Scrapping & Saving - Page 3

Originally Posted by snorton1

Hey, Copper Head! I'm right with you at 55, and looking forward to a decent retirement here in FL at 62. Student loans for my three kids and support for aging parents have put a toll on the finances for my wife and me, but we have been chipping away at the debt, and all school loans will be paid by summer. How? By putting away 10% for extra payment on loans and another 10% for retirement.
Next step is all 20% to retirement

For the younger set, I recommend simple savings that you won't miss if 10% seems overwhelming. The average American pocket a dollar a day in change, and you will never miss that. Add five dollars of every scrap run per month, and you'll see $50 each month.



Once you start seeing a return like this in a bank account or even a lockbox, you will feel relief and empowerment both. Savings will become a habit, and you will begin to find an extra few bucks a week going in. THEN start to deal with percentages and the like.

Just my two cents! (Maybe I should have saved that!)

You need two cents to get to five cent, then five to get to ten, then a dollar and so on. So welcome to your two cents.

Originally Posted by ParkerFlyer4

Good thread for everyone to read, Thanks guys.

My situation is different,. I work a full time job that gives great benefits for my family. And provides me with a great retirement plan. My scrapping was just a hobby(and still is). I started out only taking free things, and bought scrapping tools and more scrap with my profits. Its A different way of saving. Baby steps at first. I now have a full size truck, trailer, all the tools I need and a steady income of scrap to keep me busy. All purchased with money made from my hobby.
Now, I hope to expand further to a point where I wont need my full time job. Right now, I'm dancing the line between getting too much scrap to process in my free time/ to not having enough scrap income to support my family. After my wife finishes school, I hope to take on more scrap, and (If successful enough) hopefully be able to quit my job and do it full time.
My retirement plan in the end, is to have a business that will make money for itself with out me being there. And collect my retirement from my current job.

Now that sounds like a master plan, letting your money working for you.

Originally Posted by sledge42

TheRecycler: Well thanks for that. I toyed with the idea of getting my masters.. I was so burned out of school after my Bachelor's I never went back.. And I'm glad I didn't! I don't even use my Bachelor's in Marketing anymore except that it trained me to have a good business mind.. and I make slick ads, cards or door hangers to find scrap cars (HA!)

I left the Corporate world in 2010- FOR GOOD. I loved my field.. but I disliked the people IN it. I worked for people who would accept nothing less than me lying, cheating and stealing- FOR THEM- To make a buck. When I refused.. I was promptly shown the door- on more than one occasion. Now I work for ME, and I have strived for that for a long time. I made a huge leap from Marketing to General Contracting.. I'm not arrogant- but I'm good at what I do. I realized when a neighbors roof project literally took over a year and a half for the contractor to show up and finish his work, and my own calling of guys who never called back or showed when they said they would- I thought "HA if I am honest, prompt, and show up- I'm ahead of 90% of the guys in this field" And I was right!

I "hung my shingle" in 2010 and have not had a days rest in 4 years. Currently, my standing contract is with a duplex community with 185 units. About 5 months ago I was tapped by the owner to gut and re-do the warehouse and adjacent apartment, as well as renovate the existing office space.. so that is my gig at the moment. Because I am a 10-99 guy, I am FORCED to siphon off 20-25% of my invoice payments and put it in the bank.. when the tax man comes a knockin.. I always have the money there- some years that tax man wants more, sometimes less, but every year I always have more set back, than he has cometh for.. so it just gets used for retirement and a good amount of cash-flow available in case I need tools or supplies for the business!

I'm happy for you man. You got it going on. Thanks for posting.

Originally Posted by Lurch

I have been trying to save as much as i can. Im 20 now and living with my mom and brother (yes, you may laugh). Dropped out of school at 16 and started working right after. As a teenager, i wanted to spend my money on everything. "I need this for my van, need another pack of cigarettes, need to get a new gun, etc." I still want all this stuff but i learned to manage my money better. Sold the gun and anything i dont need. Learned to do my own vehicle repairs, make my own cigarettes, and not buy new clothes if i dont need them. I usually just hit the thrift stores now. I have $77 and some change to my name right now. This is mostly just a warning to the younger scrappers out there. Save as soon as possible or youre going to end up f***ing yourself over when you really need the money. Thank you for making this thread

One more thing you overlook, unless you have a Killa health insurance (no pun intended), you probably want to kick the smoking habit. If not, it will affect your working and living longevity and working to maintain a habit is not productive. Besides that, you have a good game going.

Originally Posted by Lurch

Great health insurance for now. Im working on quitting. Hardest thing ive ever had to do it seems

You can do it, you sound like a good kid with his head on straight. Know this, the tobacco companies spend billions on research just to get you hooked from the first drag. So you finding it difficult is not surprising.