cradleandshoot wrote: ↑Wed Sep 15, 2021 3:01 pmThe only way I have ever found to retain more of my own money is to not spend more than I make. That money goes into my wifes and mine savings account and investments. That is an extension of what my parents taught me... to live within my means. I get to retire soon and as our financial guru has told us... we are good to go. That did not happen by accident, it happened because even when i struggled I always saved money and always had a plan.
You have two choices at the polls and here is how they relate to a home budget:
Party 1: Make more money and spend all of it and incur debt.
Party 2: Take a large pay cut but spend the same or more as Party 1 and incur a lot more debt.
Bad choices, but one is clearly better than the other.
Most businesses in our capitalistic society follow Party 1's model. You seem to support Party 2, but you do you man.
cradleandshoot wrote: ↑Wed Sep 15, 2021 3:01 pmThe only way I have ever found to retain more of my own money is to not spend more than I make. That money goes into my wifes and mine savings account and investments. That is an extension of what my parents taught me... to live within my means. I get to retire soon and as our financial guru has told us... we are good to go. That did not happen by accident, it happened because even when i struggled I always saved money and always had a plan.
You have two choices at the polls and here is how they relate to a home budget:
Party 1: Make more money and spend all of it and incur debt.
Party 2: Take a large pay cut but spend the same or more as Party 1 and incur a lot more debt.
Bad choices, but one is clearly better than the other.
Most businesses in our capitalistic society follow Party 1's model. You seem to support Party 2, but you do you man.
My experience is a variation of #1. When I made more money I saved what I could. I never had the shiny new car, never had the new boat or all the other toys. I never had a credit card balance. I paid it off every month. I just filed for my ss yesterday. My wife and I have done very well. There was no magic formula. My wife and I were both raised by that emphasized living within our means. I was in the army for 3 years. Half of my pay I sent home to my mom. I did that from day one. you sound to me like living within your means is an unrealistic goal. It is not, at least if you have a mindset that tells you I don't need that. Impulse spending is how so many people wind up with massive credit card debt. It is not rocket science.
We don't make mistakes, we have happy accidents.
Bob Ross:
cradleandshoot wrote: ↑Wed Sep 15, 2021 3:01 pmThe only way I have ever found to retain more of my own money is to not spend more than I make. That money goes into my wifes and mine savings account and investments. That is an extension of what my parents taught me... to live within my means. I get to retire soon and as our financial guru has told us... we are good to go. That did not happen by accident, it happened because even when i struggled I always saved money and always had a plan.
You have two choices at the polls and here is how they relate to a home budget:
Party 1: Make more money and spend all of it and incur debt.
Party 2: Take a large pay cut but spend the same or more as Party 1 and incur a lot more debt.
Bad choices, but one is clearly better than the other.
Most businesses in our capitalistic society follow Party 1's model. You seem to support Party 2, but you do you man.
cradleandshoot wrote: ↑Wed Sep 15, 2021 3:01 pmThe only way I have ever found to retain more of my own money is to not spend more than I make. That money goes into my wifes and mine savings account and investments. That is an extension of what my parents taught me... to live within my means. I get to retire soon and as our financial guru has told us... we are good to go. That did not happen by accident, it happened because even when i struggled I always saved money and always had a plan.
You have two choices at the polls and here is how they relate to a home budget:
Party 1: Make more money and spend all of it and incur debt.
Party 2: Take a large pay cut but spend the same or more as Party 1 and incur a lot more debt.
Bad choices, but one is clearly better than the other.
Most businesses in our capitalistic society follow Party 1's model. You seem to support Party 2, but you do you man.
My experience is a variation of #1. When I made more money I saved what I could. I never had the shiny new car, never had the new boat or all the other toys. I never had a credit card balance. I paid it off every month. I just filed for my ss yesterday. My wife and I have done very well. There was no magic formula. My wife and I were both raised by that emphasized living within our means. I was in the army for 3 years. Half of my pay I sent home to my mom. I did that from day one. you sound to me like living within your means is an unrealistic goal. It is not, at least if you have a mindset that tells you I don't need that. Impulse spending is how so many people wind up with massive credit card debt. It is not rocket science.
Unless you are talking about running for supreme ruler of the US he’s talking about your actual political choice.
BTW while it may seem counterintuitive your credit score would actually be higher if you let an occasional CC debt roll 2-4mo, they ding you, believe it or not (facts!) for always paying off each month. I use teaser rates on point of sale credit card offerings to make 2-6 payments on initial 0% rates and it accomplishes this and better than 11-20% “on the arm” (because CC default and loss rates don’t justify a spread of treasuries + 1000bps or more for the credit risk and high touch granular servicing and origination costs). Example being when I ha dmy car broken into twice last spring once having my bag w personal and business laptops stolen and bought a new one with Best Buy’s teaser rate on a card. Took 6mo just knocking it out now of the 12 and I get that fico bump which is absurd but reality. (out of a garage where I have an office and was a $1Bn redevelopment project so security should’ve never allowed that to happen in the time it took for me to go back up to my office to grab something and come back)
cradleandshoot wrote: ↑Wed Sep 15, 2021 3:01 pmThe only way I have ever found to retain more of my own money is to not spend more than I make. That money goes into my wifes and mine savings account and investments. That is an extension of what my parents taught me... to live within my means. I get to retire soon and as our financial guru has told us... we are good to go. That did not happen by accident, it happened because even when i struggled I always saved money and always had a plan.
You have two choices at the polls and here is how they relate to a home budget:
Party 1: Make more money and spend all of it and incur debt.
Party 2: Take a large pay cut but spend the same or more as Party 1 and incur a lot more debt.
Bad choices, but one is clearly better than the other.
Most businesses in our capitalistic society follow Party 1's model. You seem to support Party 2, but you do you man.
My experience is a variation of #1. When I made more money I saved what I could. I never had the shiny new car, never had the new boat or all the other toys. I never had a credit card balance. I paid it off every month. I just filed for my ss yesterday. My wife and I have done very well. There was no magic formula. My wife and I were both raised by that emphasized living within our means. I was in the army for 3 years. Half of my pay I sent home to my mom. I did that from day one. you sound to me like living within your means is an unrealistic goal. It is not, at least if you have a mindset that tells you I don't need that. Impulse spending is how so many people wind up with massive credit card debt. It is not rocket science.
Unless you are talking about running for supreme ruler of the US he’s talking about your actual political choice.
BTW while it may seem counterintuitive your credit score would actually be higher if you let an occasional CC debt roll 2-4mo, they ding you, believe it or not (facts!) for always paying off each month. I use teaser rates on point of sale credit card offerings to make 2-6 payments on initial 0% rates and it accomplishes this and better than 11-20% “on the arm” (because CC default and loss rates don’t justify a spread of treasuries + 1000bps or more for the credit risk and high touch granular servicing and origination costs). Example being when I ha dmy car broken into twice last spring once having my bag w personal and business laptops stolen and bought a new one with Best Buy’s teaser rate on a card. Took 6mo just knocking it out now of the 12 and I get that fico bump which is absurd but reality. (out of a garage where I have an office and was a $1Bn redevelopment project so security should’ve never allowed that to happen in the time it took for me to go back up to my office to grab something and come back)
My credit score is still over 800
I get lost in the nuts and bolts about this works. I only know I loath paying interest on my one and only credit card. I'm doing something right. I may not know what it is but it is working for me.
We don't make mistakes, we have happy accidents.
Bob Ross:
cradleandshoot wrote: ↑Wed Sep 15, 2021 3:01 pmThe only way I have ever found to retain more of my own money is to not spend more than I make. That money goes into my wifes and mine savings account and investments. That is an extension of what my parents taught me... to live within my means. I get to retire soon and as our financial guru has told us... we are good to go. That did not happen by accident, it happened because even when i struggled I always saved money and always had a plan.
You have two choices at the polls and here is how they relate to a home budget:
Party 1: Make more money and spend all of it and incur debt.
Party 2: Take a large pay cut but spend the same or more as Party 1 and incur a lot more debt.
Bad choices, but one is clearly better than the other.
Most businesses in our capitalistic society follow Party 1's model. You seem to support Party 2, but you do you man.
My experience is a variation of #1. When I made more money I saved what I could. I never had the shiny new car, never had the new boat or all the other toys. I never had a credit card balance. I paid it off every month. I just filed for my ss yesterday. My wife and I have done very well. There was no magic formula. My wife and I were both raised by that emphasized living within our means. I was in the army for 3 years. Half of my pay I sent home to my mom. I did that from day one. you sound to me like living within your means is an unrealistic goal. It is not, at least if you have a mindset that tells you I don't need that. Impulse spending is how so many people wind up with massive credit card debt. It is not rocket science.
I would argue that the vast majority of Americans live within their means. We actually live well below our means.
cradleandshoot wrote: ↑Wed Sep 15, 2021 3:01 pmThe only way I have ever found to retain more of my own money is to not spend more than I make. That money goes into my wifes and mine savings account and investments. That is an extension of what my parents taught me... to live within my means. I get to retire soon and as our financial guru has told us... we are good to go. That did not happen by accident, it happened because even when i struggled I always saved money and always had a plan.
You have two choices at the polls and here is how they relate to a home budget:
Party 1: Make more money and spend all of it and incur debt.
Party 2: Take a large pay cut but spend the same or more as Party 1 and incur a lot more debt.
Bad choices, but one is clearly better than the other.
Most businesses in our capitalistic society follow Party 1's model. You seem to support Party 2, but you do you man.
My experience is a variation of #1. When I made more money I saved what I could. I never had the shiny new car, never had the new boat or all the other toys. I never had a credit card balance. I paid it off every month. I just filed for my ss yesterday. My wife and I have done very well. There was no magic formula. My wife and I were both raised by that emphasized living within our means. I was in the army for 3 years. Half of my pay I sent home to my mom. I did that from day one. you sound to me like living within your means is an unrealistic goal. It is not, at least if you have a mindset that tells you I don't need that. Impulse spending is how so many people wind up with massive credit card debt. It is not rocket science.
I would argue that the vast majority of Americans live within their means. We actually live well below our means.
I would disagree. I think way too many Americans are up to their eyeballs in credit card debt. I believe that because of the endless ads on TV wanting to help people consolidate their debt. If the need wasn't there these companies would not be spending boatloads of money advertising. What do I know? I'm not smart enough to figure that out.
A quick Google search might open your eyes. It is worse than I thought.
We don't make mistakes, we have happy accidents.
Bob Ross:
cradleandshoot wrote: ↑Wed Sep 15, 2021 3:01 pmThe only way I have ever found to retain more of my own money is to not spend more than I make. That money goes into my wifes and mine savings account and investments. That is an extension of what my parents taught me... to live within my means. I get to retire soon and as our financial guru has told us... we are good to go. That did not happen by accident, it happened because even when i struggled I always saved money and always had a plan.
You have two choices at the polls and here is how they relate to a home budget:
Party 1: Make more money and spend all of it and incur debt.
Party 2: Take a large pay cut but spend the same or more as Party 1 and incur a lot more debt.
Bad choices, but one is clearly better than the other.
Most businesses in our capitalistic society follow Party 1's model. You seem to support Party 2, but you do you man.
My experience is a variation of #1. When I made more money I saved what I could. I never had the shiny new car, never had the new boat or all the other toys. I never had a credit card balance. I paid it off every month. I just filed for my ss yesterday. My wife and I have done very well. There was no magic formula. My wife and I were both raised by that emphasized living within our means. I was in the army for 3 years. Half of my pay I sent home to my mom. I did that from day one. you sound to me like living within your means is an unrealistic goal. It is not, at least if you have a mindset that tells you I don't need that. Impulse spending is how so many people wind up with massive credit card debt. It is not rocket science.
I would argue that the vast majority of Americans live within their means. We actually live well below our means.
I would disagree. I think way too many Americans are up to their eyeballs in credit card debt. I believe that because of the endless ads on TV wanting to help people consolidate their debt. If the need wasn't there these companies would not be spending boatloads of money advertising. What do I know? I'm not smart enough to figure that out.
A quick Google search might open your eyes. It is worse than I thought.
cradleandshoot wrote: ↑Wed Sep 15, 2021 3:01 pmThe only way I have ever found to retain more of my own money is to not spend more than I make. That money goes into my wifes and mine savings account and investments. That is an extension of what my parents taught me... to live within my means. I get to retire soon and as our financial guru has told us... we are good to go. That did not happen by accident, it happened because even when i struggled I always saved money and always had a plan.
You have two choices at the polls and here is how they relate to a home budget:
Party 1: Make more money and spend all of it and incur debt.
Party 2: Take a large pay cut but spend the same or more as Party 1 and incur a lot more debt.
Bad choices, but one is clearly better than the other.
Most businesses in our capitalistic society follow Party 1's model. You seem to support Party 2, but you do you man.
My experience is a variation of #1. When I made more money I saved what I could. I never had the shiny new car, never had the new boat or all the other toys. I never had a credit card balance. I paid it off every month. I just filed for my ss yesterday. My wife and I have done very well. There was no magic formula. My wife and I were both raised by that emphasized living within our means. I was in the army for 3 years. Half of my pay I sent home to my mom. I did that from day one. you sound to me like living within your means is an unrealistic goal. It is not, at least if you have a mindset that tells you I don't need that. Impulse spending is how so many people wind up with massive credit card debt. It is not rocket science.
Unless you are talking about running for supreme ruler of the US he’s talking about your actual political choice.
BTW while it may seem counterintuitive your credit score would actually be higher if you let an occasional CC debt roll 2-4mo, they ding you, believe it or not (facts!) for always paying off each month. I use teaser rates on point of sale credit card offerings to make 2-6 payments on initial 0% rates and it accomplishes this and better than 11-20% “on the arm” (because CC default and loss rates don’t justify a spread of treasuries + 1000bps or more for the credit risk and high touch granular servicing and origination costs). Example being when I ha dmy car broken into twice last spring once having my bag w personal and business laptops stolen and bought a new one with Best Buy’s teaser rate on a card. Took 6mo just knocking it out now of the 12 and I get that fico bump which is absurd but reality. (out of a garage where I have an office and was a $1Bn redevelopment project so security should’ve never allowed that to happen in the time it took for me to go back up to my office to grab something and come back)
My credit score is still over 800
I get lost in the nuts and bolts about this works. I only know I loath paying interest on my one and only credit card. I'm doing something right. I may not know what it is but it is working for me.
Just sharing how their models work. Not really a consumer finance side of that world but learning more through funds I work with and realize I need to get into consumer lending somehow someway
cradleandshoot wrote: ↑Wed Sep 15, 2021 3:01 pmThe only way I have ever found to retain more of my own money is to not spend more than I make. That money goes into my wifes and mine savings account and investments. That is an extension of what my parents taught me... to live within my means. I get to retire soon and as our financial guru has told us... we are good to go. That did not happen by accident, it happened because even when i struggled I always saved money and always had a plan.
You have two choices at the polls and here is how they relate to a home budget:
Party 1: Make more money and spend all of it and incur debt.
Party 2: Take a large pay cut but spend the same or more as Party 1 and incur a lot more debt.
Bad choices, but one is clearly better than the other.
Most businesses in our capitalistic society follow Party 1's model. You seem to support Party 2, but you do you man.
My experience is a variation of #1. When I made more money I saved what I could. I never had the shiny new car, never had the new boat or all the other toys. I never had a credit card balance. I paid it off every month. I just filed for my ss yesterday. My wife and I have done very well. There was no magic formula. My wife and I were both raised by that emphasized living within our means. I was in the army for 3 years. Half of my pay I sent home to my mom. I did that from day one. you sound to me like living within your means is an unrealistic goal. It is not, at least if you have a mindset that tells you I don't need that. Impulse spending is how so many people wind up with massive credit card debt. It is not rocket science.
I would argue that the vast majority of Americans live within their means. We actually live well below our means.
I always thought up to not below or above but we tend to presume linear growth and that catches people if they are living at their means.
cradleandshoot wrote: ↑Wed Sep 15, 2021 3:01 pmThe only way I have ever found to retain more of my own money is to not spend more than I make. That money goes into my wifes and mine savings account and investments. That is an extension of what my parents taught me... to live within my means. I get to retire soon and as our financial guru has told us... we are good to go. That did not happen by accident, it happened because even when i struggled I always saved money and always had a plan.
You have two choices at the polls and here is how they relate to a home budget:
Party 1: Make more money and spend all of it and incur debt.
Party 2: Take a large pay cut but spend the same or more as Party 1 and incur a lot more debt.
Bad choices, but one is clearly better than the other.
Most businesses in our capitalistic society follow Party 1's model. You seem to support Party 2, but you do you man.
My experience is a variation of #1. When I made more money I saved what I could. I never had the shiny new car, never had the new boat or all the other toys. I never had a credit card balance. I paid it off every month. I just filed for my ss yesterday. My wife and I have done very well. There was no magic formula. My wife and I were both raised by that emphasized living within our means. I was in the army for 3 years. Half of my pay I sent home to my mom. I did that from day one. you sound to me like living within your means is an unrealistic goal. It is not, at least if you have a mindset that tells you I don't need that. Impulse spending is how so many people wind up with massive credit card debt. It is not rocket science.
I would argue that the vast majority of Americans live within their means. We actually live well below our means.
I would disagree. I think way too many Americans are up to their eyeballs in credit card debt. I believe that because of the endless ads on TV wanting to help people consolidate their debt. If the need wasn't there these companies would not be spending boatloads of money advertising. What do I know? I'm not smart enough to figure that out.
A quick Google search might open your eyes. It is worse than I thought.
How do you define “living above their means”?
Interesting data point I learned very recently form PE backed debt consolidation group.
If you find a monthly number a household or individual can make 6 straight monthly payments their credit profile and default risk looks a lot like an 800 rather than the 5-low 6 handles these folks typically have. The credit scoring models are easily gamed but the consequence is this group takes the six payments, sits in a reserve account while building that history and holding consumer unsecured creditors at a standstill then can negotiate a low payoff and arb a huge chunk of the difference between par and what the existing 90+ delinquent borrowers’ lenders will take in negotiated payoff while establishing a fresh credit history for borrower.
cradleandshoot wrote: ↑Wed Sep 15, 2021 3:01 pmThe only way I have ever found to retain more of my own money is to not spend more than I make. That money goes into my wifes and mine savings account and investments. That is an extension of what my parents taught me... to live within my means. I get to retire soon and as our financial guru has told us... we are good to go. That did not happen by accident, it happened because even when i struggled I always saved money and always had a plan.
You have two choices at the polls and here is how they relate to a home budget:
Party 1: Make more money and spend all of it and incur debt.
Party 2: Take a large pay cut but spend the same or more as Party 1 and incur a lot more debt.
Bad choices, but one is clearly better than the other.
Most businesses in our capitalistic society follow Party 1's model. You seem to support Party 2, but you do you man.
My experience is a variation of #1. When I made more money I saved what I could. I never had the shiny new car, never had the new boat or all the other toys. I never had a credit card balance. I paid it off every month. I just filed for my ss yesterday. My wife and I have done very well. There was no magic formula. My wife and I were both raised by that emphasized living within our means. I was in the army for 3 years. Half of my pay I sent home to my mom. I did that from day one. you sound to me like living within your means is an unrealistic goal. It is not, at least if you have a mindset that tells you I don't need that. Impulse spending is how so many people wind up with massive credit card debt. It is not rocket science.
I would argue that the vast majority of Americans live within their means. We actually live well below our means.
I always thought up to not below or above but we tend to presume linear growth and that catches people if they are living at their means.
Similarly here. Wife stayed at home for 15+ years, some part time stuff here and there. Was tough on us for awhile, but oh so worth it. All it meant was fewer trips to restaurants and not getting caught up in auto payments. Blessed my wife is also not caught up in fashion...she looks great in anything . Always saved and payed cash for vehicles. Have not had a car payment in 20 years. Waffling now, on paying off the home early....but need to visit someone smarter than me to figure most prudent move.
A fraudulent intent, however carefully concealed at the outset, will generally, in the end, betray itself.
~Livy
“There are two ways to be fooled. One is to believe what isn’t true; the other is to refuse to believe what is true.” -Soren Kierkegaard
cradleandshoot wrote: ↑Wed Sep 15, 2021 3:01 pmThe only way I have ever found to retain more of my own money is to not spend more than I make. That money goes into my wifes and mine savings account and investments. That is an extension of what my parents taught me... to live within my means. I get to retire soon and as our financial guru has told us... we are good to go. That did not happen by accident, it happened because even when i struggled I always saved money and always had a plan.
You have two choices at the polls and here is how they relate to a home budget:
Party 1: Make more money and spend all of it and incur debt.
Party 2: Take a large pay cut but spend the same or more as Party 1 and incur a lot more debt.
Bad choices, but one is clearly better than the other.
Most businesses in our capitalistic society follow Party 1's model. You seem to support Party 2, but you do you man.
My experience is a variation of #1. When I made more money I saved what I could. I never had the shiny new car, never had the new boat or all the other toys. I never had a credit card balance. I paid it off every month. I just filed for my ss yesterday. My wife and I have done very well. There was no magic formula. My wife and I were both raised by that emphasized living within our means. I was in the army for 3 years. Half of my pay I sent home to my mom. I did that from day one. you sound to me like living within your means is an unrealistic goal. It is not, at least if you have a mindset that tells you I don't need that. Impulse spending is how so many people wind up with massive credit card debt. It is not rocket science.
I would argue that the vast majority of Americans live within their means. We actually live well below our means.
I always thought up to not below or above but we tend to presume linear growth and that catches people if they are living at their means.
Similarly here. Wife stayed at home for 15+ years, some part time stuff here and there. Was tough on us for awhile, but oh so worth it. All it meant was fewer trips to restaurants and not getting caught up in auto payments. Blessed my wife is also not caught up in fashion...she looks great in anything . Always saved and payed cash for vehicles. Have not had a car payment in 20 years. Waffling now, on paying off the home early....but need to visit someone smarter than me to figure most prudent move.
Don’t ask me on last part, you said smarter.
And I presume based on this that your wife hacked your account and is positing for you at the moment so hello Ms Youth
cradleandshoot wrote: ↑Wed Sep 15, 2021 3:01 pmThe only way I have ever found to retain more of my own money is to not spend more than I make. That money goes into my wifes and mine savings account and investments. That is an extension of what my parents taught me... to live within my means. I get to retire soon and as our financial guru has told us... we are good to go. That did not happen by accident, it happened because even when i struggled I always saved money and always had a plan.
You have two choices at the polls and here is how they relate to a home budget:
Party 1: Make more money and spend all of it and incur debt.
Party 2: Take a large pay cut but spend the same or more as Party 1 and incur a lot more debt.
Bad choices, but one is clearly better than the other.
Most businesses in our capitalistic society follow Party 1's model. You seem to support Party 2, but you do you man.
My experience is a variation of #1. When I made more money I saved what I could. I never had the shiny new car, never had the new boat or all the other toys. I never had a credit card balance. I paid it off every month. I just filed for my ss yesterday. My wife and I have done very well. There was no magic formula. My wife and I were both raised by that emphasized living within our means. I was in the army for 3 years. Half of my pay I sent home to my mom. I did that from day one. you sound to me like living within your means is an unrealistic goal. It is not, at least if you have a mindset that tells you I don't need that. Impulse spending is how so many people wind up with massive credit card debt. It is not rocket science.
I would argue that the vast majority of Americans live within their means. We actually live well below our means.
I always thought up to not below or above but we tend to presume linear growth and that catches people if they are living at their means.
Similarly here. Wife stayed at home for 15+ years, some part time stuff here and there. Was tough on us for awhile, but oh so worth it. All it meant was fewer trips to restaurants and not getting caught up in auto payments. Blessed my wife is also not caught up in fashion...she looks great in anything . Always saved and payed cash for vehicles. Have not had a car payment in 20 years. Waffling now, on paying off the home early....but need to visit someone smarter than me to figure most prudent move.
You could argue many people don’t have the capacity to live above their means. Owing money doesn’t mean living above means. You could argue that the unproductive use of cash that can be interest actually causes people to actually live below their means. This is why I wonder how “living above their means” is defined.
cradleandshoot wrote: ↑Wed Sep 15, 2021 3:01 pmThe only way I have ever found to retain more of my own money is to not spend more than I make. That money goes into my wifes and mine savings account and investments. That is an extension of what my parents taught me... to live within my means. I get to retire soon and as our financial guru has told us... we are good to go. That did not happen by accident, it happened because even when i struggled I always saved money and always had a plan.
You have two choices at the polls and here is how they relate to a home budget:
Party 1: Make more money and spend all of it and incur debt.
Party 2: Take a large pay cut but spend the same or more as Party 1 and incur a lot more debt.
Bad choices, but one is clearly better than the other.
Most businesses in our capitalistic society follow Party 1's model. You seem to support Party 2, but you do you man.
My experience is a variation of #1. When I made more money I saved what I could. I never had the shiny new car, never had the new boat or all the other toys. I never had a credit card balance. I paid it off every month. I just filed for my ss yesterday. My wife and I have done very well. There was no magic formula. My wife and I were both raised by that emphasized living within our means. I was in the army for 3 years. Half of my pay I sent home to my mom. I did that from day one. you sound to me like living within your means is an unrealistic goal. It is not, at least if you have a mindset that tells you I don't need that. Impulse spending is how so many people wind up with massive credit card debt. It is not rocket science.
I would argue that the vast majority of Americans live within their means. We actually live well below our means.
I always thought up to not below or above but we tend to presume linear growth and that catches people if they are living at their means.
Similarly here. Wife stayed at home for 15+ years, some part time stuff here and there. Was tough on us for awhile, but oh so worth it. All it meant was fewer trips to restaurants and not getting caught up in auto payments. Blessed my wife is also not caught up in fashion...she looks great in anything . Always saved and payed cash for vehicles. Have not had a car payment in 20 years. Waffling now, on paying off the home early....but need to visit someone smarter than me to figure most prudent move.
You could argue many people don’t have the capacity to live above their means. Owing money doesn’t mean living above means. You could argue that the unproductive use of cash that can be interest actually causes people to actually live below their means. This is why I wonder how “living above their means” is defined.
It a function of deleveraging plans. If you focused on rolling debt and static or increasing income you are living above your means and taking the option on the upside. If you manage it down appropriately then it’s within means. It’s about not assuming too much about future cash flows.
cradleandshoot wrote: ↑Wed Sep 15, 2021 3:01 pmThe only way I have ever found to retain more of my own money is to not spend more than I make. That money goes into my wifes and mine savings account and investments. That is an extension of what my parents taught me... to live within my means. I get to retire soon and as our financial guru has told us... we are good to go. That did not happen by accident, it happened because even when i struggled I always saved money and always had a plan.
You have two choices at the polls and here is how they relate to a home budget:
Party 1: Make more money and spend all of it and incur debt.
Party 2: Take a large pay cut but spend the same or more as Party 1 and incur a lot more debt.
Bad choices, but one is clearly better than the other.
Most businesses in our capitalistic society follow Party 1's model. You seem to support Party 2, but you do you man.
My experience is a variation of #1. When I made more money I saved what I could. I never had the shiny new car, never had the new boat or all the other toys. I never had a credit card balance. I paid it off every month. I just filed for my ss yesterday. My wife and I have done very well. There was no magic formula. My wife and I were both raised by that emphasized living within our means. I was in the army for 3 years. Half of my pay I sent home to my mom. I did that from day one. you sound to me like living within your means is an unrealistic goal. It is not, at least if you have a mindset that tells you I don't need that. Impulse spending is how so many people wind up with massive credit card debt. It is not rocket science.
I would argue that the vast majority of Americans live within their means. We actually live well below our means.
I always thought up to not below or above but we tend to presume linear growth and that catches people if they are living at their means.
Similarly here. Wife stayed at home for 15+ years, some part time stuff here and there. Was tough on us for awhile, but oh so worth it. All it meant was fewer trips to restaurants and not getting caught up in auto payments. Blessed my wife is also not caught up in fashion...she looks great in anything . Always saved and payed cash for vehicles. Have not had a car payment in 20 years. Waffling now, on paying off the home early....but need to visit someone smarter than me to figure most prudent move.
You could argue many people don’t have the capacity to live above their means. Owing money doesn’t mean living above means. You could argue that the unproductive use of cash that can be interest actually causes people to actually live below their means. This is why I wonder how “living above their means” is defined.
Indeed.....myself included, especially as I was the sole earner for so long.
A fraudulent intent, however carefully concealed at the outset, will generally, in the end, betray itself.
~Livy
“There are two ways to be fooled. One is to believe what isn’t true; the other is to refuse to believe what is true.” -Soren Kierkegaard
cradleandshoot wrote: ↑Wed Sep 15, 2021 3:01 pmThe only way I have ever found to retain more of my own money is to not spend more than I make. That money goes into my wifes and mine savings account and investments. That is an extension of what my parents taught me... to live within my means. I get to retire soon and as our financial guru has told us... we are good to go. That did not happen by accident, it happened because even when i struggled I always saved money and always had a plan.
You have two choices at the polls and here is how they relate to a home budget:
Party 1: Make more money and spend all of it and incur debt.
Party 2: Take a large pay cut but spend the same or more as Party 1 and incur a lot more debt.
Bad choices, but one is clearly better than the other.
Most businesses in our capitalistic society follow Party 1's model. You seem to support Party 2, but you do you man.
My experience is a variation of #1. When I made more money I saved what I could. I never had the shiny new car, never had the new boat or all the other toys. I never had a credit card balance. I paid it off every month. I just filed for my ss yesterday. My wife and I have done very well. There was no magic formula. My wife and I were both raised by that emphasized living within our means. I was in the army for 3 years. Half of my pay I sent home to my mom. I did that from day one. you sound to me like living within your means is an unrealistic goal. It is not, at least if you have a mindset that tells you I don't need that. Impulse spending is how so many people wind up with massive credit card debt. It is not rocket science.
I would argue that the vast majority of Americans live within their means. We actually live well below our means.
I always thought up to not below or above but we tend to presume linear growth and that catches people if they are living at their means.
Similarly here. Wife stayed at home for 15+ years, some part time stuff here and there. Was tough on us for awhile, but oh so worth it. All it meant was fewer trips to restaurants and not getting caught up in auto payments. Blessed my wife is also not caught up in fashion...she looks great in anything . Always saved and payed cash for vehicles. Have not had a car payment in 20 years. Waffling now, on paying off the home early....but need to visit someone smarter than me to figure most prudent move.
You could argue many people don’t have the capacity to live above their means. Owing money doesn’t mean living above means. You could argue that the unproductive use of cash that can be interest actually causes people to actually live below their means. This is why I wonder how “living above their means” is defined.
Indeed.....myself included, especially as I was the sole earner for so long.
I encouraged my wife to do something after we moved to Atlanta. She had been one of the store managers at the “flagship” Container Store location in Lex & 58th which was salaried but pointless to just do in Atlanta so after one whole interview elsewhere took a gig in my father in laws business. Now like 9-10yrs in shes accrued enough bumps to where it’s a decent salary, that 13th month bonus and they contribute 15% of salary into 401k each year as long as you put at least one dollar in so that’s up into low $200k as a secondary source (unless I get divorced). She’s pushing out of 50s starting in the low $30s in aback office accounting gig. But for like four years I carried a $1,500 loss between her take home and child care for two kids. So really that money is mine, but digression aside time and compounding are powerful tools.
cradleandshoot wrote: ↑Wed Sep 15, 2021 3:01 pmThe only way I have ever found to retain more of my own money is to not spend more than I make. That money goes into my wifes and mine savings account and investments. That is an extension of what my parents taught me... to live within my means. I get to retire soon and as our financial guru has told us... we are good to go. That did not happen by accident, it happened because even when i struggled I always saved money and always had a plan.
You have two choices at the polls and here is how they relate to a home budget:
Party 1: Make more money and spend all of it and incur debt.
Party 2: Take a large pay cut but spend the same or more as Party 1 and incur a lot more debt.
Bad choices, but one is clearly better than the other.
Most businesses in our capitalistic society follow Party 1's model. You seem to support Party 2, but you do you man.
My experience is a variation of #1. When I made more money I saved what I could. I never had the shiny new car, never had the new boat or all the other toys. I never had a credit card balance. I paid it off every month. I just filed for my ss yesterday. My wife and I have done very well. There was no magic formula. My wife and I were both raised by that emphasized living within our means. I was in the army for 3 years. Half of my pay I sent home to my mom. I did that from day one. you sound to me like living within your means is an unrealistic goal. It is not, at least if you have a mindset that tells you I don't need that. Impulse spending is how so many people wind up with massive credit card debt. It is not rocket science.
I would argue that the vast majority of Americans live within their means. We actually live well below our means.
I always thought up to not below or above but we tend to presume linear growth and that catches people if they are living at their means.
Similarly here. Wife stayed at home for 15+ years, some part time stuff here and there. Was tough on us for awhile, but oh so worth it. All it meant was fewer trips to restaurants and not getting caught up in auto payments. Blessed my wife is also not caught up in fashion...she looks great in anything . Always saved and payed cash for vehicles. Have not had a car payment in 20 years. Waffling now, on paying off the home early....but need to visit someone smarter than me to figure most prudent move.
You could argue many people don’t have the capacity to live above their means. Owing money doesn’t mean living above means. You could argue that the unproductive use of cash that can be interest actually causes people to actually live below their means. This is why I wonder how “living above their means” is defined.
It a function of deleveraging plans. If you focused on rolling debt and static or increasing income you are living above your means and taking the option on the upside. If you manage it down appropriately then it’s within means. It’s about not assuming too much about future cash flows.
Typical Lax Dad wrote: ↑Thu Sep 16, 2021 12:55 pm
Waffling now, on paying off the home early....but need to visit someone smarter than me to figure most prudent move.
Just like car loans. The safest investment you'll ever make is interest you don't have to pay. The peace of mind is serene.
Typical Lax Dad wrote: ↑Thu Sep 16, 2021 12:55 pm
Waffling now, on paying off the home early....but need to visit someone smarter than me to figure most prudent move.
Just like car loans. The safest investment you'll ever make is interest you don't have to pay. The peace of mind is serene.
There’s a concept of opportunity cost. Safest is not always low leverage, just like sometimes the best offense is a good defense it is conversely true that generating wealth/income can be the best way to fortify a balance sheet. Homes have carry and fixed depreciating element so if you can use the cash flow to protect the asset or the bank account that could be a better path. Consider that you cannot get cheap high leverage as an individual on anything other than real estate and comparing a truly depreciating asset like a car with a mixed asset (sticks and bricks depreciate, land generally appreciates over time).
In other words it’s far more idiosyncratic than anyone here should be telling you the answer or or providing definitive advice. The biggest thing I’m focusing on here is the word “safest” it’s just not that simple.
. Always saved and payed cash for vehicles. Have not had a car payment in 20 years. Waffling now, on paying off the home early....but need to visit someone smarter than me to figure most prudent move.