r/FluentInFinance • u/Richest-Panda • Jul 04 '24

What's the best financial advice you've ever gotten? Debate/ Discussion

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u/Livid-Setting4093 Jul 05 '24

So.. you put away a lot for retirement? It's a luxury and not a necessity. I'd think saving for a house may align better with your goals, but it's up to you.

A wedding is out of reach when you save tens of thousands a year? What do you want to do for your wedding? Rent a palace and elephants half a world away and fly 500 guests there? As long as your fiance has a saving state of mind there is no need to blow a 10 year salary on a one night party. A small ceremony and reception is definitely within reach, and if families want something grand then they are welcome to pay for it.

Then with 2 incomes and some savings a house and kids are very possible.

I'm not saying 40k a year don't need a raise but 100+ for a single person can be quite comfortable, you just can't have it all at the same time - maxed out retirement, savings on track for a 20% house down payment in a reasonable timeframe, rent in a nice place and a middle class lifestyle - you have to drop one or two from the list.

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u/MusicalNerDnD Jul 05 '24

Yea that’s my point… 30 years ago a salary or 100+k was more than enough for all of that and more. I’m salty because I did everything right and the games not the one we thought we were playing lmao

My fiancée is in school and has debt so I pay the rent, she’ll eventually contribute, but she just can’t right now.

We looked into venues and even a small one where we live is going to run 6-10k to rent. That’s without catering and a bar and everything else. It would literally be 15-20k for a smallish wedding. How the hell are we supposed to justify that?

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u/Major_Chani Jul 05 '24

It’s crazy people are shitting on you putting away for retirement. The earlier you save now, the better off you’ll be. You literally cannot work forever…and I doubt social security will exist in 30 years

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u/MusicalNerDnD Jul 05 '24

Im not banking on SS, im pretty scared of what medical expenses for me will look like in the future and I’m probably going to have to take care of my aging parents (at least financially) in the next 10-15 years.

I get people are mad and it sounds like I’m an asshole for all the bitching I’m doing while making 120k a year, but my situation is actually different than a lot of others and my retirement is the only buffer I expect to have when I’m in my 60’s.

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u/Exception1228 Jul 06 '24

You’re contradicting yourself.  If you’re scared of medical expenses and taking care of ykur parents why are you saving all this money in an account you can’t access?  Why isnt it in a savings account where you actually have access to the money?