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You can bend it a bit by altering the percentages to make it work better for you. How has the Rule worked out for you?

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Share your experiences in the comments! Trulia gives home buyers, sellers, owners and renters the inside scoop on properties, places and real estate professionals. Trulia has unique info on the areas people wa What is the Rule? This includes your rent, utilities, and things like groceries and transportation for work. Well, just wait until you will be 50 and young kids will discriminate you. Remember, you did the same thing to others when you were young!

Karma is right around the corner…. Great article. I would love your advice. I am a 23 year old female who has been working full time for a year after finishing undergrad. I currently only have a checking account with a few grand saved in it and two major credit cards. Thanks so much! Kind of ridiculous to keep working around our 70s. My wife and I currently have a good situation as far as income goes. Unfortunately, we only have about 20k in liquid risk free assets buffer , 50k in retirement accounts and a total net worth of about k.

So, quite a bit lower than your target numbers. Our expenses were high last year, but hoping this year will be much lower. The real dilemma is whether to work towards reducing principal in our mortgage or accumulating after tax savings and investing it. Our mortgage rate is 3. Benefits of Reducing Mortgage: 1. Low Risk Investment — Guaranteed 4. Discounted to inflation of 2. These returns will decrease over time….

Reduction in interest payments results in less interest tax benefits small 4. Since half of the property is a rental property, we are depreciating the asset. Other half will likely have no capital gains implications 5. All investments and paid principal will be into an illiquid asset. After-tax Investing 1. Much Higher risk but also higher potential return. But, is the equity risk premium here large enough when factoring in opportunity cost of the mortgage principal reduction?

Not sure current market levels… 2. Higher tax implications on cap-gains 3. Better liquidity if we ever needed to use those assets for something. Much higher potential to spend this money at some pt. The front-end load nature of a mortgage plays an interesting component in the decision. Solid near-guaranteed illiquid return vs Much higher risk but liquid and higher potential return…. I have equity; my father owns a pretty lucrative contracting business; his business provides certain benefits that i am starting to use to my advantage such as example: not having to pay for gas for my car.

Should I just start dumping majority of my income in my savings and let it increase? I find that once i put it in my savings i have a less need to spend becasue out of sight out of mind. The house I live in is worth about 90k and I owe 25k on it in debt. What is my best option for savings in the future? I have thought about creating more liquid cash instead of investing so heavily in the coming years? Is that a good option?

I have about 20k currently. Thank you for having this website and updated posts. I turned 26 on Sunday. Now, I am self disciplined to do so. I have to. I earn under 50k.. SF California. New car, student loans, multiple credit cards, and bills for adult living. I just gotta get to freedom sooner! Those kinds of saving rates arent even remotely in the ballpark for the working class. Not even close. I dont mean to sound snarky, but suggestion guidelines like that totally disolve any credibility to look at this site further.

Its simply not realistic for the vast majority of americans living check to check thanks to deflated wages and inflated costs of living. Sorry you are struggling to get by. These are all REAL people. You can deny my credibility, but you are only denying realty that real people are hustling every day to save and make a better life for themselves.

You must believe in yourself or else nobody else will. Related: Spoiled or Clueless? That is a very narrow skill set, how on earth is that supposed to be applicable to most people trying to break the cycle of living paycheck-to-paycheck? However, working those extra 20 hours in side jobs is what Sam is referring to. Im 21, making 47k and about 34k post tax a year. Budgeting and comfortably living below your means is the key.

My gf is great with coupons. My Tips: Get a roommate to lower rent cost despite mine being set regardless of roommates. Eat in more, and portion control, use leftovers for lunch the next day. Have your hobby to spend fun money, just dont go crazy like i did with a new sports car. Utilize company ks! Thinking about buying something? Also pull out cash to buy it, makes it harder in the checkout line to justify. I graduated college debt free, paying my own tuition on 9 dollar an hour at a gas station.

Which even on that income, I was saving nearly half. This stuff isnt impossible, its just hard to lower your living standard once youve become accustomed to a certain way of living. I dont know how you guys live paycheck to paycheck, I have always made saving a priority, and very cautious on my spending habits. HI Jesse!


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Same here. We opt to not do what we can easily afford to: live in a more desirable neighborhood, take fancy vacations, eat at expensive restaurants…. Today, we have 4 properties with tenants paying our mortgages. This might seem like a brag..

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Read my post again, was split bill with gf so that would be 40 for 1 week, for 2 people. All of our dinners consist of ground turkey, chicken, ground chickenn corn, some kind of green vegetables like green beans or brocolli. Breakfast bars for on the go breakfast or an egg something given the time.

Lunch consists of one or two snacks such as cucumber and hummus or some crackers and a sandwhich. Now for a week of dinners consider the following. Monday:spaghetti sauce,corn,noodles, ground turkey, broccoli Tuesday:quinoa, Brownsugar, soysauce,ground turkey your pack of ground turkey is gone now ,green onion. Wednesday:pasta, grilled chicken given whatever marinade or sauce you please, veggie. Thursday:breakfast for dinner! French toast and turkey. Friday:pasta gf loves pasta chicken stir fry Saturday:burgers Sunday: salad with raspberry dressing and fried chicken. All meals have the same core things like protein, pasta, veggie.

With different ingredients and recipes it can still vary a lot through the monthe. Takes careful planning. Let me know if you have questions. Cry me a freaking river. From I worked BS entry level jobs ranging from 7. Then, I, as someone who barely made anything, still was screwed by the government in taxes on income. Yet, I have managed to overcome and now I make k a year and have 1x savings in expenses by So please just shut up. I am a few years younger than you but that is exactly the truth!

I started with a minimum wage job then worked my way to six figures after busting butt for years and being dedicated. No one gives hand outs, you have to earn things in life if you want to succeed. Glad to know there are a few of us out there… But it can be everyone if they want it. But hard work simply scares people. Agree with your sentiment. Now wait until you have 2 kids, buy a house, get divorced, pay child support and alimony while simultaneously helping out your parents poor retirement planners with a six figure income! Hard work and belief are important but some luck helps as well…..

Congrats but shut up. With all due respect, you are 23 and your comments support the fact that you are not at a point where you can understand nor respect the concept of personal financial management. Unfortunately, a million dollars in investable assets not including real-estate would net you 40k per year in cash flow for at least 30 years of retirement.

That would cover the some of the costs to house you and or your wife in a long-term care facility when one or both of you get demantia. If not, you will wipe out most of your nest egg. Good luck on living in a van down by the river…! It depends on what you want to do when you retire.

If you want to travel a lot, still stay in your large home and do other things the way you were while working, then of course you are going to need a big nest egg. For me, it is just myself and no debt at I plan on retiring at 62 and just enjoy doing my photography and living in my mobile home. Look up compounding Mr. It is the most important part of investing and it is the part that you apparently are clueless about.

JB, Honestly I get where he is coming from. But to each their own I guess. There are so many that are in hock and continue to spend. I started saving in my early twenties. Madcuzyoureoutoftouch — You will realize a million is not enough as you get older. A quarter of that and in some cases half will not even cover medical expenses and healthcare till you pass away. The truth is that it is hard to talk about finances in the real world, so talking honestly about it here is important.

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I come here because I want good advice. But forgive me, this is one of the few places I can have this discussion. This is an important place. Which you thought sounded like bragging. People are here to plan better than average, so we are allowed to — supposed to! Million is a large number. And there is a great deal of boasting from braggarts in all walks of life, even here. Travel the world and open your eyes. You are wealthy, just not as wealthy as you desire. They may have hoped to be able to provide for children or grandchildren education. Or they may have hoped to give a substantial sum to their church or in support of missionaries.

When I read some of these threads, it seems that some believe the millionaire is selfish and frankly some of the posts strike me as mean-spirited. You are very immature and have no idea what the real world is.

To find work you love, don't follow your passion - Benjamin Todd - [email protected]

I am successful and have a house, and a comfortable savings. Your adolescence and immaturity shows what is truly wrong with this country and the mentality of young americans and millenials. I might be young but have worked hard for everything I have and grown in the process.

Good Luck. My comment was not bragging or boasting to anyone but simply my attempt to connect with others in a similar life situation. Will I need to adjust my lifestyle? Will I be required to work and how long and doing what? As Afterlaw poignantly articulated, life happens and one would need to be prepared financially for this. Even the negative opinions are welcome. I do not include my home equity in this figure.

If we downsize we will use the equity we get from our home to pay for our retirement home. I have 3 kids -1 freshman, 1 Junior in HS and 1 middle schooler. I have saved for 2 years of total public college costs for each in separate plans. I do plan to fund the 3rd year out of our annual cash and their 4th year is all on them through student loans. My wife is 5 years younger and plans to work a few years beyond my planned retirement.

I would guess we have around k in total out of pocket expenses today. I am not looking to have a high standard of living, but Id hate to have to work till I drop dead. Can you share how you did it? I am very impressed. So that grew a few thousand over the years to The other 15 was just living on an extremely low budget… When I moved out I got into an apartment for a month, absolute dump but I did save. I did without cable or wifi or air conditioning, didnt eat at restaurants and cut my own hair, just little things like that.

I lived a block from goodwill so I did most of my shopping between there and aldis. Dont use the ATM or the debit card.


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  • Yes, please put the credit card away. Finally, you will appreciate this post: Spoiled Or Clueless? Try Working Minimum Wage Jobs. I am My take home is about 45K. I have no debt, 35K in investments and 20K in savings. I hope to retire by 50 or earlier. Hi Lee. You guys are talking about saving money in stocks and investments. My question is,how do you even start doing the stocks without getting bad advice on where to buy stocks. Lexxy stop by your public library and ask the reference librarian to help you locate some articles and books.

    Concentrate on learning about interest paying stocks, index mutual funds, and compounding. Also read about the concept of making certain you have your investments and saving in a various forms [i. The librarian has no financial vested interest in your portfolio. Keep that thought in mind when other are trying to tell you on the idea of using them to handle your finances. Doing your own very easy to do homework will save yourself a bundle. Nobody has all of the answers nor can anyone guarantee you anything. Love your work. I am now 61 and retired.

    Keep up the good work and keep those funny yet truthful advise articles coming. In addition, I have about 40K in credit card and car loans. Based on your chart, it is fairly impossible for me to reach the targets by age 45 or Any suggestions for continuing to invest in the house or sell and shift to stocks or funds instead?

    According to your way of doing it you put in a ton of work and you end up with enough to leave you with 60 k a year. That is not retiring with dignity. So you save dollars a month which is 6k a year. If you do this then by the time you are 65 you will have accumulated 1. So even if you wanted to be really conservative you could have revenue from that well over your average salary. Trying to save without the power of compounding interest in the stock market is much more difficult than if you use it.

    Summary work smarter not harder. Source 18 year old investor. Also the financial samurai author is clearly focused on K plans, which means you ARE leveraging the stock market. Your comment makes no sense on any level. If your credentials and skills will give you a lot of leverage, you could perhaps take a less demanding or part-time job and teach a class or two part time if you really like academia.

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    Please do your due diligence and read how the stock market works. There are three key variables here, Principal, Rate of Return, Time. If you are young and have some money, go very aggressive all stocks. I would also recommend moving everything out of a k into a roth ira conversion to avoid taxes in the future. And also understand that you can make money even in down market with shorting and buying on the dip.

    Brian, while I understand your point… much easier said than done to make money on a down market via shorting and buying on dips…. As this February proved, markets can recover and recover fast, and many people who shorted lost their gains. I agree with you that young people should be aggressive I am 28 and am almost entirely small and mid-cap stocks. I think the key is: 1. Diversification 2. Keep making your regular contributions. Remember… when the market is down, your regular contributions buy more shares for your money 3. DRIP dividend reinvestment.

    On the other hand, those elderly folks should be cautious with their investments since they are near retirement. If they suffer huge losses they may lose a large chunk of the money they invested in and hence enter retirement with less money. Thanks for the article, it is really informative and very helpful. However, I still wonder whether or not I am at the right place in my savings or not. I am 30, married, own a house, and both cars are paid off. Very little student loans between my wife and I, maybe 15K total. Where does that put me in comparison to the population my age?

    Am I on the right track? Should I be doing anything else? Thanks for all your help!!! Combine household income of k. We have about k combined in k and 40k in liquid. We have two young children in child care. Or commute further. You should not have 50K in student debt at that age. Unfortunately I wandered here because I took some horrible losses in the stock market on my savings account not IRA. My tax refund will go straight to my IRA account but is not factored in here. I make 70, plus a free car and put at least 1, away a month never a dime less and always more if possible.

    Also, I have no debt. I apologize but I reread this ten times and am not certain. I want to purchase a home in 3 years and by then I expect my savings not including IRA to reach 56, To be clear…I will have 20k by years end when I turn 29 and not at the moment.

    Equity is considered part of your net worth. Just a few pointers that I and my peers wish we knew coming in:. This may be one of the largest, most highly-leveraged financial decisions you make in your life. Make no mistake, fiduciary duty or not, real estate agents or Realtors can be biased toward making you buy anything and everything.

    Take advantage of it! As the summer months fade and fall begins, you may be in a location where you can take advantage of the weather outside. Open the windows to get a breeze. Then, take a look at your electric and gas bills. Contact your energy provider and check to see if they offer average usage billing. This type of billing makes monthly budgeting that much easier. Here are his sneaky ways to hang onto your hard earned moolah. In fact, you can use this to make some extra money.

    Consider using services to get a percentage back on online purchases.

    19 Easy Ways To Save Money In Your 20s

    When you are going to buy online, use a service like Swagbucks, Ibotta or Butterfly Saves to get a percentage back on your purchase. And lastly, a tip of our own. Because we love nothing more than saving on travel. Love the Caribbean? Head there in July. Always wanted to see the Duomo? Visit Firenze this November. We're still seeing airfare at rock bottom prices, and as long as you stick to the off-season, you can save serious cash on hotels and restaurants.

    An added perk? No crowds. Because saving money in your 20s sets you up for your future. Here are her three practical ideas for ramping up your own savings this fall. Since then she's authored numerous cookbooks, including " The Art of Eating In ," and championed many slow food movements. Based in Lebanon, I cover travel and personal finance topics for millennials.

    I'm committed to a life of adventure and have lived in four countries before turning Alexandra Talty Senior Contributor.