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I have a lot of 8 1/2 by 11 sheets of paper from binders from work. Cleaning out and saving the papers as I can write on the other side for scatch paper. I also save print papers I don't need, to do the same. I now have a stack 3 " high for scratch paper.
Noodles, bread, growing vegetables, raising chickens for eggs and meat, quilting (turning rags into blankets!)
...the shere boredom of these activities...is there no middle way between living in autarcy and being a consumer freak?
A lot of people find these activities anything but boring. Cooking, quilting, raising chickens, gardening, etc-- these are hobbies for thousands and thousands of people.
Like they say, don't knock it 'til you've tried it.
There's a lot of creativity and hands on work involved in these pursuits, and some require a certain degree of aptitude and aren't for everyone. I like gardening, but it doesn't always like me, for instance.
However, these sorts of things are how we save to pay for the fun stuff, so if I do the work I get the prize. Plus, we get the bonus of having fresh baked bread and home grown tomatoes. All I miss out on is some tv or internet time, which while not "boring" are a total waste of time, unlike the above mentioned pursuits.
Use leftover soy sauce/duck sauce packets from Chinese takeout instead of buying bottles of it. Ask for extra packets when you place your order.
Also pick up extra packets of mustard, ketchup, sugar substitute, etc. when you eat out at fast food restaurants. (When I was in college I even used to bring home extra napkins).
You can not always increase your income, but you can control your cost-of-living.
In the book: "The Millionaire Nextdoor" they show hundreds of examples of this. Controlling your output, controls how much you have to invest with.
You simply can not control your income as easily.
It is possible to earn $65k/year, to support a family; and to be poor.
It is also possible to earn $65k/year, to support a family, and to accumulate a large Net Worth.
I worked in a career field filled with men who had families and who insisted that we were all poor and under-paid. Yet my Dw and I worked very hard to learn to control our taxes and our cost-of-living, and our Net Worth grew.
We amassed a large portfolio before my retirement.
I saw others who had exactly the same Gross income as I had. they were struggling and often needed assistance. While I was collecting apartment buildings, from the same level of income.
Learning to budget your self, and tax-planning are far more important than focusing on income.
Here's how I look at it. If I make $30,000 a year, no matter how much I save, I will never have more than $30,000. But if I make $90,000, I need only save a third of it to come out the same. Sometimes people walk over dollars to get to pennies. They spend so much time saving scraps and doing little things when they could use that time to make more money. If I earn $200,000, it would pretty hard not to save $50,000. Someone earning $30,000 could never reach that level, no matter how frugal.
Saving is finite. Earning is theoretically infinite.
Here's how I look at it. If I make $30,000 a year, no matter how much I save, I will never have more than $30,000. But if I make $90,000, I need only save a third of it to come out the same. Sometimes people walk over dollars to get to pennies. They spend so much time saving scraps and doing little things when they could use that time to make more money. If I earn $200,000, it would pretty hard not to save $50,000. Someone earning $30,000 could never reach that level, no matter how frugal.
Saving is finite. Earning is theoretically infinite.
It is very difficult to go from a $30k career field and step into a $200k career field. It is not an easy task.
If you pay 40% of your Gross Income to taxes; learning tax-planning skills to limit how much taxes you pay, can lower to taxes and possibly make you tax exempt. Recovering 40% of your Gross Income. I did it, it is possible. I worked alongside men who were paying 40% of their Gross Income to taxes, while I was tax-exempt. The difference? I took IRS taught courses, learned about tax-planning, and began practicing those principles.
If you pay 40% of your Gross Income to debt interest, stop being in debt. Recover that 40% of your Gross Income.
I control how much of my Gross Income goes to taxes, and how much goes to interest payments. Nobody else controls that, I do.
You can too.
Instantly and without changing my career, I recovered huge portions of my Gross Income that had been lost previously.
My career field Gross Income peaking at around $65k/year before I was forced onto retirement due to old age [high-year-tenure].
I woke-up and began controlling my budget, my taxes, and my debt when I had 14 years left before my retirement.
During that 14 years, I was able to double my Net Income.
And I invested with that increase in my paychecks.
During the last year that I was working, we calculated our Net Worth to be very near $1million. Very near indeed, but not over that.
Using simple math 65k times 14 only comes up to 910,000. And that would be without any living expenses or professional expenses, and without supporting a family.
I was supporting a family, I was the sole financial provider for my family, and I did have professional out-of-pocket expenses.
By controlling our tax liability, by controlling our debt load, by closely budgeting ourselves [watching every penny and coupon clipping], we were able to amass a portfolio worth well more than seems possible.
It is far more likely that you can double your Net Income by these methods; than it is to double your Gross Income by walking into a higher paying job.
With sound investment methods and ever remaining fully tax-sheltered, you can amass a large Net Worth. In a relatively short period of time [<20 years].
It is very difficult to go from a $30k career field and step into a $200k career field. It is not an easy task.
If you pay 40% of your Gross Income to taxes; learning tax-planning skills to limit how much taxes you pay, can lower to taxes and possibly make you tax exempt. Recovering 40% of your Gross Income. I did it, it is possible. I worked alongside men who were paying 40% of their Gross Income to taxes, while I was tax-exempt. The difference? I took IRS taught courses, learned about tax-planning, and began practicing those principles.
If you pay 40% of your Gross Income to debt interest, stop being in debt. Recover that 40% of your Gross Income.
I control how much of my Gross Income goes to taxes, and how much goes to interest payments. Nobody else controls that, I do.
You can too.
Instantly and without changing my career, I recovered huge portions of my Gross Income that had been lost previously.
My career field Gross Income peaking at around $65k/year before I was forced onto retirement due to old age [high-year-tenure].
I woke-up and began controlling my budget, my taxes, and my debt when I had 14 years left before my retirement.
During that 14 years, I was able to double my Net Income.
And I invested with that increase in my paychecks.
During the last year that I was working, we calculated our Net Worth to be very near $1million. Very near indeed, but not over that.
Using simple math 65k times 14 only comes up to 910,000. And that would be without any living expenses or professional expenses, and without supporting a family.
I was supporting a family, I was the sole financial provider for my family, and I did have professional out-of-pocket expenses.
By controlling our tax liability, by controlling our debt load, by closely budgeting ourselves [watching every penny and coupon clipping], we were able to amass a portfolio worth well more than seems possible.
It is far more likely that you can double your Net Income by these methods; than it is to double your Gross Income by walking into a higher paying job.
With sound investment methods and ever remaining fully tax-sheltered, you can amass a large Net Worth. In a relatively short period of time [<20 years].
I don't doubt your plan, but to repeat my point , income has no limit while saving does.
Here are a few that we've used, though nothing new;
•Unplug anything in your house that you aren't using.
•If you have cell phones- cancel your landline if you have one.
•Library! Good entertainment for now cost. You can even rent dvd's.
In order to start getting your finances under control, it's a good idea making a budget using money management tools and see where we can cut back on in our home budget.
Here's how I look at it. If I make $30,000 a year, no matter how much I save, I will never have more than $30,000. But if I make $90,000, I need only save a third of it to come out the same. Sometimes people walk over dollars to get to pennies. They spend so much time saving scraps and doing little things when they could use that time to make more money. If I earn $200,000, it would pretty hard not to save $50,000. Someone earning $30,000 could never reach that level, no matter how frugal.
Saving is finite. Earning is theoretically infinite.
1. To aim for a high-paid career, one needs to go into debt (student loan debt). The higher the aim, the larger the debt.
2. Show me a highly paid person who braids rugs and lives in a 800 sq.ft. house. They need to have adequate toys and cars and houses, to keep up appearances. People in the $200,000 bracket do find it hard to save $50,000.
3. Difference in happiness (read, health). To make it over the rainbow to the "rich retirement" you would have to go through stressful jobs, kissing bosses' rear ends, losing out on time with your family, - just to finally arrive to a lake with your fishing rod. Well, the $30,000 - earner will have been fishing there for 30 years already.
Spice jars: (I've always been wondering why they sell tiny (but aesthetically pleasing) jars but larger bags of spices. Or, if growing own herbs, the teeny jars are also inadequate.) Solution: mason jars, 12 of them for $7 or so. Attach nice bright labels.
Individual slats of old vinyl window shades make garden markers.
Spices do not stay at peak for long, therefore it's better to have small amounts on hand and buy as you need to replace. Of course if you're raising basil you have an endless supply so you just harvest small amounts and use fresh or dry and store, for instance.
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