Debt vs Savings

[msommers]

Try to keep ~6 months of expenses in savings, and a house upgrade/maintenance fund we contribute to monthly.

I wish I worked for a company that had a pension or RRSP matching. Wife gets 8% match, so jealous.

What percentage of your gross gets put into savings and into retirement? Admittedly I need to put more into retirement savings.

[Xtrema]

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What percentage of your gross gets put into savings and into retirement? Admittedly I need to put more into retirement savings.

I sub to Shaq's way of saving. Pretty rough when I was young but now it's not that hard.

[max_boost]

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Gotta do Shaq savings,

lol you gotta bring in some good coin to do it the SHAQ way

The first rip goes to the govt. The 2nd rip goes to your expenses. Then that's what you have left haha

[JRSC00LUDE]

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Sky daddy says interest is haram.

So some “sharia lawyers” found a workaround.

I'm glad they can loophole/skirt their way around these sacred and holy teachings when it comes to financial benefit and they aren't just baseless hypocrites like the Catholics. If this keeps up they might even figure out how to stop raping and/or killing women for going outside with an ankle showing, being in public without a man, driving a car, or going out without a headscarf and yet STILL be able to have all that sweet afterlife virgin pussy. Just like those child raping priests who still go to heaven! I never realized how alike these two faiths are, they should really have a meeting.

What a time to be alive (for the male homeowner at least)!

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And on the 7th day, Jesus said, thou shall not pay interest on mortgages.

Wrong fairy tale.

EDIT - or is it?

[flipstah]

Inshallah my debt goes away

[you&me]

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This here.

I firmly believe that the lack of lending is why the muslim world is a backwater hellhole.

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I'm glad they can loophole/skirt their way around these sacred and holy teachings when it comes to financial benefit and they aren't just baseless hypocrites like the Catholics. If this keeps up they might even figure out how to stop raping and/or killing women for going outside with an ankle showing, being in public without a man, driving a car, or going out without a headscarf and yet STILL be able to have all that sweet afterlife virgin pussy. Just like those child raping priests who still go to heaven! I never realized how alike these two faiths are, they should really have a meeting.

What a time to be alive (for the male homeowner at least)!

Bahahaha... I think JRSC00LUDE gets more to the root cause of backwater hellohole. That and the resultant man-on-man affection.

[suntan]

It's easy to keep people subjugated when they're poor.

[ExtraSlow]

Man on Man affection is the SOLUTION, not the problem.

[JRSC00LUDE]

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Man on Man affection is the SOLUTION, not the problem.

Popeimam GO except they're trying to get each other inside a different ring.....

[Misterman]

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Does this mean there will be a lot of Can Am Commanders on the cheap in the spring? I think I need one.

Seems that way. Used car market is trending down already. Recreational toys are the first thing to really crash when the economy tanks.

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Bahahaha... I think JRSC00LUDE gets more to the root cause of backwater hellohole. That and the resultant man-on-BOY affection.

FTFY

[Misterman]

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And what financial literacy will you teach them?

I've been able to do some pretty amazing things in my life by utilizing credit. Some could definitely argue irresponsibly in fact. But I never did so to the point I was anywhere close to screwed.

How long should satisfaction be deferred in the name of responsibility? I notice little difference between savers and overspenders. Overspenders usually have nicer things (bought on credit). Is that "worth" it? To them it may be.

These are all value judgements. There is no right or wrong to how much interest you pay being silly or not.

The binary is saving or spending, as pointed out in a later post, credit helps get rid of class stratification. This is done on the basis of risk.

I'd say as long as you are saving appropriately for how you want to live in retirement, go ahead and max that shit out if you want. Have a plan to have it all paid for by the time you retire.

Life is too short and too complicated to think that by sacrificing certain pleasures a person is going to magically be rich (interest rate debate is the upper class version of "you'll be rich if you don't have that starbucks everyday") The pandemic really highlighted this.

TL;dr - Cashflow is king, nothing else matters

You made a lot of assumptions about what financial literacy is, or what you think he intends to teach his children.

Debt is just borrowing against your future spending. So all debt is not created equal. Financial literacy does not mean never taking debt. But a financially literate person should know that debt should be utilized for something that creates future earning, as opposed to using it for depreciating assets. That's the only way you avoid a debt trap.

Unless of course you're very rich. Then you finance everything, because your interest earned on principle out paces your interest paid on debt. So it doesn't make sense to pay cash for luxury items that just removes interest earning capital from your net worth.

[suntan]

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Man on Man affection is the SOLUTION, not the problem.

That’s your solution to everything.

[ExtraSlow]

[ZenOps]

Might as well enjoy the money while you still can. There is no point in gathering it all up if you never have a chance to eat it.

Man who kicks the bucket owing $1 million to the banks wins?

[jutes]

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Wrong fairy tale.

EDIT - or is it?

Different fairy tale, same mental illness.

[89coupe]

[88CRX]

No context.... just how i like my graphs.

[ThePenIsMightier]

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No context.... just how i like my graphs.

It's how I recall ZenOps threads being way back before I learned about the ignore button.

[89coupe]

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No context.... just how i like my graphs.

Does it really need any?

[bjstare]

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Does it really need any?

Well... yeah.

If the y-axis units are rods/hoghead, it's a useless graph. Alternatively, if the y-axis is measured in $1000's, it's much more meaningful.