Re: How Hard Is It To Save?

Postby phunk on Tue 14/Jul/09 12:00pm

scatter wrote:
Spyder wrote:
phunk wrote:The reality is that if you dont have a goal to save for there really is no point in saving.


Like retirement??


I don't think a lot of people actually realise how much they need to have saved to be able to retire :huh:

I was actually thinking of retirement savings as a seperate issue, but then I guess most people arnt even saving for that..
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Re: How Hard Is It To Save?

Postby scatter on Tue 14/Jul/09 12:03pm

I just did a quick calculation on the Sorted website. I need to be saving around about $400 a month for the next 35 years to have enough to retire (based on 70% of current income + Super).
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Re: How Hard Is It To Save?

Postby philstar on Tue 14/Jul/09 12:04pm

phunk wrote:The reality is that if you dont have a goal to save for there really is no point in saving.


not true, well more that its hard not to have a goal that you should be saving for. house, retirement,

but it is easier to save if you have a specific achievable goal, though some people seam to be in the habit of spending less than they earn.
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Re: How Hard Is It To Save?

Postby snr_merv on Tue 14/Jul/09 12:08pm

bigJIMMY wrote:
snr_merv wrote:Well on half the average wage I've managed to buy 3k worth of bikes and travel to a few concerts and races in the last year, I know someone who gets paid the same as me "can't afford to buy a washing machine" :blink:

half the average wage? $18,000 ? how do you live?

Ok, maybe I'm misinformed thinking the average wage was 40-50k-ish?
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Re: How Hard Is It To Save?

Postby rockit on Tue 14/Jul/09 12:12pm

[quote="philstar
but it is easier to save if you have a specific achievable goal, though some people seam to be in the habit of spending less than they earn.[/quote]

I think I'm one of those people. I've never been in debt.. (well aside from a short term mortgage). OK so I earn enough - but even when I didn't I spent less than I had.. I start getting panicky if I think I might be getting close to spending money I don't have.. Wired different I guess!
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Re: How Hard Is It To Save?

Postby psychavoc on Tue 14/Jul/09 3:35pm

snr_merv wrote:
bigJIMMY wrote:
snr_merv wrote:Well on half the average wage I've managed to buy 3k worth of bikes and travel to a few concerts and races in the last year, I know someone who gets paid the same as me "can't afford to buy a washing machine" :blink:

half the average wage? $18,000 ? how do you live?

Ok, maybe I'm misinformed thinking the average wage was 40-50k-ish?

Definitely misinformed!

http://www.stats.govt.nz/products-and-s ... evised.htm

Median wage is $537 per week = $27924 per year.
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Re: How Hard Is It To Save?

Postby Wobbler on Tue 14/Jul/09 3:37pm

snr_merv wrote:
bigJIMMY wrote:
snr_merv wrote:Well on half the average wage I've managed to buy 3k worth of bikes and travel to a few concerts and races in the last year, I know someone who gets paid the same as me "can't afford to buy a washing machine" :blink:

half the average wage? $18,000 ? how do you live?

Ok, maybe I'm misinformed thinking the average wage was 40-50k-ish?


I wish :(
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Re: How Hard Is It To Save?

Postby Thermo on Tue 14/Jul/09 3:40pm

snr_merv wrote:
bigJIMMY wrote:
snr_merv wrote:Well on half the average wage I've managed to buy 3k worth of bikes and travel to a few concerts and races in the last year, I know someone who gets paid the same as me "can't afford to buy a washing machine" :blink:

half the average wage? $18,000 ? how do you live?

Ok, maybe I'm misinformed thinking the average wage was 40-50k-ish?


No, that's "high income".
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Re: How Hard Is It To Save?

Postby xcmtb on Thu 16/Jul/09 1:14pm

psychavoc wrote:
snr_merv wrote:
bigJIMMY wrote:
snr_merv wrote:Well on half the average wage I've managed to buy 3k worth of bikes and travel to a few concerts and races in the last year, I know someone who gets paid the same as me "can't afford to buy a washing machine" :blink:

half the average wage? $18,000 ? how do you live?

Ok, maybe I'm misinformed thinking the average wage was 40-50k-ish?

Definitely misinformed!

http://www.stats.govt.nz/products-and-s ... evised.htm

Median wage is $537 per week = $27924 per year.
They're shitting us right?
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Re: How Hard Is It To Save?

Postby nagem on Thu 16/Jul/09 1:18pm

no.
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Re: How Hard Is It To Save?

Postby thorg on Thu 16/Jul/09 1:24pm

xcmtb wrote:
psychavoc wrote:
snr_merv wrote:
bigJIMMY wrote:
snr_merv wrote:Well on half the average wage I've managed to buy 3k worth of bikes and travel to a few concerts and races in the last year, I know someone who gets paid the same as me "can't afford to buy a washing machine" :blink:

half the average wage? $18,000 ? how do you live?

Ok, maybe I'm misinformed thinking the average wage was 40-50k-ish?

Definitely misinformed!

http://www.stats.govt.nz/products-and-s ... evised.htm

Median wage is $537 per week = $27924 per year.
They're shitting us right?
median income of employed people over the age of 15 is $39,884 - it dips to the 27k figure when you consider unemployed, encarcerated, beneficiaries etc.

though average "income" is way higher than 27k, coming in at 35k (across all peoples over 15)
and average "wage" is actually 47k annually.

So - as its all lies, damned lies, and statistics - the average income for a NZer is probably somewhere between 27k and 47k per annum :-)

stats from the same web page.
Last edited by thorg on Thu 16/Jul/09 2:19pm, edited 1 time in total.
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Re: How Hard Is It To Save?

Postby iodi on Thu 16/Jul/09 1:25pm

xcmtb wrote:They're shitting us right?

No, unfortunately not. According to the 2009 budget, 58% of people earn less than $30k pa. The primary reason most people don't save much, or at all, is that they don't have any money.
income.JPG
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Re: How Hard Is It To Save?

Postby xcmtb on Thu 16/Jul/09 1:37pm

thorg wrote:median income of employed people over the age of 15 is $39,884 - its dips to the 27k figure when you consider unemployed, encarcerated, beneficiaries etc.
That sounds more reasonable...
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Re: How Hard Is It To Save?

Postby ThingOne on Thu 16/Jul/09 4:18pm

iodi wrote:
xcmtb wrote:They're shitting us right?

No, unfortunately not. According to the 2009 budget, 58% of people earn less than $30k pa. The primary reason most people don't save much, or at all, is that they don't have any money.


Those numbers will be shite, as a lot of high earners who run through companies only pay themselves small salaries and pocket the rest via dividends etc through trusts and the like
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Re: How Hard Is It To Save?

Postby Henry Dorset Case on Thu 16/Jul/09 4:57pm

ThingOne wrote:
iodi wrote:
xcmtb wrote:They're shitting us right?

No, unfortunately not. According to the 2009 budget, 58% of people earn less than $30k pa. The primary reason most people don't save much, or at all, is that they don't have any money.


Those numbers will be shite, as a lot of high earners who run through companies only pay themselves small salaries and pocket the rest via dividends etc through trusts and the like


Um yes a lot of people do have tax effective structures. but those structures still involve (if you pay money out) tax being paid. Like for instance why would anyone want to earn more than $60k/year, because then for every dollar over that you pay 39c of it in tax. Yet the company tax rate is 30% and the trust tax rate capped at 33%.

Roger douglas had the right idea all those years ago: flat tax, 20 or 25% end of story.
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