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Old 02-09-2016, 01:46 PM
 
1,066 posts, read 706,323 times
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I was wondering if there is a % based on income that is considered living below your means? Or if the actual number is more important. A couple making $150k who spends 60% of their monthly income on expenses still has more left over each month than someone who makes $75k and only spends 30% of their income on expenses.. Just the same I'd ideally like to get to a point where 25-30% of my income covers all my expenses, I think that would allow for a rather stress free lifestyle.
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Old 02-09-2016, 02:03 PM
 
Location: southwestern PA
20,426 posts, read 35,707,564 times
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Quote:
Originally Posted by ericp501 View Post
I was wondering if there is a % based on income that is considered living below your means? Or if the actual number is more important.
Neither really. It is simply spending less money than you earn.


You can get other responses here....

What's Your Definition of "Living Below Your Means"
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Old 02-09-2016, 02:06 PM
 
Location: Middle America
35,817 posts, read 39,346,783 times
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Quote:
Originally Posted by Pitt Chick View Post
Neither really. It is simply spending less money than you earn.


You can get other responses here....

What's Your Definition of "Living Below Your Means"
Yep. Income exceeds what gets spent.
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Old 02-09-2016, 03:18 PM
 
Location: Toronto, Ontario, Canada.
2,540 posts, read 3,058,301 times
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I am still waiting for the first person on one of those TV "home finder " programs who walks in to a 2800 sq ft house and says ..............Its too dam big.


It amazes me when I see a couple ( married but no kids ) who say they " need " a four bedroom, three bathroom house. Are they going to run a bed and breakfast business ?


JiM B.
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Old 02-09-2016, 03:20 PM
 
Location: southwestern PA
20,426 posts, read 35,707,564 times
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Quote:
Originally Posted by canadian citizen View Post


It amazes me when I see a couple ( married but no kids ) who say they " need " a four bedroom, three bathroom house. Are they going to run a bed and breakfast business ?
Home office for him, home office for her, their bedroom and.... let's see, a home gym or a guest room for bedroom #4.

Bam... all in use.
No need to be amazed at all!
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Old 02-09-2016, 04:11 PM
 
Location: San Antonio, TX
10,860 posts, read 18,883,731 times
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Quote:
Originally Posted by Pitt Chick View Post
Home office for him, home office for her, their bedroom and.... let's see, a home gym or a guest room for bedroom #4.

Bam... all in use.
No need to be amazed at all!
Or they can be like my next door neighbors, who bought more house than they needed (or could really afford) and have to rent bedrooms out to make ends meet.
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Old 02-09-2016, 04:20 PM
 
Location: southwestern PA
20,426 posts, read 35,707,564 times
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Quote:
Originally Posted by Hedgehog_Mom View Post
Or they can be like my next door neighbors, who bought more house than they needed (or could really afford) and have to rent bedrooms out to make ends meet.
Then they are the example of living ABOVE their means.
We have a four bedroom house and live WAY below our means.

The # of bedrooms in a house is no indicator of what the OP is asking about.
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Old 02-09-2016, 04:43 PM
 
Location: Toronto, Ontario, Canada.
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My wife and I have a two story house, that has a 1 bedroom basement rental unit, our one bedroom main floor living area, and a one bedroom unit on the second floor. The basement and the second floor bring in a combined rental income of $ 2200. Which covers our mortgage, utilities and property taxes. We put an additional thousand dollars a month into paying down the mortgage.


The total square footage of the house is 1500. It works for us.


Jim B.
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Old 02-09-2016, 05:06 PM
 
33,046 posts, read 20,714,185 times
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Quote:
Originally Posted by Pitt Chick View Post
Home office for him, home office for her, their bedroom and.... let's see, a home gym or a guest room for bedroom #4.

Bam... all in use.
No need to be amazed at all!

With all the talk of income inequality, as a poor person who rents rooms in crowded houses, I'm surprised housing inequality isn't on anyone else's radar.

You know, where some people have an entire house to themselves and others are overcrowded.
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Old 02-09-2016, 06:35 PM
 
Location: southwestern PA
20,426 posts, read 35,707,564 times
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Quote:
Originally Posted by freemkt View Post
With all the talk of income inequality, as a poor person who rents rooms in crowded houses, I'm surprised housing inequality isn't on anyone else's radar.

You know, where some people have an entire house to themselves and others are overcrowded.
Might be because that is not on topic. "What do you consider "Living below your means"?"
You CAN start another thread on that.
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