Do you live below your financial means?

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I am doing what works for me and trying to have fun. 30 y/o, dating, and boring. Have a blue collar job. Only payment is the mortgage and I make that in 5 working days per month which my goal was 7. Have 2 trucks. 02 F250 (227k miles) and F350 (438k miles). Pay credit cards in full each month and put $600 a month in IRA and savings account. I do hesitate to buy big toys as I've had them in the past and they just became burdens. I moved 3 times in 1 year and if something was in my way it went bye bye and not having the stuff has made life easier and more enjoyable. Still have toys that fit in the bed of a pickup and couldn't be more happier and grateful for that. Still on the search for a V drive whaler but not in any big rush. I've always paid cash for everything because I'm to stupid to figure out how to finance something. I like quality but am cheap. I'll buy used quality name tools that aren't working for cheap. Bring them home and fix them and put them to work.

 

[Deja_Vu]

I started delivering papers when I was 12 in bumfuk Iowa. In the summer I mowed lawns for $3 and in the winters I shoveled driveways to make a buck. The best part was when the ladies would serve cookies and hot chocolate after the job was deemed satisfactory.

At 15 I got a job at a fast food place while attending HS. By my 16th Birthday I had $1600 saved to buy my first car. I was a good saver as a kid... until I started spending money on cars and women... lol

Now a days I pay myself first so my 401k gets 15% and my Roth another 5% of my income. I don’t buy new vehicles. I will buy a 3-4 year old one and pay it off and run it for at least 10 years. My toys are all paid for.

I use CCs but pay them off monthly for the travel points.
I’m only using 4% of my available credit. I like to make big purchases with no payments or interest for a year then divide the balance by 12 and pay it off before any interest is due.

If I splurge it’s usually on a trip to somewhere tropical I try to plan a two week trip every year.

 

[bonesfab]

I joke around I am cash poor and shit rich. I have a house payment and pay extra every month. The newest car I own is an 1988 Chevy truck. The shit rich part comes from 21 vehicles, 10 motorcycles, three trailer and a boat. I am not rich by no means but if I want it and can afford it, I buy it. I am hopefully selling two cars here shortly and going to use that cash as a down payment on a house in Havasu. I have a retirement account that gets money monthly. My shop is my real retirement. Sell off all the shit and relax. Some good stories in here.

 

[COCA COLA COWBOY]

I'll be living beyond my means until my passive income allows my wife to have a very comfortable lifestyle on her own.

 

[oldschool]

I live below my means, but my wife and daughters live way above theirs.

 

[clarence]

Golden handcuffed.

 

[CarolynandBob]

When we got married we decided to live below our means and to save at least 30% of our income. Maxed out 401k's and the rest in other mutual funds.

Even in retirement we are still saving some of the pension each month.

 

[RandyH]

I fart in public, into a sponge to save the grease!

 

[WYRD]

I'll be worth more dead than alive...so for now...it's hookers, blow, and Bud Light bitches...

Better not get those mixed up or you will be blowin hookers for a bud light

 

[Go-Fly]

Believe it or not, there was a time in my life that I had $42 in the bank. It was that point in my life that I decided not to be poor. We as people are under such pressure to spend ever dollar we make. I like the lines about how I'm going to live life to the fullest. That's just showing off but, fun. You can have the time of your life and still save money. You can still have the time of your life and make your money work for you. Here's the hook, because people make such bad decisions with their money, they may have to take some time off from being stupid and reset. 90% of people won't do it and I thank you for that.

 

[checkrd past]

Not at all...

A honest man

 

[monkeyswrench]

Believe it or not, there was a time in my life that I had $42 in the bank. It was that point in my life that I decided not to be poor. We as people are under such pressure to spend ever dollar we make. I like the lines about how I'm going to live life to the fullest. That's just showing off but, fun. You can have the time of your life and still save money. You can still have the time of your life and make your money work for you. Here's the hook, because people make such bad decisions with their money, they may have to take some time off from being stupid and reset. 90% of people won't do it and I thank you for that.

I get this. Was financially busted...straight hamstrung, counting change in the ashtray to put gas in the old Ford Ranger to get to the jobsite. Kids had food and clothes, but I was only having coffee, and an occasional sandwich...but always had a decent dinner with the family. That reset came from necessity, not choice. I learned. I have no debt. Not much in the bank, but some in a coffee can. When I buy toys or cars, they usually need work. I have tools and some ability. Usually after using them, I make a little profit, then on to the next. I'm happier and healthier for it...maybe a little fatter

 

[guest hs]

If you mean you have money left over each month after all the bills are paid, I would be in the yes Colum. I have no retirement set up is my biggest problem and almost 50 years old.

 

[LakeBeard]

If you mean you have money left over each month after all the bills are paid, I would be in the yes Colum. I have no retirement set up is my biggest problem and almost 50 years old.

Same here...

 

[oldschool]

As far as retirement goes, I’ve scheduled my retirement party and funeral for the same day.

 

[wayniac]

I get this. Was financially busted...straight hamstrung, counting change in the ashtray to put gas in the old Ford Ranger to get to the jobsite. Kids had food and clothes, but I was only having coffee, and an occasional sandwich...but always had a decent dinner with the family. That reset came from necessity, not choice. I learned. I have no debt. Not much in the bank, but some in a coffee can. When I buy toys or cars, they usually need work. I have tools and some ability. Usually after using them, I make a little profit, then on to the next. I'm happier and healthier for it...maybe a little fatter

Now that im an adult, I recall a time my dad took me to breakfast with him before work. I had a full breakfast and orange juice, and he only had coffee and toast. I totally remember him paying in coins, and at the time thought, he must not have been hungry. Now I really understand what actually went on that day. What we wont do for our kids...

Now I guess we live beyond our means, since I cant just retire, and we dont own our cars or house. Wife and I have 401k's that we put the max into, and i buy the stock share plan at work. Our mortgage is less than renting here in California. Nothing big. Have a little emergency cushion, and some used toys, and motorhome. We take at least one good vacation a year. Luckily split costs for a boat with the father in law. Life isnt bad by any means... would love to buy a 4 seat rzr when the time is right.... will probably never really retire, but since im 8 years older than my wife, she will probably retire the day i die...

Wayne

 

[RaceTec]

I have nothing now, I am still paying off the divorce... All I do is pay off debt... I do try to get to the river here and there but normally plan that around races so that I can justify the fuel cost...

 

[Ladsm]

I lost everything in a nasty Divorce in 2015, went from shopping at Albertsons to $.99 store for groceries, rationed out the coors light to last as long as possible, been working my way back, paid cash buying back the toys I lost in the divorce and not taking on any payments. THe child support is about done and then I will start stuffing the 401K again. Paid cash for our nice but little place in Bullhead City. Living cheap is so much less stressfull.

 

[bentprops]

If you inevest 30% of your income per year after 5 years you will be back to where started. Meaning you will have 100% of your 5 year prior income as disposable and will be able to continue you the 30% investment. Doing this your income will go up every year and so will the 30%

 

[EmpirE231]

Not saving enough, but not spending it all......... somewhere in that middle area lol

 

[rivermobster]

I spent decades as a mechanic for various car dealers...

When I was a kid, the old guys told me:

always have six months of bills in the bank cause if you get hurt, your fucked!

And remember we have no retirement plan here, so save all the money you can. I maxed out my 401k and IRA contributions.

Now that I'm 62, that was Damm good advice. So I'm passing it on to you kids.

Good luck!

 

[TPC]

Any sense to the term: “Don’t say fuck the future,,,, the future fucks you.” ?

 

[getch]

Been thinking about where we are on the line lately, I go back and forth on yes and no. I wanna say yes but some of you make me fell like no we dont haha.

We bought our first house this year, still have money in the savings and add about $500+ to it every month. Ive put about 8%-10% into my 401k since i was 18, CC's get paid off every month. The Lady is finishing up her masters and will be graduating debt free along with a pay bump because of it. We currently make about the same pay, and everything is paid off of one income, house, bills, truck, ect. So as long as we both dont lose our jobs at the same time, well be ok, not great, but ok.

 

[530RL]

Everyone has different priorities in life that affect how much they put away; but the most important thing to me was to get to a point where no matter what, I could say NO without any financial worries.

So I never saved to have lots of money, I saved to have lots of options, especially the option to say No.

 

[CarolynandBob]

Money = Freedom. The more you have the more freedom you have to do what you want. If you have enough money you don't have to put up with a shitty boss. You don't have to work the weekend if you don't want. etc...

A machinist at General Dynamics told me that when I was 21 yrs old and it made me really think about how I wanted to live my life.

 

[Go-Fly]

If you mean you have money left over each month after all the bills are paid, I would be in the yes Colum. I have no retirement set up is my biggest problem and almost 50 years old.

Not being disrespectful, how do people get to be 50 without a retirement plan? When I was in JR.High I took a class on how you set up a retirement account, how it works and why a little at a time works best. I had my parents, my grand parents and older coworkers all giving me good advise on retirement. When people tell me they are 60 and have no retirement plans, all I can say is sorry but can't get my head around it.

 

[coolchange]

Life is a shit sandwich.
The more bread you have,
the less shit you eat.

 

[monkeyswrench]

Not being disrespectful, how do people get to be 50 without a retirement plan? When I was in JR.High I took a class on how you set up a retirement account, how it works and why a little at a time works best. I had my parents, my grand parents and older coworkers all giving me good advise on retirement. When people tell me they are 60 and have no retirement plans, all I can say is sorry but can't get my head around it.

I think everyone's lifestyles, circumstances, and goals are different. I am 42. I don't have much set aside for retirement at this point. I chose to use that which I did to pay off property. It is a gamble, but so is expecting to live a long life after retirement. Some do, some don't. At this time, I don't really have a "Job", in effect, I am "retired". I do fabrication and build some cars, but far from full time. Are we flush with cash, no, far from it. We do have food to eat, clothes for the kids and spend time at the river. We don't travel as much as some, but there are five of us, and were doing ok. I don't have a house on the hill anymore. I don't have a 40ft toyhauler and an F550 to pull it anymore...but I do have time to be at home with my family, or at the river.

One can choose to put away a lot for retirement. One can choose not to as well. When it all comes to a grinding halt, we really don't know. I believe you should prepare a bit for the future, but also realize that no one knows when the ride will end. As I said, my Pops had a great retirement, and most everything paid off. He spent what little time he had caring for my Mom during cancer treatment. My Mom retired because of her cancer. You know not when the master of the house will call upon you.

 

[Xtrmwakeboarder]

Not being disrespectful, how do people get to be 50 without a retirement plan? When I was in JR.High I took a class on how you set up a retirement account, how it works and why a little at a time works best. I had my parents, my grand parents and older coworkers all giving me good advise on retirement. When people tell me they are 60 and have no retirement plans, all I can say is sorry but can't get my head around it.

He is closer to the norm than you are. Most people either have no retirement or very little. It’s not taught in school anymore, and because of the statement above, most aren’t surrounded by financially literate people. My parents never talked about money or retirement, they are in the work for life column, but I got I got lucky and got advice from my uncle and friends.

 

[Waterjunky]

Not being disrespectful, how do people get to be 50 without a retirement plan? When I was in JR.High I took a class on how you set up a retirement account, how it works and why a little at a time works best. I had my parents, my grand parents and older coworkers all giving me good advise on retirement. When people tell me they are 60 and have no retirement plans, all I can say is sorry but can't get my head around it.

I don't see why you are worried about it. Berne is going to take care of everyone! You have nothing to worry about if you don't plan, that's what the government is for. People that save and plan are in the wrong and should be punished for it. After all those poor innocent victims that just never got the opportunity to save when partying with new toys all the time deserve the same retirement that you saved for. We will just take most of yours and give it to them. That's just fair after all.......

 

[mjc]

Not being disrespectful, how do people get to be 50 without a retirement plan? When I was in JR.High I took a class on how you set up a retirement account, how it works and why a little at a time works best. I had my parents, my grand parents and older coworkers all giving me good advise on retirement. When people tell me they are 60 and have no retirement plans, all I can say is sorry but can't get my head around it.

I know too many people like this. I have a friend whose parents get an Indian casino check every month and his mom has to hide part of the cash every month from his dad. He will spend it all if she doesn't. When he dies the money is cut off and she will get no more since he is the Indian. That said she won't invest the money for the longer term because she think she might lose it at a bank. She will have some to live on for awhile but then what.

 

[2Driver]

Its America, we can make, spend and borrow as reckless or conservative as we want.

LOL only the problem is when the “ live life now” folks end-up in a refrigerator box in Balboa park they don't see it as their doing.

 

[monkeyswrench]

Is it a bad thing that I kind of look for deals from the "Live For Now" folks? Unplanned expenses make for fire sales sometimes

 

[PlanB]

Is it a bad thing that I kind of look for deals from the "Live For Now" folks? Unplanned expenses make for fire sales sometimes

When the economy crashed in 08 we were ready with cash. I bought a lot of stuff cheap from both people and businesses that were going under. I am waiting again for the next hiccup.

 

[brgrcru]

According to some whackos , we are all doomed in 12 years .

So Im stuck on buying a 21' Rc Schiada , or a Hatteras 105 raised pilot house.

 

[nameisbond]

I live well below. Cash is king! My biggest expense is eating out, its about the same price as shopping for one in a grocery store though. My most expensive meal is sashimi and rolls. $23. Mostly my dinners are under $12. My next biggest expense is the F150, but its almost paid off. House is fairly reasonable, expense wise. I'm saving for retirement.

 

[monkeyswrench]

When the economy crashed in 08 we were ready with cash. I bought a lot of stuff cheap from both people and businesses that were going under. I am waiting again for the next hiccup.

I was on the other end last time...sucked, but survived and learned. I'm hoping to "come up" a little bit this time.
What really surprises me, is how many people didn't learn a thing...

 

[LargeOrangeFont]

When the economy crashed in 08 we were ready with cash. I bought a lot of stuff cheap from both people and businesses that were going under. I am waiting again for the next hiccup.

Word.

 

[PlanB]

I was on the other end last time...sucked, but survived and learned. I'm hoping to "come up" a little bit this time.
What really surprises me, is how many people didn't learn a thing...

Happens every time the economy is cranking. People think it will last forever, and it never does.

 

[87tahiti]

As far as retirement goes, I’ve scheduled my retirement party and funeral for the same day.

lol^ this!

 

[guest hs]

Not being disrespectful, how do people get to be 50 without a retirement plan? When I was in JR.High I took a class on how you set up a retirement account, how it works and why a little at a time works best. I had my parents, my grand parents and older coworkers all giving me good advise on retirement. When people tell me they are 60 and have no retirement plans, all I can say is sorry but can't get my head around it.

Well I will tell you how. Ever since I was a young boy I was fascinated with boats and my dream was to work in a boat shop. Well follow your dreams right? I have worked in a boat shop for the past 30 years and you know not one of them have had a retirement plan or I would have probably put into one. I know there are plans outside of your employer but I just never got around to it. I live life one day at a time and for today, I have a job, home, cars, r.v., boat and food on my table and get to enjoy all of them. My wife has a 401K not much in it but does contribute. If I live past my Mom and my Father and Mother in law. I will have 3 homes that are paid for including one of them on the water in Pompano Beach. Don't get me wrong I'm not counting the days for this to happen I would rather enjoy all of my family as long as possible instead of their possessions. These will help me when I'm older and ready to retire.

 

[nameisbond]

The economy doesn't last forever. I like downturns because its a great time to invest in all asset classes. I'm mostly out of stocks. Storing cash in term deposits earning 2.50% interest. Next downturn, I'll load up on gold stocks and physical gold. And more real estate.

 

[2Driver]

Money = Freedom. The more you have the more freedom you have to do what you want. If you have enough money you don't have to put up with a shitty boss. You don't have to work the weekend if you don't want. etc...

A machinist at General Dynamics told me that when I was 21 yrs old and it made me really think about how I wanted to live my life.

Ha me too, pretty much my driving force was freedom and not so much the material stuff.

Never wanted to live life with a noose around my nutsack whether it was a shitty boss, job or just a mortgage or car payment to write each month, or else. Fuck the gerbil wheel.

 

[bowtiejunkie]

Is it a bad thing that I kind of look for deals from the "Live For Now" folks? Unplanned expenses make for fire sales sometimes

I don't see it as much different than a stock that drops significantly. Someone is hurting, while others are pouncing at the chance to get in on the fire sale.

One deal that rubs me the wrong way is people who short sold their home to their live-in spouse her in California at the bottom of the market (early 2010s). Two people in the neighborhood did this. Thanks for depressing the home values for longer. These people weren't out of a good job. Maybe I'm an ass for thinking this way, but damn, own your commitment. You lose a job, healthcare debt, fine.

 

[Englewood]

One deal that rubs me the wrong way is people who short sold their home to their live-in spouse her in California at the bottom of the market (early 2010s). Two people in the neighborhood did this. Thanks for depressing the home values for longer. These people weren't out of a good job. Maybe I'm an ass for thinking this way, but damn, own your commitment. You lose a job, healthcare debt, fine.

Hate to break it to you but there is more to that story. The banks never allowed someone to short-sale a home to their spouse whether or not they were on title. There is a small chance they pulled it off by selling to a friend or distant family member but it would be mortgage fraud.

 

[brgrcru]

Well I will tell you how. Ever since I was a young boy I was fascinated with boats and my dream was to work in a boat shop. Well follow your dreams right? I have worked in a boat shop for the past 30 years and you know not one of them have had a retirement plan or I would have probably put into one. I know there are plans outside of your employer but I just never got around to it. I live life one day at a time and for today, I have a job, home, cars, r.v., boat and food on my table and get to enjoy all of them. My wife has a 401K not much in it but does contribute. If I live past my Mom and my Father and Mother in law. I will have 3 homes that are paid for including one of them on the water in Pompano Beach. Don't get me wrong I'm not counting the days for this to happen I would rather enjoy all of my family as long as possible instead of their possessions. These will help me when I'm older and ready to retire.

life is life, all that matters is you make it work.
but see below;

if you find a Cole emblem somewhere, to put on my flat . I would happily contribute to your retirement, in the sum of $100, or a nice dinner out.

 

[bowtiejunkie]

Hate to break it to you but there is more to that story. The banks never allowed someone to short-sale a home to their spouse whether or not they were on title. There is a small chance they pulled it off by selling to a friend or distant family member but it would be mortgage fraud.

There could be more to the story, but here's what I know. My next door neighbor (who told me about it) and the people I'm speaking of are 3-way friends. The way it was told to me was the man & woman of each house were not married (hence why I said live-in spouse). So, in effect, the one on the original mortgage sold it to their friend (aka girl friend). I, the neighbor, and the two short-sale properties I speak of; we're all original owner's. Zillow even shows those two properties I speak of as having sold at bottom of market (but the occupants never left their houses). One purchased for $295k in 2006, short-sale for $145k in 2012; the other purchased for $309k, short-sale for $160k in 2011.

 

[mesquito_creek]

Experienced Financial planners will tell you that in general there are "good savers" or "good spenders", but rarely someone who is both. Most of the time the people who save for retirement early and have a lot of net worth are the hardest to get to retire and start spending it.

 

[guest hs]

life is life, all that matters is you make it work.
but see below;

if you find a Cole emblem somewhere, to put on my flat . I would happily contribute to your retirement, in the sum of $100, or a nice dinner out.

I have one but you will have to buy the entire boat to get it lol

 

[nameisbond]

I have family friends that did it smart. The husband was an engineer on the BC Ferries, so government pension. The wife was a school teacher, grade one, so also a government pension. They lived off the husbands salary and saved hers. They bought new cars in 1977 and are still driving them today. Their biggest expense in retirement was buying a big house on a river and a cottage on a local lake.