Family Budgets Question: What % do you save each month?

[Trailer Park Casanova]

Do you pay yourself first?
We try to shoot for 15% to be locked away in the savings each month.
Curious what everyone elses monthly savings target is?
http://i44.photobucket.com/albums/f18/tpc123/mom.jpg

[scooooter7]

Target??
Does that count while treading water?

[Havasu1986]

$7.50 a hour goes into a 401K type pension thru my work. I started with .25 cents a hour 25 years ago. It has grown to close to 600K. :D

[photo chick]

4% a month & Mr. Perot matches it!

[uLtRADeNniS]

I don't have a family, but figure someday I will so...
15-20% of every dollar I earn goes into different investment accounts. I even have my future kids college funds set up.
I don't believe in savings accounts. Just never felt comfortable with giving my money to a bank and letting them pay me 3%(if I'm lucky)...while they loan it out on credit cards at 21% and keep the spread. :idea:

[EmpirE231]

0 :confused: what?? isn't that the ***boat way???:D

[mbrown2]

30%...trying ratchet it up a little each year...

[2Driver]

30%...trying ratchet it up a little each year...
Same here. We try for 30%+ We did it even when we weren’t making a whole lot. We always saved first then spent whats left. If that did not buy us the lifestyle we wanted we tried harder to make more money and get more savvy about our purchases.
Now at 47 I can tell you it was all worth it and I don’t think we sacrificed a thing looking back over 4 homes, 11 boats, 6 jet skis, 4 jeeps, 3 landcruisers, an H1 and lots of good times.

[MR.rvrluvr]

"SAVE" is a four letter word:mad: :devil: :devil: :D

[XtrmWakeborder]

About 1/4, but I don't have a family and it's mostly for a home purchase.

[riverfun]

Avg. about 25% a year now. Only problem is that we only got serious about the time I turned 30,(38 now) I now tell everybody I know who is young and starting out the importance of starting early.

[6 Dollar Boat]

15% (+ 3% match) into retirement accounts....
+
20% into investments....
=
38%

[bohica]

Between the wfie and I, we put the max away in our 401k's, $32K for this year. Then we have 529 college savings plans for the kids, $30K a year. We do a good job of managing to spend the rest on hobbies, between boating and duning all year long and just living life to it's fullest, not much is left over. My wife is always telling me were broke, but she fails to realize between retirement funds and college savings we've accumulated well over 3 million. Since we can't touch it yet, she still thinks were broke and trys to cut off my spending.:mad:

[mbrown2]

Between the wfie and I, we put the max away in our 401k's, $32K for this year. Then we have 529 college savings plans for the kids, $30K a year. We do a good job of managing to spend the rest on hobbies, between boating and duning all year long and just living life to it's fullest, not much is left over. My wife is always telling me were broke, but she fails to realize between retirement funds and college savings we've accumulated well over 3 million. Since we can't touch it yet, she still thinks were broke and trys to cut off my spending.:mad:
LMAO...I am part of that cut off club too...
6 Dollar..good job....hopefully I can increase it 32% this year year...I am not really committed enough to save it after I get the check, so everything comes out and goes somewhere else before I see it...and like Bohica after that it is living life to the fullest...stuff around house, hobbies and having fun...

[INSman]

Between the wfie and I, we put the max away in our 401k's, $32K for this year. Then we have 529 college savings plans for the kids, $30K a year. We do a good job of managing to spend the rest on hobbies, between boating and duning all year long and just living life to it's fullest, not much is left over. My wife is always telling me were broke, but she fails to realize between retirement funds and college savings we've accumulated well over 3 million. Since we can't touch it yet, she still thinks were broke and trys to cut off my spending.:mad:
You guys have done VERY well for yourselves, irrespective of what the wifey says. $3 mill will get you a LONG way in your retirement years. I am trying to play catch up... :D

[My Man's Sportin' Wood]

I save about 8% of my check right now, but I do have CalSTRS. For what that's worth. So they contribute some, and I do some. I should do more, I know.

[Trailer Park Casanova]

I save about 8% of my check right now, but I do have CalSTRS. For what that's worth. So they contribute some, and I do some. I should do more, I know.
When ya start pullin' chex from Cal Stars you'll be sooo happy you're vested.

[Trailer Park Casanova]

My wife is always telling me were broke, but she fails to realize between retirement funds and college savings we've accumulated well over 3 million. Since we can't touch it yet, she still thinks were broke and trys to cut off my spending.:mad:
It's called: Affluent Poverty.

[Jyruiz]

All together with my 401k the wifes two retirement programs she is in and the money we put away monthly, about 30%. Hoping to retire in our late fifties. We are not counting on SS either, hope nobody is as well.:)

[ULTRA26 # 1]

Not enough. Because of my income my 401K contribution is limited. Still close to 10% plus 2 houses. It could be better, but I'm happy. I'm 56 and believe SS will still be OK.

[Trailer Park Casanova]

All together with my 401k the wifes two retirement programs she is in and the money we put away monthly, about 30%. Hoping to retire in our late fifties. We are not counting on SS either, hope nobody is as well.:)
Yeah, SS is golf money.
Not enough. Because of my income my 401K contribution is limited. Still close to 10% plus 2 houses. It could be better, but I'm happy.
Yep,, what price contentment!!

[Boatcop]

I've got a chunk going into the State Public Safety Retirement. My wife is max contributing to Federal Retirement System and TSP. I'm also putting into 2 401K-type accounts. We'll retire in 9-10 years at 62.
My Military Retirement will kick in when I'm 60. SS for both of us at 65-67 (haven't decided yet).
The way it looks, we'll be bringing in more when we retire than we do now. And i's all guaranteed for life + COLAs.

[ULTRA26 # 1]

I've got a chunk going into the State Public Safety Retirement. My wife is max contributing to Federal Retirement System and TSP. I'm also putting into 2 401K-type accounts. We'll retire in 9-10 years at 62.
My Military Retirement will kick in when I'm 60. SS for both of us at 65-67 (haven't decided yet).
The way it looks, we'll be bringing in more when we retire than we do now. And i's all guaranteed for life + COLAs.
Alan, sounds like you and the Mrs are set.

[Jbb]

...None....I blow it all on cheap wine .....and hookers...

[photo chick]

...None....I blow it all on cheap wine .....and hookers...
:jawdrop: don't for get the addiction Bryon!!

[Not So Fast]

Nothing, we spend every penny:D :D NSF

[Boatcop]

Alan, sounds like you and the Mrs are set.
As it should be! :D

[Jbb]

:jawdrop: don't for get the addiction Bryon!!
Which one?

[Trailer Park Casanova]

I've got a chunk going into the State Public Safety Retirement. My wife is max contributing to Federal Retirement System and TSP. I'm also putting into 2 401K-type accounts. We'll retire in 9-10 years at 62.
My Military Retirement will kick in when I'm 60. SS for both of us at 65-67 (haven't decided yet).
The way it looks, we'll be bringing in more when we retire than we do now. And i's all guaranteed for life + COLAs.
My SS will be cut 50% because I'm pulling a public owned utility pension, even though I gave a 100% contribution.
Will you and your squeeze take a % hit on SS too because of your (triple dipping)pensions?

[TheCarDudes]

You guys have done VERY well for yourselves, irrespective of what the wifey says. $3 mill will get you a LONG way in your retirement years. I am trying to play catch up... :D
You and me both.

[Boatcop]

My SS will be cut 50% because I'm pulling a public owned utility pension, even though I gave a 100% contribution.
Will you and your squeeze take a % hit on SS too because of your (triple dipping)pensions?
I think there will be some reduction, based on other earnings (-1.00 for every $3.00 over $36,120 for 2008). I think your 50% cut may be due to that and the WEP provision. WEP reduces SS payments, based on how many years (less than 30) you didn't contribute.

[Flyinbowtie]

My CalPers Safety retirement is some secret formula because i had to go out on a disability deal. What I do get is 100% tax free, although it is not close to what I would have netted had I been able to work until the 4th quarter of 2010. We have 3%@50.
Anyway, I jumped into the 457b program early, but light. Raising two sons was my excuse. From 1992 on, I did okay, I took 50% of every raise/promotion I got and sent it to the 457b. Got to the max deduction in about '98. That way, we still saw more money in the check, but the 457b also grew. 457B programs, are from my point of view, free money for the workin' man. Sending a c-note to it only cost me about sixty bucks off of the net check.
It is doing okay, but I cannot contribute to it anymore due to $ issues and the rules of the program. So, my investment is now subject to the choices I make. I have moved it around.
The bummer is I cannot get to it until I am 59 without being penalized. I think their should be a escape clause for people who become disabled.
Our little podunck dept. was 3 weeks late back in 85'ish with our letter to withdraw from SS. I already hade enough quarters to qualify, and would rather have done put the money in other optional retirement accounts.
Social Security Disability?
Don't get me started.:rolleyes:
For all you young folks out there, start saving money NOW. Ya don't have to go 50-50, but start saving, and work your way to max'ing out every IRA type options out there. Buy Disability insurance above and beyond what your employer offers if there is any doubt in your mind as to the validity of that source.
Things happen. Plans don't work out. You might get hurt. Programs that never fail to get their pint of blood from your check before you ever see it will do everything possible to avoid coming through for you should they be called upon to do so. You are the only one who really suffers when they do.
They don't give a damn about you.
My employer's W/C carrier, and SSD have proven to me that they would prefer that I die, the sooner the better, to allow them to back out of their legal obligations.
That paragraph is the norm, not an anomaly.
Don't get me started

[Trailer Park Casanova]

For all you young folks out there, start saving money NOW. Ya don't have to go 50-50, but start saving, and work your way to max'ing out every IRA type options out there. Buy Disability insurance above and beyond what your employer offers if there is any doubt in your mind as to the validity of that source.
Don't get me started
Well, you're started, please continue. Is AFLAC worth what they claim?
--------------------------
Opening conversation of Vinnie with the paint shop owner in the movie Saturday Nite Fever:
"Don't say Fux the future, the future fux you".
I dipped into my deferred comp to buy the new (real) FBT Hot Rod purple boat. But that was part of the plan.
Just got a 3% cola on my pension,, wife came home Friday with a 24% raise over 3 years, with a $270 per OT shift bonus + 15% shift diff and doubletime for all OT.
We're hoping to bank all that raise into savings.

[Boozer]

Got 10% going into a 401k. Hoping to put another 10% into stocks and mutual funds and 5-10% into an IRA. If I can follow through and stick to it I'm looking forward to retirement around 50.

[Flyinbowtie]

Well, you're started, please continue. Is AFLAC worth what they claim?
--------------------------
Opening conversation of Vinnie with the paint shop owner in the movie Saturday Nite Fever:
"Don't say Fux the future, the future fux you".
I dipped into my deferred comp to buy the new (real) FBT Hot Rod purple boat. But that was part of the plan.
Just got a 3% cola on my pension,, wife came home Friday with a 24% raise over 3 years, with a $270 per OT shift bonus + 15% shift diff and doubletime for all OT.
We're hoping to bank all that raise into savings.
Ross I only know one way to answer that.
After all the guys at work have seen what is happening to me, AFLAC is what they are buying, and the bean counter types that looked into it said their was nothing better for the $.
That is all I know about it. I cannot get any of it 'cause of the new parts.
Unmarketable, and uninsurable.

[XtrmWakeborder]

I was thinking about retiring at 45, then I decided to have kids starting at 34. :rolleyes:
IDIOT!!! lol j/k :D

[73kona455]

:jawdrop: don't for get the addiction Bryon!!
and Jeep parts....:D :D

[OutCole'd]

My wife spends $11.00 for every $10.00 I earn. At this rate, I should be able to retire comfortably at 116 years old.

[Daytona100]

I try to save at least 47% of what I make each month ...........................................For Beer ,boat parts, nude bars, and generally having a good time!!!!!!!!

[Sleeper CP]

You and me both.
You and me makes three.;)
I was thinking about retiring at 45, then I decided to have kids starting at 34. :rolleyes:
You too:)
You guys have done VERY well for yourselves, irrespective of what the wifey says. $3 mill will get you a LONG way in your retirement years. I am trying to play catch up... :D
We were doing okay not great but ok. Then we bulit our dream house on a piece of property that we never want to leave. We have our property and it borders a 1,000+ acre Federal Wildlife Refuge. So instead of selling a great house in 25 years and down sizing and pocketing the proceeds hopefully we are stuck here. I'll just have to work smarter for longer. Wife is a Professor at a local Junior College she has CalStRS.
When my children turn 16 they are getting a copy of " The Richest Man in Babylon" and they will have to read it every year and apply the teachings.
Do as I say not as I do.
Sleeper CP
Big Inch Ford Lover

[CoolCruzinCobra]

Zero. I buy to new toys with the extra $ Helps to keep myself sane .

[socalmoney]

70% of this nations GDP is based on consumer spending. You people are just hurting this country when you save. Get out there and blow some dough.

[YeLLowBoaT]

I try to put 100 away aweek, so about $350 a month. Right now its going to the "house building fund"

[Riverhound]

We are in the 30% percent range... I started saving early and have always contributed 15% to my 401K and the balance spread among other investments.
If I dont completly screw the pooch down the line we should be able to retire in style in our late 50's early 60's. I just have to stay away from buying new boats every few years...:D

[Trailer Park Casanova]

Ross I only know one way to answer that.
After all the guys at work have seen what is happening to me, AFLAC is what they are buying, and the bean counter types that looked into it said their was nothing better for the $.
That is all I know about it. I cannot get any of it 'cause of the new parts.
Unmarketable, and uninsurable.
I dated a Calif worker comp specialist for a long time.
She always said Calif LEOS and Firefighters have the most generous considerations from the "boards" (courts) on bennies, and that most LEO health issues are generally coinsidered job related and they can get good seperation-from-service settlements.
Anything like that in your case? Do you need to press harder?
I had heard their are several levels of AFLAC and to go with the top premium package, but never looked into it furthur, or knew anyone that in fact had to collect on it.
Always wondered if it's the golden net like they talk it up to be.

[Trailer Park Casanova]

Zero. I buy to new toys with the extra $ Helps to keep myself sane .
It is good therapy I'll admit
70% of this nations GDP is based on consumer spending. You people are just hurting this country when you save. Get out there and blow some dough.
It gets blown eventually. Wife won't let me put it all on the hard eight.
I try to put 100 away aweek, so about $350 a month. Right now its going to the "house building fund"
That's pretty dam good. What you put in now is Mega $$ later on.
We are in the 30% percent range... I started saving early and have always contributed 15% to my 401K and the balance spread among other investments.
If I dont completly screw the pooch down the line we should be able to retire in style in our late 50's early 60's. I just have to stay away from buying new boats every few years...:D
You'll be sooo glad you did, and denied yourself things.

[rrrr]

I have this mad scientist plan that involves oil and gas partnerships, part ownership of a company that leases enterprise data center space in large markets, owning an engineering and construction firm, a couple of 401Ks, buying and selling large diesel generators, a sack of cash and gold, some rental and investment property, CDs and money market accounts, equity accounts, and a couple of 16 oz. dixie cups full of change.
I have no idea what it's all worth. :D :D

[Trailer Park Casanova]

and you don't have 3 fockn horse's to feed:( and she don't care that i need a new rhino:(
Would it be cheaper to just feed the horses cash dollars? I've sometimes thought that.
But it makes the wife happy, right? Hope so. It's what she loves.
My daughter had one and man-o-man was it a money burner. But,, she was happy. Stitches from a few bites and some nasy hospital rated kicks ended that chapter.

[photo chick]

I have this mad scientist plan that involves oil and gas partnerships, part ownership of a company that leases enterprise data center space in large markets, owning an engineering and construction firm, a couple of 401Ks, buying and selling large diesel generators, a sack of cash and gold, some rental and investment property, CDs and money market accounts, equity accounts, and a couple of 16 oz. dixie cups full of change.
I have no idea what it's all worth. :D :D
Ron I think you need to get a job....doesn't sounds like you've got enough going on! ;)

[Trailer Park Casanova]

You and me makes three.;)
You too:)
We were doing okay not great but ok. Then we bulit our dream house on a piece of property that we never want to leave. We have our property and it borders a 1,000+ acre Federal Wildlife Refuge. So instead of selling a great house in 25 years and down sizing and pocketing the proceeds hopefully we are stuck here. I'll just have to work smarter for longer. Wife is a Professor at a local Junior College she has CalStRS.
When my children turn 16 they are getting a copy of " The Richest Man in Babylon" and they will have to read it every year and apply the teachings.
Do as I say not as I do.
Sleeper CP
Big Inch Ford Lover
That's great.
I still think that your home is your best investment, and it should be one you love and can enjoy while it appreciates. At at least that's a huge bonus if it is.
Do you ever think that it's good equity for the kids to (eventually) inherit?

[Trailer Park Casanova]

I try to save at least 47% of what I make each month ...........................................For Beer ,boat parts, nude bars, and generally having a good time!!!!!!!!
Ya only go through life once. Let Tom Brown be the richest man in the graveyard.

[Sleeper CP]

That's great.
I still think that your home is your best investment, and it should be one you love and can enjoy while it appreciates. At at least that's a huge bonus if it is.
Do you ever think that it's good equity for the kids to (eventually) inherit?
The 8 yr. old already figuires it's his;) , because my mother has already told everyone in the family that her house belongs to my daughter(the only girl in the family). I keep explaining to him he is going to have to wait for quite sometime.
For those who haven't read it I would highly recommend "The Richest Man in Babylon"
Sleeper CP
Big Inch Ford Lover

[My Man's Sportin' Wood]

Jeff gives away 2-3 copies of that book every year. I found a first edition a couple of years ago and got it for his b-day.
I also have a small retirement from UFCW. My SS will also be reduced or non-existent (I've heard conflicting reports) due to the STRS Not that I was counting on it anyway.

[Trailer Park Casanova]

Jeff gives away 2-3 copies of that book every year. I found a first edition a couple of years ago and got it for his b-day.
I also have a small retirement from UFCW. My SS will also be reduced or non-existent (I've heard conflicting reports) due to the STRS Not that I was counting on it anyway.
It all adds up. I think you'll be sittin pretty, and seeing you're already looking pretty too - that adds up as well.
You will be eligible belong to BC's triple dippers boaters club. You may take a hit on your SS.
This talk is usually just simply a piece of written paper to the younger kids. But someday it eventually turns into green paper. Good you're getting dialed in for the future while you're still young.
That few bux now,, really appreciates and is big $$ later on.
The projected/estimated retirement payouts the plans send to members are way, way under figured.
I was able to buy my 4 years Marine Corps "other govt service" time for $4000
It added $400 a month to my pension.
I have a Flying Bowtie Lower Back and not so sure I could work anymore. Geezus it hurts.
Soooo glad I had a pension to fall on, and my wife can keep drawing 100% of it after I die.

[Trailer Park Casanova]

The 8 yr. old already figuires it's his;) , because my mother has already told everyone in the family that her house belongs to my daughter(the only girl in the family). I keep explaining to him he is going to have to wait for quite sometime.
For those who haven't read it I would highly recommend "The Richest Man in Babylon"
Sleeper CP
Big Inch Ford Lover
Reads like Grandma is cool.

[Boatcop]

I try to put 100 away aweek, so about $350 a month. Right now its going to the "house building fund"
If I were you, I'd re-evaluate your position. Your math skills indicate that it might be in your best interest to have someone else crunching the retirement numbers.
:) :D

[My Man's Sportin' Wood]

It all adds up. I think you'll be sittin pretty, and seeing youre already looking pretty too - that add up as well.
You will be eligible belong to BC's triple dippers boaters club. You may take a hit on your SS.
I was able to buy my 4 years Marine Corps 'other govt service" time for $4000
It added $400 a month to my pension.
I have a Flying Bowtie Lower Back and not so sure I could work anymore.
Soooo glad I had a pension to fall on, and my wife can keep drawing 100% of it after I die.
This talk is just a piece of written paper with to the younger kids on the board. But someday it eventually turns into green paper.
FBT Lower Back, LOL. I used to have problems with my back when I worked grocery. Slipped a disc 3 times. Luckily, I figured out about a few little things like diet, excersize and supplements early enough to fix the problem and getting out of the industry helped also.
We're hoping to retire at around 50-55. I can keep working due to all the vacation time I get, or I could just sub for extra money 2-3 days a week if I want. I'm not too concerned about retirement. Things can always change, though. We have a lot of equity in the ranch but real estate is pretty hard to gauge value right now, and of course, it has no real value until it sells :D

[rrrr]

If I were you, I'd re-evaluate your position. Your math skills indicate that it might be in your best interest to have someone else crunching the retirement numbers.
:) :D
:D
LOL!!
Note: If anyone ever hires YeLLowBoat, offer to pay him monthly instead of weekly......:idea: :D :D

[whiteworks]

what do you guys think about doubleing the principle payment on your mortgage vs. taking that money an investing in something?

[Boatcop]

what do you guys think about doubleing the principle payment on your mortgage vs. taking that money an investing in something?
That would depend on the interest rate and the remaining term. If it's say 6%, that would be the same as putting money away at 6%.
But if you found an investment higher than 6%, your money would be doing more for you there. Most investments, IRAs and mutual fund based programs return much higher than 6%, over the long haul.
And you'll be putting that money away tax free, in most cases. While just paying principle on the mortgage won't affect your tax return on the loan.

[My Man's Sportin' Wood]

Would it be cheaper to just feed the horses cash dollars?
There would be a lot less poop to clean up. That's for sure. 100 in hay yeilds a lot of crap. 100 in dollar bills, much less, I'd guess :D

[ULTRA26 # 1]

what do you guys think about doubleing the principle payment on your mortgage vs. taking that money an investing in something?
I would say that it depends on where you live, how old you are and if you plan to live in the house for the duration.
There is little point doubling up on your principal payment if you have thoughts of selling. Investing the money elsewhere, or even in more property might be wiser. Again, where you are and the state of the markets must dictate. Just my .02

[whiteworks]

I plan on keeping this property indefinately. I would like to have it paid off by my mid 40's This property has a guest house so its a 2 for 1 situation. down the road I will most likely rent both places out. I would think that having a paid off rental property would be a good thing or am I missing something?

[Sleeper CP]

I plan on keeping this property indefinately.
Sound more like long-term to me.:confused:
Definately not indefinately :rolleyes: me thinks;)
I would say that it depends on where you live, how old you are and if you plan to live in the house for the duration.
There is little point doubling up on your principal payment if you have thoughts of selling. Investing the money elsewhere, or even in more property might be wiser. Again, where you are and the state of the markets must dictate. Just my .02
Two year ago a friend of mine paid off his mortagage aprrox 450k in 7 yrs. His house is worth more that $750k. I just had to scratch my head because he is doing better than I am, but he could have purchased two rental houses over the same time with all the money he dropped in to paying off his house. Two rentals in Poway or Escondido or La Mesa in San Diego County over the last 7 years would be huge gains.
He is very smart, Mechanical Engineering degree from UCLA and a MBA from Uninversity of Michigan. When I asked him why he did it that way he said he hates debt and that cash is king. His house is paid off and he has a 90% credit line against it at prime -(minus) 1% that has a $0 balance. He foresaw this mortgage credit crunch two years ago. He has been buying gold for the last 8 year. His brother is a Exec. VP at one of the top three US accounting firms.
Sleeper CP
Big Inch Ford Lover

[ULTRA26 # 1]

Sound more like long-term to me.:confused:
Definately not indefinately :rolleyes: me thinks;)
Two year ago a friend of mine paid off his mortagage aprrox 450k in 7 yrs. His house is worth more that $750k. I just had to scratch my head because he is doing better than I am, but he could have purchased two rental houses over the same time with all the money he dropped in to paying off his house. Two rentals in Poway or Escondido or La Mesa in San Diego County over the last 7 years would be huge gains.
He is very smart, Mechanical Engineering degree from UCLA and a MBA from Uninversity of Michigan. When I asked him why he did it that way he said he hates debt and that cash is king. His house is paid off and he has a 90% credit line against it at prime -(minus) 1% that has a $0 balance. He foresaw this mortgage credit crunch two years ago. He has been buying gold for the last 8 year. His brother is a Exec. VP at one of the top three US accounting firms.
Sleeper CP
Big Inch Ford Lover
Scp,
I'm not an expert by any means. Some people have different views of how to manage money and investments.

[Fast Freddy]

my net worth increases about 5% a year. so i guess you could say that i "save" about 15k a month currently; but as my net worth goes up that figure increases, so.......

[Sleeper CP]

There is little point doubling up on your principal payment if you have thoughts of selling. Investing the money elsewhere, or even in more property might be wiser.
I agree with you on this one. ( Incase you didn't realize that.:)
Scp,
I'm not an expert by any means. Some people have different views of how to manage money and investments.
That is true. Even after the huge run up in property values in San Diego County I asked my friend if he had any idea that property values would go up as much as they did he would do it different wouldn't he. He said " To be honest with you, I sleep real well at night knowing my house is paid for. I only have to work to pay for the property taxes and insurance." He may have a point:idea:
Sleeper CP
Big Inch Ford Lover

[hoolign]

I have this mad scientist plan that involves oil and gas partnerships, part ownership of a company that leases enterprise data center space in large markets, owning an engineering and construction firm, a couple of 401Ks, buying and selling large diesel generators, a sack of cash and gold, some rental and investment property, CDs and money market accounts, equity accounts, and a couple of 16 oz. dixie cups full of change.
I have no idea what it's all worth. :D :D
Wanna wager it all on a simple bet?? I'll bet that I can guess ( within 100.00 ) the amount you have in your change cups!
I'll put up Hansons password on HB!

[ULTRA26 # 1]

I agree with you on this one. ( Incase you didn't realize that.:)
That is true. Even after the huge run up in property values in San Diego County I asked my friend if he had any idea that property values would go up as much as they did he would do it different wouldn't he. He said " To be honest with you, I sleep real well at night knowing my house is paid for. I only have to work to pay for the property taxes and insurance." He may have a point:idea:
Sleeper CP
Big Inch Ford Lover
I know a few folks who have feelings similar to your buddy. Neither of mine are paid for.

[havasu5150]

I'm curoius what some of you that are saving 15 - 20K a month do for a living.
If interested in investing in trust deads at 11% return....shoot me a pm

[nodigg]

You guys are doing the right thing! Looks like some smart peeps on ***boat!
As for me, I uh, uh, save uh, NOTHING!:(
(I invest in diversity instead)
Anyone need a private mortagage lender at a stupid high rate?? :)

[2Driver]

I plan on keeping this property indefinately. I would like to have it paid off by my mid 40's This property has a guest house so its a 2 for 1 situation. down the road I will most likely rent both places out. I would think that having a paid off rental property would be a good thing or am I missing something?
We made triple payments and got rid of our mortgage. When you look at the small amount it takes to add 2 principle payments with the monthly payment it's a no brainer.

[Jbb]

You and me makes three.;)
You too:)
We were doing okay not great but ok. Then we bulit our dream house on a piece of property that we never want to leave. We have our property and it borders a 1,000+ acre Federal Wildlife Refuge. So instead of selling a great house in 25 years and down sizing and pocketing the proceeds hopefully we are stuck here. I'll just have to work smarter for longer. Wife is a Professor at a local Junior College she has CalStRS.
When my children turn 16 they are getting a copy of " The Richest Man in Babylon" and they will have to read it every year and apply the teachings.
Do as I say not as I do.
Sleeper CP
Big Inch Ford Lover
Excellent book!
https://www.***boat.com/forums/attachment.php?attachmentid=42454&stc=1&d=1194277599

[Dave C]

You guys are doing well. I try to do 15% and payoff the house(s) before I retire.
being in the "business" I always try to tell people that "they don't want to work forever," so try to save a little..... ;) Its funny how some people continue to live beyond their means....
Your goal while in retirement is to minimize expenses while having sufficient income to cover necessary expenses without touching your principal (i.e. live off the interest/earnings only).
To plan for your retirement look at your current income after minimizing expenses. You need at least 75% or more of your current income in retirement. To cover this consider income from all sources, SS, pensions, 401k's, savings, investments, etc. Plan on saving enough to live off the interest/earnings without touching the principal. (for example if you need $2,000/month, earning 5%, you will need to save $480,000)
A few tips I give people:
1) Always try to maximize your contributions to company retirement plans, i.e. pensions, 401k's/403b's/457's, etc. etc. Its the "easiest way to save" and you are penalized for using it early. Got kids? use a 529. Also encourage rich parents to use the 529 to "spoil" their grandchildren.
If your company matches, at least contribute enough to get the maximum match.
2) Try to get a fixed principal + interest mortgage and pay it off before you retire. Don't refinance/cash out of it if it can be avoided.
3) If you can afford to be sort of illiquid invest in stocks, bonds mutual funds.
4) If you can afford to be really really illiquid invest in tax deferred investments such as small business, real estate, etc.
5) if you own a business pay yourself rent.
6) Diversify
Don't keep a balance on high interest revolving accounts.
Depreciable assets depreciate.
Be mindful how you are spending those home equity dollars. They should only be used to fix up the house which is an appreciable asset. If you can't avoid buying a car/boat with home equity dollars pay them off early or within the car/boats lifespan NOT the houses lifetime.
cars/boats are bad investments so rent those and invest your cash in a good investment instead.
but what the hell do I know ;)
DaveC <---- CPA.

[snake321]

I was falling for all of it right up to the last sentence.
That's when I realized you were just foolin.....

[WaterJunky]

Currently I am putting away 10%, with a 3 or 4% match. Due to some things changing over the next year or two I am hoping to jump this up to around 25%. We will see how this works out. My goal is to be around 25% for retirement / investment and then some additional college $ for kids (If I choose to have any, currently I like my lifestyle). Overall this should max out the 401K and still leave enough to play with for investments.
As long as you are saving in some format I think you are fine. If that means paying off you house in 7 years, great. Or if that means 401K's and investments, great. Just get it done!

[Big Kahunaa]

i'll be working to the day i die

[cxr133]

Excellent book!
https://www.***boat.com/forums/attachment.php?attachmentid=42454&stc=1&d=1194277599
With all this talk about budgets and living above ones means.. i have read this book and rich dad/poor dad since this thread was started ( 4o min. each way bus commute everyday) and i just wish someone would of recomended these books when i was in my 20s.
looking at liabilities that i have owned
1 jetski
2 boats
numerous cars, trucks... financed brand new off the lot. i liked cars and was in a new one like every 3 years.. of course i was always upside down.
its hard but i am going to try to make a change now, the tough part is convincing the old lady to cut spending.

[brianthomas]

Not enough. Because of my income my 401K contribution is limited. Still close to 10% plus 2 houses. It could be better, but I'm happy. I'm 56 and believe SS will still be OK.
I had the same problem. Was always as a highly compensated employee I could only put in a percent of my income equal to the average of the other employees. This was five percent at out company and did not max me out. For '07 it changed and you can now fully fund it. After either 50 or 55 can't you do the make-up of an extra $5k per year?

[brianthomas]

If you really think you will have a larger income AFTER you retire, book it all as Roth. We can designate any percentage of our 401K as Roth now and I am all over that! I now make too much to play the Roth IRA game though. We did start an MSA with our new health insurance but putting it in pre tax and paying on the gain later is like kissing your sister.

[WestTNRiverRat]

Save about 10K a month. I have 37% of my salary going into a company matched investment program. The rest goes into my portfolio. We never touch my check. The wife makes about $2200 a month at her part time job and that is our running money.Other than monthly necessities, we are debt free. Primary home and our weekend home are all paid for. Plus we have a rental house in Kentucky that is paid for and brings in $1200/ month. Our farm income from our farm brings in anywhere from $50,000 to $160,000 per year. We put it in a tobacco program last year that pays us $57,000 a year NOT to grow tobacco. That is a 7 year program guaranteed. So we grew corn this year and with the increase in corn prices we made a killing. Our share of the corn crop was $92,000 dollars.We farm it on the halves. We pay half of the expenses and get half of the crop money because it's our land. The farmer we contract with does all the work. Sweet! All the farm income and rental income goes into various portfolios for our children and grandchildren for college and what not. I don't even consider it as income for us. I'm 49 years old and been working for 35 years. Live within my means and it's paid off for us. I'm going to work for 3 more years until the youngest is out of middle school then move to our river house and live off my investments until I can officially start my early retirement at age 55. Then my company sponsored retirement check of around $3200 will start coming to my house every month. :D
I got lots of problems...money ain't one of them. :D

[thatguy]

Zero. I buy to new toys with the extra $ Helps to keep myself sane .
Amen Brother.
Tommy

[bigq]

Save about 10K a month. I have 37% of my salary going into a company matched investment program. The rest goes into my portfolio. We never touch my check. The wife makes about $2200 a month at her part time job and that is our running money.Other than monthly necessities, we are debt free. Primary home and our weekend home are all paid for. Plus we have a rental house in Kentucky that is paid for and brings in $1200/ month. Our farm income from our farm brings in anywhere from $50,000 to $160,000 per year. We put it in a tobacco program last year that pays us $57,000 a year NOT to grow tobacco. That is a 7 year program guaranteed. So we grew corn this year and with the increase in corn prices we made a killing. Our share of the corn crop was $92,000 dollars.We farm it on the halves. We pay half of the expenses and get half of the crop money because it's our land. The farmer we contract with does all the work. Sweet! All the farm income and rental income goes into various portfolios for our children and grandchildren for college and what not. I don't even consider it as income for us. I'm 49 years old and been working for 35 years. Live within my means and it's paid off for us. I'm going to work for 3 more years until the youngest is out of middle school then move to our river house and live off my investments until I can officially start my early retirement at age 55. Then my company sponsored retirement check of around $3200 will start coming to my house every month. :D
I got lots of problems...money ain't one of them. :D
Now that's what i call working the system.;)

[mbrown2]

I got lots of problems...money ain't one of them. :D
That's a nice place to be...good luck to you...:)

[Outnumbered]

We put it in a tobacco program last year that pays us $57,000 a year NOT to grow tobacco.
This just makes me want to vomit. What a focking joke this country has become. I won't start to rant. I'll shut up now:)

[WestTNRiverRat]

This just makes me want to vomit. What a focking joke this country has become. I won't start to rant. I'll shut up now:)
Why would you want to vomit? Maybe 'cause you aren't getting any of the money? FYI this isn't tax payer money. It's not costing you a dime unless you use tobacco products. Every dime of this program is funded from profits of the big tobacco companies and tariffs on imported tobacco. It's part of the 2004 legislation to reduce tobacco use in the U.S. One way is to produce less of it and make the tobacco companies charge more for their product. Some of the smaller tobacco farmers have been bought out entirely on this program. So they can invest in machinery and switch to other crops.
So don't go vomiting until you know what you are vomiting about. :D

[NashvilleBound]

Save about 10K a month. I have 37% of my salary going into a company matched investment program. The rest goes into my portfolio. We never touch my check. The wife makes about $2200 a month at her part time job and that is our running money.Other than monthly necessities, we are debt free. Primary home and our weekend home are all paid for. Plus we have a rental house in Kentucky that is paid for and brings in $1200/ month. Our farm income from our farm brings in anywhere from $50,000 to $160,000 per year. We put it in a tobacco program last year that pays us $57,000 a year NOT to grow tobacco. That is a 7 year program guaranteed. So we grew corn this year and with the increase in corn prices we made a killing. Our share of the corn crop was $92,000 dollars.We farm it on the halves. We pay half of the expenses and get half of the crop money because it's our land. The farmer we contract with does all the work. Sweet! All the farm income and rental income goes into various portfolios for our children and grandchildren for college and what not. I don't even consider it as income for us. I'm 49 years old and been working for 35 years. Live within my means and it's paid off for us. I'm going to work for 3 more years until the youngest is out of middle school then move to our river house and live off my investments until I can officially start my early retirement at age 55. Then my company sponsored retirement check of around $3200 will start coming to my house every month. :D
I got lots of problems...money ain't one of them. :D
I SOOOOO wish I lived your life!!!!! As soon as I get off these here foodstamps Im gonna start savin fo sure!! ;) Yours sounds like a good ol' plan!! (seriously)
You anywhere near the casinos? I was gonna head that way here soon....... near Memphis?? That sound right??

[Outnumbered]

Why would you want to vomit? Maybe 'cause you aren't getting any of the money? FYI this isn't tax payer money. It's not costing you a dime unless you use tobacco products. Every dime of this program is funded from profits of the big tobacco companies and tariffs on imported tobacco. It's part of the 2004 legislation to reduce tobacco use in the U.S. One way is to produce less of it and make the tobacco companies charge more for their product. Some of the smaller tobacco farmers have been bought out entirely on this program. So they can invest in machinery and switch to other crops.
So don't go vomiting until you know what you are vomiting about. :D
I know exactly how it works. No I don't smoke. It just makes me sick that the government has to stick its nose in our lives to save us from ourselves.
Should they pay Coors and Bud not to brew beer using beer tax? How about pay us not to drive our cars because they pollute? Get a focking clue.:(
Its funny how you stand on this thread since your getting some of the hand-out compared to your take on the other "who you voting for thread":
Liberalism: The haunting fear that somebody, somewhere, may be able to help themselves.

[WestTNRiverRat]

I know exactly how it works. No I don't smoke. It just makes me sick that the government has to stick its nose in our lives to save us from ourselves.
Should they pay Coors and Bud not to brew beer using beer tax? How about pay us not to drive our cars because they pollute? Get a focking clue.:(
Its funny how you stand on this thread since your getting some of the hand-out compared to your take on the other "who you voting for thread":
I could have made more money growing tobacco than they offered me not to grow it. It was simply a business decision. The money comes from the tobacco companies that would have bought my product if I had grown it. All I did was remove the risk of having a failed crop which would have resulted in me losing money. They made me the offer, I didn't go out begging them for money. Don't need to.
And the reason I made a killing on corn is because of this stupid GOVERNMENT program on ethanol. Stupidest shit I've ever heard of. First of all it won't put a dent in our fuel consumption. Second corn is the main ingredient in cattle and hog feed. DUH...when it goes over $3 a bushel the man feeding cattle and hogs has to pay that price too. That gets passed along to you and I the consumer. Hell a gallon of milk costs $4 a gallon around here. Have you priced beef and pork lately?
But I guess because of that stupid ethanol program I should have demanded to get last years price of a $1.18 a bushel for my corn, instead of the $3.68 I got for it when I contracted it out this year.
I wouldn't want anybody to think I was getting a handout from the government. :D

[Garrddogg]

http://tbn0.google.com/images?q=tbn:M9HVO-wC-sLxKM:http://farm1.static.flickr.com/52/128081636_82eceb42b7.jpg
Its a "Goose Egg"!:cry: