Criticized for my saving habits by family, should I enjoy life more?
So I have been working now for 4 years and I am have been saving like a mad man trying to compete in the rat race that is blind to survive like yall tech people, but idk if I’m going overboard. I am 26 gonna be 27 in a couple of months. My financials: 400k in cash HYSA 50k in stocks 50k in 401k I had a convo with my family and they hate my cheap saving habits, they want me to travel with them, openly spend, live life with what god has given me. My dad said at the end of day whatever he has is gonna be mine, the house, retirement, and I’m worried too much about saving for no reason for the future and to live life. They don’t like I say no to going out, buy a nice ass car like a Mercedes/Beemer and sticking to a Camry, things that blind recommends. They got a point or no, should I get out of this extreme net worth drive and enjoy a lil bit more? Or am I still far off to live that type of life? #personalfinance #money #saving TC: 275k YoE: 4
yea i mean its a toss up, the reality is at your age half the worlds women will really only seriously consider you if you own property. So if you have a woman already, then you dont need that (but shell still want it soon) and you can go enjoy life
Penny pinching and living like a miser is bad. If you have been given the privilege of good income, spend it wisely. You can always balance spending and savings. If you gained from capitalism in US, you need to realize capitalism is based on consumerism and not saving. Don't break the cycle. Do you realize that the 400k you have kept in bank enables that bank to loan out 3x that is 1.2 million to their customers and earn a higher rate of interest while only paying you a small amount in return. You are letting banks use ur hard earned money to make a nice profit!
It’s a balance, how much are you saving? Set up a budget for living life and traveling, say $5k-$10k/yr and that way you can still continue saving significantly but enjoying your family while you have them
I’d look at it this way. What are your goals with saving this money? Is it financial independence? Just trying to complete with strangers on the internet? IMO you’ve done a phenomenal job so far. You can ease up a little. If you value time with family, maybe go out to eat with them more often and go on trips. You can still drive your Camry and keep saving aggressively in other areas of your life. Financial security brings with it a lot of advantages, but you should live in such a way that you actually get to enjoy those advantages.
You are doing good. Keep going. This is coming from a self made millionaire who become millionaire at 24 just by saving and investing. Your family is just dumb.
You should enjoy life a bit more while you are still young. Your savings rate at your age is fantastics. I used to be like you and regret it for not travelling more (as you get older, you will have more responsibility and less free time). The most important thing is budgeting, set an automatic saving to save 20-30% of your income. Then, use the rest to splurge on yourself, whether every month, or compound it until it's enough to have a vacation, etc.
You cant take money with you when you die. And when you’re on your death bed, you probably won’t be thinking about money, but your happiness, family, friends, and the things you did in your life. Don’t die poor with regrets. Don’t die rich with regrets. Die fulfilled.
Question: what is your parent’s net worth? What do they do?
No context on your spending habits. One thing I'll say is INVEST THAT SHIT. Money in savings is terrible. Enjoy life some but saving is also good. It's about degrees.
High yield savings though
Don't listen to people preaching invest, enjoy the 5% HYSA and peace of mind while it lasts