Escaping the mindset of a poor person, help please.
Posted 19 January 2013 - 02:51 PM
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?
Posted 19 January 2013 - 03:04 PM
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.
Posted 19 January 2013 - 04:13 PM
Pay off your credit cards and trash them.
Posted 19 January 2013 - 04:50 PM
Posted 19 January 2013 - 04:52 PM
Posted 19 January 2013 - 05:13 PM
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
Posted 19 January 2013 - 05:40 PM
It's harder on these hoes tho
Posted 19 January 2013 - 05:52 PM
Posted 19 January 2013 - 06:31 PM
Posted 19 January 2013 - 06:56 PM
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.
Posted 19 January 2013 - 07:10 PM
Posted 19 January 2013 - 07:20 PM
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.
Posted 19 January 2013 - 10:34 PM
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.