Do you live within your means?
 

[COLOR=black][FONT=Verdana]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)). [/FONT][/COLOR]
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[COLOR=black][FONT=Verdana]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. [/FONT][/COLOR]
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[COLOR=black][FONT=Verdana]I think part of the whole holocaust on capitalism taking place is partly because people say hey I don’t want to save, I don’t 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 don’t think about it no harm done, or better yet take the money from rich people, my boss has plenty of money…..[/FONT][/COLOR]
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[COLOR=black][FONT=Verdana][URL="http://www.foxnews.com/story/0,2933,575565,00.html?loomia_ow=t0:s0:a4:g4:r3:c0.000000:b0:z5"][COLOR=#670100]http://www.foxnews.com/story/0,2933,575565,00.html?loomia_ow=t0:s0:a4:g4:r3:c0.000000:b0:z5[/COLOR][/URL][/FONT][/COLOR]
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[SIZE=3][FONT=Calibri]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 don’t need this health care stuff, but my daughter is about to turn 23 and has cerebral palsy and isn’t going to be able to get health care coverage on her own, what is she supposed to do, she needs this.[/FONT][/SIZE]
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[SIZE=3][FONT=Calibri]Really? This is what drives me nuts. This lawyer didn’t 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 wouldn’t, 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. [/FONT][/SIZE]

Re: Do you live within your means?
 

[quote=mlmpetert;627535][COLOR=black][FONT=Verdana]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)). [/FONT][/COLOR]

[COLOR=black][FONT=Verdana]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. [/FONT][/COLOR]

[COLOR=black][FONT=Verdana]I think part of the whole holocaust on capitalism taking place is partly because people say hey I don’t want to save, I don’t 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 don’t think about it no harm done, or better yet take the money from rich people, my boss has plenty of money…..[/FONT][/COLOR]

[COLOR=black][FONT=Verdana][URL="http://www.foxnews.com/story/0,2933,575565,00.html?loomia_ow=t0:s0:a4:g4:r3:c0.000000:b0:z5"][COLOR=#670100]http://www.foxnews.com/story/0,2933,575565,00.html?loomia_ow=t0:s0:a4:g4:r3:c0.000000:b0:z5[/COLOR][/URL][/FONT][/COLOR]

[SIZE=3][FONT=Calibri]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 don’t need this health care stuff, but my daughter is about to turn 23 and has cerebral palsy and isn’t going to be able to get health care coverage on her own, what is she supposed to do, she needs this.[/FONT][/SIZE]

[SIZE=3][FONT=Calibri]Really? This is what drives me nuts. This lawyer didn’t 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 wouldn’t, 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. [/FONT][/SIZE][/quote]

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.

Re: Do you live within your means?
 

Absolutely, I can't afford to live beyond my means! :D

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

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.

Re: Do you live within your means?
 

[quote=firstdown;627546]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.[/quote] 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 :)

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.

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.

Re: Do you live within your means?
 

[quote=Schneed10;627566]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.[/quote]


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.

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.

Re: Do you live within your means?
 

[quote=Schneed10;627565]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.[/quote]

[SIZE=3][FONT=Calibri]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… [/FONT][/SIZE]

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.

Re: Do you live within your means?
 

[quote=Mattyk72;627573]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.[/quote]


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.

Re: Do you live within your means?
 

[quote=budw38;627561]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[/quote]

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.

Re: Do you live within your means?
 

[quote=mredskins;627577]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!

[B]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![/B]

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.[/quote]

Thats awsome.

Re: Do you live within your means?
 

[quote=mredskins;627579]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.[/quote]

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.

Re: Do you live within your means?
 

[quote=budw38;627564]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 :)[/quote]
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.

Re: Do you live within your means?
 

[quote=firstdown;627590]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.[/quote]
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 .

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.

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

Re: Do you live within your means?
 

[quote=mredskins;627572]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.[/quote]

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.

Re: Do you live within your means?
 

[quote=mlmpetert;627576][SIZE=3][FONT=Calibri]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… [/FONT][/SIZE][/quote]

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.

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 [url=http://rothiraexplained.com/]Roth IRA Explained[/url] .... [url=http://www.dinkytown.net/java/RothIRA.html]What will my Roth IRA be worth at retirement? - Financial Calculators from Dinkytown.net[/url] ... MCD [url=http://www.aboutmcdonalds.com/mcd/investors/stocks_and_dividends/dividend_and_split_information.html]Dividend and Split Information - About McDonald's[/url] , a $2,250 invested in McDonalds in 1965 , worth 4 million today :)

Re: Do you live within your means?
 

[url=http://www.investopedia.com/articles/stocks/07/ex_dividend.asp?viewed=1]Make Ex-Dividends Work For You[/url] . 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 .

Re: Do you live within your means?
 

[quote=Mattyk72;627588]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.[/quote]


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.

Re: Do you live within your means?
 

[quote=Schneed10;627616]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.[/quote]

Well you have to spend to live no way around it.

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.

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.

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.

Re: Do you live within your means?
 

[quote=hooskins;627641]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.[/quote]

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.

Re: Do you live within your means?
 

right now im putting 16% into my 401. the company matches 6%. i have also been working 60 hours a week. seems like ive been doing that for years

Re: Do you live within your means?
 

[quote=BDBohnzie;627562]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.[/quote]


Hey man no worries! You are living the life of 95% of America. Kids are not cheap and can derail anyones finanical plans.

Re: Do you live within your means?
 

[quote=mlmpetert;627644]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.[/quote]


Nice post.

Here is another way of looking at it are some folks "spending" too much now on savings and retirment that you are not enjoying your current life, if so I say you are just as guilty as the person that is overspending.

You only live your life in today. That doesn't mean go crazy like there is no tommorow but damn if you have some extra cash enjoy yourself.

Re: Do you live within your means?
 

I live directly within my means. I have a backup fund, but everytime we get extra money we'll find a way to spend it. We never worry about money, but we surely don't put a lot away.

Re: Do you live within your means?
 

I live within my means. I carry zero credit card debt, my fiancee and I only have one car payment, and we both are making enough to sock away a nice amount each month.

We're looking to buy a house within the next year to 18 months, and right now we only have rent and the basic bills. We both were fortunate enough to go through school without student loans. So it looks like home ownership will be a reality for us pretty soon. I just turned 31 and she's 27, and we feel like we're very early in our careers, so hopefully as experience/income increase so will the likelihood of a happy retirement. We'll see what happens when we have kids though.

Re: Do you live within your means?
 

[quote=hooskins;627641]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.[/quote]

That's pretty much all I spend my $$ on lol

Re: Do you live within your means?
 

[quote=mredskins;627649]Nice post.

Here is another way of looking at it are some folks "spending" too much now on savings and retirment that you are not enjoying your current life, if so I say you are just as guilty as the person that is overspending.

You only live your life in today. That doesn't mean go crazy like there is no tommorow but damn if you have some extra cash enjoy yourself.[/quote]
I don't go crazy trying to save to retire but I do my share. I agree with some of what you said but if you don't save now its to late when you get older. If times get tough you also have money set aside to get by. If you over spend you have neither. I have alot of older customers who failed to save and are just getting by living off SS and what ever else they have.

Re: Do you live within your means?
 

[quote=firstdown;627687]I don't go crazy trying to save to retire but I do my share. I agree with some of what you said but if you don't save now its to late when you get older. If times get tough you also have money set aside to get by. If you over spend you have neither. I have alot of older customers who failed to save and are just getting by living off SS and what ever else they have.[/quote]


It is a balancing act, to much on either side is unhealth. Plus define "in your means" that is going to mean something diffrent for everyone.

Re: Do you live within your means?
 

[quote=mredskins;627629]Well you have to spend to live no way around it.[/quote]

I guess you and I have vastly different definitions of what "living" is.

To me, you can't beat playing with your kids in the park on a sunny day. The best things in life are free.

That's not to say I don't spend the money to belong to a pool, or that I don't take them to amusement parks, etc. But you don't have to spend a lot to have a good time in life. My opinion.

Re: Do you live within your means?
 

[quote=mredskins;627692]It is a balancing act, to much on either side is unhealth. Plus define "in your means" that is going to mean something diffrent for everyone.[/quote]

I think the definition is pretty simple, if you spend more than you make, then you're living outside of your means.