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Message
re: Tired Of Pinching Pennies!!
Posted on 8/30/23 at 1:57 pm to AUHighPlainsDrifter
Posted on 8/30/23 at 1:57 pm to AUHighPlainsDrifter
I mean it depends. If he’s giving 40 bucks a month to his church, then sure that’s important to him and he can “easily” absorb that outflow.
If he’s giving 10% of his income, and he isn’t interested in giving a penny less then he is clearly, imo, not serious about finding a solution to his problem.
Op hasn’t come back to answer so we don’t know. Giving to his church might be a huge reason for his feeling strapped or it could be totally insignificant. We don’t know.
If he’s giving 10% of his income, and he isn’t interested in giving a penny less then he is clearly, imo, not serious about finding a solution to his problem.
Op hasn’t come back to answer so we don’t know. Giving to his church might be a huge reason for his feeling strapped or it could be totally insignificant. We don’t know.
1
Posted on 8/30/23 at 1:57 pm to BayouBengal23
quote:If you're about to run out of gas, it's raining...
Builds up for rainy day.
EDIT: There is nothing wrong with taking $30 out of the "house rental account" and put gas in your car. Then tomorrow when you get paid, put the $30 back into your house account.
You're not "broke" as you claim.
You just have some cash flow timing issues sporadically, it sounds like to me.
Frankly, many people, and businesses, have that same problem. It's why many businesses have line of credit accounts with their bank. Individuals usually can use their credit card the same way.
This post was edited on 8/30/23 at 2:04 pm
Posted on 8/30/23 at 2:04 pm to KCkid
quote:
Sell the rental... Use that extra money to build yourself a cushion. You will feel a relief immediately, and then can really focus on bringing in additional money. No need to be worrying about how to replace a roof or HVAC system on the rental house. It WILL happen.
Agree with this. I work on commission and a had a few down years. Sold my rent houses and socked away a nice chunk as cushion and the stress was immediately lifted and I am able to concentrate on making money instead of whether the money is there for emergencies.
Posted on 8/30/23 at 2:05 pm to TheBoo
quote:
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.
Buying a larger home was pretty necessary for the point we were at in our lives. We were outgrowing our 1,000sqft home and wanting to add more children to the family. Keeping it as a rental was a long term play for us because of the $700/mo cash flow. Knowing we dont have the funds in our personal savings, Im choosing not to touch that profit just in case SHTF.
I consider myself pretty knowledgable when it comes to financial literacy it just seems like life and the economy are making things tight.
For everyone saying tithing to the church should not be happening, that is something I will have to chew on. That is a foundational principle I have held my entire life even when things were tight and I have always been blessed in life. May think about exchanging some of the 10% for my talents though.
Posted on 8/30/23 at 2:09 pm to Motorboat
The reason why I do not want to give up my rental house is because rentals are my main retirement plan. With $700/mo cash flow I cant give it up. I know it would relieve my stress of not having a ton of cash but it is a long term play.
I am about to get a lump some from a retirement account from the public schools, so I will be able to get some cushion there. Still doesnt make the thought of being in the rat race any easier.
I am about to get a lump some from a retirement account from the public schools, so I will be able to get some cushion there. Still doesnt make the thought of being in the rat race any easier.
Posted on 8/30/23 at 2:10 pm to JohnnyKilroy
quote:
Op hasn’t come back to answer so we don’t know. Giving to his church might be a huge reason for his feeling strapped or it could be totally insignificant. We don’t know.
It is 10%. Personal conviction of mine though. Like I said previously, it doesn't change the frustration of being in the rat race and feeling like you will never get out ahead.
Posted on 8/30/23 at 2:10 pm to BayouBengal23
So you’re paying your church over 800 a month to your church and you are complaining about pinching pennies???
Posted on 8/30/23 at 2:11 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.
Is this career the only career you could "love". You either need to give up some lifestyle or increase income. If I'm worried about gas money, I know which one I'm choosing. I'd be looking for a career that at least put gas in the tank.
Selling the house isn't really something I'd consider. It's an asset, and sounds like there is a return already, if not, there will be in the future which will make things easier. It would provide relief now, but the money would soon be spent on something else and you lose what you worked for there.
My $.02, fall out of love with your career and find something that will pay you more. I work a job I'm not in love with to enjoy the time I have away from work.
I'll give kudos to sticking to your contribution to the church over anything else. Shows commitment to the Bible.
Posted on 8/30/23 at 2:14 pm to BayouBengal23
quote:I have been sitting in the room with four different people when they took their last breath.
rentals are my main retirement plan.
Not a single one of them said to me just before they lost consciousness, "I wish I had done a better job of sticking with my retirement plan."
Posted on 8/30/23 at 2:17 pm to BayouBengal23
quote:
But, one vehicle repair, one mini vacation, one minor inconvenience, hits us hard.
quote:
(Kept previous home as a rental for future planning
Just wait til that rental gets trashed by tenants or needs a new roof or AC…
How much cash do you make off it each month?
Posted on 8/30/23 at 2:23 pm to LSURussian
quote:
I have been sitting in the room with four different people when they took their last breath.
Not a single one of them said to me just before they lost consciousness, "I wish I had done a better job of sticking with my retirement plan."
--
Yeah but...
Plenty of retirees are now wishing they had planned better.
Posted on 8/30/23 at 2:31 pm to BayouBengal23
You bought too much house, don't need rental property and shouldn't be taking vacations
Posted on 8/30/23 at 2:39 pm to BayouBengal23
quote:
It is 10%
I'll bet the pastor / owner of your church isn't pinching pennies.
Posted on 8/30/23 at 2:40 pm to Dawgfanman
quote:
Just wait til that rental gets trashed by tenants or needs a new roof or AC…
Or we have another little pandemic and they stop paying and the government says you can't kick them out.
Posted on 8/30/23 at 2:49 pm to BayouBengal23
Just keep voting democrat. we will all be on ubi and wont have to work.
Posted on 8/30/23 at 2:53 pm to BayouBengal23
quote:
The reason why I do not want to give up my rental house is because rentals are my main retirement plan. With $700/mo cash flow I cant give it up. I know it would relieve my stress of not having a ton of cash but it is a long term play.
I had 5 rent houses as a retirement plan and a long play. What do you do when the roof needs replacing? the HVAC goes out?
Having that cushion is a mindset that frees your mind to do other things like flip more bikes or do more Xmas decorations. Investment properties are getting a premium right now because of low inventory.
Posted on 8/30/23 at 2:55 pm to BayouBengal23
quote:I get tithing is biblical, and I’m not sure what specific religion you practice, but I bet your church’s teachings don’t require 10%.
It is 10%.
If it bothers you to decrease your %, go talk to your pastor and see what he says about you reducing to 5% until you get back to a comfortable financial place. Your priest took a vow of poverty, not you.
Posted on 8/30/23 at 2:58 pm to Motorboat
"Investment properties are getting a premium right now because of low inventory."
--
And rental rates are at a premium too.
--
And rental rates are at a premium too.
Posted on 8/30/23 at 3:14 pm to LSUFanHouston
quote:I tend to agree with this. It will never happen. It needs to happen, but it won't.
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.
Posted on 8/30/23 at 3:14 pm to BayouBengal23
quote:
My wife and I both work in careers we love instead of chasing money so we make about 100k a
If they did not pay me, I would not work 10 seconds.
I like money.
I put up with the bs in exchange for making a nice living.
You may need to be more pragmatic.
There is no free lunch.
All jobs are ultimately prostitution at least figuratively.
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