What motivated you to save money?

Parkinglotracer · Post by **Parkinglotracer** » Sat Aug 12, 2023 8:05 am

What motivated you to save money?

Freedom is my common theme.

When I was a kid in the 60’s, the youngest in a family of 6 kids, we had what we needed (dad had good gov job). But there was never any extra money around. As the youngest I fended for myself. When I could, I got a newspaper route and cut neighbors lawns as a 12-15 yr old and it was a sense of FREEDOM and pride to always have a few bucks in my pocket to go to concerts or to buy a nice pair of sneakers (green suede puma’s were the thing =$30). Of course mad magazine with Alfred e Neumann rebelling against society and the comic strip Richie Rich were part of my childhood heroes.

https://www.youtube.com/watch?v=ktSWQ9Ki7TY

https://www.youtube.com/watch?v=RP4Cz_EA_ns

As I grew older in the 70’s, I could not imagine asking my dad for money. I got a job at age 15 in a grocery store and worked everyday to get the heck out of the house. My parents had moved to an over 55 retirement community in St Pete and money was FREEDOM to get out with other kids and girls. I went to every Florida concert from Jimmy Buffet to Steve Miller Band. It did not hurt my motivation that our grocery store manager hired many good looking girls from my high school to work around me too.

I was doing well in school and when it came to paying for college for 4 long years (what did you do with that $5 dollars I gave you last month? I could hear my dad saying in my sleep), I vowed I wasn’t going to ask him for squat. I attended a Service Academy (go Air Force) because it was free and I thought it was cool to fly one day. Of course Roger Ramjet was our hero echoed through my childhood - who doesn’t like a Roger?

https://www.youtube.com/watch?v=mlrs8nKCbEo

I was money motivated and thought having a military salaried job may be best for me so that I wasn’t trying to work 24/7 to be the rich guy. It was good to have a steady paycheck, little extra money for flying, enjoy life, a family, and the ability to save a few bucks. Focused on saving for my kids college, paying off our house, and saving for retirement.

At some point I read “Your Money or Your Life” which put some context and motivation on my idea that saving money was FREEDOM to do what I wanted with my life. That got me even more motivated to prepare for retirement. We lived beneath our means for a few decades but had all we needed.

Thanks to gov provided military retiree healthcare and a modest gov pension, we were able to take a few years off at age 50 and then finally retired at age 60.

Now at age 62 I am thankful my DW and I have two married kids in their 30’s and we have good health and an enough savings (as Jack would say) to enjoy retirement. Saving has given us the FREEDOM to do what we want (within limits).

That’s what motivated me to save and invest.

FRANK2009 · Post by **FRANK2009** » Sat Aug 12, 2023 8:17 am

I started working at age 13 when my mother made it clear that she wouldn't give me a dime. At that point I knew I was on my own. Luckily I developed an interest in saving and later in my twenties, an interest in investing. It turned out well despite some rough times.

Nowizard · Post by **Nowizard** » Sat Aug 12, 2023 8:27 am

Exact same thing of appreciating the discipline of living within the childhood budget of parents combined with not wanting to be so focused on that as an adult. The seminal example is a time when my father was given money to attend a conference in NY, flying there. Took the money, and the four of us drove there. In discussions of what we wanted to do, my choice of a "special" item was to shoot the BB guns at Coney Island. Dad stopped the newspaper for several weeks to obtain what was then the additional $.20 a week charge for the local paper. So upbringing provided the discipline to save and the desire to do so.

Tim

Sandtrap · Post by **Sandtrap** » Sat Aug 12, 2023 8:46 am

Poverty.

= ambition, self discipline, focus, drive.
j

KlangFool · Post by **KlangFool** » Sat Aug 12, 2023 9:01 am

Abject poverty.

Lost my father while I was young. My father generation had a life expectancy of 50 years. Hence, this was a common occurrence among my father generation. My mother had to raise 6 children on her own. Starve regularly through childhood. Constant worry about having enough food for the next meal. Save and invest is the only way to break the poverty cycle.

My ancestor survived 800+ famines across 800+ years. Hence, this is a group of people that saves while starved. Or else, they would not have survived that 800+ famines.

KlangFool

TomatoTomahto · Post by **TomatoTomahto** » Sat Aug 12, 2023 9:03 am

I experienced the alternative to saving in early adulthood. It was stressful. I decided that I’d prefer a less stressful life.

jebmke · Post by **jebmke** » Sat Aug 12, 2023 9:14 am

My parents grew up in the great depression. Saving and deferred gratification was a family value.

Chv396 · Post by **Chv396** » Sat Aug 12, 2023 9:21 am

I was raised in a household that saved and invested. We were taught and coached at an early age. One of many lessons from my parents.

wizzay · Post by **wizzay** » Sat Aug 12, 2023 9:26 am

poverty from bad money decisions from parents, and laziness (quit as soon as I can)

Hillview · Post by **Hillview** » Sat Aug 12, 2023 9:28 am

Grew up with instability more than not having enough -- some months we couldn't pay the rent, some months we went on a nice vacation. Twice dad had his bank account frozen by the IRS for non payment of taxes (but he filed!). Made me want stability and having "enough" (or more than enough to be honest)

backpacker61 · Post by **backpacker61** » Sat Aug 12, 2023 9:34 am

Parkinglotracer wrote: ↑Sat Aug 12, 2023 8:05 am I got a job at age 15 in a grocery store and worked everyday to get the heck out of the house.
That’s what motivated me to save and invest.

I worked in a grocery store as a teenager also.

My parents were pretty disciplined financially, and it rubbed off on me.

celia · Post by **celia** » Sat Aug 12, 2023 9:38 am

I think saving was just a family trait. When our dad died at 99.5 (having been born right before the Depression), he still had money left, even after living in assisted living. He was a milkman for most of his working years and we can't figure out how he put 6 kids through faith-based K-12 schools and state colleges.

He was also a long time investor. And the house he owned for 65 years was sold to cover Assisted Living expenses. He bought it for $15K and we sold it for $783K with no additions, just repairs over the years.

leo383 · Post by **leo383** » Sat Aug 12, 2023 9:52 am

Growing up, we always had enough to live on, but it often was close. And I was in a town that had many upper middle class kids and I always felt we didn't measure up.

My first few years out of college, I had some debt and family problems that just sort of chipped away at me and I kind of decided I would do my best to remedy that.

Ron Ronnerson · Post by **Ron Ronnerson** » Sat Aug 12, 2023 9:55 am

I didn’t start saving until my early 30s, when I began to understand that life passes by quickly and I would need some savings to be comfortable when I got older. I plugged numbers into a compound interest calculator and realized that investing money for use later on would very likely result in an over-sized benefit to the future me. This really motivated me. I slowly increased my savings rate over time, particularly after discovering this site 10 years ago. I’m 48 now and on a much better path.

CyclingDuo · Post by **CyclingDuo** » Sat Aug 12, 2023 10:04 am

Parkinglotracer wrote: ↑Sat Aug 12, 2023 8:05 am What motivated you to save money?
......
That’s what motivated me to save and invest.

As your journey points out, the motivation morphs and changes along the way regarding the actionable reason why people save and invest.

Typical phases most of us go through along the journey...

For spending money in our youth.
For transportation and to help cover college education costs.
To build retirement savings and a downpayment on a house.
For costs related to children's education.
Returns back to a full focus on retirement.

Mix in a few other elements along the way in the latter stages such as legacy, charity, grandchildren, etc.

Whether we come at it from the angle that we had good mentors (parents, grandparents) that taught us, or the opposite angle where we did not have good mentors and the motivation is to right the direction - the potential for it all to work out well in the end exists.

CyclingDuo

A440 · Post by **A440** » Sat Aug 12, 2023 10:09 am

When I was 25 I made a deal with my future 55 year old self that if I lived below my means, (but lived well) I could retire when I reached 55. Once I began saving, it just became a habit. Happy to say the plan worked.

Candor · Post by **Candor** » Sat Aug 12, 2023 10:32 am

I was always a saver and I had a savings account as a small child for my allowance. I used to love going to the bank and making a deposit and having it recorded in my savings account ledger that the bank gave me. As a young adult I enjoyed the security and options that savings allowed me in contrast to many of my friends.

My savings took a slightly darker turn in midlife as I grew to realize I would need to make an early exit from my career and I cranked up the savings significantly to reach that goal, but again, I had that option largely due to my earlier saving ways. Turns out having a job you hate is the best motivator.

4nursebee · Post by **4nursebee** » Sat Aug 12, 2023 10:38 am

Loneliness and being tired of living the way I was motivated me to "grow up" and get a worthwhile education.
Then, through some experience and reading, I became convinced that wealth through saving and investing was possible.
Hard worthwhile specific goals in the setting of hating many parts of the job helped really work harder, saving a lot, and FIRE ing before our time.

OP- are you a pilot?

4nursebee · Post by **4nursebee** » Sat Aug 12, 2023 10:42 am

Sandtrap wrote: ↑Sat Aug 12, 2023 8:46 am Poverty.

= ambition, self discipline, focus, drive.
j

I bet the success stories around here would amaze everyone!

delamer · Post by **delamer** » Sat Aug 12, 2023 11:02 am

jebmke wrote: ↑Sat Aug 12, 2023 9:14 am My parents grew up in the great depression. Saving and deferred gratification was a family value.

Same here.

And both of my grandmothers were financially dependent on their children once they were widowed. So it was important to me to not end up in their positions.

quantAndHold · Post by **quantAndHold** » Sat Aug 12, 2023 11:08 am

When I graduated from college, my first employer had to give me a loan to survive until payday.

After that, in chronological order…

I lived in an empty apartment and wanted to buy furniture and a TV.

I wanted the 401k match.

I wanted to take a vacation.

I took a financial planning class in my late 20’s, and realized that I wouldn’t retire before 90 if I didn’t.

Finally, I made more money than we could reasonably spend, and it had to go somewhere.

ClevrChico · Post by **ClevrChico** » Sat Aug 12, 2023 11:11 am

A combination of having no money and wanting a fancy car when I was younger. I never got the car.

A-Dog · Post by **A-Dog** » Sat Aug 12, 2023 11:30 am

My reasons have changed as I've grown. As a young kid I learned that I didn't like the taste of government cheese, squirrel, or groundhog. That got me off the couch. Then as I got older, scrapped for an education and became a professional (physician) I realized I didn't want to be a minion to the managerial class of healthcare; and figured the best way was to earn as much as I could, save as much as I could, and become financially independent as fast as I could. I'm so glad I listened to that voice in my head all those years ago!

bendix · Post by **bendix** » Sat Aug 12, 2023 11:51 am

My parents were not rich. But they werent poor either. Middle class. I grew up having more or less everything I wanted. I didnt want a lot of things, though, and that hasnt changed a lot until this day.

I find the thought of elevating oneself above the need to sell one´s laborforce for survival very beautiful. To become independent of this very need to work and be free to do whatever one want to do. What more noble thing can a normal man do? And I think the act itself is valuable, not only the result. Like, I am not sure I would want my children to grow up and become adults without any need to work.

familythriftmd · Post by **familythriftmd** » Sat Aug 12, 2023 11:52 am

I would forego a little physical comfort in order to gain more psychological safety of knowing there is a cushion.

Normchad · Post by **Normchad** » Sat Aug 12, 2023 11:55 am

I didn’t have a lot growing up. But I wanted to save enough money to buy an enormous magnet, and a super ginormous magnifying glass.

I still don’t have either. I’ve bought some nice Lego sets along the way though.

Beensabu · Post by **Beensabu** » Sat Aug 12, 2023 12:03 pm

Parkinglotracer wrote: ↑Sat Aug 12, 2023 8:05 am What motivated you to save money?

Getting knocked up. Didn't really care prior.

Nicolas · Post by **Nicolas** » Sat Aug 12, 2023 12:07 pm

When I got my job at MegaCorp they offered me a savings plan where they would kick in 50%. I couldn’t turn down that free money. This was before 401(k)s, it became a 401(k) when that law was passed. I saved the max for thirty-eight years. I had no savings before that.

donaldfair71 · Post by **donaldfair71** » Sat Aug 12, 2023 12:08 pm

From as long as I can remember I have been a Saver.

I am sure something triggered that in my life. But I just don’t really know what it is. It helps that, and this wasn’t a plan or course of action I took intentionally, the things that make me happy just don’t cost much.

I’m not cheap, I don’t even consider myself frugal. I could certainly trim spending in some places. But I, and this was before any financial scribes really verbalized it and made it mainstream, have always spent nonchalantly in the areas that it really really matters and basically lived spartan everywhere else.

dekecarver · Post by **dekecarver** » Sat Aug 12, 2023 12:12 pm

I was simply taught that it was an expectation to work, save, pay yourself, and invest from an early age; and if you didn't like those rules, you were free to leave home. I found my old ledger from earning money as a kid returning pop bottles for the deposits, mowing lawns, pulling cooper wire, and walking two paper routes every day but Christmas for several years, etc. During those formative years, I found that I got the most satisfaction counting and recounting, and watching my money grow vs spending on kid stuff. I realized it was a lot of work to get those piles of money and frivolous spending was self defeating. My father also taught me later in life to keep enough in reserves so that if I were ever laid off or simply wanted to quit, I could take up to a year financially to get back up and running, and not stress out over the situation.

My wife and I talked about this subject the other night because I'm an accumulator and really don't get satisfaction out of spending money. My satisfaction comes from making it, having it and having it work for me, and actually seeing my wife spend it. That's not to say I go without because when I do need/want something, I don't cheap out and I don't worry about the cost.

Funny thing is that our teenage kid is demonstrating those same traits and I was surprised when he proudly and quietly revealed his stash cash balance the other day; I asked him for a loan, lol; instead he agreed to pick up the lunch tab but then winced when he saw the total, lol!

triz · Post by **triz** » Sat Aug 12, 2023 12:16 pm

Saving money greatly helps me feel more free and less stressed.

arcticpineapplecorp. · Sat Aug 12, 2023 12:30 pm

this:

Source

but honestly only found that during some sales pitch by an investment advisor.

the pitch was all about "financial freedom" and at that time I was pretty miserable at my job and didn't think I had many options besides figure out how to retire as soon as possible. Eventually I left my job and life started getting better, so I didn't feel the same pressure to retire early, but have continued the habit of savings that I started back then.

my parents instilled in me the concept (back then) of saving 10% of your paycheck.

I liked things when i was younger but wasn't a hungry ghost.

i've always been an observer. I keep my eyes and ears open. I've been amazed at what people say and how open they are. Maybe they don't hear what they're saying. I've seen misery caused by people's own choices (i.e., buying a new phone for $400 then having no money to repair the car when it breaks the next week, going out for lunch every day and complaining they're broke. That sort of thing). I've seen people with shopping addictions. I've seen homeless people. I've worked in mental health over the years. I've seen people with money lose it all due to different reasons. I've known people with poverty mindsets or what I would call a fear of money (which then naturally leads them to get rid of it as soon as they get any). I don't have these problems, but have thought about the various reasons why people don't ever get ahead. I know it's not always their fault (some can lose jobs to no fault of their own), but it seems like certain choices are made to sabatoge any chance of success. At a minimum many people I have known either don't think much about their future or must feel disempowered to plan/act in ways that will help their future selves.

I've known people who have children. Some of them act like their kids will take them in. Maybe they will (and maybe they won't. Don't know why you'd want to put your life in someone else's hands when you can take care of yourself), but it's also a burden to put that on your children while they're either raising their own children and/or are trying to save for their own future. I've known adult children who don't work and are still living with their parents. They just expect to be taken care of I guess. I think they're in for a rude awakening (those who aren't going to be trust fund babies that is) when their parents die. They're living for today not thinking about tomorrow. Some might think they don't have to worry about it because they're just burying their head in the sand, but I imagine there's probably a niggling ever-present anxiety there with each passing year as their elderly caregiver parent inches closer to death.

Anyway, in short, I don't want to be forced to choose between rent and food or food and medicine. And I'm not into eating cat food or living in a van down by the river if I can avoid it. So I'm doing what I can so that if the crap hits the fan, I've got resources to bail myself out.

that about sums it up.

have a great day everyone!

tyrion · Post by **tyrion** » Sat Aug 12, 2023 1:00 pm

Most impactful was probably reading 'The richest man in Babylon' in middle school. My friend had a copy and lent it to me.

I grew up solidly middle class and my parents modeled good financial habits. So I'm a natural saver as are my siblings. But that book pushed me across the finish line in terms of investing and planning.

dekecarver · Post by **dekecarver** » Sat Aug 12, 2023 1:02 pm

arcticpineapplecorp. wrote: ↑Sat Aug 12, 2023 12:30 pm this:

my parents instilled in me the concept (back then) of saving 10% of your paycheck.

I liked things when i was younger but wasn't a hungry ghost.

i've always been an observer. I keep my eyes and ears open. I've been amazed at what people say and how open they are. Maybe they don't hear what they're saying. I've seen misery caused by people's own choices (i.e., buying a new phone for $400 then having no money to repair the car when it breaks the next week, going out for lunch every day and complaining they're broke. That sort of thing). I've seen people with shopping addictions. I've seen homeless people. I've worked in mental health over the years. I've seen people with money lose it all due to different reasons. I've known people with poverty mindsets or what I would call a fear of money (which then naturally leads them to get rid of it as soon as they get any). I don't have these problems, but have thought about the various reasons why people don't ever get ahead. I know it's not always their fault (some can lose jobs to no fault of their own), but it seems like certain choices are made to sabatoge any chance of success. At a minimum many people I have known either don't think much about their future or must feel disempowered to plan/act in ways that will help their future selves.

I've known people who have children. Some of them act like their kids will take them in. Maybe they will (and maybe they won't. Don't know why you'd want to put your life in someone else's hands when you can take care of yourself), but it's also a burden to put that on your children while they're either raising their own children and/or are trying to save for their own future. I've known adult children who don't work and are still living with their parents. They just expect to be taken care of I guess. I think they're in for a rude awakening (those who aren't going to be trust fund babies that is) when their parents die. They're living for today not thinking about tomorrow. Some might think they don't have to worry about it because they're just burying their head in the sand, but I imagine there's probably a niggling ever-present anxiety there with each passing year as their elderly caregiver parent inches closer to death.

Anyway, in short, I don't want to be forced to choose between rent and food or food and medicine. And I'm not into eating cat food or living in a van down by the river if I can avoid it. So I'm doing what I can so that if the crap hits the fan, I've got resources to bail myself out.

that about sums it up.

have a great day everyone!

That does sum up a lot of situations and thoughts. Nice post.

Faith20879 · Post by **Faith20879** » Sat Aug 12, 2023 1:05 pm

Parkinglotracer wrote: ↑Sat Aug 12, 2023 8:05 am What motivated you to save money?

Growing up in the slum and always hungry was the number one reason. Watching my parents and older siblings struggled financially (they didn't have as good as an environment as I did) left a lasting impression.

For thirty years I saved like a fiend as if every next day was going to be a raining day. But I was not as sophisticated as today's FIRE cohort. All I did was kept my head down and saved/invested every extra dollar. RE was never a thing in my vocabulary. Then Covid happened, I was sitting at home with too much time in my hand. I pulled out my spreadsheets and it dawned on me. We have more than enough! Actually we probably over-saved! I retired as soon as the HR could process the paperwork, at the age a few years ahead of the national average.

If we had known better we probably could've retired earlier and have traveled a bit before the lock down. But that's okay. Since I probably under contributed to our nation's economy (as an extreme saver

) during my working years, now is my time to give back.

HanSolo · Post by **HanSolo** » Sat Aug 12, 2023 1:23 pm

Parkinglotracer wrote: ↑Sat Aug 12, 2023 8:05 am What motivated you to save money?

It was simply recognizing the fact that I need to take care of my older self. I knew I didn't want to be old and poor.

Call_Me_Op · Post by **Call_Me_Op** » Sat Aug 12, 2023 2:10 pm

Grew up without a plug nickel.

coffeehubcap · Post by **coffeehubcap** » Sat Aug 12, 2023 2:54 pm

My Grandfather was the richest man in town. He owned many grocery stores. When the depression came he helped people by giving free food. He lost his shirt. My mother was in private school and had to return home. When she married she had nothing and my father worked in the mills as a weaver. We weren't poor but we struggled. My parents taught me that hard work pays off and how to handle money. I never forgot. Now at 79 I don't have to worry about money.

Wanderingwheelz · Post by **Wanderingwheelz** » Sat Aug 12, 2023 3:08 pm

I never enjoyed spending money all that much- still don’t.

So I guess the only thing left to do was learn how to invest it.

chinchin · Post by **chinchin** » Sat Aug 12, 2023 4:01 pm

Being homeless

2behappytoday · Post by **2behappytoday** » Sat Aug 12, 2023 4:37 pm

Saving was modeled by and expected of me by my parents. I received an allowance beginning at age 7 and I vividly recall Mom and Dad sitting me down and explaining it: 35 cents per week to be allocated to a dime for the church collection plate, a dime for Scout dues, a dime for savings (could be tapped but not depleted to give Christmas and birthday gifts to immediate family), a nickel available to be spent immediately if desired. The amount and flexibility increased over the years, though the expectation of saving some of it never changed.

When I got my first full-time job after grad school traditional 401k legislation had just passed. My Dad explained the benefit of putting at least enough in to get the company match, and suggested increasing the percentage by the amount of my raise each year until I reached the maximum. I did that and never looked back, now enjoying a comfortable retirement.

MathWizard · Post by **MathWizard** » Sat Aug 12, 2023 4:39 pm

Growing up poor.

I also wanted financial independence so I could decide
what I did all day.

firebirdparts · Post by **firebirdparts** » Sat Aug 12, 2023 5:06 pm

Parkinglotracer wrote: ↑Sat Aug 12, 2023 8:05 am What motivated you to save money?

For me it was the hope that it would grow and compound and I would be independent someday. It sorta worked.

Parkinglotracer · Post by **Parkinglotracer** » Sat Aug 12, 2023 5:30 pm

4nursebee wrote: ↑Sat Aug 12, 2023 10:38 am Loneliness and being tired of living the way I was motivated me to "grow up" and get a worthwhile education.
Then, through some experience and reading, I became convinced that wealth through saving and investing was possible.
Hard worthwhile specific goals in the setting of hating many parts of the job helped really work harder, saving a lot, and FIRE ing before our time.

OP- are you a pilot?

Thanks for all the great responses. I flew in the Air Force for 22 years. ‘Would have done it for free - it was a hoot. I retired in 2005. Great friends and memories.

pennywiser · Post by **pennywiser** » Sat Aug 12, 2023 5:35 pm

It really suprised me how deep this question is once I started to think about the answer. On the first look it looked trivial but now thinking back, reliving my past life, it really hits the nerve.

When I was a teenager, I earned and saved to simply buy material things my parent wouldn't/couldn't buy me. Mainly cool clothes and upgrades for my bicycle.
I moved to the UK when I was 21, it was all about getting by month by month at first, saving for university expenses second.
After university, in my first job, the employer paid 12% to my pension (on top of my salary) if I paid 6% myself. I thought I would be a fool to reject free money so I started saving for pension from my first proper pay cheque. This actually showed me the power of investing. I checked my account balance after few years and I was really suprised how much it grew by (after 15 years I have 10x of what I put in myself.)
Then later on for a house deposit, and now saving for FIRE...

cheese_breath · Post by **cheese_breath** » Sat Aug 12, 2023 5:54 pm

My parents taught me. From the time I began receiving an allowance I learned if I wanted something that cost more than my weekly allowance, I'd have to save up for it. Except for major purchases like cars and homes, I've taken out very few loans. And I always paid them off as soon as I could. And I by the time of my 4th new car purchase I'd progressed to where I could pay cash for it.

Wannaretireearly · Post by **Wannaretireearly** » Sat Aug 12, 2023 5:59 pm

Parents and grandparents frugality and savings habits.
Came naturally to do the same and not squander money gifts or first paychecks.

FIRWYW · Post by **FIRWYW** » Sat Aug 12, 2023 6:32 pm

In my mind it is just what I has taught by parents. . . but half of my siblings don’t so maybe it was just personality. We had an allowance of $5 every month. Parents recommended 20% saving for something we wanted later and would match 50% of whatever we saved whether from that allowance or otherwise (until they cut me off for saving too much). Father’s work also manipulated him into working extra every Christmas season by threatening to fire him every year at that time (but they kept him 39 years until they closed). I just never wanted to be in a situation where someone could control me like that. having a good savings prevented that.

placeholder · Post by **placeholder** » Sat Aug 12, 2023 6:39 pm

Part of my nature as is frugality but in reality heavy saving didn't really do that much for me because too much was placed in low return assets and it wasn't until I really got serious at age 50 to learn about investing that I really achieved financial independence.

MillennialFinance19 · Post by **MillennialFinance19** » Sat Aug 12, 2023 6:45 pm

Everyday I walk into the office I get a reminder of why I’m saving!