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re: Tired Of Pinching Pennies!!
Posted on 8/30/23 at 12:02 pm to Artificial Intel
Posted on 8/30/23 at 12:02 pm to Artificial Intel
the story is pretty clear... has two houses and multiple kids on $100k makes for tight living. rental income goes to savings instead of current expenses that it appears he got in deeper than actual comfort level.
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Posted on 8/30/23 at 12:07 pm to BayouBengal23
quote:
and giving to our church (non negotiable priority for us)
How much is this item per month?
Posted on 8/30/23 at 12:15 pm to BayouBengal23
I feel ya, man. The current economic conditions are devastating most middle class folks. My wife and I only recently started to feel like we got our heads above water. We're not pinching pennies, but what's frustrating is we each got significant raises/promotions in the last few years and it feels like our lifestyle barely changed. Whatever extra we make just goes right back out the door with inflation. But if not for those raises/promotions, then we would be in trouble, so gotta count our blessings I guess.
Sounds like you already stay pretty disciplined. It's hard to cut out excess from your budget when you are already living frugally. I 100% understand wanting to do something you love for a living in exchange for lower pay, but you also don't want to stress yourself out to the point that you don't know how to keep the lights on. Maybe you don't have to leave your field entirely, but submit your resume to some other places and see what other employers are offering?
Sounds like you already stay pretty disciplined. It's hard to cut out excess from your budget when you are already living frugally. I 100% understand wanting to do something you love for a living in exchange for lower pay, but you also don't want to stress yourself out to the point that you don't know how to keep the lights on. Maybe you don't have to leave your field entirely, but submit your resume to some other places and see what other employers are offering?
Posted on 8/30/23 at 12:23 pm to BayouBengal23
quote:If you're actually struggling to pay for gas then church donations need to be either be put on hold or reduce the amount until you're in a better financial position.
giving to our church (non negotiable priority for us)
You can give to the church in other ways besides cash. If you said you work in education, then I assume you have extra time off when school is out for summer or holiday breaks. Offer some of that time to help with projects around the church. Donating your time is still a form of giving to the church IMO
Posted on 8/30/23 at 12:34 pm to BayouBengal23
quote:
giving to our church
I'm sure I'm going to hell, but I would eliminate this line item posthaste.
Posted on 8/30/23 at 12:37 pm to BayouBengal23
quote:
Bought a larger home for our growing family and had to drain most of our savings. (Kept previous home as a rental for future planning)
I see this a lot. I think this is where modern society is really killing families. Kids are resilient and dont need to be pampered. They want love and discipline.
Few folks these days are willing to put their kids in bunk beds and share rooms. They end up buying way more house than what is "needed." This seems like an area where you can likely make a change and free up some budget.
Posted on 8/30/23 at 12:40 pm to BayouBengal23
At some point it will piss off enough people to become activists in working to throw out existing politicians in favor of those candidates who support abolishing the Fed and abandoning Modern Monetary Theory
Inflation is a tax on the mid to lower income population and will continue to drain what little they have until something radical is done
Not saying I am pro or against this stance, just stating the facts.
Inflation is a tax on the mid to lower income population and will continue to drain what little they have until something radical is done
Not saying I am pro or against this stance, just stating the facts.
Posted on 8/30/23 at 12:48 pm to BayouBengal23
quote:
Sorry for the rant but I am so sick of being broke. My wife and I both work in careers we love instead of chasing money so we make about 100k a year.
If vehicle debt is your only debt, this is take home pay of around $6k after taxes and some assumptions for insurance. Where does the money go without kids?
ETA- I’ve seen now that you have at least one kid and multiple mortgages. That 30% net income mortgage is killer man.
This post was edited on 8/30/23 at 12:53 pm
Posted on 8/30/23 at 12:49 pm to BayouBengal23
I truly hope this motivates you to keep moving forward and succeed in several businesses. This is what it takes and where it starts. Block out all the noise and force yourself to work thru this to achieve your goals.
Posted on 8/30/23 at 12:54 pm to BayouBengal23
How much was your house?
What year, make, model of vehicles do you have?
Pretty sure I can find your problem pretty quick.
What year, make, model of vehicles do you have?
Pretty sure I can find your problem pretty quick.
Posted on 8/30/23 at 1:06 pm to BayouBengal23
quote:
Education so not really without giving up a ton of time coaching or something.
I'm sorry, but if both you and your wife chose careers in education (and I assume not collegiate or higher), you should have known you'd likely be pinching pennies for most of your life.
Edit:
quote:
giving to our church (non negotiable priority for us)
This makes your post non-serious at this point
This post was edited on 8/30/23 at 1:09 pm
Posted on 8/30/23 at 1:14 pm to TigerTatorTots
quote:The general populace is financially ignorant.
At some point it will piss off enough people to become activists in working to throw out existing politicians in favor of those candidates who support abolishing the Fed and abandoning Modern Monetary Theory
Posted on 8/30/23 at 1:17 pm to BayouBengal23
Keep your nose to the grindstone.
You know "God loves a working man."
I admire your discipline. Congratulations on the rental and savings.
You know "God loves a working man."
I admire your discipline. Congratulations on the rental and savings.
Posted on 8/30/23 at 1:19 pm to BayouBengal23
Others have already hit on it, but I think you need to reevaluate what your "means" are. 30% net income on your mortgage is by no means being frugal.
100k isn't wealthy but is absolutely no excuse to not have gas money. I bet that money is going out in more places than you realize.
100k isn't wealthy but is absolutely no excuse to not have gas money. I bet that money is going out in more places than you realize.
Posted on 8/30/23 at 1:21 pm to BayouBengal23
quote:
My wife and I both work in careers we love instead of chasing money so we make about 100k a year.
Do you get COLA adjustments?
Tenure adjustments?
Merit adjustments?
quote:
This rate race fricken sucks! I would love for my wife to be a stay at home mom and homeschool our future kids, but that's not looking possible... I cant vent to many other people so I apologize. Just had to get this off mt chest to some intelligent people. Hoping something I do will eventually take off so money does not stress me out as much.
I love your hustle, man.
You are doing a ton right.
How close is the rental to your house?
Who does lawncare? Maintenance?
I'm trying to figure out if you can get your gas money out of the asset you currently have.
It sounds like you are saving. How much of that is currently in retirement?
What is your current savings balance? How much of that is emergency fund?
What is in your business account for the rental?
If you have savings, maybe look at higher deductibles on insurance. That can increase cash flow to help boost additional savings (emergency fund. Oh shite fund).
If your savings accounts are lower interest than your car note, throw money at that debt/monthly load.
Your housing situation sucks. I'm not gonna lie. But if you can survive this for 15 years, you will probably have a payment to brag about. With inflation, eventually long term fixed debt will smell like a winner.
Posted on 8/30/23 at 1:45 pm to meansonny
Dude, God won’t get upset if you stop giving to the church to live a little easier. That’s the silliest shite I’ve ever heard and why our Churches continue to have major issues.
Posted on 8/30/23 at 1:45 pm to BayouBengal23
quote:
We bought a larger house thats about 30% of our net income so used our own cash for that
What do you mean "used our own cash"? Did you buy the house in cash, or is your note 30% of your take home?
If your note is 30% of take home, that's pretty high and can explain why you may feel tight.
quote:
giving to our church (non negotiable priority for us)
I'm not here to tell you to give or not give to your church. I am here to say that I don't belive God wants you living poor to give to the church. Also, the church I used to give to used to emphasize giving time, talent, and treasure. A lot of people gave a lot more of the first two, and they were loved by all.
Posted on 8/30/23 at 1:48 pm to BayouBengal23
You are choosing not to touch the rental income, you are choosing not to sell it for a lump sum profit, you chose to purchase a larger home at the limit of your means, without adjusting your asset portfolio to accommodate it. Man, honestly it's hard to get behind you when you are choosing to put yourself in the position you're in. It sounds like you need a compass.
There are a lot of people who really don't know how they will make it to the end of the week, who don't own a pot to piss in, who don't have the knowledge or support network to pull themselves out of it or get something going financially.
Blessed are the meek, for they shall inherit the Earth.
There are a lot of people who really don't know how they will make it to the end of the week, who don't own a pot to piss in, who don't have the knowledge or support network to pull themselves out of it or get something going financially.
Blessed are the meek, for they shall inherit the Earth.
Posted on 8/30/23 at 1:48 pm to TigerTatorTots
quote:
At some point it will piss off enough people to become activists in working to throw out existing politicians in favor of those candidates who support abolishing the Fed and abandoning Modern Monetary Theory
I believe we have reached a point where doing this, while it will have long term benefits, will be absolutely devastating in the short term. Like, soup kitchens Great Depression devastating for a period of 3-5 years.
After 3-5 years we will be much better off, but my goodness it's going to be a rough transition. This is why it won't happen, no one will be willing to brave that.
quote:
Inflation is a tax on the mid to lower income population and will continue to drain what little they have until something radical is done
It most certainly is. The wealthy aren't affected when the price of basic goods and food increases.
Posted on 8/30/23 at 1:50 pm to Brightside Bengal
quote:
This makes your post non-serious at this point
I think it just means that his priorities are different than some folks.
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