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Do you live within your means?

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Old 11-19-2009, 12:06 PM   #16
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Re: Do you live within your means?

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Originally Posted by mredskins View Post
Not trying to be a jerk but did you not get your mortgage free home when your mother in law passed? That puts you way ahead of the game.
We did, we were able to sell our house and pay off our mortgage and obviously we're incredibly fortunate because of that. Believe me we'd give it all up in a heartbeat to have her back, but yes it put us way ahead of the game, obviously the circumstances that put us in this situation just stinks.
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Old 11-19-2009, 12:08 PM   #17
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Re: Do you live within your means?

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Come on first , we know you have a 10,000 sq. ft. home on 50 acres on the lake ... outdoor and indoor pools , a 1969 corvette stingrey , monster 4x4 and a speed boat to go with your fishing boat
I wish. I'm pretty conservative when it comes to spending. The boat and truck I just purchased this summer I pretty much paid cash for them. Our house payment is low enough that I don't ever feel a drain to make the payment. Everything else is paid for at this time put my wife is looking hard for a new home. Our biggest problem is we so few bills its easy to waist money so we stick to pretty tough savings plan. That will change some if we move but I refuse to buy a home that puts a drain on us.
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Old 11-19-2009, 12:16 PM   #18
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Re: Do you live within your means?

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I wish. I'm pretty conservative when it comes to spending. The boat and truck I just purchased this summer I pretty much paid cash for them. Our house payment is low enough that I don't ever feel a drain to make the payment. Everything else is paid for at this time put my wife is looking hard for a new home. Our biggest problem is we so few bills its easy to waist money so we stick to pretty tough savings plan. That will change some if we move but I refuse to buy a home that puts a drain on us.
Of course I was just being funny . I want to take the next few years and work my ass off , invest all of it and hope to retire comfortably .... I do plan on being charitable as we approach the holidays .
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Old 11-19-2009, 12:20 PM   #19
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Re: Do you live within your means?

For you guys sticking money into your 401 which is a good idea but make sure you are deverisfied and not buying a bunch of company stock. Alot of people have been burned doing this when the co goes belly up.
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Old 11-19-2009, 12:28 PM   #20
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Re: Do you live within your means?

i never looked/ thought at retirement( im 48) but this past weekend my wife and i crunched some of the numbers. if things stay exactly the same, we will be doing alright. i plan on retiring at age 62. hopefully without working again
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Old 11-19-2009, 01:00 PM   #21
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Re: Do you live within your means?

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I hear you and for the most part have a healthy finincial portfolio but I hate people that are cheap and pinch ever damn penny. God lord live a little, you only have one life.

And if the only reason you are pinching every cent is so you can have quicker retirment, god bless you. I personally rather work then sit in my easy chair and watch the Price is Right every day at 60.

My brother in law's dad was just like that pinched every penny so damn cheap. He retired at 55 I belive, he went about 4 years of watching TV everyday, guess what now he has a job at a health club becasue he was so bored.

I HATE cheap people, I rather be broke and giving then rich and cheap, any day!

This was a general statement not targeted at you S10.
Let me clarify. If you're spending more than you're making, then you need to pinch pennies. Otherwise you're never going to retire, and you'll be flat out miserable when you're working at age 70 to supplement social security in an attempt to pay off debt. The "I hate cheap people" viewpoint is fine if you make enough money to generate savings and still save money. But if you don't make that much and you're going further into debt, then spending is one of the dumbest things you can do in life.
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Old 11-19-2009, 01:03 PM   #22
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Re: Do you live within your means?

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I big time disagree. You can deduct up to 2.5k of student loan interest right from the front page of your 1040, as long as you make less than 70k. If you have more than 2.5k of loan interest then pay it down to get to that level. I think paying off all other debt, saving up for a down payment on a house, building a cash reserve, or stating a Roth or contributing to your 401k if theres a match should be priorities over paying down student debt. Let it ride till you (hopefully) make too much…
From a tax perspective that makes sense, but from a cash flow perspective most kids aren't going to have the income to both pay off student loans and save up for retirement/houses.

Unless you're saying they should stay home with mom and dad to sock away money to buy a house, that I can get on board with. But only if there's enough cash flow to sustain mortgage payments and student loan payments when out on your own.

There's too much focus on the income statement in the heads of Americans, and not nearly enough on the balance sheet.
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Old 11-19-2009, 01:03 PM   #23
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Re: Do you live within your means?

Just my two cents ... if you do not have an IRA , open one , and consider having it in a brokerage account , which will allow you to invest/trade individual stocks Roth IRA Explained .... What will my Roth IRA be worth at retirement? - Financial Calculators from Dinkytown.net ... MCD Dividend and Split Information - About McDonald's , a $2,250 invested in McDonalds in 1965 , worth 4 million today
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Old 11-19-2009, 01:10 PM   #24
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Re: Do you live within your means?

Make Ex-Dividends Work For You . This will help you boost your returns a little , remember IRA's are tax exempt < well , at the moment > , so you will get a better return over your life time .
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Old 11-19-2009, 01:18 PM   #25
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Re: Do you live within your means?

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We did, we were able to sell our house and pay off our mortgage and obviously we're incredibly fortunate because of that. Believe me we'd give it all up in a heartbeat to have her back, but yes it put us way ahead of the game, obviously the circumstances that put us in this situation just stinks.

I agree I would not trade any of my family members for a mortgage free home. So you still paid for your house just at a much higher price.Again, sorry for your lost.

After I posted this I went to lunch and thought this was a dick post, sorry if I salted any old wounds.
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Old 11-19-2009, 01:20 PM   #26
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Re: Do you live within your means?

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Let me clarify. If you're spending more than you're making, then you need to pinch pennies. Otherwise you're never going to retire, and you'll be flat out miserable when you're working at age 70 to supplement social security in an attempt to pay off debt. The "I hate cheap people" viewpoint is fine if you make enough money to generate savings and still save money. But if you don't make that much and you're going further into debt, then spending is one of the dumbest things you can do in life.
Well you have to spend to live no way around it.
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Old 11-19-2009, 01:25 PM   #27
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Re: Do you live within your means?

We lived beyond our means and are literally paying for it now. Paycheck to paycheck for probably the next 2, maybe even 3, years.
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Old 11-19-2009, 01:26 PM   #28
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Re: Do you live within your means?

I don't plan on retiring. My lot in life is to work and be happy. I live below my means. There aren't too many things in my life that I could cut out. Yes some things could go, but I'd be uncomfortable, IE: petrol, electricity, refrigeration. Anything else that I may need, like a trip to the doctor, I pay for in cash or barter. All I really need to be comfortable is a library card and running water. I'd miss you guys but I could do without the internet and my cell phone, but I don't pay for those now anyway.
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Old 11-19-2009, 01:39 PM   #29
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Re: Do you live within your means?

Depends how you define means? Do I spend too much and save nothing? No. But do I buy stupid things like video games and booze? Yes.
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Old 11-19-2009, 01:46 PM   #30
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Re: Do you live within your means?

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Depends how you define means? Do I spend too much and save nothing? No. But do I buy stupid things like video games and booze? Yes.
You should be able to buy all the booze and vids you want as long as you can afford it. So if buying these things are keeping you from saving for retirement (assuming you want to retire), keeping you from buying healthcare (assuming you will need it at some point), or forcing you to rack up debt then you are above your means. Otherwise youre good.
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