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Irony in savings

Discussion in 'General Discussion' started by Unveiled Artist, Apr 4, 2020.

  1. Unveiled Artist

    Unveiled Artist Love is patient. Love is kind.

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    I never did liked money. If I didn't need it, I wouldn't have it.

    What's ironic is, I started savings almost recently and realized the more money I have in my savings, the less likely I want to spend it. I live alone and only have, what, two bills. I have student loans but because I am low income, I'm planing to file for forgiveness in debt. So, basically, I'm more focused on my health, creative arts, loved ones, and just being at peace figuring stuff out while I'm in school and working on finances. Whatever else that comes through-having a relationship, travel, etc may come in time (depending these days), but now, I'm pretty much a minimalist.

    When I have less money, I feel the need to spend it because I don't like having it. Then when I have over X amount of dollars then I don't want to spend it, and set it aside to let it grow. If you really think about it, if you didn't have family, and you knew how to budget your bills, what else can you do with money in the long run?

    I was reading about minimalism and one thing it said was when spending money, focus on spending for the experiences rather than for the things. So, spend money to travel but don't hoard on buying things. Of course you can buy things, just prioritize them towards your well-being, values, and holding on to things important. Sometimes we have things in our home that serves no purpose and holds no "memories" and spirit.

    What's your view about money if you didn't need it?

    It does not need to be "money is the root of all evil." It could be an incentive towards something you value or have a passion for rather than something you just need and that's it. A lot of people use money (aside from necessities) because they value status and leadership. Say owning one's own business. Nothing wrong with that.

    So what about you?
     
  2. Amanaki

    Amanaki Well-Known Member

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    I only have about 250-270 USD (2700 NOK) to live for in a month, so I can not afford to save any money, all I have goes to food for me and my cat.
     
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  3. Unveiled Artist

    Unveiled Artist Love is patient. Love is kind.

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    I have only $786 a month. Since I have low-income, school finances etc I don't have to worry about or little about because of disability. It pays for my $5,000 meds, doc appts, every 10 year surgeries, rent, to name a few. So, I'm literally living off the government. I'd be homeless without them.

    But if you know how to budget and/or don't have much expenses and much need for materials, it probably isn't too big of a problem. But it does depend on where you live.
     
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  4. Amanaki

    Amanaki Well-Known Member

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    I live in the living room of a friend now, without that room I would also be homeless
     
  5. Unveiled Artist

    Unveiled Artist Love is patient. Love is kind.

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    In the States?

    Living in the States is a catch-22. Dang if you do or dang if you don't.
     
  6. Amanaki

    Amanaki Well-Known Member

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    In Norway north europe
     
  7. Milton Platt

    Milton Platt Well-Known Member
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    Picture yourself when you are, say, 70 or so. No savings, Minimal, if any health care, no income (since you don;t pay much if anything into social security). Is that what you are hoping for in your old age?
     
  8. Unveiled Artist

    Unveiled Artist Love is patient. Love is kind.

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    Since I get money I don't spend much, so I put it into savings just in case I loose my insurance, I have enough for medication, rent, and food. Other things like traveling etc, one can just smartly use a card and pay back monthly. I was thinking of putting money into an IRA account but I know immediate cash is pretty handy as well.

    I was told if I work (I work less than part time) enough to pay taxes for, I think, five years or so I put money into social security. Later on in life, if I still qualify (I have to be careful), I can get both SSI and Social Security. As long as I get a dollar of SSI, then I still have my health insurance and can (as told) make as much as I want (assuming they mean an average paycheck).

    There's really nothing to "spend" outside necessities that won't put me into the hole once its gone. So, when I'm older, I'd probably have more leave way to work assuming I take care of my health, but now I'm at a catch-22.
     
  9. Milton Platt

    Milton Platt Well-Known Member
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    SSI and Social Security are not living wages, as they don't keep pace with inflation. Medicare coverage is not comprehensive and does not cover medications, vision, dental. What you are paid by Social Security depends very much on what you pay in. If you continue to pay in at a low rate, what you get will not cover your grocery bill, much less rent, car expenses, drugs, etc. You are living in a fantasy world if you live in the U.S.
     
  10. sun rise

    sun rise "Let there be peace and love among all"
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    Those who have more than they need can use some to help those in need.
     
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  11. Unveiled Artist

    Unveiled Artist Love is patient. Love is kind.

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    I sure do wish I did live in a fantasy world. I would work full-time already (that's my fantasy-I've always wanted to work and take care of myself fully. I work less than part-time and go to school). Unfortunately, I cannot do that. SSI is a need based so I would need to work full-time to afford half of my medical, rent, and food expenses. Most likely two jobs to afford the surgeries, docs appt, and once in a blue moon ERs stays and tests, not limited to.

    Some people do live off of the government without needing to. It's sad while others would be in the hospital and homeless without it. The government made it a catch-22.

    ...Believe me. Living off the government is not a fantasy. For some of us it's like a prison. You have barely no financial freedom. Some people are dependent on food stamps (example) but now, because people are abusing that, the costs of food stamps is dropping for those who need it. We have a lot of homeless here on SSI and others with full-time jobs but because of the recession years ago (and whatever reason), they work but they go home to a tent in the woods. A lot of people with disabilities do not want to live off the government. It's a need not a want.
     
    #11 Unveiled Artist, Apr 4, 2020
    Last edited: Apr 4, 2020
  12. Unveiled Artist

    Unveiled Artist Love is patient. Love is kind.

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    Ah. I never been out of the country. I'm in the metro/dc area and it's highly expensive here. Most people work at least two jobs if they have middle class income. I'm not sure how much people pay in taxes since I never needed to file, but it's not all good. We have a lot of homeless here and being in government group homes is highly dangerous. I live in a senior/disabled apartment complex; so, they go off my income since I can't afford over $1,000 rent for a place. A one room efficiency (kinda what you're talking about) would cost right about a thousand, most likely without the utilities included. Some few people stay at home with family, but before I moved, mother charged me more rent than I pay now. So, its a mess. At least I have shelter, food, medicals, and my art ;) Any bills I do have pop up, at least I can pay in installments. They are pretty flexible with low-income people depending on what you say etc.
     
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  13. Unveiled Artist

    Unveiled Artist Love is patient. Love is kind.

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    Good point. Hm. I don't know why I had not thought of that. :(
     
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