Re: How Much Money
[Re: run]
#7366334
09/28/21 11:12 AM
09/28/21 11:12 AM
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Joined: Sep 2013
Posts: 18,791 Green County Wisconsin
GREENCOUNTYPETE
trapper
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trapper
Joined: Sep 2013
Posts: 18,791
Green County Wisconsin
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this ^^^^ seriously if you can work the Dave Ramsey plan. pay off any credit cards then save 1-2K for rainy day emergency fund , then pay off any auto loans , then 3 months full income in savings as your security plan , then 15% of what you make in saving for retirement. having cash on hand is flexibility and it lets you jump on deals when they are available. we are working on it , but not there
Last edited by GREENCOUNTYPETE; 09/28/21 11:17 AM.
America only has one issue, we have a Responsibility crisis and everything else stems from it.
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Re: How Much Money
[Re: HobbieTrapper]
#7366337
09/28/21 11:18 AM
09/28/21 11:18 AM
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Joined: Sep 2013
Posts: 18,791 Green County Wisconsin
GREENCOUNTYPETE
trapper
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trapper
Joined: Sep 2013
Posts: 18,791
Green County Wisconsin
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How much would be enough? I edited my response above while you were asking this , that is a really solid foundation.
America only has one issue, we have a Responsibility crisis and everything else stems from it.
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Re: How Much Money
[Re: HobbieTrapper]
#7366370
09/28/21 11:52 AM
09/28/21 11:52 AM
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Joined: Dec 2017
Posts: 6,235 Kansas
Pawnee
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trapper
Joined: Dec 2017
Posts: 6,235
Kansas
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Try to have a full year’s worth in the savings.
Everything the left touches it destroys
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Re: How Much Money
[Re: HobbieTrapper]
#7366374
09/28/21 11:55 AM
09/28/21 11:55 AM
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Joined: Jun 2010
Posts: 270 West Virginia
WV Danimal
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trapper
Joined: Jun 2010
Posts: 270
West Virginia
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When I paid my truck off in '08, that $600 per month continued to come to me (saved). Been 13 years and still driving the same truck and keeping the same $600........
Trash your goals and plans for life. Just wing it and you'll never be let down!
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Re: How Much Money
[Re: HobbieTrapper]
#7366375
09/28/21 11:56 AM
09/28/21 11:56 AM
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Joined: Aug 2011
Posts: 45,646 james bay frontierOnt.
Boco
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trapper
Joined: Aug 2011
Posts: 45,646
james bay frontierOnt.
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I have about 500-700 a week that I dont use or have any need for so it just goes into the slush fund account.Besides that I normally put away bout 600 a month but that gets used from time to time.
Last edited by Boco; 09/28/21 11:58 AM.
Forget that fear of gravity-get a little savagery in your life.
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Re: How Much Money
[Re: HobbieTrapper]
#7366394
09/28/21 12:14 PM
09/28/21 12:14 PM
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Joined: Oct 2020
Posts: 1,106 KY
ILcooner
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trapper
Joined: Oct 2020
Posts: 1,106
KY
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I save a minimum of $1625/month and max out my 401k annually, 19.5k cap
Wife invests $375/mo. so $2000 total per month.
Zero debt, paid for house
7 months emergency fund in cash. Rest in ROTH/ TRAD IRAs, 401k, investments
We also "pay ourselves" a car payment each month to different accounts so when we need a 'new' (always used) we go pay for it in cash.
Last edited by ILcooner; 09/28/21 12:15 PM.
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Re: How Much Money
[Re: HobbieTrapper]
#7366401
09/28/21 12:20 PM
09/28/21 12:20 PM
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Joined: Sep 2013
Posts: 18,791 Green County Wisconsin
GREENCOUNTYPETE
trapper
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trapper
Joined: Sep 2013
Posts: 18,791
Green County Wisconsin
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Three months full income? Before taxes? after tax is fine because it is what you would use to pay al your bills while , sick , injured , out of work.
America only has one issue, we have a Responsibility crisis and everything else stems from it.
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Re: How Much Money
[Re: HobbieTrapper]
#7366467
09/28/21 01:34 PM
09/28/21 01:34 PM
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Joined: Sep 2016
Posts: 6,645 MB
Jurassic Park
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trapper
Joined: Sep 2016
Posts: 6,645
MB
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I don’t save any money.
For those that save money, are you happy? Do you ever say “I wish I could afford that”?
Cold as ice!
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Re: How Much Money
[Re: HobbieTrapper]
#7366485
09/28/21 01:59 PM
09/28/21 01:59 PM
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Joined: Oct 2020
Posts: 1,106 KY
ILcooner
trapper
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trapper
Joined: Oct 2020
Posts: 1,106
KY
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no money as in zero savings?
I would be concerned about the emergencies of life around the corner, water heater, HVAC, flat tire, injury, job loss, etc that happens to all of us. We all need some buffer when the storms eventually come. The social safety net only covers so much.
to Answer your question. yes, I am happy and try to live contented. I am to the point where I can afford a lot things but choose not to buy them. There is always some new flashy thing, chasing that only leads to disappointment and discontentment.
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Re: How Much Money
[Re: Flicker Shad]
#7366487
09/28/21 02:00 PM
09/28/21 02:00 PM
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Joined: Oct 2020
Posts: 1,106 KY
ILcooner
trapper
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trapper
Joined: Oct 2020
Posts: 1,106
KY
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Ramsey plan here. Doing great for now. Right on. Beauty is the plan works in good times and in bad times.
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Re: How Much Money
[Re: HobbieTrapper]
#7366488
09/28/21 02:02 PM
09/28/21 02:02 PM
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Joined: Sep 2015
Posts: 344 NW Wisconsin
Muskrat Love
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trapper
Joined: Sep 2015
Posts: 344
NW Wisconsin
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The key is not what you save, but what you SPEND.
In order to retire comfortably, which I'm assuming, is why this post was started, you have to know what it'll take to live month to month. After I retired I received calls fro co-workers still living, asking how I was doing financially. I asked what their personal financial life was like at the present.
Many were still making car, house payments and even two of them were paying their daughter's house payments, they bought them as wedding presents!.......... and they're looking at retirement a year or two down the road.
You don't have to put aside huge sums of money, but you have to START... It's the COMPOUNDING, even at 4-7% growth, after 30-40 years the balance is surprising.
OH, and don't spend the $59.95 for three months of Dave Ramsey's financial advise.
"I'm an old dog, and these are all new tricks!"
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