When did the concept of saving money for the "bad times" go away? If we don't take care of ourselves, who will?

So true Richard! The "Keep up with the Jones" attitude has caused most people to forget about planning for the future because if the going gets tough someone will give me handouts because its "owed" to me! 

 I remember you wrote something similar awhile back about squirreling away something for a rainy day. Before I entered Real Estate, I was in construction for many years. I made very good money but some years only worked 9-10 months and after a couple of these years learned to save for the lean times. Again you've made some excellent points about a necessity in our business! Hope you are doing well and it looks like you are!

PS I came back to add that we have 1 in college and another who will be there after next year soooo... I will probably be broke for quite awhile?!?! Goes along with Laura's comment below!

I do think that the cost of raising children today and just the plain cost of living (gas,food) makes it impossible for the middle class to save much at all.

There is an excerise That is easy to follow imagine all your savings and expenses. Then imagine you lose your income. For every 10k in income you need to cover your expenses give yourself 1 month to find a job . So if you want a 50k income it could take as long as 5 months to get a job paying this, Do you have enough savings to go 5 months. If not then you are living on the edge

I too have found that to be amazing.  Also when I hear on the news we need people to spend to save the economy.  Wow!

Richard, one of the major culprits is credit cards. Before you had to save up to buy something. Now you just hand over the credit card. Why save when you can have instant gratification. What most people don't realize is if you max out a credit card and just make the minimum payment, it will take 30 years to pay off the debt. What really surprises me are the number of people who don't have any type of retirement program. What's going to happen to them when they reach retirement age.

We need to sock money away for a later day. We will need more money as we get older in life. I am witnessing it with my inlaws at the present time.

add a layer of protection from unforeseen expenses . . .

We have so many un-necessities that whittle away at what we could be saving, and with credit cards we can buy with no money down!

I have heard people tell me, I am not saving because there is no return.  That isn't always the point of saving.

It is good to have government but the population does need to take care of it self or we will move to a more socialized form of government and the ability to accumulate wealth will be severely hampered.

Saving is a disciplined habit. Living within your means is a disciplined habit. Allowing yourself to be subject to fads requires only a credit card.

Richard, Some of us have the mentality of have it now, pay for it later. I've been guilty of that but now paying off credit cards and putting a little away for later.

A month or two of income in savings?? That won't cut it these days. More like you need 10-12 months. Anything less is foolish!!

Good points Richard.  But the important thing to remember is that I believe it's your birhtday today!!  Happy Birthday!!! xxoo

Richard - I love the prospect who enters saying I will only pay X and I must have A, B, C, etc.  The criteria often is outside of their price range by 25% or more.  I then get it's a buyer's market comment.  Well, it is... but homes in my area are selling at 95% of list with an increase in median prices in 2008 and in 2009.  They rarely like my suggestion that they either need to change the location, requirements, or their price range because they won't find what they are looking for in my area anyway.  As to savings, I would love to see a study on the impact of government policies on savings.  If citizens believe that the government is obligated to bail them out (whether because of natural disaster or because of financial disaster), then what is the motivation to save.  I am not one to subscribe to the belief that the governement is my savior, will protect me and will provide for my retirement so savings - even when painful - is a payment that I make every month just like any other bill.

Loved it! I'm a big fan of the self sufficient back up plan.  My Grand father use to always say, "I would rather have people think I'm poor and not be, than have them think I'm rich and not be"....We need that kind of wisdom again.

I notice this too and then the other extreme - no savings, credit card debt too, and yet they qualify.