Making Money And Keeping It
January 9, 2007 by Karen Weideman
Filed under financial matters, frugal living, saving money
With a society suffering from its choices of instant gratification, it is nice to see that there are some wise ones that are thinking of the future.
Recently, The Sun Herald ran an article about young and thrifty 20- and 30- somethings that are delaying gratification to save money and max out their 401(k)s.
Here’s a little something from the article:
Shawn Herman, Minneapolis, 35
Not like his friends: So many of my friends get a nice position at a corporation or do well for themselves and go out and buy the 4,000-square-foot house, or buy a boat or cabin… . Next thing you know they find themselves living paycheck to paycheck and making six figures a year. That’s ludicrous.
Hates debt: I avoid debt like the plague. I don’t like to owe people money. I own a house and make a point of prepaying my mortgage.
Jessica Hackman, Shakopee, Minn., 29
Saves more than friends: (My husband and I) each participate in the 401(k) plan offered at our jobs. Gotta love that free-match money. Since the wedding, we have combined our Roth IRA contribution into one large account in order to max that one out.
LIVING AT HOME PAID OFF: In the six years in between college and getting married I lived at home with my parents. Now, at first it felt pretty lame, but after a while I came to realize what an amazing opportunity it was… . Because of the generosity of my parents, I was able to pay off not only my car but my student loans… and to be able to pay cash (for our portion of) our wedding.
Sounds good to me!
That’s the way my husband and I think. It’s easy to get caught up in the shiny toys you could buy but staying out of debt and living within your means is so much more worry-free.
I quit buying toys at retail a long time ago. I remember my daughter was 7 months old and I bought her a $20 toy that she spent less than 30 minutes playing with. From that point, I started buying toys at consignment stores, yard sales, and on clearance. I also get some hammy-down ones from my friend. It’s just ridiculous to pay so much for toys knowing that they won’t use them long or not at all.
Thanks for visiting Michelle.
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They sound like really smart young folks.