Does Anyone Not have Savings?

jimjames

coyrls wrote: »

There are plenty of rich people who:
and, I would suggest, very few poor people, unless you are going to redefine the meaning of the words.

I guess it does depend how you define the words.

Are you rich if you have zero savings and lots of debt? I'd suggest that spending beyond your means and owing more than you have in assets doesn't define you as rich.
You could also define rich in more than monetary terms but that's beyond what the thread is about.

coyrls

jimjames wrote: »

I guess it does depend how you define the words.

Are you rich if you have zero savings and lots of debt? I'd suggest that spending beyond your means and owing more than you have in assets doesn't define you as rich.
You could also define rich in more than monetary terms but that's beyond what the thread is about.

OK but I would think the majority of people who "drive expensive cars, fly business class for holidays and stay in 5 star hotels" are not spending beyond their means or owing more than they have in assets. It might make people feel better to assume that they are really "poor" but, in fact, there really are rich people (in monetary terms) around.

[Deleted User]

I know savings are nice to have - but I'd rather save for specific things. E.g. I know that I need to save up for rather lavish parties for my kids in about 6 / 8 years time. So I'm saving for that.

Generic "I've got £100k in savings" are all well and good; but you can't take it to the grave.

If you aren't saving for retirement, or a specific event - what are you holding such a large amount of money aside for?

tara747

coyrls wrote: »

OK but I would think the majority of people who "drive expensive cars, fly business class for holidays and stay in 5 star hotels" are not spending beyond their means or owing more than they have in assets. It might make people feel better to assume that they are really "poor" but, in fact, there really are rich people (in monetary terms) around.

True, but I do know quite a few people who spend way beyond their means, generally on material items. Two of whom drive cars that cost more than their annual salary! :eek:

ringo_24601 wrote: »

I know savings are nice to have - but I'd rather save for specific things. E.g. I know that I need to save up for rather lavish parties for my kids in about 6 / 8 years time. So I'm saving for that.

Generic "I've got £100k in savings" are all well and good; but you can't take it to the grave.

If you aren't saving for retirement, or a specific event - what are you holding such a large amount of money aside for?

I'm saving for a house, but also for financial freedom for the future - and maybe to retire early. No harm in it at all IMHO. Each to their own. There's no right or wrong.


I save a lot, but I earn a decent salary, so can honestly say that I've never deprived myself. I'm lucky to be able to save and still have fun.


Those must be lavish parties indeed if you have to save for 6-8 years for them

mgarl10024

tara747 wrote: »

I'm saving for ... financial freedom for the future
<snip>
I save a lot, but I earn a decent salary, so can honestly say that I've never deprived myself. I'm lucky to be able to save and still have fun.

Snap.
Flashy cars or most material things don't interest me.
Time on the other hand does - I never have enough, and so the ability to gain Financial Independence through saving and so 'purchase' future freedom has a massive appeal.
And, as mentioned before, whilst I am on my journey to try to reach that goal, my savings are already having a positive impact by giving me the ability to relax and not worry about the next unexpected bill or workplace redundancy round.
(I'm an avid reader of http://mrmoneymustache.com/ and other similar blogs)

bigfreddiel

Are all of you saving or investing?

schiff

bigfreddiel wrote: »

Are all of you saving or investing?

Don't we all invest our savings, even if it's only at 0.5%?

jimjames

schiff wrote: »

Don't we all invest our savings, even if it's only at 0.5%?

No. Cash deposited in a bank is savings, money in stocks and shares is invested.

bigfreddiel

schiff wrote: »

Don't we all invest our savings, even if it's only at 0.5%?

That's not investing, that's called throwing your money away. fj

kingrulzuk

saving and investing is not the same.
But sometimes I feel its no point saving as we get next to nothing now.