Is It Possible To Save Up A Lot Of Money

Is it possible to save all your money?

The Penny you save, Penny you earn.I am earning from Salary and Professional Income.SO I have 2 source of Income from which I can manage to earn one Fixed Income every month and Lump sum amount on Annual Basis.From Salary I just put 5K-10K amount in Fixed Deposit for 6 months to 1 year. I just started earning so I do not Block my money for Long Team. Purpose of This FDs are after some time I got some good amount to purchase new Asset of Help me to Bare some Financial Expenses.Every Month of anytime of the month I invest 2500-5000 in Share Market (Equity) and I never sell any Share for Next 7-10 years these are only long Term Plan.I like to spent money on food so Major part of my salary goes to Fancy Cafes and Cloths, Now I am stop eating outside food not to just save money but for Better Health.I keep maintain my saving Bank account balance and Do not want to block my money for Next Year.After 1 year, I will Start Investing in Real Estate and Share market for that I am creating the Fund Through small FDs.For Saving you have to be very clear, Either you just want to save or you have to Invest the money and get good Returns, For Short team Goal and small amount you do not need to get high Risk, like if you want to purchase a Car of ad for that you need Rs. 2L for Down Payment so you can Invest 6,000/- Mutual Funds and 10,000/- in FDRs so by the end you will get 2L+ some Good Returns form Mutual and Fixed Returns form FDs. You should avoid the risk as many as possible.For Long Team goal like Buy a Laving Home or anything with high value, you have to at least plan your money for 15-30 years, depends upon you income and Commitments.Then you have many alternatives but Share Market is one of the Best options for this and You can Manage your portfolio with 40:60 MF & Equity.I like to give gifts to my Family, I will put X amount in FD and Decide the Maturity date just Before the Week of the Person's Birthday so I can buy gift for them without any Financial Burden at that time.I got some lump sum income from my professional work and I will Put them in FDs for Birthday gifts.

Is it possible for a teen to save up enough money for an $80,000 car in 5 years?

Haha hilarious! If it was possible then I assure you every boy teen or youngster in their early 20's would be driving around an $80k car! Which young male doesn't love nice cars!? The only ones you see with an expensive car are those born into Rich families. You have a lot to learn and with time your priorities will fall into place. Even if you manage to save a good amount for a car, you won't be able to maintain and keep it long. Instead, if you aim to focus on studies and for example get into a field where in 5-7 years you can be earning really well, then by 25-27 years of age you could buy a really nice car. If you are at the age where you could start uni then in 5 years you could be a fully qualified dentist or optician or pharmacist for example. My cousin is a dentist, at age 25 he bought his first car, which was well above average for other 25 year olds he knows!

Is it possible to save money off your PhD stipend if you live frugally?

Absolutely. It depends your circumstances, which you probably have little to no control over, and preferences though. PhD stipends can vary a lot. Some students get paid barely above the poverty line, in addition to doing excessive assistantship hours. Others get a good stipend plus additional scholarship/payment bonuses.I saved money when I lived in Illinois because I was younger, the cost of living was lower, and I actually got paid more during my MS. I saved a fair amount - at least 20%.On the other hand, I think I’ve been drawing from savings during my PhD, but I’m older and tired of living like a student, the cost of living is a little higher in Raleigh, and they pay me less.Through all this time, I wouldn’t say I’ve lived that frugally by the way. I enjoy eating out and own a vehicle, for example. But I also save a lot on some major expenses like rent (i.e. I’ve never lived alone), and I don’t travel a lot. If you’re not good with money, start by budgeting (I don’t) - I think most people would be surprised where their money goes. From my perspective, it was always odd when a friend complained about how much debt they had when they lived in a really nice apartment.On extremes, I have a friend who lived three people to a room during grad school. I would never have done that, but as crazy as it is to me, he was from overseas and it wasn’t unusual for him.

I just got fired. I do have a lot of money saved up and I don't plan on applying for another job. What should I do to increase my monthly income?

Let me suggest something based on what I would do if I were to be in your position. It is tough to prepare you an investment porfolio without knowing the size of your total savings. But I will give it a shot based on the fact that: a) you do not feel an urgent need to find another job and b) you posted this on the 'travel' topic.15% in emerging market ETFs (BRICs / MINTs)15% in 10yr US sovereign bond yields25% in the best performing mutual fund over the last 3 yrs in your local market15% savings account or US treasuries (if not risk averse) as mentioned aboveRest for consumption (checking/saving). Depending on how long you plan on remaining unemployed, you can create a consumption escrow account and spend on travel, living expenses etc, proportionally to the days you plan on remaining unemployed.(Disclaimer: I'm only sharing this as uneducated advice, I do not profess to have any knowledge of asset management)

How much money did you save up in the military?

Not much. Which is stupid, but I was young and stupid, so what can you do?What makes it even dumber is that I was deployed for almost all of the last nine months I was on active duty, collecting hazardous duty and then combat pay on top of my SPC (E-4) salary (admittedly, not much, but I had jack nothing to spend it on, either). It was nice when we got a long blanket leave after returning from Desert Storm & Desert Sabre, but I wasn’t planning ahead very well so I really didn’t save much at all.That leads me to a piece of advice to any enlisted service member: absolutely no question you need to take at least 10% off of the top of your take-home and sock that shit away somewhere you can’t really get to it easily, and put maybe another 10% into something liquid but reserved. As long as you’re on active duty—even if you are married, but especially if you are single—you are going to have a lot of temptation to spend money on things you don’t need. Save that.I’m not saying don’t have fun, nor am I suggesting that you ignore great opportunities for things like inexpensive electronic gear (the PX had great deals when I was in, may still). Just know that you have an awesome opportunity while on active duty to save some money for later, and the earlier you start the more you’ll have.Also, sign up for as many programs as you can before you sign up, and don’t sign up without all of the college options you can get your hands on. I didn’t qualify for the Army College Fund when I enlisted (I enlisted as a high school dropout, didn’t get my GED until I was on active duty), but I really could have used that money. The GI Bill was fine, but the ACF would have been much better. C’est la vie, no?