Expenses for a month will run us 3500$. We live very simple and have a few more things then what we need in life but we can at this time. Won't owe anyone anything and I work about one month a year for my gas money. LBYM is key.
No, I don't think you live in poverty at all. I think that you are richer than almost anyone in the city. The trouble is most people don't understand what the quality of life is. They think about money, money & more money but it's really about time to relax, think, have a drink & shooting the breeze with someone you like. I know cause I used to own a cottage beside the lake & had many great years there. Hack, having a 2,500 square home, TVs in every room, 3 car garage, etc. is not quality of life. It's slavery, North American style. You think you own things but those things really own you. On your death bed, you'll be sorry that you learned this too late.Seems a no brainer
Live within yer means
More like Credo
We don’t touch $1000/mo
Don’t even know what I’d do with it
I may buy gold, if anything
Been that way for pushing four years now
Heh, most folks here would think I live in extreme poverty
Well to do, for me, is having 14 cord of would stacked up for the next two winters
and living each moment in the comfort, joy and satisfaction of hard work...with my hands, gives us
Do you have a savings/investment plan through your employer?What would be a good investment to get into? Anyone know?
I wouldn't even know who to talk to about getting a mutual fund. This is bad. LOLDo you have a savings/investment plan through your employer?
For me, payroll deduction was the most painless way for me to start saving and investing. Start out with a small percentage of your pay and every time you get a pay increase bump up the savings portion by a little.
I would start with plain old savings until you build up an emergency cushion. Then look to see if they offer a no-load balanced mutual fund that handles the investment allocation between stocks and bonds for you.
https://www.investopedia.com/terms/b/balancedfund.asp#:~:text=Balanced funds are mutual funds,both income and capital appreciation.
If you think you'll need the money within the next year, keep it in a money market fund.I wouldn't even know who to talk to about getting a mutual fund. This is bad. LOL
I live in next to nothing anyway so I'm used to it. LOLMarci, Im in the same boat i guess.... I have to move my 401K someplace once I retire, even if I go back part time.
I can roll it into my retirement, but figure its best to keep it as a separate cash fund instead of a few hundred extra a month.
If you learn to live on nothing then a little seems rich.....
Worry about that when the time comes, everything is likely to be different by the time you retire.Yes but what do I do with it when I retire? I don't know where to roll it over to that's good.
But then again, there's no guarantee on how long you are going to live so who am I to pass judgement on those who want to have fun and enjoyment while they are fit and able?I've head the term "live below your means" all my life.
On one level it means spending less money than you take in.
On another level it means your lifestyle should be below your ability to pay for it.
At first glance, those two definitions might seem to say the same thing, but they don't.
There is a difference between "spending money" and "lifestyle." Like a friend of mine, some people who have "champagne taste on a beer budget"... live the champagne lifestyle when they get paid... then are forced to live without either champagne or beer once that money runs out... until they get paid again... then the vicious cycle repeats. Needless to say, they are not savers. They try to continue their champagne lifestyle as long as possible by getting into more and more debt until they become bankrupt.