Comments on: Are You Saving Like the Titanic? https://eliteedgemoney.com/are-you-saving-like-the-titanic/ Money | Minimalism | Mohawks Thu, 17 Jan 2019 16:52:53 +0000 hourly 1 https://wordpress.org/?v=6.9.4 By: J. Money https://eliteedgemoney.com/are-you-saving-like-the-titanic/#comment-257217 Fri, 25 Aug 2017 12:12:49 +0000 https://staging.eliteedgemoney.com/?p=52269#comment-257217 In reply to Dividend Diplomats.

Beautiful man! Congrats!!

]]> By: J. Money https://eliteedgemoney.com/are-you-saving-like-the-titanic/#comment-257213 Fri, 25 Aug 2017 12:11:20 +0000 https://staging.eliteedgemoney.com/?p=52269#comment-257213 In reply to Lily @ The Frugal Gene.

I just read a BRILLIANT article around this!! Agree 100%!

https://www.laurengreutman.com/why-the-term-starter-home-should-bother-you/

]]> By: J. Money https://eliteedgemoney.com/are-you-saving-like-the-titanic/#comment-257211 Fri, 25 Aug 2017 12:10:21 +0000 https://staging.eliteedgemoney.com/?p=52269#comment-257211 In reply to Mao.

Hell yeah – I would totally go out and get a roommate if my wife allowed it :) I always joke about living with my parents (built-in baby sitters!) but so far no one is in except for my mother and my kids… 3 down, 2 more to go!

]]> By: J. Money https://eliteedgemoney.com/are-you-saving-like-the-titanic/#comment-257208 Fri, 25 Aug 2017 12:08:58 +0000 https://staging.eliteedgemoney.com/?p=52269#comment-257208 In reply to Anthony Perlas.

Fascinating!

And by “saving” Mr. 1500 is really talking about investing it all once it’s saved so it can grow.

]]> By: Dividend Diplomats https://eliteedgemoney.com/are-you-saving-like-the-titanic/#comment-257129 Wed, 23 Aug 2017 03:25:38 +0000 https://staging.eliteedgemoney.com/?p=52269#comment-257129 Love the analogy BAS! It just has me thinking why I hadn’t come up with such an analogy (kidding). But this easily shows the power of compounding and why it is critical that you save at a younger age and start the process of having your money work for you. Each decision should be made with a long term perspective and you cited three examples at the end. But a car that you can drive to 200k and can last well over 10 years. Buy a house you may never have to leave. Don’t incur those RE fees, the costs of financing, the cost of moving, etc. My wife and I are getting ready to move into our first house. We made sure we had a house that we knew would be big enough for our family not just 3, 5, or 10 years from now. But also for 20+ years. We will most likely never have to leave (until we are ready to downsize). Sorry, got on a rant there! Thanks for the great read.

Bert

]]> By: Lily @ The Frugal Gene https://eliteedgemoney.com/are-you-saving-like-the-titanic/#comment-257125 Tue, 22 Aug 2017 21:18:14 +0000 https://staging.eliteedgemoney.com/?p=52269#comment-257125 “I hate the phrase “starter home.” Why can’t a modest home be a forever home?”

Ohhh my God that is soooooooooo true. You know who is getting pay off this concept? Agents and their RE firms. We brought our current home thinking it’s just for 10 years but now obviously its a lot better financially just to stay put. Plus we love this house. And we’re lazy to deal with selling, closing, buying, packing up and moving. What a hassle. Stay put people!!!!

]]> By: Mark https://eliteedgemoney.com/are-you-saving-like-the-titanic/#comment-257121 Tue, 22 Aug 2017 16:57:25 +0000 https://staging.eliteedgemoney.com/?p=52269#comment-257121 In reply to Ms. Frugal Asian Finance.

Same struggle here. I do contribute 15% to 401K and double up on monthly mortgage payments plus some extra bonus help pay it down. I’m 51 and want to have it paid down by 55 so I can retire with no mortgage.

]]> By: Mao https://eliteedgemoney.com/are-you-saving-like-the-titanic/#comment-257118 Tue, 22 Aug 2017 15:53:09 +0000 https://staging.eliteedgemoney.com/?p=52269#comment-257118 Time value of money + compounding = win!

Getting a roommate is definitely a huge saver for me, especially if you can find someone you get along, life can be more fun too.

]]> By: Anthony Perlas https://eliteedgemoney.com/are-you-saving-like-the-titanic/#comment-257117 Tue, 22 Aug 2017 14:59:33 +0000 https://staging.eliteedgemoney.com/?p=52269#comment-257117 Good analogy for compounding interest. Though it won’t work too well today. You’d be lucky if you can get 0.1% at a bank.

Also did you know the people who would have been against the Federal Reserve was on that boat. Saving money would have been a lot easier just like in your example. Plus we’d be saving in gold.

]]> By: Eric https://eliteedgemoney.com/are-you-saving-like-the-titanic/#comment-257116 Tue, 22 Aug 2017 14:08:37 +0000 https://staging.eliteedgemoney.com/?p=52269#comment-257116 In reply to J. Money.

“when I wore a younger man’s clothes” is from Billy Joel’s Piano Man.

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