Comments on: MOB #77 – Should Patriotic People Spend or Save? http://www.millionaireorbust.com/archives/mob0077/ teaching you how to think about your finances Tue, 03 Jan 2012 12:21:15 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: David http://www.millionaireorbust.com/archives/mob0077/comment-page-1/#comment-20519 David Fri, 20 Feb 2009 18:41:47 +0000 http://www.millionaireorbust.com/?p=100#comment-20519 @Hermanus - Those are very goof money saving tips. We all could save quite a bit of money just by timing our purchases to sales, using coupons and overall just thinking about what we buy rather than just throwing things in our carts. I've known people that cuts their food bills in half. Thanks for the tip! @Hermanus – Those are very goof money saving tips. We all could save quite a bit of money just by timing our purchases to sales, using coupons and overall just thinking about what we buy rather than just throwing things in our carts. I’ve known people that cuts their food bills in half. Thanks for the tip!

]]> By: David van Sunder http://www.millionaireorbust.com/archives/mob0077/comment-page-1/#comment-20518 David van Sunder Fri, 20 Feb 2009 18:35:20 +0000 http://www.millionaireorbust.com/?p=100#comment-20518 @Maria Isabel - Actually those numbers are supposed to track all savings whether it be 401k, IRA, savings accounts, etc. They get the numbers by taking all the money that is made and subtract all the money that is spent on good and services, but not investments or bank accounts. So, the numbers really have been that bad if you're just trying to track what portion of a person's current income is being saved/invested. I wish the numbers were better. Now as for whether people should cut back on their retirement investing, that's not such a good idea. Those retirement accounts you mentioned provide tax savings which allow you to keep more of your money in the first place. Now might be an especially good time to invest with prices at a little over a half of the all time high. Of course, how you invest that money is up to you and your financial advisor based on your situation, your risk tolerance and how long you have until retirement. At the very least, putting the money in a retirement account with safer investments would allow you to take advantage of the tax benefits they provide. Hope that helps! @Maria Isabel – Actually those numbers are supposed to track all savings whether it be 401k, IRA, savings accounts, etc. They get the numbers by taking all the money that is made and subtract all the money that is spent on good and services, but not investments or bank accounts. So, the numbers really have been that bad if you’re just trying to track what portion of a person’s current income is being saved/invested. I wish the numbers were better.

Now as for whether people should cut back on their retirement investing, that’s not such a good idea. Those retirement accounts you mentioned provide tax savings which allow you to keep more of your money in the first place. Now might be an especially good time to invest with prices at a little over a half of the all time high. Of course, how you invest that money is up to you and your financial advisor based on your situation, your risk tolerance and how long you have until retirement. At the very least, putting the money in a retirement account with safer investments would allow you to take advantage of the tax benefits they provide. Hope that helps!

]]> By: David van Sunder http://www.millionaireorbust.com/archives/mob0077/comment-page-1/#comment-20517 David van Sunder Fri, 20 Feb 2009 18:28:28 +0000 http://www.millionaireorbust.com/?p=100#comment-20517 @ctreit Those are good points. In case I was a little unclear, I wasn't trying to say that everyone should spend money to be patriotic. I was saying that we shouldn't listen to people who say that. In fact, I said in the podcast that to be patriotic, you should take care of yourself, get rid of your debt and build up an emergency fund. If you've done all that and have retirement taken care of and a steady income stream (i.e. You're wealthy.), then by all means take some of your extra and stimulate the economy with it. If you're not in good financial standing, it's not your job to spend money. It's your job to stabilize your situation and pay your bills. That's your part in strengthening the economy. Thanks for listening to the show! @ctreit Those are good points. In case I was a little unclear, I wasn’t trying to say that everyone should spend money to be patriotic. I was saying that we shouldn’t listen to people who say that. In fact, I said in the podcast that to be patriotic, you should take care of yourself, get rid of your debt and build up an emergency fund. If you’ve done all that and have retirement taken care of and a steady income stream (i.e. You’re wealthy.), then by all means take some of your extra and stimulate the economy with it. If you’re not in good financial standing, it’s not your job to spend money. It’s your job to stabilize your situation and pay your bills. That’s your part in strengthening the economy. Thanks for listening to the show!

]]> By: Hermanus http://www.millionaireorbust.com/archives/mob0077/comment-page-1/#comment-20516 Hermanus Fri, 20 Feb 2009 17:58:18 +0000 http://www.millionaireorbust.com/?p=100#comment-20516 How to spend wisely and stimulate the economy? Some suggestions are: check weekly food specials, in Wednesday's newspapers. Sunday's newspapers always has the specials for almost everything else that you may need. All you need to know, what is usually charged for items before they go on sale, to know that you have made a good purchase. Never buy anything until you know the everyday price of an item. How to spend wisely and stimulate the economy?
Some suggestions are: check weekly food specials, in Wednesday’s newspapers. Sunday’s newspapers always has the specials for almost everything else that you may need. All you need to know, what is usually charged for items before they go on sale, to know that you have made a good purchase. Never buy anything until you know the everyday price of an item.

]]> By: Maria Isabel http://www.millionaireorbust.com/archives/mob0077/comment-page-1/#comment-20507 Maria Isabel Fri, 20 Feb 2009 07:46:03 +0000 http://www.millionaireorbust.com/?p=100#comment-20507 How many of those people that are saving 1%, are actually contributing to a 401k, IRA or IRA Roth? Perhaps this is where they are saving their money and it doesn't show as savings. Of course most of them have taken a terrible beating, should they perhaps cut back on their 401K and put more into their savings? How many of those people that are saving 1%, are actually contributing to a 401k, IRA or IRA Roth?
Perhaps this is where they are saving their money and it doesn’t show as savings.
Of course most of them have taken a terrible beating, should they perhaps cut back on their 401K and put more into their savings?

]]> By: ctreit http://www.millionaireorbust.com/archives/mob0077/comment-page-1/#comment-20493 ctreit Wed, 18 Feb 2009 11:51:34 +0000 http://www.millionaireorbust.com/?p=100#comment-20493 Good podcast. There is only one statement that I would critique. You say that if you are patriotic go and spend some money. (I am paraphrasing.) I think that being patriotic is having sound finances. Putting your financial house in order could be a problem for the economy short term in the current situation, but long-term you are helping yourself and your country. That is the only way you can be patriotic. Good podcast. There is only one statement that I would critique. You say that if you are patriotic go and spend some money. (I am paraphrasing.) I think that being patriotic is having sound finances. Putting your financial house in order could be a problem for the economy short term in the current situation, but long-term you are helping yourself and your country. That is the only way you can be patriotic.

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