Are you saving enough?

Question

I started to follow some of these and posting it here since it might help you.

• - Pay all your debts.
• - Stop using the credit card and start using a debit card.
• - Get health insurance and make sure it covers all diseases and expanses.
• - Save at least 20% of your earnings.
• - Stop buying unwanted things.
• - Start investing.
• - Diversify your investment by creating a portfolio.

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Here are some of the ways to diversify your investment:

1. Invest in stocks: (I started to buy shares only when the price of the share falls low. I stay away from companies with high debts even if their share value is low).

Invest in stock after a complete analysis of the company. Look for the P/E value and other details. Invest only if you find the company will do better in the future.

Even the share value of a good company may fall periodically. So don't panic. Buy a stock for the long term, at least 10 years.

Never sell a stock that performs well and gives you a good return.

2. Bonds

3. Mutual funds

4. Gold, Silver.

Buy Gold and silver when their price hits low.

5. Property

Same. Buy properties when their price hits the rock bottom.

6. Keeping money on Bank account: Savings account & Fixed deposit

Keep the money on the Bank who gives you the best interest rate. So, you may beat the inflation.

Top National Savings Account Rates (Nov 13, 2019)

1. Fitness Bank - 2.60%
2. First Foundation Bank - 2.40%
3. CFG Bank - 2.35%
4. BrioDirect - 2.30%
5. SFGI Direct - 2.27%
6. State Bank of India (Chicago) - 2.25%
7. Customers Bank - 2.25%
8. Prime Alliance Bank - 2.22%
9. CFG Bank - 2.15%
10. TAB Bank - 2.10%
11. Elements Financial Credit Union - 2.10%
12. Vio Bank - 2.07%
13. HSBC Direct - 2.05%
14. Northpointe Bank - 2.05%
15. Bank7 - 2.01%
16. Envison Bank - 2.01%
17. MySavingsDirect - 2.00%
18. Live Oak Bank - 2.00%
19. Comenity Direct - 2.00%
20. CommunityWide Federal Credit Union - 2.00%
21. UFB Direct - 2.00%
22. One American Bank - 2.00%
23. National Average for Savings Accounts - 0.09%

For FD interest rates, check here - https://www.bankrate.com/cd.aspx

7. Cryptocurrencies: Bitcoin, Ethereum, etc.,

The value of 1 Bitcoin in Dec 2017 was $19,650 but it crashed to $3,400 in Dec 2018. But it's value increased to $11,865 in Jun 2019. So, you may buy it when it crashes again.

Yes, there is a risk (on all investments). So, invest the money only which you afford to lose. Read: https://www.forbes.com/sites/forbesfinancecouncil/2018/12/05/the-top-10-risks-of-bitcoin-investing-and-how-to-avoid-them/

There are also many other investment options.

Also, debt is not always bad

Answer 1

Yes. I don't buy unnessairy things.

Answer 2

We save as much as we can and can be frugal when needed. But with two teenage girls? It's hard to save a lot. But I've saved quite a bit over the years and neither of us will ever have to work a 9 to 5 job, it's still a lot of work and time having a ranch with cattle, sheep and horses.

Comments

You best get off your tight ass and buy those girls cars!!! 

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How you gonna keep 'em down on the ranch,  ♫

After the girls have cars...?  ♫

(only a slight paraphrase)

Answer 3

I have always saved pretty good but after I sold my WW planes? I'm set for the rest of my life and my kids will do quite well when I'm gone.

I've had a super good financial advisor for years, so I know my money is doing what's best!

You would be totally amazed at what those people kept out bidding each other for my BF-109G as they are rare and only a few actually still fly.

Comments

So you own this? 

Looks good.

"after I sold my WW planes" - How many planes did you had?

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They still love them at air shows.

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Oh I remember when you sold those...a big step for you, and I felt sad then too.

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Yes, it was similar to that one but being an automotive painter most of my life, I painted it with more camo.

I also had a B-25 Mitchell bomber. Another great plane.

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@ Rooster: What are the blue-white-blue stripes on the rear fuselage? They look like a Bavarian flag.

That's what the BF stood for, Bayerische Flugzeugwerke, but I didn't know they ever put the Bavarian colors on their planes.

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That's a privately owned plane and was painted like that by the owner. I used that picture because that's the camo design I used on mine. Wish I could find some of my pictures but mine was painted from one of these German color schemes.

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I think I found the origin of the blue/white/blue stripes. They were used to identify Jagdgeschwader 300 towards the end of the war.

https://www.asisbiz.com/Battles/camouflage/pages/Art-Luftwaffe-Reich-Defence-Bands-Reichsverteidigung-mark-variations.html

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You're most certainly correct. This restored model has the same bands on it's tail fuselage.

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This 109G-10 has them also.

Answer 4

Yes, I think so.  I'm into my retirement years .... I don't live a fancy life, but I'm very content and have made provisions for all my current and end-of-life needs.

Answer 5

We save about 15-20% of income.