Do you live below your financial means?

[TPC]

Wife and I got the house paid off and are actually putting money into our savings each month.

I've encountered people that are happy for us when we buy something new and a few that show jealousy, hate and cruelty over it until I say it represents no savings account.
Funny how people are.

A bartender in Avalon was complaining to me he has no 401K then showed me how his Apple Watch works. Oh,, now I see the real problem.

Anyway, we're living way below our means but it wasn't easy getting here.

What's your situation?

 

[Bear Down]

I would say for the most part Yes..
We are a single income family and own a home we purchased in Upland last year... We are responsibility broke, being a family of 5 and 1 is at a JUCO. We are Not in debt though (house/1 car payment $400 p/m). But I don't really worry about money often, just need to make sure we don't splurge (family dinners/outings) unnecessarily which can wipe out the cushion quickly. I just wish I had more to put away into retirement,but I work in an industry I can work to the ripe age of "death" and be successful and not suffer... But I did experience dual income, no kids and tons of debt (toys/cars/vacations). Life is much less stressful now...

 

[Xtrmwakeboarder]

Yes I do live below my means, but it’s a lot easier when you have a higher than average income. Could I cut costs? Yes, but I’ve seen far too many people taken out with no warning so I’ll have fun and spend money as well.

 

[2Driver]

We started out married saving about 20% of gross and later in life when we both had good corporate management positions we were saving 80- 90%.

I got sick of being hounded by friends, “why dont you buy a mcmansion, why are you shopping on craigslist for a used boat go buy what you want”. Blah blah blah.

Most lost their ass in the last downturn, have mortgages, no money for kids college and go to work every day and worry about keeping their job in their older years.

 

[LakeBeard]

Not at all...

 

[LargeOrangeFont]

Living below our means although I still think we spend a bit more than we should.

Mortgage interest for our house is so low I’m not rushing to pay it off yet, I owe like $10k on the new truck, no other debt. We have enough to pay off all the mortgage debt if I had to.

Been maxing 401k since early 20s, and also saving. Not quite 40 yet so still have a ways to go before retirement.

That said we have been pretty fortunate and don’t get hounded by anyone to spend more or buy “better stuff”, Or maybe I just don’t listen. As for toys my ethos is that we will have 95% of the fun and enjoyment spending 50% or less of whatever the new fancy/fast toy is.

 

[riverroyal]

no. I have a boat, SxS, Rv, Havasu , truck, SUV, 2 kids in college and live in socal. But the weather is sure nice! Life is short......

 

[RitcheyRch]

yes, live below our means. No car payments and only have the house payment. Living on one income with my wife being a stay at home grandma to watch our youngest Grandson.

 

[Singleton]

no. I have a boat, SxS, Rv, Havasu , truck, SUV, 2 kids in college and live in socal. But the weather is sure nice! Life is short......

This. Money still going into retirement, investment and savings on the agreed % (based on what money man tells me), but with 1 college being paid off (making double payments oldest sons loans) and another college being paid cash, $$ for other items is tight.

Had a rough couple years (June 2016 to June 2019) when my bonus at work paid off under 50%, household budget was made with bonus payout at 65% (anything over was extra for savings), but switched to OT eligible in Aug this year and the cash flow is back to normal and household budget was made with no bonus payout. Changing the budget hurt, but is paying off now.

 

[Bigbore500r]

It isn't polite to talk about money

 

[Gelcoater]

Wife and I got the house paid off and are actually putting money into our savings each month.

I've encountered people that are happy for us when we buy something new and a few that show jealousy, hate and cruelty over it until I say it represents no savings account.
Funny how people are.

A bartender in Avalon was complaining to me he has no 401K then showed me how his Apple Watch works. Oh,, now I see the real problem.

Anyway, we're living way below our means but it wasn't easy getting here.

What's your situation?

I drive a 14 year old truck and ride 30+ year old quads....
Lived in the same house for 21 years now.
I’m trying!!
But it’s getting tougher every day.

 

[4czn10]

I am lucky/blessed...I had parents that escaped communism, came to Merica with nothing, worked hard until they retired, and always lived below their means. They never had a fancy car, boat, etc...but they always made sure the kids had everything they needed to be successful. They instilled a strong work ethic, and "taught" me everything i needed to know about the Communist/socialist life they escaped. i try and pass this knowledge along to my daughter, so she can also be appreciative of everything we have, and understand that nothing is "Free". i hope she will do the same to her family when the time comes.

BTW, we have no Debt, own everything, and only buy when we can afford to pay cash for it(or pay it off the following month on a charge card). it feel's nice to know that if i ever decide that work is not fun anymore, i can walk away and not look back...it works for us...

 

[Bigbore500r]

I buy my underwear at costco, I buy trucks with 140k on the clock used, and my boat is a Hawaiian splash of a Warlock.........I do what i can with what i've got!

 

[Mr. C]

It isn't polite to talk about money

would you rather talk religion or politics??

 

[lebel409]

All my siblings (including steps) have had serious money issues. We've always kept things affordable aand eveen when things were tight didn't have to go to the folks. But we also don't save much, so everything is in the house, lots of sweat equity etc.

We live close to our means, but also keep an even keel (boating content).

 

[Rajobigguy]

All our cars are paid for (mine is 22 yrs old), primary residence is paid for, rental house is positive cash flow, boat is worth about $10,000 (paid for). We don't spend a lot of money on eating out or entertainment. I have a pretty significant savings for retirement, which could happen anytime now.
I wouldn't say that we live below our means, we enjoy life but the life we enjoy is pretty simple.

 

[Gelcoater]

would you rather talk religion or politics??

Better that than another grads masterbation thread..

 

[outboardrick]

Yes, I haven't had a car/mortgage payment in years. I have older stuff, other than a new home, and love not worrying about being in debt.

 

[Waffles]

I would say for the most part Yes..
We are a single income family and own a home we purchased in Upland last year... We are responsibility broke, being a family of 5 and 1 is at a JUCO. We are Not in debt though (house/1 car payment $400 p/m). But I don't really worry about money often, just need to make sure we don't splurge (family dinners/outings) unnecessarily which can wipe out the cushion quickly. I just wish I had more to put away into retirement,but I work in an industry I can work to the ripe age of "death" and be successful and not suffer... But I did experience dual income, no kids and tons of debt (toys/cars/vacations). Life is much less stressful now...

Responsibility broke.... I like that.
All of my friends always ask how im always broke or how i live paycheck to paycheck, and the reality is, because i choose to.
I dont max out my 457, CDHP HSA, or any other pretax contributions because i have to. I do it because i know i dont have the personality to be financially responsible to do it on my own. Outta sight outta mind.

 

[TPC]

What are you guys leaving the kids or next of kin?
The equity in your house, Life Insurance?

Are you worth more dead than alive?

 

[Gelcoater]

I've encountered people that are happy for us when we buy something new and a few that show jealousy, hate and cruelty over it

I’ve seen this so many times.
I don’t get it?

Hear a guy say something like “must be nice” or “I wish I could afford that”
Takes everything in me to not ask them why they can’t.

We had a guy come into the shop a few years ago that at one time used to be an employee.
After the economy crashed he left and went out and did his own thing.
Then he came back.

He was there to build a new boat!

I couldn’t believe how much resentment and snarky attitude came from some of the guys that knew this dude.
They couldn’t be happy for the guy he went out and made something of himself.

 

[evantwheeler]

What are you guys leaving the kids or next of kin?
The equity in your house, Life Insurance?

Are you worth more dead than alive?

I'd rather my parents spend the money while they are here, maintaining their health, enjoying retirement, and travelling to see their kids than spend it for them after they're gone. No kids here so leaving money isn't a consideration for me, but I don't want a dime from mine. They've already given me everything I needed and more with a solid moral compass, a strong work ethic, and forcing me to get a college education which has provided tremendous opportunity, which I've seized.

 

[monkeyswrench]

Not below my means...I have no means to speak of. I lived beyond my means, new trucks, toyhaulers and big house on the hill...then the last downturn kicked my teeth in. Learned a valuable lesson. Left the rat race and the big city. Drive 15 year old cars and trucks now...quads, boats and skis are closer to 25...one boat is 30. Only take jobs I want now, wife took a huge paycut to move, but my shack out here is paid off, and so is my double wide at the river. Putting some money away for kids' college, we have food to eat and much lower blood pressure. Not for everyone, but works for us.

Wife has a friend a few years older. Has a masters, and a few other degrees. She still doesn't have them paid off, and same with their house. Husband just retired, but still needs to supplement retirement to cover payments, including one newer car and a travel trailer. Last week, they went down to Phoenix to see a concert, stayed the night in a motel and took sick days the next day...always complaining about money being tight. They sometimes are jealous of us (and they don't know things are paid off) I just shake my head. I don't have much, and we don't don't have the newest toys, but what we have is ours.

@4czn10 your parents did what was probably really tough, but the best thing they could. Your family is probably more proud American than a lot of us who took , or take, things for granted. Very cool.

 

[Waterjunky]

Yes, yes we do. I have one payment other than the house and rental. Its a car payment that I picked up after the wife's accident in august. The plan is to pay it off in the next year or less. The irony is that I just cleared off the last remaining random debt (home equity line of credit) a few days earlier. Retirements are all fully funded each month. Toys are there but older and bought used. There is a reason I am running a 24 year old boat and a 15 year old Kawasaki motorcycle. I desperately want to jump to a fifth wheel over the cabover for the room now that we have a kid but its also paid off and I just don't want the payment.
We also have too many friends that make significantly less money than us but have newer nicer toys. That's fine with me, I don't care. It is going to be an issue for them as they get older, my guess is they are not funding much retirement. Their choice....
But hey it will all be OK because Berne is going to take care of all of us. We don't need to have any personal responsibility, the government will take care of us.

 

[t&y]

What are you guys leaving the kids or next of kin?
The equity in your house, Life Insurance?

Are you worth more dead than alive?

Hahahahahahaha...If I post that number and my wife finds it, she might just kill me now

Yes, worth more dead as of today. If I were to go out today the wife would have ALL bills paid and money to send the kids to college. She would eventually have to work again because we aren't that old... yet. We live just under our means in regards to positive in hand cash flow. That being said, on average 20% or more of every paycheck I've earned in this career has gone towards retirement. That doesn't include the extra Life insurance policy's. We do not live on the high end by any means, but if we really want to buy something we can. I'd love to have a house paid off, but that is not the reality for me for another 16 years or so.

My plan is win the lottery and then all my money worries will just go away.

 

[H20 Toie]

Ive been pretty conservative with my money my whole life but i also have not been afraid to enjoy life, you can't take it with you and we don't know when this life is going to end, That being said i have made mistakes, Paying off my houses so as to not have a mortgage sounded like a good idea but Getting divorced twice really messed things up. they on the other hand made out on that.
So now i live in a rental, but happier than i've been in years

 

[mjc]

Yes we did. Now retired we are getting to use what we saved. Only a car payment I could pay off. go and do what we want. Live on 2 annuities and SS will keep the rest for later.

 

[brgrcru]

fuck no , life is short
Kids were brought into this world , to find there own way . once they Are old enough. . If anything is left , they can have it.
If it all goes to hell , it was a great ride . If I find myself in a double wide at 80 . So be it.
If I lose my mind before I'm 80 , I'm taking a long swim or a long walk in a cold forest.
Live by the sword, die by the sword .
Any ?'s

 

[lbhsbz]

I’d say I live within my means...all our cars are 20 years old, old cheap boat, most of our possessions are second hand...no real debt except the mortgages on my house and the rental, but there isn’t anything left over at the end of the month. That may change with the new job I started 2 weeks ago, but it’s still up in the air as to whether or not it will work out.

Dunno if I’ll retire before I die...I hope to, but also want to leave the kid a decent chunk.

 

[Bear Down]

What are you guys leaving the kids or next of kin?
The equity in your house, Life Insurance?

Are you worth more dead than alive?

decent life insurance,
home when paid off and legacy money that we will attempt to manage responsibly for generations to come for Education purposes only.
And Being a Bear fan, but that is more of a curse than a benefit.

 

[RodnJen]

Yes, but we could always save a little more. However, I’m more open now to splurging on a vacation now that the savings is up and the kids are teenagers. We won’t get this time back.

 

[was thatguy]

I’m paying off the last of my debt incurred from Debs cancer.
Before that, we lived like wanna be rappers for 10 years.
According to social security statements we blew >$2.2 million in 10 years.
I realize that’s barely a tax burden for some on here, but to us it was high living. For some reason, we never really considered or saw ourselves growing old in our rocking chairs and living on any savings. As it turned out that’s exactly what happened.
I wouldn’t trade a single minute of that for a single dollar in savings.

But now I have a different outlook. My life chore is over. I did my job.
Being much smarter than me, Deb had at least enough responsibility to have life insurance on both of us. Not much, but at least enough so I don’t have to scrape bottom.
So now I am being more responsible and refuse to piss that away.
It’s just me now, and yeah it would be cool to have a mill in the bank but to what end?
When I had to sell everything it was OK because we owned everything (except the house).
We never really “overextended”, we just spent what I made and had a blast!

I figure if I can work 7 more years I’ll be OK. Wages in my field are much lower now, but I can still pull 6 figures easy working half the year.
Spending is different than accruing debt. Debt is a back breaker.

So in summary, compared to before I’m living WAY below my means!
But at the same time others might say I’m splurging.

Squirreling away every dime is a solid plan, right up until God or Mother Nature or that drunk driver erases that plan in the blink of an eye...and it happens every day to all kinds of people. Balance.

 

[Bear Down]

Responsibility broke.... I like that.
All of my friends always ask how im always broke or how i live paycheck to paycheck, and the reality is, because i choose to.
I dont max out my 457, CDHP HSA, or any other pretax contributions because i have to. I do it because i know i dont have the personality to be financially responsible to do it on my own. Outta sight outta mind.

Its a totally different type of financial stress... Wife and I treat parenting seriously and really put thought, effort and planning on how we want the kids to be raised and how the environment we provide will generally dictate how they become. With each other being on our 2nd Marriage, we have have a good template on what does work LOL... Though our retirement is suffering a bit due to a single income, Our family has invested tons of lost income (wifes) to have her focus on kids and raising them to be great children/adults/parents, to which, they are pretty fucking amazing kids. But if the kids were shit bags, she would be back at work in a heart beat and I'd be boating again!

 

[Mandelon]

Sometimes yes, sometimes no. We travel, and put kids through college. So the credit card bills run up sometimes, but then we flip a rehab house and pay them all off again. We don't save much, but having bought rental houses over the years, the value on them has gone up an incredible amount, so we haven't really needed to. Lucky timing and knowing the industry is what made that work. We're building a spec house now that will clear a fat profit, that will pay off all balances and then some.

 

[was thatguy]

I repoed the Camry from my oldest when she reneged on our deal, then traded it in on my Vette.
Any guesses what I’m “leaving” them??

 

[Instigator]

Smoke em if you got em!
I hope the last check I write bounces!
But we are also fiscal pack rats too.

 

[DC-88]

Having the wife's 2nd income and me being self employed were keys for us staying ahead and paying things off at a relatively young age. We'll have to liquidate / downsize/re-invest something to keep a good income stream when the time comes to retire (it'd be cool to see a thread on here about how others have done this with different investments, corporate backed land leases, etc from those with actual experience) . Most of my buddies who live at the edge financially have public service or big utility type jobs with COLA raises , pensions, pers type retirements, and it's easy to see how that would happen with a somewhat fixed but constant income stream.

 

[Yellowboat]

Yes, right now I am stashing 3k a month in my savings. A big part of that Is instead of a house I rented a small 700 sqft apartment. I fly in Sunday night, fly home Friday night. So I don't really need more then then the 4 s ( shit shower sleep sex) for myself.


I don't have kids, but when I go they will get nothing. I will either have spent it all or it will go to do some real good in the world.

 

[boatpi]

How about some 20' types with tons of expensive tats, and not even a bank account, living on a dream.

As to us, 4 mortgages, making great money after Trump nailed to economy and huge equity in properties. I could stop tomorrow and live a great life, next year time to slow down. two in high school, going to university all planned out. Worked hard all of our lives, maybe too hard, but I am fine with it. More trips to Italy then, longer stays no need to have a strict time table to return.

 

[farmo83]

I would say yes. I have quite a bit of student loan debt from my MBA that my wife and I are working to payoff as quickly as possible, but I make right around double what I made when I started the program so am happy with that. My wife and I have hit some rough patches financially (she lost her job twice and myself once) in the last 3 years, so we're not where I would like us to be, however we weathered those storms with no major issues so I am super proud of that. My wife just got a new job and a huge raise and I am doing well at my current role(knock on wood) and we've already talked several times about not blowing her raise on frivolous things like boat engines according to her.

As far as in death one of my finance professor's told me on the first day of his class

"If I don't die massively in debt I have grossly mismanaged my money."

 

[MissB]

nope. However, single mom, I can still pay my bills, put a bit of food on the table, help my kids when and where they need it, have a great job, building a nice pension, and a house that is paid for, credit card and student loan dept. I can't remember the last time I went on vacation, and my car is a 2011 with almost 200k miles on it. But I'm happy!

 

[Bigbore500r]

would you rather talk religion or politics??

No....but Masturbation is cool!

 

[3.Slow]

I would say I live responsibly close to the line, decent amount in savings, putting a lot to the 401k, all my cars and toys are paid for. still owe a bit on the house but it's on a 15 year mortgage. As for what my kids will end up with, whatever the have done for themselves, sure I will help them out growing up, but I'm not stockpiling cash so they get a huge payday when i die. I earned it, I'm gonna enjoy it.

 

[Mr. C]

Better that than another grads masterbation thread..

True that.

 

[Cdog]

What are you guys leaving the kids or next of kin?
The equity in your house, Life Insurance?

Are you worth more dead than alive?

That's the more interesting question if you ask me. I'm still not sure how I feel about it. My girls are 12 & 9. They have a warped sense of money since we live a fairly well off lifestyle in an affluent area. The status symbol is a new iPhone 11 amongst their friend's. It's ridiculous but we were all there when we were that age. IE: A new Tony hawk board, A CR125, Rusty Surfboards, shotguns, RC cars. yada, yada.

Its good for them to desire things beyond their reach so they learn they have to work for them. BUT dont blow the bank on keeping up with the Jones's. My 12 year old is saving to buy a new to her Iphone this winter with her Christmas money. I just spent 1k to send her on a class trip to Disneyland and 4k on braces. Told her tough shit on the iPhone save for it herself. Till then she'll have to suffer with my old 6S. HAHA!

As the oldest and only son I have received nothing from my parents and grandparents. It's made me hardened and resourceful. I'm trying to instill some of that in my girls without too much of the "tough shit" route my parents applied to me. (but not my sisters or step brother). I unfortunately dont have any sons so most of my "Cool Shit" dies with me. I'll probably end up selling it all into retirement. I'm not leaving it all to be sold off for what I told their mother I paid for it only to buy purses or spent on some ass clown boyfriend LOL!. Kinda depressing.

Anyhow their inheritance is dependent on what they are like when they grow up. I'm definitely not going to be living a shitty lifestyle to leave them more of anything. Some might say that's selfish but I've seen more fucked up lazy POS humans that fight over the scraps of others so they can avoid having to produce anything themselves.

"If a double decker bus, crashes into us" The kids will each have a high 6 figure head start.

Give them enough to succeed but not enough to do nothing.

 

[Ziggy]

I drive a 14 year old truck and ride 30+ year old quads....
Lived in the same house for 21 years now.
I’m trying!!
But it’s getting tougher every day.

My truck is damn near 20 yrs old, 2 daily cars almost 9 yrs the other 2 over a dozen yrs old.
.
.
At times we may splurge but mostly we stay within means.

 

[HotRod82]

I do....My wife does not.

 

[beaverretriever]

Interesting thread. It's nice to see people are honest on here.

My wife and I are DINKS (dual income, no kids). So it's definitely a little easier on us than others with families. We are definitely getting smarter in our old age, but I still feel like we spend a lot. However, we are back down to only one vehicle; my new truck that we paid cash for. In general we save WAY more than we spend.

My wife escaped a communist country at three and lived in refugee camps until she was seven. Coming to the US and being able to write her own future and story she is still frugal. Not cheap but frugal. Good for us as she is very good at finding deals and getting the best we can afford and still seeing that value in an item, trip or food we purchase.

Maybe it's because we don't have kids, I never understood "what are you going to leave your kids when you die?" BS. I don't expect one thing from my parents when they pass. Not like they have a lot of money anyways, but if they did, I would want them to use it and if they did have some left when they pass; give it to the local humane shelter or paralyzed veterans.

My wife and I truly live a blessed life and I know for a fact people always wonder how we travel so much and such. But we are very smart with our money. We do well, but nothing like some of the guys and gals on here. I doubt a new 500k DCB would ever be in our wheelhouse. Not sure if I would want one anyways. I would rather have a nice 150k CC or Nautique and a few vintage Mustangs and Falcons if I had to choose.

But to answer the question, yes we live well below our means. We definitely could be more frugal, but we like to live our life.

 

[Ziggy]

I am lucky/blessed...I had parents that escaped communism, came to Merica with nothing, worked hard until they retired, and always lived below their means. They never had a fancy car, boat, etc...but they always made sure the kids had everything they needed to be successful. They instilled a strong work ethic, and "taught" me everything i needed to know about the Communist/socialist life they escaped. i try and pass this knowledge along to my daughter, so she can also be appreciative of everything we have, and understand that nothing is "Free". i hope she will do the same to her family when the time comes.

BTW, we have no Debt, own everything, and only buy when we can afford to pay cash for it(or pay it off the following month on a charge card). it feel's nice to know that if i ever decide that work is not fun anymore, i can walk away and not look back...it works for us...

My parents immigrated after WWll, first to Canada then the US. Lost their city, belongings and some family to the war. Where they grew up was no longer Germany. Came over with a few suitcases, assimilated to the country and worked hard.

 

[Cdog]

My parents immigrated after WWll, first to Canada then the US. Lost their city, belongings and some family to the war. Where they grew up was no longer Germany. Came over with a few suitcases, assimilated to the country and worked hard.

Same story of my great grandparents on my moms side.