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Joined: Nov 2011
Posts: 22,608 Likes: 22
Freak of Nature
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Freak of Nature
Joined: Nov 2011
Posts: 22,608 Likes: 22 |
Five percent might be generous.
Think about that: SIX months of complete living expenses - mortgage, food, utilities, vehicles, insurance, any other mortgages or bills (like college loans, the 48 acres you bought, etc.), whatever kids' stuff you have going on and your "Oh chit!" emergency money.
Six months of living expenses. Right now just do a rough calculation of your expenses and compare it to your savings that could be obtained immediately without penalty (like from a Roth or other fund).
Five percent of average folks might be generous. I'd say maybe 2 percent, although I hope you're right at 5 or more.
Yeah. It's going to be like $50K in cash (and sometimes much more) for 6 month's of living expenses for even some middle class folks
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Joined: Nov 2015
Posts: 13,024 Likes: 3
Booner
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Booner
Joined: Nov 2015
Posts: 13,024 Likes: 3 |
I would hope it would be more than that. If not, they need to buy a business(s) or get some more jobs.
I offered to match what he saved to buy his first car and that little poop stain was able to cobble together about three times what I thought he would be spending.
Then he goes looking for a car and just happens to run across a hell of a deal and spent about half of what he had budgeted. He would only accept half of what he spent even though I try to this day to give him the rest to match what he saved.
Whoever is happy will make others happy too. Anne Frank
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Joined: Jun 2016
Posts: 2,644
10 point
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10 point
Joined: Jun 2016
Posts: 2,644 |
Five percent might be generous.
Think about that: SIX months of complete living expenses - mortgage, food, utilities, vehicles, insurance, any other mortgages or bills (like college loans, the 48 acres you bought, etc.), whatever kids' stuff you have going on and your "Oh chit!" emergency money.
Six months of living expenses. Right now just do a rough calculation of your expenses and compare it to your savings that could be obtained immediately without penalty (like from a Roth or other fund).
Five percent of average folks might be generous. I'd say maybe 2 percent, although I hope you're right at 5 or more.
Yeah. It's going to be like $50K in cash (and sometimes much more) for 6 month's of living expenses for even some middle class folks We have disability at ~$4k a month which is a portion of my wife’s salary. I make a decent salary but we definitely rely on hers more. She also works with her hands so if she couldn’t operate for 6 months we’d be in trouble without an emergency fund (which we have). The disability doesn’t kick in for 3 months. But, we don’t have a car payment or a house payment either so we’re over protected…and I’m not complaining.
I hope we have once again reminded people that man is not free unless government is limited. There�s a clear cause and effect here that is as neat and predictable as a law of physics: as government expands, liberty contracts. � Ronald Reagan
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Joined: May 2015
Posts: 6,363
12 point
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12 point
Joined: May 2015
Posts: 6,363 |
Instead of wondering how people retire, I wonder how people live without jobs.
I guess if they can pull disability, SS, etc. during their "prime" earning years, they'll have no problem sucking that teet into retirement.
To add fuel to the fire, I have a fair number of employees who drive 40-50K vehicles and don't make near that in annual salary. I always tell them I must be paying them too much cause they drive a nicer vehicle than their boss.
Public Land Owner
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Joined: Dec 2012
Posts: 452
4 point
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4 point
Joined: Dec 2012
Posts: 452 |
All of the things you guys are discussing are written about in this book "The Millionaire Next Door". It's a great read and available here at the link below in pdf for free. The discussion of parents money and kids is a pretty big portion of the book.
http://davidbeitler.com/temp/The%20Millionaire%20Next%20Door%20%5BBook%5D-MANTESH.PDF.pdf
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Joined: Jan 2009
Posts: 7,780
14 point
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14 point
Joined: Jan 2009
Posts: 7,780 |
Think about that: SIX months of complete living expenses - mortgage, food, utilities, vehicles, insurance, any other mortgages or bills (like college loans, the 48 acres you bought, etc.), whatever kids' stuff you have going on and your "Oh chit!" emergency money.
But you have to owe to have good credit and some find that important. Not me. All of those I owe is food and utilities. No kids. I would guess if I had to, just food and utilities, $6000/6 months. What really eats me up though besides insurances is diesel fuel. But I don't have to ride the equipment as much as I do.
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Joined: Jun 2016
Posts: 2,644
10 point
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10 point
Joined: Jun 2016
Posts: 2,644 |
Think about that: SIX months of complete living expenses - mortgage, food, utilities, vehicles, insurance, any other mortgages or bills (like college loans, the 48 acres you bought, etc.), whatever kids' stuff you have going on and your "Oh chit!" emergency money.
But you have to owe to have good credit and some find that important. Not me. All of those I owe is food and utilities. No kids. I would guess if I had to, just food and utilities, $6000/6 months. What really eats me up though besides insurances is diesel fuel. But I don't have to ride the equipment as much as I do. Health insurance - $660 Life insurance - ~$200 for both of us Disability - $85 Car insurance - $230 Power - $180 Water/sewage - $130 Cable/internet - $130 Cell phones - $120 Gas - $620 for both of us Groceries - $500 Tuition - $500 That’s $3355 total going out a month for my wife and I and I believe I’m actually forgetting a couple. That means we need $20k in an emergency fund just to have enough for the bills. Of course if we were in the situation we would tighten up the belt…but I don’t see how people live with a $2k mortgage, $700 truck payment, credit card debt, AND all of those bills I listed. I would lose the hair on the sides of my head...
I hope we have once again reminded people that man is not free unless government is limited. There�s a clear cause and effect here that is as neat and predictable as a law of physics: as government expands, liberty contracts. � Ronald Reagan
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Joined: Nov 2015
Posts: 13,024 Likes: 3
Booner
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Booner
Joined: Nov 2015
Posts: 13,024 Likes: 3 |
All of the things you guys are discussing are written about in this book "The Millionaire Next Door". It's a great read and available here at the link below in pdf for free. The discussion of parents money and kids is a pretty big portion of the book.
http://davidbeitler.com/temp/The%20Millionaire%20Next%20Door%20%5BBook%5D-MANTESH.PDF.pdf The millionaire mind is a good one too. Written by the same two researchers. Very surprising data they collected.
Whoever is happy will make others happy too. Anne Frank
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Joined: Jun 2016
Posts: 2,644
10 point
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10 point
Joined: Jun 2016
Posts: 2,644 |
All of the things you guys are discussing are written about in this book "The Millionaire Next Door". It's a great read and available here at the link below in pdf for free. The discussion of parents money and kids is a pretty big portion of the book.
http://davidbeitler.com/temp/The%20Millionaire%20Next%20Door%20%5BBook%5D-MANTESH.PDF.pdf The millionaire mind is a good one too. Written by the same two researchers. They usually advocate having a lot of debt 
I hope we have once again reminded people that man is not free unless government is limited. There�s a clear cause and effect here that is as neat and predictable as a law of physics: as government expands, liberty contracts. � Ronald Reagan
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Joined: Nov 2015
Posts: 13,024 Likes: 3
Booner
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Booner
Joined: Nov 2015
Posts: 13,024 Likes: 3 |
All of the things you guys are discussing are written about in this book "The Millionaire Next Door". It's a great read and available here at the link below in pdf for free. The discussion of parents money and kids is a pretty big portion of the book.
http://davidbeitler.com/temp/The%20Millionaire%20Next%20Door%20%5BBook%5D-MANTESH.PDF.pdf The millionaire mind is a good one too. Written by the same two researchers. They usually advocate having a lot of debt Sarcasm?
Whoever is happy will make others happy too. Anne Frank
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Joined: Jun 2016
Posts: 2,644
10 point
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10 point
Joined: Jun 2016
Posts: 2,644 |
All of the things you guys are discussing are written about in this book "The Millionaire Next Door". It's a great read and available here at the link below in pdf for free. The discussion of parents money and kids is a pretty big portion of the book.
http://davidbeitler.com/temp/The%20Millionaire%20Next%20Door%20%5BBook%5D-MANTESH.PDF.pdf The millionaire mind is a good one too. Written by the same two researchers. They usually advocate having a lot of debt Sarcasm? Definitely!
I hope we have once again reminded people that man is not free unless government is limited. There�s a clear cause and effect here that is as neat and predictable as a law of physics: as government expands, liberty contracts. � Ronald Reagan
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Joined: Nov 2015
Posts: 13,024 Likes: 3
Booner
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Booner
Joined: Nov 2015
Posts: 13,024 Likes: 3 |
Sorry - I never can tell even in person. I was about to say "are we reading the same book?".
Whoever is happy will make others happy too. Anne Frank
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Joined: Jun 2016
Posts: 2,644
10 point
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10 point
Joined: Jun 2016
Posts: 2,644 |
I hope we have once again reminded people that man is not free unless government is limited. There�s a clear cause and effect here that is as neat and predictable as a law of physics: as government expands, liberty contracts. � Ronald Reagan
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Joined: Sep 2014
Posts: 3,126
10 point
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10 point
Joined: Sep 2014
Posts: 3,126 |
All of the things you guys are discussing are written about in this book "The Millionaire Next Door". It's a great read and available here at the link below in pdf for free. The discussion of parents money and kids is a pretty big portion of the book.
http://davidbeitler.com/temp/The%20Millionaire%20Next%20Door%20%5BBook%5D-MANTESH.PDF.pdf Read that book. very good perspective builder
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