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Old 11-12-2012, 06:03 AM
 
837 posts, read 1,798,184 times
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I dont know how you people save so much. I'm impressed.
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Old 11-12-2012, 08:57 AM
 
Location: MO->MI->CA->TX->MA
7,032 posts, read 14,477,372 times
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Quote:
Originally Posted by Info Guy View Post
I save 99% of it. 1% of it goes to bills and the rest in investments.
Early Retirement Extreme has a very unconventional budget plan and it still involves living off of $7000 a year.

So you make $700,000+ a year?
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Old 11-13-2012, 06:07 PM
 
4,338 posts, read 7,505,877 times
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Quote:
Originally Posted by chicagotodc View Post
I dont know how you people save so much. I'm impressed.
That depends on what your future goals are, sacrifices you are willing to make, what you want to do with the saved money, the type of lifestyle you want to live now and later.
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Old 11-13-2012, 06:08 PM
 
4,338 posts, read 7,505,877 times
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Quote:
Originally Posted by ragnarkar View Post
Early Retirement Extreme has a very unconventional budget plan and it still involves living off of $7000 a year.

So you make $700,000+ a year?
Not 700K.

ERE does not take family into consideration though.
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Old 11-14-2012, 07:54 AM
 
Location: Ayrsley
4,713 posts, read 9,699,636 times
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I'd say about 25%-30% goes into long term savings (cash / investments / retirement accounts) and another 10-15%% goes into what I guess you could call short-term savings, which is money we set aside out of each paycheck to pay for things like vacations, home improvements and car repairs so that when we do incur those costs, we have the cash to pay for them upfront.
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Old 11-14-2012, 07:58 AM
 
Location: MO->MI->CA->TX->MA
7,032 posts, read 14,477,372 times
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Quote:
Originally Posted by Info Guy View Post
Not 700K.

ERE does not take family into consideration though.
Then it needs to be added to your expenses if you're living off of the welfare of your family.
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Old 11-14-2012, 09:27 AM
 
Location: Table Rock Lake
971 posts, read 1,452,742 times
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Having been retired for 15 years, I can save sometimes 10 to 20% of my monthly income. Some months I go in the hole. Presently I am between 12 to 14% over budget for the year due to increased costs of utilities and groceries. December will be a big hit when I pay personal and property taxes which will be about 5% of my yearly gross income. My reserve keeps going down.
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Old 11-14-2012, 09:44 AM
 
Location: The analog world
17,077 posts, read 13,358,417 times
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We spend a third, pay taxes with a third, and save/invest the remaining third of our household gross income.
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Old 11-14-2012, 01:27 PM
 
4,338 posts, read 7,505,877 times
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Originally Posted by ragnarkar View Post
Then it needs to be added to your expenses if you're living off of the welfare of your family.
I am also helping them and they help me. We all help each other out.

Big companies don't succeed with just one person. Team work is the way to go.
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Old 11-14-2012, 02:38 PM
 
Location: MO->MI->CA->TX->MA
7,032 posts, read 14,477,372 times
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Quote:
Originally Posted by Info Guy View Post
I am also helping them and they help me. We all help each other out.

Big companies don't succeed with just one person. Team work is the way to go.
I won't dispute that.. but special arrangements doesn't artificially decrease your expenses.

My question to you now is: how much does your family spend collectively (including you)? Let that = X (and no, don't need to post that here.)

How much does your family earn collectively (including you)? Let that = Y (also don't post this).

Now take X/Y.. if you still get 1%, then Congrats, hats off to you!!
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