Comments on: How To Save Half Your Income http://frugaldad.com/2008/06/11/if-i-only-had-a-financial-mulligan-the-50-percent-savings-plan/ Promotional Codes, Coupons & Deals + Money Saving Insights Thu, 24 May 2012 01:21:20 +0000 hourly 1 http://wordpress.org/?v=3.3.2 By: B http://frugaldad.com/2008/06/11/if-i-only-had-a-financial-mulligan-the-50-percent-savings-plan/#comment-88338 B Sat, 24 Mar 2012 19:17:43 +0000 http://frugaldad.com/2008/06/11/if-i-only-had-a-financial-mulligan-the-50-percent-savings-plan/#comment-88338 I'm 23, and in 2011 I spent 12% of my take home pay on wants, 18% on needs, and 70% into retirement and non-tax privileged accounts. Luckily for me, my mom paid for my college expenses, but I stopped receiving help from her after I graduated. I really would like to know what people spend on at my age because it's not like I see people living lives of luxury at my age. For reference, I live in the SF Bay Area. Where does all their money go if they're not saving it??? I’m 23, and in 2011 I spent 12% of my take home pay on wants, 18% on needs, and 70% into retirement and non-tax privileged accounts. Luckily for me, my mom paid for my college expenses, but I stopped receiving help from her after I graduated.

I really would like to know what people spend on at my age because it’s not like I see people living lives of luxury at my age. For reference, I live in the SF Bay Area. Where does all their money go if they’re not saving it???

]]> By: James http://frugaldad.com/2008/06/11/if-i-only-had-a-financial-mulligan-the-50-percent-savings-plan/#comment-72717 James Tue, 24 Jan 2012 22:57:02 +0000 http://frugaldad.com/2008/06/11/if-i-only-had-a-financial-mulligan-the-50-percent-savings-plan/#comment-72717 It is well worth it! I have been saving 50% of my income since I started regular work mid. 1998. If you start early it is for sure easier before you get caught up in spending what you earn. Many could live well on half their income especially if they activate their creativity for the fun times (which do not need to be expensive). All that said, here is a WARNING! Now almost 14 years later and even with a major market downturn I'm getting very close to a calculated enough to stop working if I wished (As a bonus if your can live off of 50%, then you also can calculate what you 'need' during retirement based off of half of your full income.) Back to reaching early retirement- here is the warning, as then comes the 'what are you going to do now' question... That can be tough and very different then the standard treadmill most everyone is on. Thanks FrugalDad! I'm glad other are out there as crazy and different as myself! :) It is well worth it! I have been saving 50% of my income since I started regular work mid. 1998. If you start early it is for sure easier before you get caught up in spending what you earn. Many could live well on half their income especially if they activate their creativity for the fun times (which do not need to be expensive).
All that said, here is a WARNING! Now almost 14 years later and even with a major market downturn I’m getting very close to a calculated enough to stop working if I wished (As a bonus if your can live off of 50%, then you also can calculate what you ‘need’ during retirement based off of half of your full income.) Back to reaching early retirement- here is the warning, as then comes the ‘what are you going to do now’ question… That can be tough and very different then the standard treadmill most everyone is on.
Thanks FrugalDad! I’m glad other are out there as crazy and different as myself! :)

]]> By: Can I Afford It? | Frugal Dad http://frugaldad.com/2008/06/11/if-i-only-had-a-financial-mulligan-the-50-percent-savings-plan/#comment-62001 Can I Afford It? | Frugal Dad Mon, 21 Nov 2011 14:26:15 +0000 http://frugaldad.com/2008/06/11/if-i-only-had-a-financial-mulligan-the-50-percent-savings-plan/#comment-62001 [...] don’t often wish for financial mulligans (except for the opportunity to go back and save half my income), because I am who I am largely due to how I’ve managed (or mismanaged) my finances in the [...] [...] don’t often wish for financial mulligans (except for the opportunity to go back and save half my income), because I am who I am largely due to how I’ve managed (or mismanaged) my finances in the [...]

]]> By: Jane http://frugaldad.com/2008/06/11/if-i-only-had-a-financial-mulligan-the-50-percent-savings-plan/#comment-45766 Jane Wed, 22 Sep 2010 16:04:02 +0000 http://frugaldad.com/2008/06/11/if-i-only-had-a-financial-mulligan-the-50-percent-savings-plan/#comment-45766 Oops, meant to write "of the 55% we live on, we spend 5% on student loan debt." So once the debt is gone, we'll be saving 50%. Oops, meant to write “of the 55% we live on, we spend 5% on student loan debt.” So once the debt is gone, we’ll be saving 50%.

]]> By: Jane http://frugaldad.com/2008/06/11/if-i-only-had-a-financial-mulligan-the-50-percent-savings-plan/#comment-45757 Jane Wed, 22 Sep 2010 15:38:11 +0000 http://frugaldad.com/2008/06/11/if-i-only-had-a-financial-mulligan-the-50-percent-savings-plan/#comment-45757 We're pretty close...we are a family of three (stay-at-home mom, working dad, and toddler) and we live on 55% of my husband's income. We save 45% and spend 5% on student loan debt. We’re pretty close…we are a family of three (stay-at-home mom, working dad, and toddler) and we live on 55% of my husband’s income. We save 45% and spend 5% on student loan debt.

]]> By: marci357 http://frugaldad.com/2008/06/11/if-i-only-had-a-financial-mulligan-the-50-percent-savings-plan/#comment-45542 marci357 Sun, 19 Sep 2010 01:07:20 +0000 http://frugaldad.com/2008/06/11/if-i-only-had-a-financial-mulligan-the-50-percent-savings-plan/#comment-45542 saw my old post from 2 yrs ago.... checked on where I am now... :) Just upped my 401K deduction to 25% of gross, with a 6% match... A last ditch effort to get a bit more in there before retiring :) Rest is automatic withdrawals to savings - so yep, can do! saw my old post from 2 yrs ago….
checked on where I am now… :)
Just upped my 401K deduction to 25% of gross, with a 6% match…
A last ditch effort to get a bit more in there before retiring :)
Rest is automatic withdrawals to savings – so yep, can do!

]]> By: Kari Patterson http://frugaldad.com/2008/06/11/if-i-only-had-a-financial-mulligan-the-50-percent-savings-plan/#comment-45538 Kari Patterson Sat, 18 Sep 2010 23:09:04 +0000 http://frugaldad.com/2008/06/11/if-i-only-had-a-financial-mulligan-the-50-percent-savings-plan/#comment-45538 This is great!--my husband and I just made the plunge to do this, except keeping in the mind the reality that 26,500 children die every single day of preventable poverty-related diseases we're gonna take the plunge and give almost half our income away to children in developing countries. It's scary and not sure how it will all work on a single-income, but knowing that children are dying while we're sipping our Starbucks is sobering to be sure. We realized that we'll be able to give 35 children food, water, shelter, clothing, healthcare, and education, all the way until they are adults, just by making this one simple choice. Thanks again for sharing--frugality IS cool! :) This is great!–my husband and I just made the plunge to do this, except keeping in the mind the reality that 26,500 children die every single day of preventable poverty-related diseases we’re gonna take the plunge and give almost half our income away to children in developing countries. It’s scary and not sure how it will all work on a single-income, but knowing that children are dying while we’re sipping our Starbucks is sobering to be sure. We realized that we’ll be able to give 35 children food, water, shelter, clothing, healthcare, and education, all the way until they are adults, just by making this one simple choice. Thanks again for sharing–frugality IS cool! :)

]]> By: Frugal Babe http://frugaldad.com/2008/06/11/if-i-only-had-a-financial-mulligan-the-50-percent-savings-plan/#comment-38350 Frugal Babe Mon, 22 Feb 2010 04:56:03 +0000 http://frugaldad.com/2008/06/11/if-i-only-had-a-financial-mulligan-the-50-percent-savings-plan/#comment-38350 We save about 50% of our income. We have a mortgage, but no other debt, and have basically kept our lifestyle the same as it was back when we were first starting our business. Our income has grown over the years, but our expenses have mostly stayed the same. We still drive our 20 year old cars and buy all of our clothes in thrift stores. We love our life, so there's no need for us to spend more money. We save about 50% of our income. We have a mortgage, but no other debt, and have basically kept our lifestyle the same as it was back when we were first starting our business. Our income has grown over the years, but our expenses have mostly stayed the same. We still drive our 20 year old cars and buy all of our clothes in thrift stores. We love our life, so there’s no need for us to spend more money.

]]> By: Frugal Living Could Change Your Life | Frugal Dad http://frugaldad.com/2008/06/11/if-i-only-had-a-financial-mulligan-the-50-percent-savings-plan/#comment-38110 Frugal Living Could Change Your Life | Frugal Dad Tue, 16 Feb 2010 09:02:05 +0000 http://frugaldad.com/2008/06/11/if-i-only-had-a-financial-mulligan-the-50-percent-savings-plan/#comment-38110 [...] saving X% of your income doesn’t seemed vague anymore. I began to understand. My ability to save 50% of my take home pay meant having my boss breath down my neck daily or being able to work for [...] [...] saving X% of your income doesn’t seemed vague anymore. I began to understand. My ability to save 50% of my take home pay meant having my boss breath down my neck daily or being able to work for [...]

]]> By: danny http://frugaldad.com/2008/06/11/if-i-only-had-a-financial-mulligan-the-50-percent-savings-plan/#comment-32594 danny Thu, 08 Oct 2009 17:42:33 +0000 http://frugaldad.com/2008/06/11/if-i-only-had-a-financial-mulligan-the-50-percent-savings-plan/#comment-32594 I'm 23 and I save 50-55% of my take home pay. As I live in a country that is facing a huge deflationary period and a big correction of a massive property bubble, my main purpose is for a financially safe future with the intention to buy a house with a very little to no mortgage. I own my relatively new car and can now afford a deposit for a new house but will wait out the crash. I’m 23 and I save 50-55% of my take home pay. As I live in a country that is facing a huge deflationary period and a big correction of a massive property bubble, my main purpose is for a financially safe future with the intention to buy a house with a very little to no mortgage. I own my relatively new car and can now afford a deposit for a new house but will wait out the crash.

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