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Do you live within your means?

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Old 11-19-2009, 10:29 AM   #1
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Do you live within your means?

Read this last night and made me think of asking the question who here lives within their means, because obviously the US in aggregate does not. I think most people like to think they do, just like most people like to think all congressman are corrupt except for the one representing their district (if they voted for him) ((ive never voted before so I think they are all corrupt)).

I would like to say I do, but honestly I think living within your means also includes saving for retirement if you plan on having a retirement and I save very little for retirement (if you want to off-yourself at age 65 then saving very little for retirement would be within your means I guess). I would count myself in the category of not living within my means due to my lack of saving for retirement combined with my love of having fun.

I think part of the whole holocaust on capitalism taking place is partly because people say hey I donít want to save, I donít want to pay for the essentials, I just want to pay for the discretionary stuff, fun stuff. Let the government pay for the basics, deduct the money from my paycheck every other Friday as long as I donít think about it no harm done, or better yet take the money from rich people, my boss has plenty of moneyÖ..

http://www.foxnews.com/story/0,2933,575565,00.html?loomia_ow=t0:s0:a4:g4:r3:c0. 000000:b0:z5

On a side note, did any of you watch Harry Reid and the other senate big wigs last night talk about their new health plan proposal. Harry told a story of a lawyer that came up to him and said Harry im rich I donít need this health care stuff, but my daughter is about to turn 23 and has cerebral palsy and isnít going to be able to get health care coverage on her own, what is she supposed to do, she needs this.

Really? This is what drives me nuts. This lawyer didnít want to change his lifestyle in order to take care of his own daughter, instead he wanted everyone else to pay for the cost of her health care. Of course who wouldnít, you can be a self proclaimed rich lawyer, eat out every night, have a vacation home, live in a nice ass community, play golf every weekend, and drive a new car every 2 years or you can take care of your own. Easy choice when you can just get someone else to pay for it.
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Old 11-19-2009, 10:57 AM   #2
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Re: Do you live within your means?

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Originally Posted by mlmpetert View Post
Read this last night and made me think of asking the question who here lives within their means, because obviously the US in aggregate does not. I think most people like to think they do, just like most people like to think all congressman are corrupt except for the one representing their district (if they voted for him) ((ive never voted before so I think they are all corrupt)).

I would like to say I do, but honestly I think living within your means also includes saving for retirement if you plan on having a retirement and I save very little for retirement (if you want to off-yourself at age 65 then saving very little for retirement would be within your means I guess). I would count myself in the category of not living within my means due to my lack of saving for retirement combined with my love of having fun.

I think part of the whole holocaust on capitalism taking place is partly because people say hey I donít want to save, I donít want to pay for the essentials, I just want to pay for the discretionary stuff, fun stuff. Let the government pay for the basics, deduct the money from my paycheck every other Friday as long as I donít think about it no harm done, or better yet take the money from rich people, my boss has plenty of moneyÖ..

http://www.foxnews.com/story/0,2933,575565,00.html?loomia_ow=t0:s0:a4:g4:r3:c0. 000000:b0:z5

On a side note, did any of you watch Harry Reid and the other senate big wigs last night talk about their new health plan proposal. Harry told a story of a lawyer that came up to him and said Harry im rich I donít need this health care stuff, but my daughter is about to turn 23 and has cerebral palsy and isnít going to be able to get health care coverage on her own, what is she supposed to do, she needs this.

Really? This is what drives me nuts. This lawyer didnít want to change his lifestyle in order to take care of his own daughter, instead he wanted everyone else to pay for the cost of her health care. Of course who wouldnít, you can be a self proclaimed rich lawyer, eat out every night, have a vacation home, live in a nice ass community, play golf every weekend, and drive a new car every 2 years or you can take care of your own. Easy choice when you can just get someone else to pay for it.
I live way below my means and hope to simi retire around 60 while working some. That lawyer thing is BS because we have disability stuff out there to take care of people like his daughter. That lawyer probably wants to dump off his daughter for the goverment to raise so he can have fun.
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Old 11-19-2009, 11:20 AM   #3
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Re: Do you live within your means?

Absolutely, I can't afford to live beyond my means!
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Old 11-19-2009, 11:31 AM   #4
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Re: Do you live within your means?

I drive a 10 year old truck , have a 27 inch TV . I feel lucky I have never needed to have the " most toys " . I love the fact that I can buy anything to eat at the grocery store , and I feel we have a hell of alot to be thankful for .... USA USA USA Nice post
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Old 11-19-2009, 11:32 AM   #5
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Re: Do you live within your means?

Unfortunately at this time my wife and I do not.

I'm working on getting a 2nd job to help pay down the debt we've incurred since having 2 kids. We bought our current house at the apex of the housing marking rise as well as paying just about a mortgage payment for child care each month, and it's caught up to us. We've effectively cut our monthly expenses, but would like to continue to sock away at the debt we have. My wife and I know it's going to be a long tedious process and any extra coinage at the end of each month goes towards our debt.
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Old 11-19-2009, 11:34 AM   #6
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Re: Do you live within your means?

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I live way below my means and hope to simi retire around 60 while working some. That lawyer thing is BS because we have disability stuff out there to take care of people like his daughter. That lawyer probably wants to dump off his daughter for the goverment to raise so he can have fun.
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
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Old 11-19-2009, 11:40 AM   #7
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Re: Do you live within your means?

I live within means. 13% of income is saved towards retirement, 6% is saved towards my daughters' college educations, and another 5% or so is saved just to grow the cash balance.

Only debt is the mortgage and 1 car payment, the student loans were paid off a few years ago. Best thing I ever did was live at home with my parents for the first 15 months after graduating college. Took my salary that year and paid down student loan debt. Allowed me to get it paid off by age 27. I'd advise any college kid saddled with more than $10K in student loan debt to do the same, which I know includes an awful lot of college kids.
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Old 11-19-2009, 11:42 AM   #8
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Re: Do you live within your means?

PS If you're living beyond means, you're robbing yourself of retirement years.

Sometimes you gotta do it if you get laid off, for instance. Can't help that. But it's vitally important to pinch the pennies as tightly as possible and avoid going into debt as best you can, because it ultimately just robs you of freedoms later in life.
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Old 11-19-2009, 11:55 AM   #9
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Re: Do you live within your means?

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PS If you're living beyond means, you're robbing yourself of retirement years.

Sometimes you gotta do it if you get laid off, for instance. Can't help that. But it's vitally important to pinch the pennies as tightly as possible and avoid going into debt as best you can, because it ultimately just robs you of freedoms later in life.

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.
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Old 11-19-2009, 11:55 AM   #10
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Re: Do you live within your means?

I can honestly say that I do. I don't carry any month to month balances on my credit cards, I put 8% of my check towards my 401k and my employer kicks in 4.5%, I also make a monthly contribution to my IRA, and I don't live paycheck to paycheck. My employer also offers a pension which is rare these days. My only real debt is student loans and a car payment - no mortgage. Feels good, but it took me until my mid 30's to get to this point.

The plan is to retire at 55.
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Old 11-19-2009, 11:59 AM   #11
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Re: Do you live within your means?

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I live within means. 13% of income is saved towards retirement, 6% is saved towards my daughters' college educations, and another 5% or so is saved just to grow the cash balance.

Only debt is the mortgage and 1 car payment, the student loans were paid off a few years ago. Best thing I ever did was live at home with my parents for the first 15 months after graduating college. Took my salary that year and paid down student loan debt. Allowed me to get it paid off by age 27. I'd advise any college kid saddled with more than $10K in student loan debt to do the same, which I know includes an awful lot of college kids.
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 muchÖ
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Old 11-19-2009, 11:59 AM   #12
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Re: Do you live within your means?

Another story, sorry, I hate cheap people.

This guy at work brags how his house paid off and all this crap. Guess how he did it by being cheap!

We had a little Thanksgiving office party yesterday he said he bring in napkins, everyone else was making something. Ok just bringing napkins is cheap but when they are napkins from various fast food restaruants that is really cheap!

Did I mention I hate cheap people!

On the same hand I hate people that over spend and are drowning in debit and expect everyone to save them.
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Old 11-19-2009, 12:01 PM   #13
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Re: Do you live within your means?

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I can honestly say that I do. I don't carry any month to month balances on my credit cards, I put 8% of my check towards my 401k and my employer kicks in 4.5%, I also make a monthly contribution to my IRA, and I don't live paycheck to paycheck. My employer also offers a pension which is rare these days. My only real debt is student loans and a car payment - no mortgage. Feels good, but it took me until my mid 30's to get to this point.

The plan is to retire at 55.

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.
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Old 11-19-2009, 12:05 PM   #14
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Re: Do you live within your means?

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I drive a 10 year old truck , have a 27 inch TV . I feel lucky I have never needed to have the " most toys " . I love the fact that I can buy anything to eat at the grocery store , and I feel we have a hell of alot to be thankful for .... USA USA USA Nice post
I love my 27 inch tv. My roommate finally broke down and bought a new remote for it, chaning channels is so awesome.... I blow a lot of money at bars and drinking in general other than that I dont have a need for much else.
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Old 11-19-2009, 12:06 PM   #15
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Re: Do you live within your means?

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Another story, sorry, I hate cheap people.

This guy at work brags how his house paid off and all this crap. Guess how he did it by being cheap!

We had a little Thanksgiving office party yesterday he said he bring in napkins, everyone else was making something. Ok just bringing napkins is cheap but when they are napkins from various fast food restaruants that is really cheap!

Did I mention I hate cheap people!

On the same hand I hate people that over spend and are drowning in debit and expect everyone to save them.
Thats awsome.
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