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Posted: 3/25/2015 1:43:57 AM EDT
[#1]
What don't you understand?
They have shifted from encouraging you to save 10% of your pay (like your parents did) into encouraging you to spend every dime you can as soon as you get it. They keep interest rates at zero because they want that money back in the economy where they can tax it & re-tax it. |
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Posted: 3/25/2015 1:44:12 AM EDT
[#2]
why should i save? prez-for-life obama is going to confiscate 401k's/IRAs/Pensions and redistribute all the money to everyone who is poor, so i'll just wait for that to happen. 
ar-jedi |
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Posted: 3/25/2015 1:50:24 AM EDT
[#3]
Quote HistoryQuoted:
why should i save? prez-for-life obama is going to confiscate 401k's/IRAs/Pensions and redistribute all the money to everyone who is poor, so i'll just wait for that to happen.
ar-jedi 
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Posted: 3/25/2015 1:58:26 AM EDT
[#4]
10% savings rates are for pussies.
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Posted: 3/25/2015 1:59:10 AM EDT
[#5]
Hard to save with the runaway taxes here. Health insurance tripled, gas tax doubling, property tax up 50%, fuck it.
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Posted: 3/25/2015 2:01:30 AM EDT
[#6]
taxes are one of the best reasons too save. You can dodge income taxes on at least $40k of income if you and your spouse max out 401(k)s, IRAs, and have a HDHP / HSA.
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Posted: 3/25/2015 2:11:16 AM EDT
[#7]
My coworker has many children and complains about not having enough money. After she leased her Audi and bought her 17 year old son a new car (after he crashed the previous 2), I recommended to her she should save money on the side and live a little more frugal. Then she replied she feels bad where there is money sitting in the bank account not doing anything.
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Posted: 3/25/2015 2:12:26 AM EDT
[#8]
Sad truth is we have a little Weimar Republic going on. Seems like the only things that have gone down in price is AR's and gasoline. And I don't think they will be down a year from now. Meanwhile you are losing value at 1.5% to 2% per year on savings. Unintended consequences and things.(sub-prime Fed rates=more spending than saving)
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Posted: 3/25/2015 2:19:26 AM EDT
[#9]
There's also my active duty E8 who makes $120k/yr (i think), whom I'm the supervisor making just a bit over half his pay. He complains he doesn't have money, has high credit card debt, no savings, and afraid he will be forced to retire with 20 AD years a couple years from now. What does he do to help the situation? He adopted an international child for $30,000 (at least) and moved into a bigger and more expensive house.
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Posted: 3/25/2015 2:43:15 AM EDT
[#10]
I didn't save either, until I felt the effects of the Great Recession first hand. (Typical 20-something mindset, I suppose.) Never again, I swore. Now I have enough in savings to not work for up to 6 months. Not much, but it's a start, and apparently better than a good part of the population.
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Posted: 3/25/2015 2:44:55 AM EDT
[#11]
you'd be surprised that over half of america can not save money... it's not necessarily that they are CHOOSING not to.
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Posted: 3/25/2015 4:02:18 AM EDT
[#12]
Service based economy with the accompanying low pay scales means people aren't able to save
You basically need a middle class or higher income to save any substantial amount of money A few years ago when the economy tanked and people were saving bit more than usual the gov't was blaming part of the malaise on people saving more and not spending their cash |
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Posted: 3/25/2015 4:07:31 AM EDT
[#13]
Quote HistoryQuoted: you'd be surprised that over half of america can not save money... it's not necessarily that they are CHOOSING not to. Bullshit. I have managed to save money regardless if I was making $5/hr or $50/hr. The trick is not to have a litter of kids, expensive vices, or generally bad spending habits. |
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Posted: 3/25/2015 4:15:37 AM EDT
[#14]
Quote HistoryQuoted:
Bullshit. I have managed to save money regardless if I was making $5/hr or $50/hr. The trick is not to have a litter of kids, expensive vices, or generally bad spending habits. Quote HistoryQuoted:
Quoted:
you'd be surprised that over half of america can not save money... it's not necessarily that they are CHOOSING not to. Bullshit. I have managed to save money regardless if I was making $5/hr or $50/hr. The trick is not to have a litter of kids, expensive vices, or generally bad spending habits. Sooner or later those kids will come along. If you want to be the unmarried hermit who lives like a miser sure you can die millions stashed away Those expenses you talk about are part of life for just about everyone. While there are people who blow their money needlessly, there's only so far you can slash and save, especially with kids. |
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Posted: 3/25/2015 4:33:59 AM EDT
[#15]
And the OP is no good at math.
Since when is 47% "over half"?????? |
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Posted: 3/25/2015 4:41:38 AM EDT
[#16]
Quote HistoryQuoted: Bullshit. I have managed to save money regardless if I was making $5/hr or $50/hr. The trick is not to have a litter of kids, expensive vices, or generally bad spending habits. Quote HistoryQuoted: Quoted: you'd be surprised that over half of america can not save money... it's not necessarily that they are CHOOSING not to. Bullshit. I have managed to save money regardless if I was making $5/hr or $50/hr. The trick is not to have a litter of kids, expensive vices, or generally bad spending habits. |
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Posted: 3/25/2015 4:47:35 AM EDT
[#17]
Quote HistoryQuoted: Sooner or later those kids will come along. If you want to be the unmarried hermit who lives like a miser sure you can die millions stashed away Those expenses you talk about are part of life for just about everyone. While there are people who blow their money needlessly, there's only so far you can slash and save, especially with kids. Quote HistoryQuoted: Quoted: Quoted: you'd be surprised that over half of america can not save money... it's not necessarily that they are CHOOSING not to. Bullshit. I have managed to save money regardless if I was making $5/hr or $50/hr. The trick is not to have a litter of kids, expensive vices, or generally bad spending habits. Sooner or later those kids will come along. If you want to be the unmarried hermit who lives like a miser sure you can die millions stashed away Those expenses you talk about are part of life for just about everyone. While there are people who blow their money needlessly, there's only so far you can slash and save, especially with kids. Its still a choice. One that can have drastic impacts on a persons financial security. Double-so if its made when they are already treading water in their finances. |
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Posted: 3/25/2015 4:48:44 AM EDT
[#18]
Quote HistoryQuoted: Hospital bills can really put a strain on a budget. Especially if you have an illness that is re-occurring and requires multiple or long-term stays. Quote HistoryQuoted: Quoted: Quoted: you'd be surprised that over half of america can not save money... it's not necessarily that they are CHOOSING not to. Bullshit. I have managed to save money regardless if I was making $5/hr or $50/hr. The trick is not to have a litter of kids, expensive vices, or generally bad spending habits. That is a legitimate situation. Its also one that is not generally chosen. |
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Posted: 3/25/2015 4:58:31 AM EDT
[#19]
Didn't I read somewhere that more than half have 0 or negative net worth as well?
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Posted: 3/25/2015 5:23:40 AM EDT
[#20]
Quote HistoryQuoted:
Its still a choice. One that can have drastic impacts on a persons financial security. Double-so if its made when they are already treading water in their finances. People who wait to have kids "at the right time" will never have kids. Simple reality |
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Posted: 3/25/2015 5:26:37 AM EDT
[#21]
Not surprised....
I've sucked at saving most of my adult life, but to be honest I've never really been in a position to save much until the past 4-5 years. Student loan debt and other things prevented that from happening. 140k in my 401k, and trying to contribute 10% a month to that (company match is 100% of 6%), roughly 9k-10k in the bank, and another $6.5k in various mutual funds that contribute to when I can. At 47, I am doing better than most of peers in saving, but frankly I should have a lot more saved up and wish that I had foregone some of the toys in favor of saving cash. You could probably say I am in emergency mode now, and by and large am being as frugal as I can..I've cut out a lot of non-essentials that past 3-4 years. No eating out, absolutely no pissing money away in a bar, and I've cut out other things as well..This doesn't make me popular with many of my friends, but I also don't really care. Some of those guys drop hundreds of dollars a month on booze and I know they have no savings going on. |
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Posted: 3/25/2015 5:27:55 AM EDT
[#22]
Quote HistoryQuoted:
Over half of America is living off of the government. Why would they bother saving anything? |
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Posted: 3/25/2015 5:28:14 AM EDT
[#23]
Quote HistoryQuoted:
People who wait to have kids "at the right time" will never have kids. Simple reality Quote HistoryQuoted:
Quoted:
Its still a choice. One that can have drastic impacts on a persons financial security. Double-so if its made when they are already treading water in their finances. People who wait to have kids "at the right time" will never have kids. Simple reality I did and have two sons that prove you wrong. |
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Posted: 3/25/2015 5:30:44 AM EDT
[#24]
Quote HistoryQuoted:
I did and have two sons that prove you wrong. Well good for you |
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Posted: 3/25/2015 5:36:18 AM EDT
[#25]
Quote HistoryQuoted:
Pffft, That's what social security is fo I Earned it. It's my money after all. 
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Posted: 3/25/2015 5:37:56 AM EDT
[#26]
Some of you guys are really all about not enjoying your money at all while you're young enough to. There is a balance but damn.
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Posted: 3/25/2015 5:39:23 AM EDT
[#27]
"Guess what followed me home"
"I want a $2000 AR!" |
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Posted: 3/25/2015 5:40:56 AM EDT
[#28]
Quote HistoryQuoted:
Some of you guys are really all about not enjoying your money at all while you're young enough to. There is a balance but damn. Just curious..How old are you? I'm 47, and it's safe to say I enjoyed my money when I was young, but at the age I am at now I've realize the errors I made back than also. Had I listened to my elders that at the time were preaching "save, invest, don't buy that new car, don't buy this, that or that other thing", I'd be probably be able to retire within the next few years". |
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Posted: 3/25/2015 5:45:49 AM EDT
[#29]
Quote HistoryQuoted: Some of you guys are really all about not enjoying your money at all while you're young enough to. There is a balance but damn. I enjoy my money just fine. Its just that I enjoy whats left after the gov gets their cut, bills are paid and paying ~20% to myself by means of savings/investments. I can buy plenty of toys while ensuring that I have money for the future. A get both approach if you will. |
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Posted: 3/25/2015 6:34:29 AM EDT
[#30]
Quote HistoryQuoted:
I just watched a documentary where it was discussed that the communists will use the "weight of the poor" to overthrow a capitalist system. We also had a president who mentioned fundamentally trasnsforming America. These things are all cogs in their master plan for the introduction of a socialist republic. It's happening right before our eyes and most people don't even know it. Name of documentary? |
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Posted: 3/25/2015 9:14:05 AM EDT
[#31]
Quote HistoryQuoted:
What don't you understand? They have shifted from encouraging you to save 10% of your pay (like your parents did) into encouraging you to spend every dime you can as soon as you get it. They keep interest rates at zero because they want that money back in the economy where they can tax it & re-tax it. Spot on. ZIRP means if you save, you can't keep up with inflation and you lose money. This encourages you either to spend your money or to put it into equities. Co-author of the book, The Dollar Collapse, John Rubino writes that We Are All Hedge Funds Now You can stash away funds, but it's how you stash it determines whether it can grow and work for you or devalue because of artificially inflated markets. |
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Posted: 3/25/2015 9:19:03 AM EDT
[#32]
I am fortunate that I am paid pretty damn well.
I put 17% a paycheck in my 401 and place around a 1k a month in my personal savings account. It was not always this good. So for whatever reason at times and sometimes no fault of your own you are in a position of making just enough to sort of exist. At those times there is not shit to save. Unfortunately due to reasons again beyond peoples control there are a lot of people in that boat. Not all of course but enough. |
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Posted: 3/25/2015 9:24:32 AM EDT
[#33]
Paul Krugman ha a running weekly column on Huffpo (and the NYT) the gist of which is saving/not spending is stupid. So, this does not surprise me.
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Posted: 3/25/2015 9:26:43 AM EDT
[#34]
Many people I know are living paycheck to paycheck, the middle class is shrinking and I doubt the FSA are putting thier EBT money in savings!
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Posted: 3/25/2015 9:27:03 AM EDT
[#35]
Quote HistoryQuoted:
I thought 40%+ of America didn't even make enough to have to pay taxes? So this isn't too surprising. Plus baby boomers are retiring - they should be net negative savers in retirement This. My guess is that non-savers make up an even higher percentage. |
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Posted: 3/25/2015 9:27:33 AM EDT
[#36]
Quote HistoryQuoted:
No surprise there. Too many people that live above their means and too many people who are genuinely struggling. This. I am amazed the people I work with who complain about living paycheck to paycheck are the same ones who go out for lunch on a daily basis - typically to sit down restaurants where a tip is required - and make fun of me for sitting in the break room eating a homemade sandwich. I know that sounds simplistic but I think it highlights a fundamental difference in thinking. I would also hazard to say that those of us that grew up with Depression era parents had the value of savings drilled into us from an early age. |
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Posted: 3/25/2015 9:28:23 AM EDT
[#37]
Advertising works.
You need it. |
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Posted: 3/25/2015 9:30:21 AM EDT
[#38]
Quote HistoryQuoted:
While having an emergency reserve is a must...saving money is idiotic with such low interest rates and highish inflation. You are LOSING money. Good points. And there is a war on savers, in Europe, they even have negative interest rates. People spending is judged better for the economy. Plus if you have no assets, there will be nothing for the Feds to seize. |
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Posted: 3/25/2015 9:31:13 AM EDT
[#39]
$15/hr living wage should fix that right up.
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Posted: 3/25/2015 9:31:20 AM EDT
[#40]
Quote HistoryQuoted:
Chortle No shit!!! I wonder if the FSA was included in the calculations? Quote HistoryQuoted:
Chortle No shit!!! I wonder if the FSA was included in the calculations? Of course it is...not to mention the people that live pay check to pay check |
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Posted: 3/25/2015 9:32:40 AM EDT
[#41]
Quote HistoryQuoted:
Actually the value of the dollar has increased dramatically in the last 9 months. Meanwhile I live way below my means so I can save. I live on about 22% of my gross. Quote HistoryQuoted:
Quoted:
What's money good for? Worth less every day. Meanwhile I live way below my means so I can save. I live on about 22% of my gross. yeah but if your gross is 5X higher than another person it is not that impressive (not saying your is and you might be the best financial responsible person on this site just making a general statement) |
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Posted: 3/25/2015 9:32:58 AM EDT
[#42]
Quote HistoryQuoted:
Over half of America is living off of the rest of us that pay taxes government. Why would they bother saving anything? FIFY |
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Posted: 3/25/2015 9:33:19 AM EDT
[#43]
Would you rather have $100k in a savings account, or in a gun vault? Which is a smarter investment? Now dont be dumb, i am not saying to have no money at all for emergencies, but which is smarter investing?
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Posted: 3/25/2015 9:35:21 AM EDT
[#44]
Quote HistoryQuoted:
Well if you put money in the bank then later need.....$5K for a used pick-up or car the banks are encouraged to call 911 on your ass. Here again we see the doctrine on unintended consequences kicking in. As with guns so it goes with money. The more the .gov tries to control it the less people have in the bank....either from a general shit economy or people no longer trusting their financial institutions. Personally I think people who have lots of money in the bank will come to regret it one day when our government kleptocracy goes full Cyprus on their ass. Something like this. Factor in inflation and screw that. My investments are in brass, lead, and whiskey. |
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Posted: 3/25/2015 9:37:20 AM EDT
[#45]
Quote HistoryQuoted:
There's a big element of this. 50% of the country is the bottom half of earners, folks. Not to mention, since 2008 the middle class beating has gotten worse. Jobs are paying less, hours are being reduced, but everything is costing more...fuck the fraudulent CPI. Food, energy, consumables, not getting any cheaper. Medical plans? Yeah.... I can't ridicule the people who just don't have it to save. They are the bulk of that figure, I'm sure. Quote HistoryQuoted:
Quoted:
You need to have money to save for this whole idea to work. There's a big element of this. 50% of the country is the bottom half of earners, folks. Not to mention, since 2008 the middle class beating has gotten worse. Jobs are paying less, hours are being reduced, but everything is costing more...fuck the fraudulent CPI. Food, energy, consumables, not getting any cheaper. Medical plans? Yeah.... I can't ridicule the people who just don't have it to save. They are the bulk of that figure, I'm sure. We were doing pretty good until about 5 yrs ago, its been a struggle since then. 
Getting better though. slowly. |
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Posted: 3/25/2015 9:37:57 AM EDT
[#46]
Quote HistoryQuoted:
This. I am amazed the people I work with who complain about living paycheck to paycheck are the same ones who go out for lunch on a daily basis - typically to sit down restaurants where a tip is required - and make fun of me for sitting in the break room eating a homemade sandwich. I know that sounds simplistic but I think it highlights a fundamental difference in thinking. I would also hazard to say that those of us that grew up with Depression era parents had the value of savings drilled into us from an early age. Quote HistoryQuoted:
Quoted:
No surprise there. Too many people that live above their means and too many people who are genuinely struggling. This. I am amazed the people I work with who complain about living paycheck to paycheck are the same ones who go out for lunch on a daily basis - typically to sit down restaurants where a tip is required - and make fun of me for sitting in the break room eating a homemade sandwich. I know that sounds simplistic but I think it highlights a fundamental difference in thinking. I would also hazard to say that those of us that grew up with Depression era parents had the value of savings drilled into us from an early age. What I hate is that I am the guy that brings a sack lunch, does not drive a fancy car or live in a big house and still save a little back but I fear that the savings is not going to be enough. |
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Posted: 3/25/2015 9:39:02 AM EDT
[#47]
Setting up a large part of the US population to be totally government dependent when things go south, and they will go south.
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Posted: 3/25/2015 9:45:11 AM EDT
[#48]
Quote HistoryQuoted: Hard to save with the runaway taxes here. Health insurance tripled, gas tax doubling, property tax up 50%, fuck it. |
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Posted: 3/25/2015 9:48:28 AM EDT
[#49]
Quote HistoryQuoted:
There's a big element of this. 50% of the country is the bottom half of earners, folks. Not to mention, since 2008 the middle class beating has gotten worse. Jobs are paying less, hours are being reduced, but everything is costing more...fuck the fraudulent CPI. Food, energy, consumables, not getting any cheaper. Medical plans? Yeah.... I can't ridicule the people who just don't have it to save. They are the bulk of that figure, I'm sure. Quote HistoryQuoted:
Quoted:
You need to have money to save for this whole idea to work. There's a big element of this. 50% of the country is the bottom half of earners, folks. Not to mention, since 2008 the middle class beating has gotten worse. Jobs are paying less, hours are being reduced, but everything is costing more...fuck the fraudulent CPI. Food, energy, consumables, not getting any cheaper. Medical plans? Yeah.... I can't ridicule the people who just don't have it to save. They are the bulk of that figure, I'm sure. This. Could people live within their means? Yes. Are their "means" comparable to what they used to be? Nope. The dollar is worth less, and jobs/salary increases are far less than they used to be. Go to the grocery store and buy $100 worth of groceries and see what you get compared to just 5 years ago. Go out and try to buy a new or used car. Check the cost of a kWh compared to 5 years ago. I used to get 4+% COLAs yearly. My last one, with one of the best reviews in the group, got 1.5%. This is probably a 60/40 about people losing money versus people being careless. Whether you want to believe it or not, companies, and the government, are shitting on their workers right now. The reason they do it is because they can. The job market is heavily favored to the company versus the worker. That's also why most Republicans want to cave on amnesty, their big money donors want the cheap labor to be legalized. |
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Posted: 3/25/2015 9:48:39 AM EDT
[#50]
Quote HistoryQuoted: Sooner or later those kids will come along. If you want to be the unmarried hermit who lives like a miser sure you can die millions stashed away Those expenses you talk about are part of life for just about everyone. While there are people who blow their money needlessly, there's only so far you can slash and save, especially with kids. Quote HistoryQuoted: Quoted: Quoted: you'd be surprised that over half of america can not save money... it's not necessarily that they are CHOOSING not to. Bullshit. I have managed to save money regardless if I was making $5/hr or $50/hr. The trick is not to have a litter of kids, expensive vices, or generally bad spending habits. Sooner or later those kids will come along. If you want to be the unmarried hermit who lives like a miser sure you can die millions stashed away Those expenses you talk about are part of life for just about everyone. While there are people who blow their money needlessly, there's only so far you can slash and save, especially with kids. |
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