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06-28-2008, 08:45 AM
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$ Saving College President
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Quote:
Originally Posted by maat55
I respect an individuals desire to invest more in home and drive much cheaper cars.
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Actually, that is a more sound plan. Historically (recent past aside), homes are appreciating assets while vehicles are depreciating. It makes a lot more sense to spend your money on something that will grow in value.
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Steve
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06-28-2008, 10:27 AM
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$ Saving College Senior
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What about wanting it all? House, car, investments, etc? It just seems when you are responsible you can't have it all. There are always more responsible uses of money.
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06-28-2008, 10:49 AM
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$ Saving College President
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Quote:
Originally Posted by LivingAlmostLarge
What about wanting it all? House, car, investments, etc? It just seems when you are responsible you can't have it all.
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I don't think that's true. It is just a matter of prioritizing and making sure the more important things are taken care of first. Fund the EF. Contribute to the retirement plan. Set money aside for your next car and vacation and children's education. Learn to live on what's left after the important needs are met.
About 20% of our gross income goes to savings. Another 25-30% goes to taxes and health insurance premiums. That means we actually live on just 45-50% of our gross income. Could we be saving and investing even more and living on less? Sure. There are luxuries in our budget that we could cut out: cable, Netflix, dining out, travel, etc. but we have found a balance that let's us "have it all" while still being responsible.
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Steve
Join the 2009 Ebay Challenge!
* Despite the high cost of living, it remains very popular.
* Why should I pay for my daughter's education when she already knows everything?
* There are no shortcuts to anywhere worth going.
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06-28-2008, 09:41 PM
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$ Saving College Senior
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Quote:
Originally Posted by LivingAlmostLarge
What about wanting it all? House, car, investments, etc? It just seems when you are responsible you can't have it all. There are always more responsible uses of money.
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I remember reading in The Wealthy Barber, As long as you invest at least 10% of your income, it doesn't matter how badly you spend the other 90%. But I will have to disagree to some extent.
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06-29-2008, 04:11 PM
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$ Saving College Senior
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I read that as well and quite few others say as long as you are saving 10% then the rest should be covered. But the 90% doesn't seem to be quite enough sometimes. Maybe in the future?
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06-29-2008, 04:52 PM
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$ Saving College President
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Quote:
Originally Posted by maat55
I remember reading in The Wealthy Barber, As long as you invest at least 10% of your income, it doesn't matter how badly you spend the other 90%. But I will have to disagree to some extent.
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I don't think the 10% figure is enough. I'd say at least 15% and preferably higher. As I said, we save at least 20% (more like 22% or so currently I believe) and I really don't care a whole lot about exactly how the remainder gets spent. As long as all the savings goals are being met, I don't see that it really matters what percent goes to food, how much goes to travel, what gets spent on entertainment, etc.
__________________
Steve
Join the 2009 Ebay Challenge!
* Despite the high cost of living, it remains very popular.
* Why should I pay for my daughter's education when she already knows everything?
* There are no shortcuts to anywhere worth going.
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