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re: Do you ever escape the churn of worrying about money?
Posted on 2/16/24 at 12:18 pm to Thundercles
Posted on 2/16/24 at 12:18 pm to Thundercles
If you save just 20% of your net income per month you should never worry.
Save 20% if you can
Pay off all credit card balances each month.
That eliminates most of the worry
Save 20% if you can
Pay off all credit card balances each month.
That eliminates most of the worry
0
Posted on 2/16/24 at 12:18 pm to Thundercles
quote:
I got Better Job 3 and things started to level out, then I realized I was way behind on retirement savings. Putting money away for retirement, car payment, and student loan payments put me back where I was with Better Job 1. I probably need to hang out in this job for a few years before I pursue Better Job 4. As I'm in this holding pattern, a family looms in the future which makes me wonder how to fit it all in.
If you can’t pay cash for a car you can’t afford it. Quit falling into the consumerism trap
Posted on 2/16/24 at 12:18 pm to Thundercles
How old are you?
Posted on 2/16/24 at 12:19 pm to The Mick
quote:
It's more about not spending than it is making more money.
I would argue its a combination of the two. If you are still relatively young (below 50) I think striving for higher earnings power is important. BUT its also about managing spend / optimizing savings and resisting lifestyle creep as you move up the tax bracket.
This post was edited on 2/16/24 at 12:20 pm
Posted on 2/16/24 at 12:23 pm to Samso
quote:
BUT its also about managing spend and resisting lifestyle creep as you move up the tax bracket.
This is something I figured out in my mid/late 30s. Our expenses aren't really any higher than they were 10 years ago (other than from inflation) but our income is a good bit more.
Posted on 2/16/24 at 12:29 pm to Thundercles
quote:
a family looms in the future which makes me wonder how to fit it all in.
If you’re having problems without a family then you’ll likely be in trouble, that’s the most expensive part of life. I’d be rich as frick as a single man
Posted on 2/16/24 at 12:30 pm to Miglez
I think this is right and wrong at the same time. I stopped investing in my retirement the last 7 years so I could start my own business. I’m hitting a point where I’m starting to make money and I upgraded my truck because my other car died.
I’ve started saving again for retirement but also have taken a few vacations.
The key is to have a proper balance. If you don’t balance it properly, you will get sideways real quick. Buying a $2k car vs a $20k car is fine as long as the balance for your other expenses is there. I see it every day where people have $1200/month car payments and can’t afford their rent.
I’ve started saving again for retirement but also have taken a few vacations.
The key is to have a proper balance. If you don’t balance it properly, you will get sideways real quick. Buying a $2k car vs a $20k car is fine as long as the balance for your other expenses is there. I see it every day where people have $1200/month car payments and can’t afford their rent.
Posted on 2/16/24 at 12:32 pm to Thundercles
People struggle living within their means
Live up to the very edge of the point we can afford, so one emergency payment, accident, disaster, can throw you into the abyss of financial troubles
Live up to the very edge of the point we can afford, so one emergency payment, accident, disaster, can throw you into the abyss of financial troubles
Posted on 2/16/24 at 12:34 pm to Thundercles
make sure to put in at least the min to get then company match in your 401k, then get on a written plan to max out. Go roth. it'll take 25-30 years to get 7 figures, but once you reach that point if grows like a MoFo.
The growth is crazy.
Stay the course, it's a marathon. Get on a budget, limit eating out during the week, stay away form $5 coffee during the week. Keep car payments sensible (Toyota Camry type cars). Get in good enough financial shape to get a 15 year mortgage on your second or third house. When the first child is born start putting away college money, even if it's just $25/per pay check. Before your kid hits 13, have a plan for what car you will get him/her (likely your's or the wife's hand me down).
We are in our 50s and are high income earners will a lot of money in savings. I drive a 12 year old Tundra with 250k miles and will drive it for many more years. I can easily afford (and in my mind justify) a 2024 F250, but that'd be stupid.
As far a toys (boats, SxSs, etc), if it doesn't make you money, pay cash for it.
The growth is crazy.
Stay the course, it's a marathon. Get on a budget, limit eating out during the week, stay away form $5 coffee during the week. Keep car payments sensible (Toyota Camry type cars). Get in good enough financial shape to get a 15 year mortgage on your second or third house. When the first child is born start putting away college money, even if it's just $25/per pay check. Before your kid hits 13, have a plan for what car you will get him/her (likely your's or the wife's hand me down).
We are in our 50s and are high income earners will a lot of money in savings. I drive a 12 year old Tundra with 250k miles and will drive it for many more years. I can easily afford (and in my mind justify) a 2024 F250, but that'd be stupid.
As far a toys (boats, SxSs, etc), if it doesn't make you money, pay cash for it.
This post was edited on 2/16/24 at 12:41 pm
Posted on 2/16/24 at 12:41 pm to yellowfin
quote:
I’d be rich as frick as a single man
Shut up, you'd be spending it all on booze and hookers.
Posted on 2/16/24 at 12:42 pm to Miglez
quote:
When you were at job 2 and the car died, you didn't need a car payment. You could've bought a $2000 used car with cash and been done.
The used car market is outrageous right now for anything that is going to run reliably. I drive a 20 year old car that is getting close to needing to be replaced. I want my next car to be something that'll last me for at least the next 7-10 years, so I was looking at stuff with less than 50,000 miles. I don't care about bells and whistles. The only criteria I had was something that runs, has a clean title (no salvages), and has less than 50K miles.
I didn't find anything for less than $16.5K.
Posted on 2/16/24 at 12:42 pm to Thundercles
You're the guy who praised Putin for having a "sensible domestic policy." 
Posted on 2/16/24 at 12:45 pm to Thundercles
Live well below you’re means
Posted on 2/16/24 at 12:47 pm to Thundercles
quote:
Do you ever escape the churn of worrying about money?
Nope, don't worry about what you do not have.
I live the simple life
Free Public Transportation
Free Public Housing
Free Social Media
> All Natural Vittles
Posted on 2/16/24 at 12:57 pm to Thundercles
Seems like it never ends. I've doubled my income in a 4 year span and still feel like I'm in the same boat.
Unconsciously you just spend more the more you make.
Unconsciously you just spend more the more you make.
Posted on 2/16/24 at 12:57 pm to Thundercles
Yes.
By having no debt.
Aggressively paid off home.
Aggressively paid off school loans.
Only buy cars with cash.
This age will differ for everyone. For me, it happened around age 40. (But I have a working spouse with higher income than me and she is not a spender by nature).
By having no debt.
Aggressively paid off home.
Aggressively paid off school loans.
Only buy cars with cash.
This age will differ for everyone. For me, it happened around age 40. (But I have a working spouse with higher income than me and she is not a spender by nature).
Posted on 2/16/24 at 1:00 pm to Thundercles
quote:
Do you ever escape the churn of worrying about money?
Yep, just don’t spend stupidly when you’re young. No expensive vacations, don’t spend on bling, and don’t spend on toys.
Invest.
At work show up on time, do the work you’re expected to do well, don’t be an a-hole to others, and learn other people’s jobs to get promoted. There will be times you give away your labor for free (a form of investment) so that others can see your work ethic, and sense of responsibility.
I retired at 55 and don’t have to worry about money for the rest of my life.
Posted on 2/16/24 at 1:04 pm to Cdawg
quote:
Shut up, you'd be spending it all on booze and hookers.
Sounds rich to me
Posted on 2/16/24 at 1:05 pm to Thundercles
Honestly, ever since inflation started to sky rocket, and its now become harder and harder to save money and afford to buy a house, I've pretty much stopped worrying about it. My gf and I live a modest life, we don't "want", and we make good financial decisions. That is about all we can do, and that's good enough for me not to sweat that shite.
Posted on 2/16/24 at 1:07 pm to LSURussian
quote:
You're the guy who praised Putin for having a "sensible domestic policy.
Did anyone else happen to see the Poli thread about Tucker buying a weeks worth of groceries in Russia?
Amazing 
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