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aeternitatis

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I used to be rich and got basically everything, then a few things happened and now i have a part time job which basically covers all my needs since im only 16 :) money isn't that important really, as long as your happy.

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My parents make just enough money to live by and thanks to the Government & student finance I'm getting £6,500 from September till May to live on. Around £3500 is going to accommodation at University so I'll be living on £3000 for 9 months, it's not unrealistic since I don't have utility or transport bills to pay. Might be a squeeze though. I never had much money as a kid, pocket money came from my grandparents and more often than not went on paying for school dinners. It's not exactly poverty, but because we've always been on a tight budget I'm extremely money concious and pretty much constantly urge everyone else to be too. Why spend more on brand food when there's Tesco Value & ASDA Smartprice? Why buy clothes anywhere else when there's £6 jeans and £1.50 t-shirts from Primark? :D

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@OP: Well most of the people in this thread have been encouraging you to shy away from relying on investing.. while they definitely have good points, and I'm obviously biased, I might be able to provide another viewpoint :P My dad has made his career as a private investor. He started out by creating an investment company. Then he sold it and now he privately invests in real estate and art (often collaborating with his friends). He's done extremely well for himself, so a future like that is certainly possible, but it's definitely a risky thing to get involved in. Make sure you know your stuff.

 

I'm currently being supported by my parents. I'm lucky enough that they can afford all my university tuition and living costs without worrying about loans. When I'm not in school I do look for work. I've done minimum wage retail jobs in the past and this year I've been doing freelance web design work. All of it has been going into savings, which is nice. Money isn't particularly important to me. Maybe it's easy for me to say that since my family has always had money.. but I often find myself thinking about how I don't really need so many of the things I have. I'd be perfectly content without having this much money. I suppose the only thing that I'm really glad about is the fact that I don't have to worry about university loans :ohnoes:

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I'm somewhat sickened by how so many kids want to be doctors and lawyers just because of the pay.

I don't understand why that sickens you? I do enjoy law, but I enjoy other areas more (history, music) but realistically I wouldn't be able to do much with them when I finish my study. While the money starting out in law for me will be fairly low, the long term benefits from it outweigh that and the pay was one of the things I looked at when deciding which area of law I wanted to specialise in.

 

Trust me when I say this, rich people are no more happy than those working minimum wage.

That's an interesting statement, I'm sure you made it from experience? Someone who never has to worry about money would surely be better of than someone who is just getting by on minimum wage (which is very little) and is having to worry about finances constantly..

 

I didn't like the tone of your post.

 

Now, onto the point of the topic:

 

I work 10-25 hours a week so get around $235 - $585. It's a nice easy job and it's enjoyable enough that I don't mind going, the people I work with are great and it still allows me to have more than enough time to study full time and do anything else I normally would do. I just cut back on wasting time. My parents wanted to pay for my Uni fee's but I wanted to pay them myself so hecsing it until I start working full time where I'll pay it off. I don't really have a plan about having x amount of money in however many years, my expenses are fairly minimal and I just save for no real reason :P

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Adding onto what Jimmy said:

 

Trust me when I say this, rich people are no more happy than those working minimum wage.

I don't think that's an accurate statement that could apply to everybody. I would NEVER suggest that money automatically makes people happier. But I could definitely understand how someone who is "comfortable" money-wise would be happier than someone who is poor. When you're worrying about finances, that creates stress. And I'd be willing to bet that people who aren't stressed are happier than people who are. Furthermore, money allows people to pursue their interests and their dreams. So depending on someone's interests, money could make them happier. Take this as an example:

 

Person A loves traveling, has plenty of money, and thus is able to pursue his/her dream of traveling around the world.

Person B loves the idea of traveling but doesn't have enough money to fund that interest. He/she has never been out of his/her hometown and longs to see the world.

 

Person A would probably be happier since they're able to satisfy that desire and pursue their passion. Of course, if your passion is something more like helping people, money probably won't make you happier. There are plenty of ways you can help people without needing to be rich. So it's circumstantial.

 

Money won't automatically guarantee happiness. But it can relieve stress and help people follow their dreams, which then brings happiness.

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The idea of money bringing you unhappiness is just another invention of the upper class, aiming to keep the rest of society down in the gutter. 873373-414px_hammer_and_sickle.svg_tiny.png

 

Seriously though, it is an overused quote. Money cures worries, swear to God. Anyone who thinks being richer while living in this society won't give you a bit ore happiness and calmity, is quite frankly, an idiot.

"The cry of the poor is not always just, but if you never hear it you'll never know what justice is."

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Calmity?

 

I think people mostly like to point out things like "being rich won't make you happy", which is true. I do agree that having stable, moderate finances is bound to reduce stress in life, however.

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@OP: Well most of the people in this thread have been encouraging you to shy away from relying on investing.. while they definitely have good points, and I'm obviously biased, I might be able to provide another viewpoint :P My dad has made his career as a private investor. He started out by creating an investment company. Then he sold it and now he privately invests in real estate and art (often collaborating with his friends). He's done extremely well for himself, so a future like that is certainly possible, but it's definitely a risky thing to get involved in. Make sure you know your stuff.

I think property, for one, is one of the best investments. When things started looking up for our family, a few years ago, my dad decided to start investing in property as well. Since Arabic countries do not have pension funds he would have to create his own, in a manner of speaking. He turned to property. he started investing at the peak of the recession in a few European countries, finding properties for give-away prices. Some of them let him down, but others did a lot better than he imagined they would. It is, as you say, a risky business. You can't always win. You're going to have to get used to losing money here and there. But if you know what you're doing then those times will be minimal.

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I've been blessed enough to not have to worry about money. It's my hope that I never will. When I graduate, if I want to enter the workforce, I'll be earning somewhere around $60k/year. I might just stick around and get a better degree. Who knows, it's two years out.

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I think property, for one, is one of the best investments. When things started looking up for our family, a few years ago, my dad decided to start investing in property as well.

If you live in Europe, this ain't always true.


"Imagine yourself surrounded by the most horrible cripples and maniacs it is possible to conceive, and you may understand a little of my feelings with these grotesque caricatures of humanity about me."

- H.G. Wells, The Island of Doctor Moreau

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I'll look at some specifics here.

 

I currently have $840 in my checking account (although payday is tomorrow, so it will probably be about $1000) and I have $10,074 in my savings account and $74 in my wallet.

 

My money comes mostly from my job, which is minimum wage ($8.25 an hour here before taxes, etc) and I get 20-30 hours a week. To date I have made $3384, working for 21 weeks or an average of $161 a week. About $60 of that a week goes directly to paying for gas.

 

The money in my savings account comes from all the money I don't spend from my paycheck, gifts over the years from family members, and all the money that got invested for me to go to college. I already paid for my first semester of college with this money, $8,200.

 

I think that covers current money situations aside from my parents, which I'll sum up by saying that my dad makes a lot. My mom does not. (They're divorced.)

 

----

 

Anyways, future is a lot less technical than current, mostly due to me having no [bleep]ing idea about it. I'm going to college at what I think is a very good school (whatever, I'll just say what it is: UCONN) and I'm majoring in environmental science. There's a lot of stuff I can do with it, I think, but I don't have high hopes of making a lot of money with it, probably a job with a starting salary of $35k a year probably maxing out at around $70k. I could get a job with the DEP, although I checked my state's DEP website and there are no current vacancies. But yeah, I don't see my current direction taking me anywhere that will make me rich.

 

----

 

Lastly, money is important to me. It's not the most important thing to me but I'll be honest, it's up there. However, I don't care about getting lots and lots of money, just having enough to live fairly comfortably off of. But it certainly will be a deciding factor in what I end up doing. If I find a job I love but it only pays $30k and I find another job I can barely tolerate but it pays 60k, I'll certainly take the better paying one. But if it was $100k a year for a job I love versus $500k for one I hated, I would go for the lower paying of the two.

 

----

 

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No, I really do think that being rich will make you happy. It might not fulfil you, but God knows I'd be a happier person with more money - I can't think of anyone I know who wouldn't be!

I was actually happier when I was poor, but that wasn't because of the money. I actually saw my friends regularly back then.

 

I make about $20-25k (it goes up slightly every year) a year depending on overtime. In less than 4 years, I have saved up over $10k. I don't really care about money, since my happiness doesn't require much, but I know I'll need it eventually.

 

As for investing, my uncle is getting into property investment and is doing quite well.

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I think property, for one, is one of the best investments. When things started looking up for our family, a few years ago, my dad decided to start investing in property as well.

If you live in Europe, this ain't always true.

Well i wouldn't really know. I was talking merely on hearsay. But i imagine now that the economy has recovered from back when recession hit, things are much more stable and finding bargains like you could back then will be a lot harder now.

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I think property, for one, is one of the best investments. When things started looking up for our family, a few years ago, my dad decided to start investing in property as well.

If you live in Europe, this ain't always true.

Well i wouldn't really know. I was talking merely on hearsay. But i imagine now that the economy has recovered from back when recession hit, things are much more stable and finding bargains like you could back then will be a lot harder now.

Where did you get the impression that the economy was better? :blink: I have no idea how the economy works and I know that there's no way it's better yet. :P

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I think property, for one, is one of the best investments. When things started looking up for our family, a few years ago, my dad decided to start investing in property as well.

If you live in Europe, this ain't always true.

Well i wouldn't really know. I was talking merely on hearsay. But i imagine now that the economy has recovered from back when recession hit, things are much more stable and finding bargains like you could back then will be a lot harder now.

Where did you get the impression that the economy was better? :blink: I have no idea how the economy works and I know that there's no way it's better yet. :P

Should have said "recovered a bit" rather than just "recovered". Makes it seem like i meant it's already fully recovered when it is really just slightly better.

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I think property, for one, is one of the best investments. When things started looking up for our family, a few years ago, my dad decided to start investing in property as well.

If you live in Europe, this ain't always true.

Well i wouldn't really know. I was talking merely on hearsay. But i imagine now that the economy has recovered from back when recession hit, things are much more stable and finding bargains like you could back then will be a lot harder now.

Europe and the US look like they're heading for another recession, thanks to Greece, Italy, and the Republican Party.

 

[spoiler=Person Responsible for Double Dip Recession]political-pictures-michele-bachmann-crazy.jpg

 


"Imagine yourself surrounded by the most horrible cripples and maniacs it is possible to conceive, and you may understand a little of my feelings with these grotesque caricatures of humanity about me."

- H.G. Wells, The Island of Doctor Moreau

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I think property, for one, is one of the best investments. When things started looking up for our family, a few years ago, my dad decided to start investing in property as well.

If you live in Europe, this ain't always true.

Well i wouldn't really know. I was talking merely on hearsay. But i imagine now that the economy has recovered from back when recession hit, things are much more stable and finding bargains like you could back then will be a lot harder now.

Europe and the US look like they're heading for another recession, thanks to Greece, Italy, and the Republican Party.

 

[spoiler=Person Responsible for Double Dip Recession]political-pictures-michele-bachmann-crazy.jpg

 

 

Don't forget about Ireland, Spain and Portugal.

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I think property, for one, is one of the best investments. When things started looking up for our family, a few years ago, my dad decided to start investing in property as well.

If you live in Europe, this ain't always true.

Well i wouldn't really know. I was talking merely on hearsay. But i imagine now that the economy has recovered from back when recession hit, things are much more stable and finding bargains like you could back then will be a lot harder now.

Europe and the US look like they're heading for another recession, thanks to Greece, Italy, and the Republican Party.

 

[spoiler=Person Responsible for Double Dip Recession]political-pictures-michele-bachmann-crazy.jpg

 

 

 

Don't forget about Ireland, Spain and Portugal.

 

I left those three out because:

-Ireland and Portugal are small but, unlike Greece, don't seem to need second bailouts and aren't in quite the same state of economic woe

-Spain's sovereign debt as a % of GDP and as an absolute figure is something the EU could manage to bail out; Italy is a bigger economy than Greece that has a debt that is the same % of GDP (the exact figure eludes me), and it'd be impossible to bail Italy out

 

So although Ireland, Portugal and Spain are bad, it's Greece - with its [developmentally delayed]ed public sector and taxation system, not to mention its shaky polity - and Italy, with its incredibly massive debts and long-term economic stagnation, that are the real problems, or at least the ones I'm most concerned about.

 

That's just my opinion.


"Imagine yourself surrounded by the most horrible cripples and maniacs it is possible to conceive, and you may understand a little of my feelings with these grotesque caricatures of humanity about me."

- H.G. Wells, The Island of Doctor Moreau

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No, I agree, but if this continues much longer, Ireland, Portugal and Spain will join the I-want-EU-bailout-money group too.

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Hehe now we know what real life does...drugs, drugs, more drugs. Thank god we are addicted to something that won't kill us.

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I'm working at the minute, anywhere from 25 - 40 hours a week but it's not a permanent job which is fine by me as I can't see myself doing it any longer than I have to (hopefully by the start of next year).

 

I've always had some kind of money coming in; had a paper run in the mornings for something like 5 years then started working part time whilst I was at school. My parents earned an average income but we've always been alright money wise. I understand the importance of having money saved away (I can thank my parents for that) but I don't stress myself out over it.

 

I've no idea what I'll be earning in the future and can honestly say I hadn't given it any thought until I read through this thread.

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http://www.youtube.com/watch?v=uP0sC_s5EfE&feature=related

 

I believe this was relevant. Making an income of $60 a week with no expenses to pay is sweet. That is $60 for anything I want every week. I've never had a shortage of money, which is very nice, so in many ways I've never been able to appreciate its true value until I started working.

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I suppose all our politicians can be held responsible in their own ways. This guy who worked on the Council of Economic Advisers this past year (he wasn't some higher-up or anything) spoke at my school last week. He told us how frustrating it was when their suggestions would be sent back

because Congressman A wouldn't support it or Senator B preferred his coffee with double creamer. Which is understandable. Politicians tend to avoid real solutions that might cause them to lose the next reelection.

catch it now so you can like it before it went so mainstream

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I suppose all our politicians can be held responsible in their own ways. This guy who worked on the Council of Economic Advisers this past year (he wasn't some higher-up or anything) spoke at my school last week. He told us how frustrating it was when their suggestions would be sent back

because Congressman A wouldn't support it or Senator B preferred his coffee with double creamer. Which is understandable. Politicians tend to avoid real solutions that might cause them to lose the next reelection.

So all politicians are at fault, fair enough.

 

Singling out one because you don't agree with them is unfair (not directed at you).

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