Saving one third what you earn monthly is not that hard, isn't it ?

[NdaMk]

This is very possible where I live, and you can even save more if you want. In comparison to some of the country's larger cities, the cost of living is low where I am now. If I can earn that much in my twenties, I should have my own house and car by my thirties. In comparison to other parts of the country, you can still earn this amount in my country's big cities and not have enough to save till your 30s, but I believe it all depends on how you plan your life for the future. One important aspect of life today is to save as much as you spend, or better still, invest in something profitable.

[1714654847]

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[coupable]

I read in the comments about record rates of poetic salaries that people receive on average in some countries.  I live in a country in North Africa.  I can assure you that in most countries the minimum salary does not exceed $100 or $130 at most. These percentages do not enable employees to even achieve their most basic daily life needs. The only solution to saving is for the employee to run a small project in parallel with his original work, which is usually an agricultural project or investments in assets.

[South Park]

If you are in twenties or early thirties and remain single, earn $3,000 after tax per month, you will probably save $1,000 if you, let's say, spend $500 to $800 on rental, a guest bedroom in a shared house/apartment, $500 on food, $50  on utilities, $150 on phone/internet bills, $400 on commuting costs or gas/maintainance if you have a used car, $200 on occasional entertainment or others. This $1,000 savings will allow you to invest or place a house down payment when time is ripe. Is this possible based on where you live ?

This is possible in the particular scenario that you are bringing forward, but for those that are earning barely enough to survive then it is obvious this is not possible, however in this day and age the majority of the people on the west have lost the habit of saving, so not only they spend all the money they earn, they even spend more money than that thanks to the use of credit cards and other credits they can get to buy what they want, and as such not only they save no money each month but instead they get more and more indebted.

[capedbaldy]

Obviously it really depends on where we live at the moment. Because where I live now the cost of living is very different from what you stated. Here if someone who is single has an income of $ 3000 per month, then he can save up to $ 2000 a month because $ 1000 is very enough for his life here and that includes the cost of renting a house in a year and also the cost of eating in a month. Because that much income every month is considered a very extraordinary income where I live now.

Each location of residence has a different level of life needs, I can also save $ 2000 from the amount of salary because $1000 is appropriate for any purposes for 30 days, but if we live in an elite urban country then at least we can save $ 500 to invest, there is no reason you can't save $3000 salary income unless you are greedy to buy anything without consideration for the need for saving investments and emergency funds.

[aoluain]

It also depends on lifestyle and choices made.

Clearly.

Loans like car, personal and mortgages will seriously eat into any monthly income

In my country the people, after starting to have a steady income, usually at late 20s and in the 30s, take a loan and buy a flat.
Usually one has to pay some 20-30 years for that, hence if one took a loan for his flat in the past 10 years, not much of a chance for bitcoin either


But my point in the other post was not about that. My point was about the country. In some countries the minimum wage is low. In mine the minimum legal wage will rise next year to some 600 EUR.
A 20 years old person is a newbie in his field and will not have a great starting salary.
Taking all this into account, neither the $3k/month logic, nor the "living frugally" to save some bitcoins don't help.
What can help is a second job. But I think that in the 20s that's not an easy step to make.

€600 per month minimum wage is very low, $3000 per month is quite substantial.
The monthly minimum wage in my country is approximately €1750.

Taking a second job would be necessary in order to live and save or buy Bitcoin,
it's not an easy step and can be very demanding but if the person is focussed on Bitcoin
the second job may only have to be temporary.

[Hydrogen]

Some struggle with impulse buying on credit and have difficulty saving funds.

Then there's a difficult question to answer about what to do with funds, once they're saved. Generally people search for a container to put their wealth in that will multiply its value, to create greater value. Or they hoard it over the long term, without expectations of appreciating gains.

Generally having a more "boring" lifestyle, makes it easier to save. Doing things everyday that are fun, which don't cost money. Not subscribing to the culture that encourages rampant consumer spending. There is a trend in society where those who follow the more boring path, can often wind up in a better position financially. In contrast to those who go out in a spending blaze of glory.

But the difficult problem is what to do with saved funds. How to take value and multiply it into greater value. I think most get caught up in thinking it has to be something complicated, big spending and high tech. But investment doesn't have to be any of those things. It only has to return greater value to whatever is invested. Which means things as simple and fundamental as moving lawns and cutting down trees can qualify. While it may not be the glamorous CEO thing most envision leading to wealth. There are people who transform their lawn business into a multi million dollar operation. It may not be the high tech thing, but for most of us it could be a good business option.

[Vinaa77]

If you are in twenties or early thirties and remain single, earn $3,000 after tax per month, you will probably save $1,000 if you, let's say, spend $500 to $800 on rental, a guest bedroom in a shared house/apartment, $500 on food, $50  on utilities, $150 on phone/internet bills, $400 on commuting costs or gas/maintainance if you have a used car, $200 on occasional entertainment or others. This $1,000 savings will allow you to invest or place a house down payment when time is ripe. Is this possible based on where you live ?

If someone earns regularly every month, of course they can save from the amount of money they get. Or invest in Bitcoin for the long term. However, if the income is not fixed, they will sell their investment results little by little. This can make them lose in terms of investment.

Earning $3000 per month is a big number for me. Of course I can save more than the amount you mentioned. But for certain people, earning $3k in a month is not enough for their daily needs. Actually the investment can be made for those who have an interest in investing.

[milewilda]

If you are in twenties or early thirties and remain single, earn $3,000 after tax per month, you will probably save $1,000 if you, let's say, spend $500 to $800 on rental, a guest bedroom in a shared house/apartment, $500 on food, $50  on utilities, $150 on phone/internet bills, $400 on commuting costs or gas/maintainance if you have a used car, $200 on occasional entertainment or others. This $1,000 savings will allow you to invest or place a house down payment when time is ripe. Is this possible based on where you live ?

On the place i do live then having that $3000 per month is too much.It is really something that 10x on what the basic salary here on my country which is playing around $200-300 for basic workers and maximum for
$400-600 on higher tier jobs which is something you could say that you would really be able to save up much even half of your salary.Considering the price of goods and house rentals arent really that
much expensive if you do look on  something which is livable then saving up on that target wont really be that hard.Well, we do know thats not how reality works because
earning that monthly income you had mentioned isnt something possible on some countries.

[ethereumhunter]

It depends on how much each person earns and how much he spends each month to find money to save.

Savings doesn't have to do with the amount been saved instead the attitude been developed. It doesn't really matter how much you're earning now but always look for a way to save some. If you're earnings just $10 at the end of the month, look for a way to saved atleast 10% of that income which is $1. Many people don't have this habit and neither did they develop it when they started receiving income which Is why it's hard for them to save.

Saving can be done in many ways and you can use Bitcoin for your savings as well, you can decide to put that money you're meant to set aside into Bitcoin at the end of each month frequently and be disciplined not to touch it until the specific time you set for yourself to make use of your savings for something useful.

What is difficult is getting used to starting to save after receiving income. I once read a book (I forgot the title) saying, "pay yourself before you use the money for other purposes." It means every time you receive a payment or a salary or whatever, take some money for yourself and save it. If you can start, even if it's tough, you'll see how much money you've saved a year later and you might be surprised.

It would be better if you used that money to be stored in bitcoins. And fortunately, we still have time to do that. After a year, you can calculate how much money you used to save bitcoins and how many bitcoins you already have and at that point, you have to see how high the bitcoin price is so you can decide when to sell it.

[JavasetvenQ]

If you are in twenties or early thirties and remain single, earn $3,000 after tax per month, you will probably save $1,000 if you, let's say, spend $500 to $800 on rental, a guest bedroom in a shared house/apartment, $500 on food, $50  on utilities, $150 on phone/internet bills, $400 on commuting costs or gas/maintainance if you have a used car, $200 on occasional entertainment or others. This $1,000 savings will allow you to invest or place a house down payment when time is ripe. Is this possible based on where you live ?

It depends a lot by where one lives. If I'd be earning $3k from salary (after tax), it would be wonderful. But I don't.
Also the expenses differ greatly from country to country.
So the math you've done, although nice, doesn't apply in most parts of the world.

I agree with you, just like medicine is not good for everyone. First of all, everyone's income is different, and everyone's family situation is also different. Just as the President of Argentina has to lease Messi's plane.

[Lubang Bawah]

Financial theory certainly looks easy, there will be many obstacles that we will encounter, first after graduating and working I also tried to make the expenses that I have specified, but the fact is very difficult and can be said to fail, in the life of many unexpected things that make expenses We can increase, for example if you use a car and then damaged and there is no damage.

[Plaguedeath]

It depends on many factor: what asset you're having right now, where do you live, how much money you make every month etc etc.

Let's say you don't have house, you need to rent a house that will cost one four or one five from your monthly payment. It's different with a people who live on their parents house, so they don't need to pay rent cost.

If you live in a poor country, you wouldn't make much money and the living cost is high since the country is suffer high inflation. It's different with a one world countries where the living cost is high, but the payment is way higher even you're just a part time job or washing a plate.

If you work become a blockchain analyst, you can get well payment from rich people, but if you only work become a waitress on small coffee shop, you wouldn't make much money since it's only enough for your living cost.

[Sebas.tian]

It depend the country you live, that will determine if you will be able to save such amount of money monthly to have a good plan in the future, because this inflation is affecting all the countries in the world which many governments are struggling to ensure they end it on time so that it will allow citizens to grow well in their investment. You can save such amount of money in my country, because things are not too expensive compared to other countries were citizens find it difficult to use such amount of money to settle their bills in the country because of the high cost of commodities in the land.

[sulendra12]

It depends on where you live, your playstyle and the current situation you live in right now.
If you are married or not and live in 3rd world country then sometimes 1/3 is might be too much for you and you might want to adjust your saving based around that parameters, they'd probably having a hard time to even save their money because of their economy. Can't really just say 1/3 saving is really easy to do.

I'm usually saving around 10% - 15% on my salary because that's just what I'm capable of for every month and I'm really proud of that.

[Poker Player]

It's not that hard if you have a good income, but as mentioned above, it depends a lot on where you live.

Normally when people start to be interested in finances, they focus on saving, it is a first step that we have all gone through, but over time you realize that it is better to increase your income, because with a good income you can consume more and you have enough to save and invest. The fact is that a habit of saving and investing to the extent of your possibilities makes you live peacefully and is therefore highly recommended.

[Mauser]

If you are in twenties or early thirties and remain single, earn $3,000 after tax per month, you will probably save $1,000 if you, let's say, spend $500 to $800 on rental, a guest bedroom in a shared house/apartment, $500 on food, $50  on utilities, $150 on phone/internet bills, $400 on commuting costs or gas/maintainance if you have a used car, $200 on occasional entertainment or others. This $1,000 savings will allow you to invest or place a house down payment when time is ripe. Is this possible based on where you live ?

I like your approach of trying to save 30% of your salary for investing. If you can keep it up over the years this will lead to a pretty nice portfolio, as long as you manage to invest it in the right assets. In my country utilities are a bit more expensive and I also spend more on food, on top of that I am still repaying a loan. So all my fixed costs take away around 70% of my salary already. And this doesn't include going out and meeting friends for a beer or buying new shoes and clothes. Over the last 12 months I managed to save roughly 10% of my monthly salary which I am quite proud of. The sad part is that over the the corona years I managed to save more, but now with the life back to normality my expenses went back up again. The main focus for me is still to try and get decent returns on my investment to at least offset the inflation rate.

[Marcellin9]

If you are in twenties or early thirties and remain single, earn $3,000 after tax per month, you will probably save $1,000 if you, let's say, spend $500 to $800 on rental, a guest bedroom in a shared house/apartment, $500 on food, $50  on utilities, $150 on phone/internet bills, $400 on commuting costs or gas/maintainance if you have a used car, $200 on occasional entertainment or others. This $1,000 savings will allow you to invest or place a house down payment when time is ripe. Is this possible based on where you live ?

I like your approach of trying to save 30% of your salary for investing. If you can keep it up over the years this will lead to a pretty nice portfolio, as long as you manage to invest it in the right assets. In my country utilities are a bit more expensive and I also spend more on food, on top of that I am still repaying a loan. So all my fixed costs take away around 70% of my salary already. And this doesn't include going out and meeting friends for a beer or buying new shoes and clothes. Over the last 12 months I managed to save roughly 10% of my monthly salary which I am quite proud of. The sad part is that over the the corona years I managed to save more, but now with the life back to normality my expenses went back up again. The main focus for me is still to try and get decent returns on my investment to at least offset the inflation rate.

Thanks for your specific answer, which is a good and actual sharing. I totally understand the variable factors like pandemic period could make a huge difference on our lifestyle. Nowadays when everything is back to normal, unexpected expenses may increase. Good for you that you have saved 10% of your salaries over last year and this is the very beginning of big rewards from the future. Once we are disciplined to make a habit, achieve a goal, it's much easier to succeed in the end.

[Wexnident]

I mean anyone can if they were earning $3k per month. Sadly not everyone has such solid numbers on their monthly payroll, and it also depends (both expenses and salaries) on where you actually live. It's a case-by-case basis, but I reckon most aren't actually able to actively save up constantly, maybe every now and then as a possibility only. I myself am DCA'ing but the amount can be pretty random, I even skip a month or two if needed if I was pretty tight on my budget.

[fuguebtc]

I read in the comments about record rates of poetic salaries that people receive on average in some countries.  I live in a country in North Africa.  I can assure you that in most countries the minimum wage does not exceed $100 or $130 at most.

In my area, an income of 2k-3k$ per month is a huge income and anyone who is able to earn that amount of income will quickly become rich after only a few years of hard work. The average income of workers where I live is 200$-300$, and with that income, it is very difficult for them to save. They can only save by working overtime and they can work 12 to 16 hours a day, only then can they save some money for the future. People with an income of $ 3k have high positions, and almost only the head of the department or director can get that salary.

[Kakmakr]

A lot of financial advisors recommend that you aim to save at least 15% of your income annually. (in your 20s)

On average, people should contribute 17% of their salary over 40 years (from age 25 to 65) towards their retirement savings to achieve a 75% replacement ratio. (taken from a old financial magazine)

By the time you are 55 years old, you should have saved about 7 times your salary. The real challenge will be to invest this in something that beats inflation.    (...and not to dive into your investment capital)