comment-21296 Always remember that the value of a dollar has been going down for the last 96 years, courtesy of the Federal Reserve. When you save, search for something that keeps its value through times. Always remember that the value of a dollar has been going down for the last 96 years, courtesy of the Federal Reserve. When you save, search for something that keeps its value through times.

]]> By: William Bowling Green KY http://moremoney.blogs.money.cnn.com/2009/06/04/saving-who-what-why-and-when/#comment-21295 William Bowling Green KY Tue, 29 Sep 2009 11:36:48 +0000 http://moneyfeatures.blogs.money.cnn.com/?p=1126#comment-21295 I am retired, age 62, not yet on Social Security. My monthly after withholding income is about $3,000. I save $1,000 of that. No cable TV, no big screen digital TV, no cellphone. My vehicle is 8 years old, and I will drive it another 2 or 3 years. Life is good! I am retired, age 62, not yet on Social Security. My monthly after withholding income is about $3,000. I save $1,000 of that. No cable TV, no big screen digital TV, no cellphone. My vehicle is 8 years old, and I will drive it another 2 or 3 years. Life is good!

]]> By: Howard R., Sacramento, CA http://moremoney.blogs.money.cnn.com/2009/06/04/saving-who-what-why-and-when/#comment-21293 Howard R., Sacramento, CA Tue, 29 Sep 2009 06:34:19 +0000 http://moneyfeatures.blogs.money.cnn.com/?p=1126#comment-21293 money is the root of all evil... who is john galt? money is the root of all evil…
who is john galt?

]]> By: Mike Crosby Brea, CA http://moremoney.blogs.money.cnn.com/2009/06/04/saving-who-what-why-and-when/#comment-21292 Mike Crosby Brea, CA Tue, 29 Sep 2009 03:00:15 +0000 http://moneyfeatures.blogs.money.cnn.com/?p=1126#comment-21292 My story is a bit different. I have always been poor. Actually, I've always have been rich. Sometimes, it may just be how I look at things. But I've never had much money, but I always pursued my dreams. Somehow it just worked. I got lucky in real estate a few years ago and made a lot of money. I definitely now live within my means, but with my new found nest egg, absolutely no bills, life is one hell of alot less stressful. My story is a bit different. I have always been poor. Actually, I've always have been rich. Sometimes, it may just be how I look at things.

But I've never had much money, but I always pursued my dreams. Somehow it just worked.

I got lucky in real estate a few years ago and made a lot of money. I definitely now live within my means, but with my new found nest egg, absolutely no bills, life is one hell of alot less stressful.

]]> By: JonPeter, Hartford, CT http://moremoney.blogs.money.cnn.com/2009/06/04/saving-who-what-why-and-when/#comment-21282 JonPeter, Hartford, CT Mon, 28 Sep 2009 14:36:13 +0000 http://moneyfeatures.blogs.money.cnn.com/?p=1126#comment-21282 When I was 19 and a poor college student I needed to find a way to about $150 in beer money go farther over the next 2 semesters. Instead of drinking the money I used it to buy tools and set myself up doing car repairs for other students. $600 or so later I have paid for teh tools, drank plenty of beer and had some money left over to invest. The lesson learned was that you can use money to make money, regradless of whether it funds a side job, rental real estate or investments. Over the years the yield from investments has exceeeded my annual income. I've come to understand that it isn't the pile of money per se, but the income that you can derive (and spend0 that brings real power and a buffer from unanticipated events. The trick is to start early and keep your investments separate from your daily living expenses. When I was 19 and a poor college student I needed to find a way to about $150 in beer money go farther over the next 2 semesters. Instead of drinking the money I used it to buy tools and set myself up doing car repairs for other students. $600 or so later I have paid for teh tools, drank plenty of beer and had some money left over to invest.

The lesson learned was that you can use money to make money, regradless of whether it funds a side job, rental real estate or investments. Over the years the yield from investments has exceeeded my annual income. I've come to understand that it isn't the pile of money per se, but the income that you can derive (and spend0 that brings real power and a buffer from unanticipated events.

The trick is to start early and keep your investments separate from your daily living expenses.

]]> By: Mark Murphy, Tarzana, CA http://moremoney.blogs.money.cnn.com/2009/06/04/saving-who-what-why-and-when/#comment-20680 Mark Murphy, Tarzana, CA Wed, 26 Aug 2009 04:58:17 +0000 http://moneyfeatures.blogs.money.cnn.com/?p=1126#comment-20680 There are two things you can do with money: spend it or keep it. If you spend it, you get STUFF. If you keep it, you get POWER. Which is more beneficial: stuff or power? There are two things you can do with money: spend it or keep it. If you spend it, you get STUFF. If you keep it, you get POWER. Which is more beneficial: stuff or power?

]]> By: Ed J, Dillsburg, Pa http://moremoney.blogs.money.cnn.com/2009/06/04/saving-who-what-why-and-when/#comment-18272 Ed J, Dillsburg, Pa Sat, 11 Jul 2009 00:35:28 +0000 http://moneyfeatures.blogs.money.cnn.com/?p=1126#comment-18272 Learn to use Quicken or Microsoft Money and balance your check book every month. Look at your net worth report every month. What you track will improve. Learn to use Quicken or Microsoft Money and balance your check book every month. Look at your net worth report every month. What you track will improve.

]]> By: Jan Bellevue , Ne http://moremoney.blogs.money.cnn.com/2009/06/04/saving-who-what-why-and-when/#comment-16978 Jan Bellevue , Ne Fri, 12 Jun 2009 01:48:02 +0000 http://moneyfeatures.blogs.money.cnn.com/?p=1126#comment-16978 As someone who learned the hard way of digging out of $67,000 + of cc debt 10 years ago , I'm much happier that I'm in control of my finances and value the true meaning of living comfortably even if in a troubled economy . It's bad to see many people who should be retiring as I have looking for jobs . I live with my means by eating at home , have cut expenses by shedding $100 + off my living expenses ( under $2000.00 per month ) , save my loose change ; I have more money coming in than going out . Life is great . As someone who learned the hard way of digging out of $67,000 + of cc debt 10 years ago , I'm much happier that I'm in control of my finances and value the true meaning of living comfortably even if in a troubled economy . It's bad to see many people who should be retiring as I have looking for jobs . I live with my means by eating at home , have cut expenses by shedding $100 + off my living expenses ( under $2000.00 per month ) , save my loose change ; I have more money coming in than going out . Life is great .

]]> By: Randy,Buffalo,NY http://moremoney.blogs.money.cnn.com/2009/06/04/saving-who-what-why-and-when/#comment-16972 Randy,Buffalo,NY Thu, 11 Jun 2009 14:38:31 +0000 http://moneyfeatures.blogs.money.cnn.com/?p=1126#comment-16972 I'm a saver, however not a super saver(one must enjoy life a bit!). I think the key is to start while you are young. Put something away every month even if only $25.00 per month and stick to it. Have only one credit card and pay it off each month(use their money for a month). LIVE WITHIN YOUR MEANS!! The last suggestion is perhaps the hardest to live with but it has served us well over the years in conjuction with prioritizing what you spend your money on. I'm a saver, however not a super saver(one must enjoy life a bit!). I think the key is to start while you are young. Put something away every month even if only $25.00 per month and stick to it. Have only one credit card and pay it off each month(use their money for a month). LIVE WITHIN YOUR MEANS!! The last suggestion is perhaps the hardest to live with but it has served us well over the years in conjuction with prioritizing what you spend your money on.

]]> By: Andy, Hilliard, OH http://moremoney.blogs.money.cnn.com/2009/06/04/saving-who-what-why-and-when/#comment-16928 Andy, Hilliard, OH Wed, 10 Jun 2009 12:26:42 +0000 http://moneyfeatures.blogs.money.cnn.com/?p=1126#comment-16928 Good savers also don't have vices that get taxed or health problems. Good savers also don't have vices that get taxed or health problems.

]]> By: Sean Murphy, Fairfax, Va http://moremoney.blogs.money.cnn.com/2009/06/04/saving-who-what-why-and-when/#comment-16920 Sean Murphy, Fairfax, Va Wed, 10 Jun 2009 04:37:36 +0000 http://moneyfeatures.blogs.money.cnn.com/?p=1126#comment-16920 I am so much happier as an active saver.<a href="http://www.electricianalexandria.com" rel="nofollow">Sean</a> I am so much happier as an active saver.Sean

]]> By: Curt, St. Louis, MO http://moremoney.blogs.money.cnn.com/2009/06/04/saving-who-what-why-and-when/#comment-16916 Curt, St. Louis, MO Wed, 10 Jun 2009 03:16:53 +0000 http://moneyfeatures.blogs.money.cnn.com/?p=1126#comment-16916 It sounds like everyone in the US is a saver, huh...I wonder how we have racked up so much debt and got ourselves in such a huge pile of dung then? I think there are some that are not being honest :) It sounds like everyone in the US is a saver, huh…I wonder how we have racked up so much debt and got ourselves in such a huge pile of dung then? I think there are some that are not being honest :)

]]> By: Mark, NY,NY http://moremoney.blogs.money.cnn.com/2009/06/04/saving-who-what-why-and-when/#comment-16914 Mark, NY,NY Wed, 10 Jun 2009 02:39:14 +0000 http://moneyfeatures.blogs.money.cnn.com/?p=1126#comment-16914 Back in the 70's, had the chance to go to a prestigious Catholic U. with a gold dome but chose not to since I was paying my own expenses and didn't want to go into debt. Never regretted going to the top state U with one of the most beautiful campuses in the US. Back in the 70's, had the chance to go to a prestigious Catholic U. with a gold dome but chose not to since I was paying my own expenses and didn't want to go into debt. Never regretted going to the top state U with one of the most beautiful campuses in the US.

]]> By: Lee, Houston, TX http://moremoney.blogs.money.cnn.com/2009/06/04/saving-who-what-why-and-when/#comment-16905 Lee, Houston, TX Wed, 10 Jun 2009 00:45:32 +0000 http://moneyfeatures.blogs.money.cnn.com/?p=1126#comment-16905 I became a saver out of financial misteps in my 20s and an unexpected career crisis\job loss, but I always had the tendency even when I didn't follow it. Went thru CCCS to pay off credit cards and started mostly doing the right thing. Paid off the car and didn't buy another (still running great after 13 years and 170k miles). Was working on paying off the house, but am diverting extra to the stock market via RothIRA and 401k, because I too am "greedy when others are fearful". I'm 40 now and would like to be debt free by 45 if possible, and have more flexibility to pursue more purposeful work. Good luck everyone, and send this article to your non-saver friends. They'll come around eventually (maybe). I became a saver out of financial misteps in my 20s and an unexpected career crisis\job loss, but I always had the tendency even when I didn't follow it. Went thru CCCS to pay off credit cards and started mostly doing the right thing. Paid off the car and didn't buy another (still running great after 13 years and 170k miles). Was working on paying off the house, but am diverting extra to the stock market via RothIRA and 401k, because I too am "greedy when others are fearful".

I'm 40 now and would like to be debt free by 45 if possible, and have more flexibility to pursue more purposeful work.

Good luck everyone, and send this article to your non-saver friends. They'll come around eventually (maybe).

]]> By: John Wong Manhattan NY http://moremoney.blogs.money.cnn.com/2009/06/04/saving-who-what-why-and-when/#comment-16894 John Wong Manhattan NY Tue, 09 Jun 2009 22:18:33 +0000 http://moneyfeatures.blogs.money.cnn.com/?p=1126#comment-16894 I am a very active saver. I don't make much money, but I save because I can live with what I have. My friends call's me cheap sometimes. Not everybody can do what I do and feel fine about themselves. I understand the value of money. I don't need a cellphone or a car or cable TV or internet or dry cleaning or dinner outside, Starbucks, I live with my wife and kids at my mom's place, etc. Don't get me wrong, I do spend money on things, but not going crazy like other people. Lucky I am married to a girl that can take this or else she would have divorce me. That's how I save alot of money. I have alot to say but I must keep it short. I am a very active saver. I don't make much money, but I save because I can live with what I have. My friends call's me cheap sometimes. Not everybody can do what I do and feel fine about themselves. I understand the value of money. I don't need a cellphone or a car or cable TV or internet or dry cleaning or dinner outside, Starbucks, I live with my wife and kids at my mom's place, etc. Don't get me wrong, I do spend money on things, but not going crazy like other people. Lucky I am married to a girl that can take this or else she would have divorce me. That's how I save alot of money. I have alot to say but I must keep it short.

]]> By: Jonathan, Berthoud, CO http://moremoney.blogs.money.cnn.com/2009/06/04/saving-who-what-why-and-when/#comment-16887 Jonathan, Berthoud, CO Tue, 09 Jun 2009 20:40:39 +0000 http://moneyfeatures.blogs.money.cnn.com/?p=1126#comment-16887 A long time ago a friend taught me to give sizable chunk of my income away and then plan how to use the remainder. I think this forces us to be content with less which then makes it easy to save - even with a large family and a wife who stays home to raise the kids. Contrast this with the greed of the hedonist, Big Government, DINKs and where we are today as a society. A long time ago a friend taught me to give sizable chunk of my income away and then plan how to use the remainder. I think this forces us to be content with less which then makes it easy to save – even with a large family and a wife who stays home to raise the kids.

Contrast this with the greed of the hedonist, Big Government, DINKs and where we are today as a society.

]]> By: S. Napp, Delanco, NJ http://moremoney.blogs.money.cnn.com/2009/06/04/saving-who-what-why-and-when/#comment-16885 S. Napp, Delanco, NJ Tue, 09 Jun 2009 19:52:11 +0000 http://moneyfeatures.blogs.money.cnn.com/?p=1126#comment-16885 The best advice I learned was always to "pay yourself first". What you don't see or receive in your paycheck you don't miss and it certainly adds up quickly. Also, each time you receive a raise, add this amount to your savings as you got along without in the past. But, I always keep in mind that this life is not a "dress rehearsal" so I do my best to enjoy life to the fullest in a frugal way. The most wonderful memories that I have didn't cost a cent! The best advice I learned was always to "pay yourself first". What you don't see or receive in your paycheck you don't miss and it certainly adds up quickly. Also, each time you receive a raise, add this amount to your savings as you got along without in the past. But, I always keep in mind that this life is not a "dress rehearsal" so I do my best to enjoy life to the fullest in a frugal way. The most wonderful memories that I have didn't cost a cent!

]]> By: Mark, NY, NY http://moremoney.blogs.money.cnn.com/2009/06/04/saving-who-what-why-and-when/#comment-16881 Mark, NY, NY Tue, 09 Jun 2009 18:32:55 +0000 http://moneyfeatures.blogs.money.cnn.com/?p=1126#comment-16881 The key to being an active saver is attitude and reconition of value. Whether I was a busboy or VP I have always saved 20% of what I earn. Although my family income currently puts me in top 1% of the country I have bought more pre-owned cars than new, I return cans for redemption, I try never to pay retail (especially in this environment), no country clubs, you get the idea. I always remember that Warren Buffet still lives in his first home and that he drives an 8 year old car. Max out your 401k each year and start a 529 asap. Listen to CNN's on the money each night for a year for pointers. The key to being an active saver is attitude and reconition of value. Whether I was a busboy or VP I have always saved 20% of what I earn. Although my family income currently puts me in top 1% of the country I have bought more pre-owned cars than new, I return cans for redemption, I try never to pay retail (especially in this environment), no country clubs, you get the idea. I always remember that Warren Buffet still lives in his first home and that he drives an 8 year old car. Max out your 401k each year and start a 529 asap. Listen to CNN's on the money each night for a year for pointers.

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