'Why don't Americans save more money?'

Then there are millennials, who don't buy things at all, but seem to jaunt to exotic locales every weekend, and have sampled the offerings of every chef in town.

 

Is this 'Dick Whitman Posts Weeks Old Articles' day?

This piece has made the rounds of every public radio outlet. That's how tired it is.

 

Yeah. Hence my comment about the economy going in the crapper if we ever got smart about saving.

How many businesses out there are filling a ***need***?

 

I've been listening to Prince exclusively in the car since his untimely demise, so I missed it when it made the rounds.

 

One, from what I observe.

Apple.

 

You'd be surprised how cheap you can live, so lots and lots of people could save more. You'd probably not be surprised at how much it would suck, which is why so few people actually do that given the choice (or the chance to ignore/postpone it).

 

This is pretty much it. We're addicted to new. Back in the day you bought a car, paid it off in three years or so and drove it until it started fucking up, which was usually around year eight or nine. Now, if your car is over five years old it's, "when you getting rid of that?" And your options become (a) pay for costly repairs (A simple tune up just cost me $500) or (b) get into another lengthy car payment.

Add in home electronics. Once upon a time, you bought a television and that motherfucker sat in a corner until it died. Now, you buy a 40-inch TV, then go and get the 56-inch when it comes down in price, then go get the 56-inch Smart TV when it comes down in price.....in 15 years you've been through three TVs and about $1,500.

No one just uses shit until it's done anymore.

 

Because they're married?

 

I got screwed financially in my divorce because I made a lot of bad decisions. Had I made most of the alternative decisions, I would also have been screwed financially. So, yeah, building a 401(k) from scratch in my late 40s after dealing with all that. I hope cat food tastes good.

 

Obviously, saving for retirement is a wise investment and will make your golden years more enjoyable. But there's certainly value in enjoying your money while you can. To whit, my friend's dad was the cheapest SOB you can imagine when we were young. He was a manager at a tech company and later a high-priced consultant who drove a beat-up Hyundai, lived in a tiny condo, never ate at restaurants and funneled all his money into retirement (and he made very good money, though you'd never know it to look at him). He retired - like, legit retired and hasn't worked a day since - when he was 45. Unfortunately, he has run into health issues and can't travel the way he had planned or do many of the things he thought all that money would enable him do.

He lives in a gorgeous house now, but he's only got about two friends in the world (like I said, he never really went out when he was younger, so he and his friends drifted apart) and is kind of just floating along until the end comes.

As with anything, it's about moderation, I suppose. Save enough money to retire comfortably, but don't be such a miser that you miss out on some of the good stuff while you're young enough to enjoy it.

 

At the beginning of December I was happy because I had put away $20,000 in cash for an emergency fund (while still maxing out on retirement 40o1 (k) stuff.) Since then, I've had $23,000 worth of urgent plumbing work (boiler died in December and another $10,000 for hot water heater and to replace old pipes in basement and repair an underground leak). Then I had some tree work done last month that I'd been putting off since Hurricane Sandy, and now I'm adding a much-needed retaining wall to stop the mini-mudslides onto my patio every time it rains hard .... So I'm back in the hole and climbing out again.

I have a beautiful old Tudor home, but the fucking thing was built in 1929 and restoring it has cost a damn fortune the past 10-12 years -- kitchen, windows, electric, etc. Along with college tuition, that's where my money goes.

I've done very well saving for retirement, though, and I'll be fine when I can tap into that.

I'm luckier than most, though. I honestly don't see how anyone saves for anything between sending kids to college and basic bills.

 

Take it from me, it does.

Just try not to give in to the urge to lick your own ass after eating it.