Savings! How much is enough?

[MG1912]

I also have a degree in Asian Studies, but mine was a graduate degree. I had a scholarship, so it didn't cost me anything, and I did end up putting it to good use in the 10 years I spent with the government, but your point is well taken. So many of us could have learned to be a plumber in vocational school for free or next to nothing, for example. And the last time I dealt with an independent plumber, I almost had to laugh at how shameless he was. He showed up when he wanted to, whistling and joking, and I believe he wore his loosest pants on purpose so we could enjoy the "plumber's crack" view while he worked. He took his time and whistled as he walked away from our house with his fat check. This was a man who had started working at 19 and had never had a penny in student loan debt. No wonder he whistled while he worked! If only young people knew the reality out there... but, alas, plumbing does not seem to be as "cool" as other professions in this modern, social-media driven world. So the smart young people with their heads screwed on right will have plenty of plumbing work in the future and little competition, I guess.

 

[orangeclouds]

I'm in my twenties and think along similar lines as you. I have an emergency fund of 5,000 dollars I don't plan on ever touching, unless of course in case of emergency. I basically own nothing but the van and some camping gear, so I can't foresee that not being enough to cover my ass. When traveling, my expenses are roughly 1,000 a month all things considered. Most of that is gas and food. If I bounced around less often, I'd save a lot on gas and as of recent I've been doing just that.

I've worked seasonal jobs that offer room and board, mostly in or near national parks, and find them enjoyable mostly due to the people who are attracted to such jobs. I once worked on a ranch in southern AZ and didn't really like it. 12 hour days 6 days a week, no overtime pay. I'm also lucky that my hometown is extremely friendly to the homeless and van/rv dwelling communities, so I also always have the option of going back home and working just about any job and saving almost every dime I earn.

As far as the planning ahead for retirement thing, I'm more of a fly by the seat of my pants type of guy and I expect social security will have run dry by the time you and I are 70. So for now I plan on working 6-8 months a year and traveling in the van the rest.

I also foresee a recession in the near future. Signs are already visible in that the manufacturing and farming sectors are starting to suffer again.

 

[rokguy]

You seem young, so I think most important is to accumulate skills. By that, I don't mean necessarily that you pile up the PHD's and the student loans. I mean that I paid the 30 year old plumber $3400 for 2 days of work, and the guy who put a garage door to my garage $1900 for 4 hours of work. I don't make $3400 in a month! There is a guy who installs glass block windows and stuff, and the waiting for him is 2 months long.
Tradesmen can cash in some serious money and work largely for themselves. Be them. You will always have the skills to carry you through in bad situations

hallelujah to that,
 I'm one of only 20i0 trained Stonemason Carvers in this country. Best advice I can give any young people is learn a trade.

 

[bullfrog]

One thing I learned is most trades have a physical toll that affects how long a career you will have. Learning the health and safety aspects of long term exposure in the workplace by talking to retired workers in the field may help with your decisions. You will make good money but you need to realize it could suddenly go away or force you to retire at a young age before you are ready. Saving and investing as well as considering pension/union options or social security payments and health insurance if you are an independent contractor become important decisions.

 

[rokguy]

One thing I learned is most trades have a physical toll that affects how long a career you will have.  Learning the health and safety aspects of long term exposure in the workplace by talking to retired workers in the field may help with your decisions.  You will make good money but you need to realize it could suddenly go away or force you to retire at a young age before you are ready. 

That is the beauty of being fully qualified in a trade, as later in life it will usually lead to other skills associated within your industry like consulting for instance, estimating,  trade teaching etc.
 Do a lot of consulting for heritage restoration projects, myself, both commercial and private but will eventually turn my hand to sculptural stone carving work by commission.

 

[rokguy]

You might like how this guy started and his huge following he has now on youtube all because of a passion he has for old buses.   https://busgreasemonkey.com/

 

[squire]

I read, "You can work hard, but despise the "grind" to the core of your being." Life takes money!

 

[squire]

Inflation is the total unknown about the future. When I graduated high school in 1966, a $100 a week job would put you in the UPPER middle class in a one bread winner Arkansas household of 4. With inflation $1.00/1966 = $7.90/2019. That is an average of 3.98% annually, but there is no guarantee going forward.
That $100/1966 UPPER middle class job equates to $790/2019 LOWER (almost poverty level) middle class life.

 

[rokguy]

I read, "You can work hard, but despise the "grind" to the core of your being."    Life takes money!

You can also work hard,  love every minute of what you do and take great satisfaction in what you have achieved.