Top 1% of U.S. Earners Now Hold More Wealth Than All of the Middle Class. What t…

Top 1% of U.S. Earners Now Hold More Wealth Than All of the Middle Class. What tips do you have for building a financial base with the money we save? What do you do with the money you save being frugal?

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12 Comments

  1. RubyBlueEagle123 says:

    In addition to the classics you will see here, one of the best things my dad ever taught me was to take care of your personal possessions and learn skills to help you care for them. Everything you own was a result of hard work and effort. Take care of them and they will last longer. If you gain skills to do things on your own like simple home repairs, you will save untold amounts over your lifetime.

  2. 1. Be clear on what you want in life. Set goals. Saving money is the means to an end, so figure out what that end means to you. Some folks could be happy full-time in a tiny RV others might want to be part of that 1%…figure out where on that spectrum would make you happiest. It’s all a balance.
    2. Avoid debt as much as possible.
    3. Avoid buying new as much as possible, but don’t waste money on cheap products that fail quickly.
    4. Develop multiple streams of revenue, especially passive streams. Work smarter, not harder.
    5. Invest, but not just in the stock market. Start small and the mistakes you learn from… will also be small. Then go bigger as you learn.
    6. Educate yourself. There are enough resources (Coursera, Edx, etc) on the internet to get a free MBA. Learn basic accounting, understand taxes, and dive deep into whatever field you might start a business in.

  3. kayethewitch says:

    1. Pay off debts faster

    2. Max out retirement account

    3. Invest (index funds because I don’t want to risk losing a ton of money)

  4. lorlorlor666 says:

    “what do you do with the money you save being frugal” sort of implies that being frugal is a choice? i’m here on the sub because i literally do not have enough money to make ends meet, so every little bit i can squeeze out that doesn’t go on my credit card is worthwhile. “the money i save” isn’t actual money. it’s just less negative money.

  5. MyFriendMaryJ says:

    First just read economic philosophy and understand that both parties in the US are against workers making their fair share. Do whatever you can to change that, and for now invest in things that can actually make you money. Blow glass, grow weed, get a snowblower to do driveways in the winter, etc. gradually move away from being exploited and do something on your own

  6. >What do you do with the money you save being frugal?

    Put it away for retirement.

    I spent all of my 20s partying, living paycheck to paycheck. It wasn’t until around 33 that i pulled my head out of my ass and got a decent, stable job and started saving money. I wasted about 15 years of my life not saving money so i need to make up for that somehow.

  7. fjccommish says:

    What does the first fact have to do with the question?

  8. frugal2021 says:

    Stop spending money that ends up in the pockets of the top 1%. People who buy the 1%er brands (do I even need to list examples of those brands?) and then talk about the wealth gap have a real cognitive dissonance problem.

    Buy less stuff. Buy used instead of new. Learn to make or repair the things you want. When you need to buy something, buy it from a non-1% source. Buy local. Learn to live without the things that exist only to transfer wealth from you to the 1%. Get *value* (not necessarily financial) from everything you do.

    When you have savings, invest it. It takes time & effort to learn enough about a potential investment, to know whether it is a good risk – and not only is that time & effort a good investment, but it is time you aren’t spending frivolously. Learn about the companies and projects you want to invest in. Make sure you understand the business model and the risk, and be sure you know your own motivations and goals. Invest locally; the financial ROI will likely be lower, but investing in the community you live in has long-term quality-of-life payoffs.

    For every hour of entertainment or work, spend an hour on education, throughout your whole life.

  9. The_Bards_Tale_85 says:

    I’m in the top 3-4% earners last I checked. I’m even more frugal the more I make. I drive a Toyota and don’t have cable. I upgrade my phone every three years, as it slows down. I’ll replace the battery about 1.5 years in.

    I’m a regular on Slickdeals. What tips do I have? Get as many technical certifications as you can, and keep learning new skills. You can only stretch your money so far; you need to make more.

  10. tiredofland says:

    Buy gold and silver. Avoid debt.

  11. ibrokemyserious says:

    DOGE and SHIB are my best investments to date. I don’t love it, but here we are.

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