'Why don't Americans save more money?'

They're nothing special. I say this because I've rented enough cars to know.

But I do concede $15 a month on satellite radio is a spectacular purchase. Don't need a touch screen for that.

 

Was it Name That Oversexed Teacher, poin?

 

Saving is hard. Everybody wants to live for the moment.

Luckily, my wife and I are the children of Depression-era parents who went without as kids, and they stressed the importance of savings. So we both have always put part of our paychecks away for retirement, into a TSA, IRAs or college-saving funds, ever since we started working, even when neither of us were making much money. We didn't buy a fancy new car every 3-4 years, and didn't jet off to Hawaii or Europe every year.

Now we are both close (5-6 years) to retirement. Micro Jr.'s college fund and scholarships he's earned will cover four years, without loans. House will be paid for shortly. Coupled with SSI and our savings, we won't be eating dog food and should be comfortable. We certainly aren't special, but then again it just didn't happen. It took sacrifice, and planning, and not everyone is willing to do that.

 

Not at all. BTE, I would live in a shack, if I had to, given a guitar, my music collection, and a few choice books to read and movies to watch, perhaps. Again: We drive an '03 and an '07. Not exactly the stuff of two faux sophisticates dressing to impress. Her impulse, occasionally, and I don't think it's crazy, is, "If they can go to Hawaii, what are they doing right that we aren't?" It's not because of competition or appearances. People don't post their 401k statements, of course. Or their credit card bills.

 

Really? You've never said that before.

What works for you doesn't work for all.

It also has nothing to do with keeping up with the Jones. I enjoying taking vacations, I enjoying going out for dinners. My retirement savings is just fine, it could be better but I am enjoying things in life now that I may not be able to do in retirement. I will be mortgage free and will be able to retire by 55.

 

Right. That's what I was saying, too. There's a difference between, "Well, I want to go to Rome." Full stop. And, "Well, I want to go to Rome because the Smiths went to Rome."

 

Then you aren't really in the group that makes Americans' low saving rate a problem. You can afford what you're spending.

Millions upon millions of people cannot afford it, yet spend it anyway.

 

Not everybody.

We paid for our house in 12 years, instead of 15. We paid cash for my wife's SUV in 2010 and paid off my 2006 Jeep in two years. And we did a big chunk of that while having a baby and paying for diapers, daycare and all the rest. It's a matter of priorities.

For example, my wife's SUV got the hell beat out of it in a hail storm. The hood looks like a golf ball. Insurance cut us an $8,000 check to get it repaired. I told the Mrs and she said she'd rather have a dented hood and $8k extra in savings.

 

That's fair , but I'm not sure that is what BTE was referring too.

 

Of course you do. But the key is, would you be MISERABLE if you didn't get to go somewhere on vacation this year?

That's what I keep seeing on discussions like these. People who say "Well, I don't want to be miserable just to save money . . . . "

I mean, if posting Eiffel Tower pictures on Facebook (as if no one's ever seen the thing before) or eating at a fancy steakhouse is really the difference in a happy life and a miserable one, then said person needs to take a long look at things, IMO.

Hell, It's kind of a game for me these days. How much value can I get out of the things I buy? How many miles can I get out of this car? I could write a check tomorrow and bring home a new Lexus. But I'd rather keep the $40K in the bank and enjoy the value I'm getting out of the one that came off the assembly line when Steve Spurrier was coaching . . . at Duke.

 

Yes, I would. I enjoy those things. They are rewards for working hard.

 

Early 40s.

Been luckier than most in that I've been able to survive the industry for 20 years and now make a very good living. First 13 years, I made peanuts. Still wish that we saved more in each paycheck - I believe 20% is ideal but Mrs Ex insists on 5%, which is a major issue.

Yet we did receive a windfall from company stock over the last 30 days as we were sold a while back. Our total savings went from 60k to 135k so now we are actually further ahead of where we wanted to be before the recession.

We switched from a 30 year mortgage to a 10 four years ago so that we would be free and clear when kids hit college. Instead of a mortgage, our goal is to write a check for each kid. I so desperately want to give them a college education without miring them in any debt. That will be my greatest financial gift. We might be able to get them pretty close.

I do have goals for when I'm 50. Working in a town I want to. Could be here. Could be a beach town.

When I'm 60, I want to have access to $100,000 cash and live in LV for a year. I want to see if I can make a living playing blackjack. Seriously. A bankroll of $100k to make $250 a day, six days a week.

Also; I love news. I will be working in this business long after I'm moved out of this job when I get old and gray.

Even if it's writing a newscast somewhere, I'll do that happily until I am 75.

Hopefully, that's at a station in Las Vegas.