What % of your income?

[John Paul]

We buy toys and pay em off. Pay extra on house and vehicles when we can. We vacation a lot and like to have fun. We won’t retire cause every one we see that retire fall in to disrepair. We are both self employed and do well, so we limit are long term liabilities to need only basis, and finance all else as long as we can at short rates and pay off early when we can .

[Roy]

I’m blessed to make a decent living so we live off my income and my wife’s goes to savings and retirement. We only have 1 kid right now so banking what we can, if we have another she will more than likely stay home

And to the other person who said we must live a boring life... we do. Don’t go out to eat often, haven’t taken a vacation in 2 years and don’t buy a lot of stuff we want but we know what we want in the future and have a plan to get there. Land in Texas and Maui isn’t cheap

I think you missed the point of the "Fisherman vs Banker" thread posted earlier (if you read it). No amount of money can 'buy' back your time wasted while trying to save for some imaginary goal. The only guarantee you will face in your future is death. So quit being boring.

Besides, at the rate we are going, your money will be completely worthless by then and you 'still' won't be able to afford land in Texas and Maui...

[Hooverfb]

I probably live a boring life as well, I am a Ramsey follower, I save around 20% of my gross pay, carry no debt, have two children, and live on one income as my wife stays home. Call me an average Joe but we live on a zero based budget and I can’t squeeze much more than 20% out. I just feel like these financial posts can be very discouraging to someone who is just getting started on their financial journey and does not make a half a million a year!

Like I said I'm blessed. And when I started out,I calculated exactly what it would take to have the life I wanted, and went for it. I've been a framer, a painter, steel mill guy in the refinery, to writing algorithms for trading to now software in oil and gas. Like I said VERY blessed, but even in my job theres guys with twice as much debt, worse spending, etc. I know how hard I worked when I only made 24 k a year, so I dont waste a penny of what I make now. I only have 1 kid and wife stays at home, and honestly kids can make a big difference depending on how you spend. Food expenses are one of the ones that can get folks. I dont spend more than 100-130 including the dog food, a week for a family of 3. But I make our own bread, we cook a lot, and we generally get organics where it matters and value cuts of meat. Having a healthy diet helps keep groceries down, and I dont have cable cause I'd rather do literally anything else, etc.

I do sometimes wish I took more vacations, but honestly I dunno what I'd really do if I wanted to take more lol. I like the beach even if it's not the best, cause I was land locked before, I like enjoying what I've worked for, and like spending time with my son hopefully teaching him and raising him to have it even better. When I've told my wife to pick anywhere for a vacation and we'll go, she normally thinks of a million ideas but cant settle on one and ends up with something simpler. Most of my summers as a kid were spent camping and that was as much if a vacation as I got compared to other kids, so pretty much everything I do now with my son is a step up. No shame in it, it's what dad could afford then and hes doing better now too.

[Strummer]

My goal is to save 25k this year. Only 32k to go.

Same here

[12RingKing]

I think you missed the point of the "Fisherman vs Banker" thread posted earlier (if you read it). No amount of money can 'buy' back your time wasted while trying to save for some imaginary goal. The only guarantee you will face in your future is death. So quit being boring.

Besides, at the rate we are going, your money will be completely worthless by then and you 'still' won't be able to afford land in Texas and Maui...

Quality of life is determined by the individual.

Some people love spending thousands a year on hunting and fishing, and that’s great for them. They’re doing what they enjoy, more power to them.

I, on the other hand, like a big wad of money in the bank. If I don’t have a nice pile of cash I can get anxiety.

So my quality of life is directly tied to my savings. I refuse to pay the money that most people are wanting for a decent deer lease too. I haven’t had a lease in 5 years or more now.

[12RingKing]

Like I said I'm blessed. And when I started out,I calculated exactly what it would take to have the life I wanted, and went for it. I've been a framer, a painter, steel mill guy in the refinery, to writing algorithms for trading to now software in oil and gas. Like I said VERY blessed, but even in my job theres guys with twice as much debt, worse spending, etc. I know how hard I worked when I only made 24 k a year, so I dont waste a penny of what I make now. I only have 1 kid and wife stays at home, and honestly kids can make a big difference depending on how you spend. Food expenses are one of the ones that can get folks. I dont spend more than 100-130 including the dog food, a week for a family of 3. But I make our own bread, we cook a lot, and we generally get organics where it matters and value cuts of meat. Having a healthy diet helps keep groceries down, and I dont have cable cause I'd rather do literally anything else, etc.

I do sometimes wish I took more vacations, but honestly I dunno what I'd really do if I wanted to take more lol. I like the beach even if it's not the best, cause I was land locked before, I like enjoying what I've worked for, and like spending time with my son hopefully teaching him and raising him to have it even better. When I've told my wife to pick anywhere for a vacation and we'll go, she normally thinks of a million ideas but cant settle on one and ends up with something simpler. Most of my summers as a kid were spent camping and that was as much if a vacation as I got compared to other kids, so pretty much everything I do now with my son is a step up. No shame in it, it's what dad could afford then and hes doing better now too.

I have this conversation with my wife, and I am told it’s expensive to eat healthy and the kids need their shows. I wish I could cut the cord on cable, but she’s a stickler. Groceries are dang expensive too. We try to keep it at $200 a week and it’s tough.

[skinsfan]

I can’t give up cable TV, I love watching the news in the morning, NFL in the fall, and even a few shows during the week. I too get happiness from financial stability and debt gives me anxiety.

[hooligan]

I think you missed the point of the "Fisherman vs Banker" thread posted earlier (if you read it). No amount of money can 'buy' back your time wasted while trying to save for some imaginary goal. The only guarantee you will face in your future is death. So quit being boring.

Besides, at the rate we are going, your money will be completely worthless by then and you 'still' won't be able to afford land in Texas and Maui...

You live yours and I’ll live mine. I spend a lot of time with my family and don’t sacrifice anything important. The only thing I’m not getting right now is materialistic things. We’ll have our place in Maui in 5 years. Im not saying anyone should do what we do or that how others spend their money is wrong.

[Hooverfb]

I have this conversation with my wife, and I am told it’s expensive to eat healthy and the kids need their shows. I wish I could cut the cord on cable, but she’s a stickler. Groceries are dang expensive too. We try to keep it at $200 a week and it’s tough.

Yeah my wife is similar, but I've somewhat convinced her. For instance, buying a head of spinach/lettuce is cheaper than the pre cut/processed bags of it, buying dried lentils, beans, etc vs cans of it, basically anywhere where you are paying for processing of some kind, you generally get a better product for cheaper if you go to the source of what it is.

[Roy]

You live yours and I’ll live mine. I spend a lot of time with my family and don’t sacrifice anything important. The only thing I’m not getting right now is materialistic things. We’ll have our place in Maui in 5 years. Im not saying anyone should do what we do or that how others spend their money is wrong.

Family time is the most important time! Looking forward to the pics from Maui!

[Texans42]

Yeah my wife is similar, but I've somewhat convinced her. For instance, buying a head of spinach/lettuce is cheaper than the pre cut/processed bags of it, buying dried lentils, beans, etc vs cans of it, basically anywhere where you are paying for processing of some kind, you generally get a better product for cheaper if you go to the source of what it is.

Can be argued that vine ripened flash frozen is more healthy but I think at that point is semantics.

I cut cable, most newer TV’s(last 8 years) have Internet streaming, you can steam a lot of stuff for what cable costs.

[TheHammer]

You folks saving 30-50% Are very rare, you don’t do that on average wages with a family. These financial forums always turn into a chest beating competition.

I make a “normal” salary and save 30-40% fairly easily. It’s all about priorities. I do have a small family, wife and one child, but saving 40% of our income is our goal baring no emergencies.

[hooligan]

Family time is the most important time! Looking forward to the pics from Maui!

Yes sir, our daughter is only 1 but already growing too fast. Making it a priority to either take her to or pick her up from day care and be there for dinner or at least bed time every night. If we are blessed enough to have more kids our saving will go from 30% to about 10% when my wife stays home

[TheHammer]

I save. Idk what percent. But I save. We keep a good chunk in the bank. $15-20k. Put plenty into a 401k. And have fun with the rest. Idk when I’ll die. Maybe tomorrow. Maybe 60 years from now. But I’m going to have fun. Screw Dave Ramsey. I bet he is boring at a party and too cheap to go hunting

Definitely not wrong or bad at all, but I wonder if you’ll feel same if you’re working a job at 55-60?

[trophy8]

Definitely not wrong or bad at all, but I wonder if you’ll feel same if you’re working a job at 55-60?

Guess we shall see. I have 6 figures in my 401k and IRA. I’m 29. I never said don’t save. I do. Money in the bank. IRAs. 401k. Assets I can sell if need be. I’m far from hurting. I’d wager 90% or better of folks my age aren’t close to that. And from the looks of it there’s a lot of folks 10+ years older than I am that aren’t that far ahead. I do have a plan. But I’m **** sure going to enjoy life. I’ve worked hard for what I have and where I’m at. Why save it ALL for when I’m old and can barely get around or possibly not be here anymore? There’s a difference in being dumb with money and balancing saving and having fun.