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re: What % of net income
Posted on 2/7/17 at 7:03 am to tigereye58
Posted on 2/7/17 at 7:03 am to tigereye58
quote:
How are so many of you putting 0% towards debt? Not own a house? I can understand not having a car note but there can't be that many with no house note.
Bought a decent house in my mid-20s and paid it off when I was 40. Did not try to move to a McMansion and start a new 30 year plan like most folks would do in that situation.
Have not had a penny of debt since, and we don't make a ton of money and have not inherited a thing. It can be done, but it's like losing weight. Most people know what they need to do, but they rationalize and make poor decisions that favor short-term happiness over long term goals.
The mortgage payoff freed up a nice chunk to put in retirement each month and make retirement a realistic possibility.
1
Posted on 2/7/17 at 1:57 pm to Twenty 49
“Compound interest is the eighth wonder of the world. He who understands it, earns it ... he who doesn't ... pays it.” Albert Einstein
Posted on 2/7/17 at 3:15 pm to LSUengineer12
quote:
Savings: As much as I can
Debt: As little as I can get by with
Bills: The cost for the necessities
Spending: The cost to keep a couple kids and a wife happy
I don't do percentages; I just try to live without worrying about owing, borrowing, or making concessions. As an Engineer I was born as a "moderate" spender.
Posted on 2/7/17 at 3:23 pm to StinkBait72
You were born an engineer?
Posted on 2/7/17 at 3:46 pm to jimbeam
Yes. Can you not tell by my poor sentence structure and choice of words?
Posted on 2/7/17 at 7:35 pm to StinkBait72
What does being an engineer have to do with spending habits? Odd logic for a born engineer.
Posted on 2/8/17 at 8:55 pm to LSUengineer12
Savings: Max Pretax; Total pre & post tax is around 12-14%
Debt: 18%
Uncle Sam: Marginal rate of 22%
Bills: 10-12%
Vacations/Home Additions/Play account for everything else. Once we're done with the new home purchases, the savings percentage should increase dramatically. Suspect that'll be in two years (age 38) as the wife wants a pool and I'm about to cave.
Debt: 18%
Uncle Sam: Marginal rate of 22%
Bills: 10-12%
Vacations/Home Additions/Play account for everything else. Once we're done with the new home purchases, the savings percentage should increase dramatically. Suspect that'll be in two years (age 38) as the wife wants a pool and I'm about to cave.
Posted on 2/8/17 at 9:10 pm to Taxing Tiger
At 27, almost done paying down students loans (~$9k left):
Savings: 10% into a 401k, another 10% into emergency fund I'm still building
Debt: 15% (students loans + car note)
Rent: 25% (the worst part of living on the west coast)
Food + entertainment: 15%
Whatever is left (25% of my pay I guess of the top of my head) goes to paying down student loans and car note.
Savings: 10% into a 401k, another 10% into emergency fund I'm still building
Debt: 15% (students loans + car note)
Rent: 25% (the worst part of living on the west coast)
Food + entertainment: 15%
Whatever is left (25% of my pay I guess of the top of my head) goes to paying down student loans and car note.
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