Do the old rules still apply?
- Thread starter Aunt Bea
- Start date
Do the old rules still apply?
Aunt Bea, I don't understand all of the new fangled rules, so the old rules still and always will apply to me.
Old fashioned? Yeh, definitely.
A stick in the mud? Probably.
A dynasaur? No, they are what I try to keep out of my cave.
MACKTEXAS
Well-known Member
There are a few houses in the area here with metal roofs. I've never asked about one since I assumed they were very expensive. I've heard that if they are dented by hail, insurance won't cover that because it's considered cosmetic damage (won't leak). But I've never asked my insurance agent about it.
Lizzie00
😎
- Location
- Down South
I suppose one could estimate the inflation rate and subtract that number from the estimated annual interest rate…& then plug the resulting number into the calculator as the expected rate of return.
And then one could have a double on ice with a twist
Lizzie00
😎
- Location
- Down South
I don’t follow Dave Ramsey but i do use the free version of his Every Dollar budgeting app. I use it not to budget but rather to easily track monthly spending. The app keeps a running tally i.e. the total amount spent and the total amount remaining. So easy. So free. 
Aunt Bea
SF VIP
- Location
- Near Mount Pilot
That’s a great compromise.I suppose one could estimate the inflation rate and subtract that number from the estimated annual interest rate…& then plug the resulting number into the calculator as the expected rate of return.
And then one could have a double on ice with a twist
I played with the calculator a bit and those revisions are close to my calculations.
Timewise 60+
Senior Member
I have never had a set of rules I tried to live by! Still don't...! I am well over 70 and it has worked well for me so far. I did not inherit any money or anything for that matter. What I have I either made or paid for myself...like most all the people I know!
So, I don't get this post...
So, I don't get this post...
I'm like you and have always lived within my means by always running a mental budget, never needed any tools or spread sheets or such. I have no idea what my personal cost of living is or do I try and manage my life based on some national cost of living projections or financial gurus advise.
But unlike you I see how others need tools and a set of financial rules to live by. Mentally we are all different, some of us can constantly be running numbers in our brains but others can't, they need guidelines. I think it's important that we all find what works, and if that means charting every dollar in and out use what tools are available to do that.
gruntlabor
Well-known Member
- Location
- Last Frontier, Age 83
There is no such thing as a self-made man. --Frederick Douglass
Knight
Well-known Member
Didn't know there were rules, let alone old ones. Pretty basic & maybe like many we were living paycheck to paycheck. We did buy needs only.
Once our sons were old enough to be left alone for an hour after school life took a dramatic turn for the better. Jobs with great pay & benefits came our way. Having lived paycheck to paycheck was a life lesson we didn't want to repeat by going fake rich buying "wants".
My wife set in motion a plan for retiring early & funding it so that if Soc. Sec. were to disappear we would be OK without it.
30 years in retirement no budget. No mortgage for those 30 years. Home has little in the way of maintenance due to tile roof stucco exterior. 2024 vehicle cash purchase one less debt. Over those 30 years my DIY ability has reduced cost to upgrade the interior. Then recent purchases like new appliances, new HVAC the cost of home ownership has been tiny spread out over 30 years.
Due to my wife's planning we are living our best years in retirement.
Once our sons were old enough to be left alone for an hour after school life took a dramatic turn for the better. Jobs with great pay & benefits came our way. Having lived paycheck to paycheck was a life lesson we didn't want to repeat by going fake rich buying "wants".
My wife set in motion a plan for retiring early & funding it so that if Soc. Sec. were to disappear we would be OK without it.
30 years in retirement no budget. No mortgage for those 30 years. Home has little in the way of maintenance due to tile roof stucco exterior. 2024 vehicle cash purchase one less debt. Over those 30 years my DIY ability has reduced cost to upgrade the interior. Then recent purchases like new appliances, new HVAC the cost of home ownership has been tiny spread out over 30 years.
Due to my wife's planning we are living our best years in retirement.