Saving one third what you earn monthly is not that hard, isn't it ? - page 22.

poldanmig

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Quote from: ethereumhunter on December 14, 2022, 10:34:19 AM

It depends on how much each person earns and how much he spends each month to find money to save. And it also depends on where you live because some places have a higher standard of living than others. People will try their best to save money and prepare for the future. And even if it meant they could save quite a bit of money, it wouldn't matter because if they kept at it, they would be able to get what they wanted.

What you say is true, because so far everyone of course has a different income and it is difficult to generalize everything as the OP said, if us get income like the example given by the OP it is certainly easy for us to save some of the money we have but we know that not all of us get enough money to save, I think all of us would want to have savings for the future but some of us are unable to save because the income we get is very small and can only cover our daily needs,as the say: just eating is very difficult, how do you want to save money? Grin

nara1892

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Quote from: Marcellin9 on December 14, 2022, 07:05:31 AM

Is this possible based on where you live ?

Yes, of course where we live will greatly affect how much money we can save. Based on my experience, lifestyle is one of the factors where our money is wasted (when I still didn't realize the importance of saving or investing). To be honest, when I still didn't realize the importance of saving, I could barely set aside money from my income every month, even that wasn't enough because I was more concerned with my lifestyle and prestige. It was a time when I regretted why I didn't realize earlier what I'm doing now, namely investing and saving.
Now that I know the importance of investing and saving, I can suppress my lifestyle and prestige more and attach importance to what I can take in the future.

ethereumhunter

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It depends on how much each person earns and how much he spends each month to find money to save. And it also depends on where you live because some places have a higher standard of living than others. People will try their best to save money and prepare for the future. And even if it meant they could save quite a bit of money, it wouldn't matter because if they kept at it, they would be able to get what they wanted.

Rruchi man

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Quote from: Marcellin9 on December 14, 2022, 07:05:31 AM

Is this possible based on where you live ?

It is possible anywhere you live in. The truth is that your expenses increase as your income increases, so waiting to save when you have enough may never happen. The habit of saving is something that has to be consciously developed even from when you don't earn much. If you draw up a budget, remove savings and base your expenditure on the remaining amount. To develop a strong mentality towards it, train yourself to believe that the amount left after you have removed savings is what you actually earn to spend. It is not easy, but it is not impossible too.

G_Besar

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Quote from: Marcellin9 on December 14, 2022, 07:05:31 AM

If you are in twenties or early thirties and remain single, earn $3,000 after tax per month, you will probably save $1,000 if you, let's say, spend $500 to $800 on rental, a guest bedroom in a shared house/apartment, $500 on food, $50 on utilities, $150 on phone/internet bills, $400 on commuting costs or gas/maintainance if you have a used car, $200 on occasional entertainment or others. This $1,000 savings will allow you to invest or place a house down payment when time is ripe. Is this possible based on where you live ?

Obviously it really depends on where we live at the moment. Because where I live now the cost of living is very different from what you stated. Here if someone who is single has an income of $ 3000 per month, then he can save up to $ 2000 a month because $ 1000 is very enough for his life here and that includes the cost of renting a house in a year and also the cost of eating in a month. Because that much income every month is considered a very extraordinary income where I live now.

NeuroticFish

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Quote from: aoluain on December 14, 2022, 09:20:27 AM

It also depends on lifestyle and choices made.

Clearly.

Quote from: aoluain on December 14, 2022, 09:20:27 AM

Loans like car, personal and mortgages will seriously eat into any monthly income

In my country the people, after starting to have a steady income, usually at late 20s and in the 30s, take a loan and buy a flat.
Usually one has to pay some 20-30 years for that, hence if one took a loan for his flat in the past 10 years, not much of a chance for bitcoin either Undecided

But my point in the other post was not about that. My point was about the country. In some countries the minimum wage is low. In mine the minimum legal wage will rise next year to some 600 EUR.
A 20 years old person is a newbie in his field and will not have a great starting salary.
Taking all this into account, neither the $3k/month logic, nor the "living frugally" to save some bitcoins don't help.
What can help is a second job. But I think that in the 20s that's not an easy step to make.

Doan9269

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Quote from: Marcellin9 on December 14, 2022, 07:05:31 AM

If you are in twenties or early thirties and remain single, earn $3,000 after tax per month, you will probably save $1,000 if you, let's say, spend $500 to $800 on rental, a guest bedroom in a shared house/apartment, $500 on food, $50 on utilities, $150 on phone/internet bills, $400 on commuting costs or gas/maintainance if you have a used car, $200 on occasional entertainment or others. This $1,000 savings will allow you to invest or place a house down payment when time is ripe. Is this possible based on where you live ?

It's not all about saving a particular amount of your income that is the problem but we have to consider the level of financial needs arising before the monthly or weekly income set in, we have found so many people in a situation whereby before the expected money as income arrives, there's alot of demands and debts awaiting which could render the income not capable of meeting the needs, i think what needed to be dealt with is theeansbto financial income, this has to be increased, you can't base your family on a particular income when the needs exceeds the expectations you have from your earnings.

aoluain

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Quote from: NeuroticFish on December 14, 2022, 08:14:35 AM

Quote from: Marcellin9 on December 14, 2022, 07:05:31 AM

If you are in twenties or early thirties and remain single, earn $3,000 after tax per month, you will probably save $1,000 if you, let's say, spend $500 to $800 on rental, a guest bedroom in a shared house/apartment, $500 on food, $50 on utilities, $150 on phone/internet bills, $400 on commuting costs or gas/maintainance if you have a used car, $200 on occasional entertainment or others. This $1,000 savings will allow you to invest or place a house down payment when time is ripe. Is this possible based on where you live ?

It depends a lot by where one lives. If I'd be earning $3k from salary (after tax), it would be wonderful. But I don't.
Also the expenses differ greatly from country to country.
So the math you've done, although nice, doesn't apply in most parts of the world.

It also depends on lifestyle and choices made.

Loans like car, personal and mortgages will seriously eat into any monthly income depending
on how they were made. It is so easy to overstretch the finances particularly when the person
is not financially educated/responsible.

Living frugally will make it much easier to live on whatever monthly wage is available. Being disciplined
to be able to save is crucial to reaching a goal. We are constantly bombarded with "But me" messages.

"Cut the cloth to suit the measure"

franky1

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most people in 20's are on minimum wage
$10/hour * 40 *4 = $1600
not $3k

so no a normal 20-30yo where 80% are on low wage dont have that spare $1400 of a $3k a month salary to save $1k

but yes if you earn $4k a month $2k is easy..
but so is if you earn $5k a month saving $3k
(where do you stop)

here is the thing
although statistics say the "median" income is 684 a week = 2736 a month
which equates to an ability to save $1k

whats not realised is
20% earn $7275k a month while 80% earn $1.6k a month

7275
7275
1600
1600
1600
1600
1600
1600
1600
1600
2735 average

NeuroticFish

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Quote from: Marcellin9 on December 14, 2022, 07:05:31 AM

If you are in twenties or early thirties and remain single, earn $3,000 after tax per month, you will probably save $1,000 if you, let's say, spend $500 to $800 on rental, a guest bedroom in a shared house/apartment, $500 on food, $50 on utilities, $150 on phone/internet bills, $400 on commuting costs or gas/maintainance if you have a used car, $200 on occasional entertainment or others. This $1,000 savings will allow you to invest or place a house down payment when time is ripe. Is this possible based on where you live ?

It depends a lot by where one lives. If I'd be earning $3k from salary (after tax), it would be wonderful. But I don't.
Also the expenses differ greatly from country to country.
So the math you've done, although nice, doesn't apply in most parts of the world.

livingfree

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Quote from: Marcellin9 on December 14, 2022, 07:05:31 AM

Is this possible based on where you live ?

Yes, very possible.

High salary also costs you high expenses because of the cost of living in the place where you're designated. But if you're disciplined enough and you've got goals, you can do this.

With breaking down of your expenses and savings, you'll be able to track the most important expenditures and you'll be able to unwanted expenses.

Marcellin9

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If you are in twenties or early thirties and remain single, earn $3,000 after tax per month, you will probably save $1,000 if you, let's say, spend $500 to $800 on rental, a guest bedroom in a shared house/apartment, $500 on food, $50 on utilities, $150 on phone/internet bills, $400 on commuting costs or gas/maintainance if you have a used car, $200 on occasional entertainment or others. This $1,000 savings will allow you to invest or place a house down payment when time is ripe. Is this possible based on where you live ?

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