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Brokenbad

Escaping the mindset of a poor person, help please.

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I love my new job, it is a dream come true.

I make twice as much in one paycheck as I did in one month with my old job, PLUS I have unbeatable benefits, my rent and health care are now completely covered in addition to my increase in pay.

I have never been wasteful with money, but I didn't have a dime to spend when I was with my old job, in fact, I was behind on bills and most of the time we did without. We faced some really hard times.

Having said all of this, it is hard for my wife and I to escape the mindset that we are still broke. We buy groceries and we still spend as though we can barely afford them, we still worry our credit cards are going to decline any time we purchase something, and we still refrain from buying anything name-brand or more effecient.

Is this a bad thing? Should I change my mindset?

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if you can keep part of this mindset, it's not all bad. but you don't want to be a penywise and a dollar foolish.

if you wonder about the credit cards not going thru, thats easy. just don't use them and pay them down if the angst is at that level.

there are times we might be rolling and other times we have to hunker down and say no to lots of things. just part of life and as long as you value important things, it will keep you having a good perspective.

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Make a budget and make your money do what you want and don't spend a penny more.

Pay off your credit cards and trash them.

Win win.

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I would payoff all credit cards and then if you are making enough put away a years worth of salary for a rainy day fun. That mind set isn't bad, my problem is I like expensive toys and eventually go oh what the hell and buy it

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at least its not the other way around, an over-spender in a situation that requires a bit of frugality

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save it all

medical bills will eventually take everything...for you....for a loved one

as someone who is on their way out, take my advice, save to die or things will be very painful and very rough. not to mention leaving debt or leaving something for those left behind...greed is so underrated people still 'living' will not and do not care.

sad but true...400k is a joke, double that and youll be ok

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Save it for a rainy day. Because most likely you will need it down the road. Once you get a nice nest egg reward yourself and the wife. Set anothers goal limit and repeat.

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If you have disposable income, you might want to start saving or investing. It is never a bad thing to live below your means.

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If you have disposable income, you might want to start saving or investing. It is never a bad thing to live below your means.

I have been putting 10% of my checking account into savings every week, so far so good, thanks for the good advice everyone.

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You could give me the extra money that you have with your new job until you are actually poor again. It's a win win.

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The great thing about saving is there are so many ways to save for traumatic events and retirement.

Once you've paid off all high interest, unsecured debt, you should max out your Roth IRA and HSA if you have a health plan that qualifies.

As everyone will eventually need to spend on health, a HSA is basically getting free money.

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My father is the same way. He came from nothing and he does well for himself now but he still bags his lunch and eats free food out of hotel lobbies. He complains when people use too much ketchup on a cheeseburger because that costs money. I think it's a good thing though. When he retires he will have whatever he needs lest he lives to be 100. One thing my dad did when he got out of college and started banking bigger checks. He opened CDs 6 months recurring with enough money in them to cover rent. I don't know if they still do CD's or not but He eventually had 2 CDs come available every month on a 6 month cycle. They earned more interest than savings account and if was ever to lose his job he could withdraw a CD a month for 12 months.

Another thing my dad would do and I do it too is make a car fund. Put money in the fund each month so when you need a car, be it used or new you can pay cash and not pay interest. Interest payments on cars is pretty low these days but it's nice knowing there's no debt in your driveway.

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