How much savings do you have?

[mike ross]

I've got a couple of hundred thousand in the bank plus a house that is fully paid off. I don't owe anything.

Thing is, it is true that money isn't everything. I'm 44 and I've been living the frugal life for so long from paying off my house and working hard, i do not know how to enjoy myself anymore. I know that sounds pathetic but its true.

 

[Cruyff14]

I've got a couple of hundred thousand in the bank plus a house that is fully paid off. I don't owe anything.

Thing is, it is true that money isn't everything. I'm 44 and I've been living the frugal life for so long from paying off my house and working hard, i do not know how to enjoy myself anymore. I know that sounds pathetic but its true.

is there anything you want to buy though? A nice watch? A new car? Renovations?

 

[Drakescoffeecake]

I've got a couple of hundred thousand in the bank plus a house that is fully paid off. I don't owe anything.

Thing is, it is true that money isn't everything. I'm 44 and I've been living the frugal life for so long from paying off my house and working hard, i do not know how to enjoy myself anymore. I know that sounds pathetic but its true.

A couple hundred thousand in the bank just sitting there? It needs to be growing.

 

[The Dice Man]

I've got a couple of hundred thousand in the bank plus a house that is fully paid off. I don't owe anything.

Thing is, it is true that money isn't everything. I'm 44 and I've been living the frugal life for so long from paying off my house and working hard, i do not know how to enjoy myself anymore. I know that sounds pathetic but its true.

It's not pathetic.. could be what they used to call a mid life crisis, but it doesn't have to be.

What are your interests? Going by your profile pic you like motorsports.. Go buy yourself a kart and race, or just blow it all on coke and hookers.

 

[sabre_ac]

I've got a couple of hundred thousand in the bank plus a house that is fully paid off. I don't owe anything.

Thing is, it is true that money isn't everything. I'm 44 and I've been living the frugal life for so long from paying off my house and working hard, i do not know how to enjoy myself anymore. I know that sounds pathetic but its true.

Have you done much traveling?
44 is too old to hit up the hostel life but you could certainly start experiencing more of the world. For example, a yearly 15-30k budget (depending on if you have a family) would pretty much get you anywhere you want with nice accommodation when you get there (you may have to choose between business class travel vs 5 start resort for that budget).

I'd personally steer clear of physical goods, the rush I get from purchasing things like cars/watches etc never seems to last as long as an experience.

If you have kids, what about going about creating a comfortable life for them after you've gone, start investing in property for them etc.

 

[MirosWife]

1.46 Bitcoin

 

[Angus Young]

1.46 Bitcoin

2030 .... u gona be rich

 

[00Stinger]

Never have more than $10k in cash in so called savings

I like to have that as a safety buffer if anything goes wrong. Probably got about $20k in available credit card space

Anything over is locked away in shares, crypto ext to make me more money

Sent from my SM-G981B using Tapatalk

 

[donq66]

1.46 Bitcoin

you got it right, keep stacking

 

[Lunchtime]

There is such a thing is saving too much. You need to enjoy life, and long term money in the bank loses value unless it's attracting very healthy interest.

If you're in a position with $50-100k or more in the bank then you'd be mad not to invest in other things.

A couple hundred thousand in the bank just sitting there? It needs to be growing.

There's no point having thousands and thousands and thousands of money in the bank. $10k - $20k is fine. The bank pays stuff all interest. It's dead money in the bank if someone has $100k or more in the bank. Imagine investing thst money overtime in Superannuation.....the compound interest would be huge. Better.....much better than the bank.

 

[Lunchtime]

Savings doesn't work.
The literally seconfd you go.on a budget or a savings plan you can absolutely guarantee you will get kicked in the nuts and have an absolute eye watering expense the next day.
Budgeting is pointless.
All your energy needs to be focused on resources. Not money. Sure make it. But it's easy come easy go. Assets and earning potential
Status and resources are what matters

One of my friends has $300,000 saved in a bank account and he keeps on saying "I can't afford it" "I am saving for an emergency" I mean....what sort of an emergency is worth $300,000 lol

 

[Kram]

I have more than that in the bank but mainly just because I'm looking for a property.

Interest rates aren't providing a bad return atm moment anyway, Macquarie 4.75%.

 

[Nothing]

One of my friends has $300,000 saved in a bank account and he keeps on saying "I can't afford it" "I am saving for an emergency" I mean....what sort of an emergency is worth $300,000 lol

Never know when you're going to need a Barrister or a KC.

 

[Lunchtime]

Never know when you're going to need a Barrister or a KC.

True, but I guess in normal emergencies if that's the right way if saying it...$300k sitting in a bank is a lot. Interest doesn't pay much either.

 

[kaiserchief13]

True, but I guess in normal emergencies if that's the right way if saying it...$300k sitting in a bank is a lot. Interest doesn't pay much either.

At the moment you can get 5% interest rate return on safe investments - savings account at bank. $15k pa is not a good return? Term deposits may offer even more % as well

 

[The Dice Man]

Have you done much traveling?
44 is too old to hit up the hostel life

You fact checked that? There's a great thread on Reddit that stars one of BF's 'finest'.

Hey Malifice

 

[Lyyynnnchy]

At the moment you can get 5% interest rate return on safe investments - savings account at bank. $15k pa is not a good return? Term deposits may offer even more % as well

On $300k? No, I don’t think it’s a very good return at all.

 

[dmc333]

On $300k? No, I don’t think it’s a very good return at all.

Factor in inflation and tax and it's probably zero.

 

[sabre_ac]

On $300k? No, I don’t think it’s a very good return at all.

Is 5% locked in that bad a return?

What does the rental cost of a typical rental unit look like when you factor in maintenance, interest, the risk of not having tenants for a period of time, etc.? Plus your own personal time invested.

Given 300k today, I'd probably lean 5% interest for 12 months and then re-assess.

 

[sabre_ac]

You fact checked that? There's a great thread on Reddit that stars one of BF's 'finest'.

Hey Malifice

I've fact-checked it through my own personal experience.

To be fair, I was referring to the party hostels that draw people in their 20s from around the world; I am aware of hostels that are aimed at families and travellers on tight budgets.