Goal for black men 2014: Save Your Money ( ongoing )
- Thread starter Mr. Met
- Start date
You gotta find that balance.
I've been there when my balance was negative and having to deposit $5 to pull out the minimum $20.
Trust me, having 5 figures or more saved up helps you sleep better at night.
Man I just don't see where the money comes from to save out of my earnings. Just got one income and we don't scrape by but it's tight no lie. And we don't buy frivolous shit either. We buy out of necessity. It's so real I may consider a second job on the weekend.....I gotta start saving SOMETHING man I know I do
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Fire post he was on the money with this one.
Hell, I'm finna get me a second full time job. I got shit to do. I'm tryna be down there in H-Town I 2 years. Next year if I can.
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I had transfer setup last year where $50 was taken out of each paycheck and as I was getting pay increases, I bumped it up to $100. After while I didn't miss it. Put it in a credit Union account and don'thave access to it unless I go to the branch ( which I don't). That was the easiest way yo stack a couple thou over the year. This year I'm going to try and make my tax return work for me.
Thanks for posting this. I'm gonna have to do the same thing. Put my money in an account that's EXTREMELY hard to access and have it come directly from my check via direct deposit.
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This is retarded... you can't create wealth without learning how to save money, and saving money isn't about not living life, it's about making smarter choices. Black people won't get ahead economically without building assets, that paycheck to paycheck shit is for the birds.
dude is 42 years old?
i thought he was kicking 60.
i thought he was kicking 60.
You gotta find that balance.
Trust me, having 5 figures or more saved up helps you sleep better at night.
This.
Might I suggest something very simple. For the past year or so, there has been something called the 52 week money challenge floating around the net. I have seen it here also. Me and a bunch of my people on Facebook did it last year and, even though you aren't going to get rich from doing it, you do learn to save. And THAT is the goal...to change people's mindset and show them that they can save money starting with just a dollar. Now..I don't know your situation, and if you are in need of a bunch of cash immediately, then this isn't it. But..let me give you the quick and dirty of the program...which I'm starting again on Monday (Jan.6).
Anyone can do this...you save $1 for each week in the challenge. Week 1 - $1...week 2 - $2...week 3 - $3...and so on. No...not a lot of money saved in the first few months. But, if you can last throughout the entire 52 weeks,you will have an extra $1,378 in your pocket to do what you want with at the end of the year. Buy Christmas gifts...pay a bill...put it in the bank and start again the next year(which is what i am doing). Like I said...not a get rich quick program or anything like that. Just a way to change the perception of saving and show people they don't have to start with a bunch of money. Now, this is just one option of stacking some extra cash. There are others that you can employ along with this...soon you will realize that you aren't even missing that money that you are putting away. You can even double the amounts if you are able to..and have $2,756 at the end of the year. And who doesn't want some extra cash available at the end of the year?? Hell..even if you don't finish the full 52 weeks,at least you will have saved something..and that is ALWAYS better than saving nothing. Here is the chart...try it...couldn't hurt. Good luck...
great post
my goal is to stack 10,000 by the end of the year.
i don't have a lot of expenses, so its doable.
my goal is to stack 10,000 by the end of the year.
i don't have a lot of expenses, so its doable.
as someone else already said its about balance. we all have expenses that we dont need however they may also keep us sane. i can remember how at one point every time i had money saved up something would come up and id have to go into my savings. granted thats what the money was for but i never did anything fun with it and saving started seeming more like a burden.
after a while i figured out i had to take some of the steps in the video if i wanted to save yet not feel like im missing out on life. at the time my debt was the real issue not how much i was making. the most expensive one was my car note so i got a part time job to get rid of that and later my other debt.
when i got done paying of my debt i decided i needed to open a different bank account. like others have said doing this kept me from going in the account because 1 at the time there was no branchs close by and 2 i dont know the pin number and the card isn't on me anyway. once the money comes out of your account its similar to paying another bill so you dont really miss it. also because you dont see whats in the account you aren't tempted to waste it on dumb shit or even emergencies.
next i tried to create a budget with only my main account however im still working on that and truthfully run over it on a regular.
last i started investing my money in the stock market. for me this was the best way to earn extra money while not killing myself working two jobs or just not having time to relax.
for me doing these things were easy to a point because i dont have any kids. also because i really didnt have free time i wasn't wasting much money with women or friends. being a no life zombie was hard but the end result gave me more freedom than i had before.
I was going to mention that plan but I found realistically that setting a solid amount (say $50) will yield you just as much if done weekly. So you can actually save double this amount shown in the charts if you just do a solid $200 a month (if doable). $2400 at the end of the year. Whatever works for your budget.
Yea but you do need to find a balance like someone stated above. The last thing we need to be is living miserable. That doesn't benefit anyone.
a tip that i'm using this year to save:
Tracking all your expenses.
I'm going to keep a running list of everything I spend money. This will help see where you need to cut back on and you'll think twice about spending money on stuff u don't need.
Tracking all your expenses.
I'm going to keep a running list of everything I spend money. This will help see where you need to cut back on and you'll think twice about spending money on stuff u don't need.
I am doing this also but in reverse as it will make easier and easier during the year and motivate me to add extras!
So I started the first week and put in 55$ (No coins lol)
So I started the first week and put in 55$ (No coins lol)
Watch the video. An easy way to save money is to not overspend on name brands. Many brothers will think that being broke is worth the price of having a famous name on the product they buy, which is borderline retarded. Not that there's something wrong with buying name brand, but you shouldn't do it if you can't afford it.
If you are budget conscious, you can reduce a lot of costs that without reducing your overall quality of life.
Beyond that, once you start saving money and investing, you can make the money work for you and provide you more opportunity, giving you an even higher quality of life.
No one suggested you live a life of misery to save money, I don't know why that would be necessary or practical.
If you do online banking they track that for you if you set it up.
Bank America has a pretty good one you just have to edit it and make sure expenses fall into the correct category
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A lot of that is just being caught up in the consumer culture and thinking happiness derives from buying random shit... it most often doesn't (other than the initial joy of buying it, which fades fast). The most beneficial power of money is security, freedom and stability.
Good to see you got out of debt and advanced homie
This software service is free and you can sync it between your computer and mobile devices...same company that makes quicken. It's cool and super easy to use, definitely should check it out if you haven't before: http://www.mint.com
If your employer doesnt offer 401K look into a Roth IRA. Even if your employer offers 401k look into Roth IRA.
Life insurance. Metlife, Prudential, All State, North Western Mutual, New York Life.
If you have kids & no savings or life insurance. You would be a felon if I get into office.
Mutual Funds. Look for no loads.
http://www.kiplinger.com/tool/investing/T041-S000-kiplingers-25-favorite-fund/
Pro athletes & entertainers aint the only folk who need to see a CFP or Financial Adviser.
http://www.marketwatch.com/story/a-financial-planner-vs-a-financial-adviser
Life insurance. Metlife, Prudential, All State, North Western Mutual, New York Life.
If you have kids & no savings or life insurance. You would be a felon if I get into office.
Mutual Funds. Look for no loads.
http://www.kiplinger.com/tool/investing/T041-S000-kiplingers-25-favorite-fund/
Pro athletes & entertainers aint the only folk who need to see a CFP or Financial Adviser.
http://www.marketwatch.com/story/a-financial-planner-vs-a-financial-adviser
I second this. Can anyone give any suggestions on doing this?
No bullshit get rich quick, pyramid shit either...
Take all the money you spent with Nike(NKE) Shoes,slippers,shirts,sweatshirts,Jordans, etc over the last 5 years & buy some shares of NKE.
5 year chart. Your 2k would be over 7k & your share count would have doubled. 10 grand would be 35. Yeah thats boring.
Its right in front of you everyday.
Keep youR footprint small. Cut out liabilities. Build a cocoon & when you are ready to hatch. You will FLY !
5 year chart. Your 2k would be over 7k & your share count would have doubled. 10 grand would be 35. Yeah thats boring.
Its right in front of you everyday.
Keep youR footprint small. Cut out liabilities. Build a cocoon & when you are ready to hatch. You will FLY !
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Respect OP.
I second this. Can anyone give any suggestions on doing this?
No bullshit get rich quick, pyramid shit either...
Investments and business ownership are basically the two main ways to make money work for you. Otherwise, you're looking at MLM and get rich quick stuff as the only other options.
So start/buy a business or start looking into trading or real estate.
I guess this is one way to save.
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do you know what her overall goal was? she may have a mental issue that has nothing to do with saving money.the shower thing was one thing but saving cooking water and food that was somewhat eaten seemed less than sanitary.
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