iwishiwascool Posted February 13, 2007 Report Share Posted February 13, 2007 A recent thread began to make me think about how people handle money, wealth, and income. If a Mod could add a poll to this that would be amazing. Anonymity would be best. How many people here live paycheck to paycheck? We'll define this as having less than enough liquid assets to sustain 2 months of zero inbound revenue. Quote Link to comment Share on other sites More sharing options...
SpaceGhost Posted February 13, 2007 Report Share Posted February 13, 2007 Not me. I have enough to go 6-9months or maybe more depending on budget changes after a problem. I will not touch it unless something bad happened to me health wise. If I die my wife gets a lot of cash. So we are covered. Quote Link to comment Share on other sites More sharing options...
LJ Posted February 13, 2007 Report Share Posted February 13, 2007 Does being a full time student count? Quote Link to comment Share on other sites More sharing options...
XChris1632X Posted February 13, 2007 Report Share Posted February 13, 2007 Unfortunatly I do. I have been in debt for some time now and that is part of the many reasons I am joining the military as I will be zero debt except for a truck payment when I am done with basic and tech school. I do make good money but it seems like I pay out as much as Im bringing in. I also have very poor spending habits which is a problem Im working to get out of, now if I want it I buy it which leaves no money left over to pay more than minimum payment on bills. Im getting better though as of right now my bills are paid weeks in advance and I have a larger sum of money just hangin out in my checking account. It was just a hard transition between leaving work>school for a year>to coming back home this summer. Quote Link to comment Share on other sites More sharing options...
Kevin R. Posted February 13, 2007 Report Share Posted February 13, 2007 I live without any income, except a scholarship refund I got. Luckily I saved enough over the summer to get through a year of school. Quote Link to comment Share on other sites More sharing options...
AngryBMW Posted February 13, 2007 Report Share Posted February 13, 2007 Poll added Ken. -Marc Quote Link to comment Share on other sites More sharing options...
SPLN SUX Posted February 13, 2007 Report Share Posted February 13, 2007 Im in a little bit of debt, but i make enough to pay everything and have a bit extra incase something happens. my salary is plenty.. if i was splitting bills id be in heaven Quote Link to comment Share on other sites More sharing options...
2pointslow Posted February 13, 2007 Report Share Posted February 13, 2007 saving about 900.00 a month Quote Link to comment Share on other sites More sharing options...
Rally Pat Posted February 13, 2007 Report Share Posted February 13, 2007 I dont make enough to save anything, on minimum spending, it sucks. Hopefully I will pick up a second job soon so I can finally save some money. Quote Link to comment Share on other sites More sharing options...
RedRocket1647545505 Posted February 13, 2007 Report Share Posted February 13, 2007 Can't take it with you when you die.... On that note, I do have a little bit of a reserve built up. I had a substantial amount saved up, but the twin turbo idea drained that amount REAL quick (with still more to buy). I might be able to make it 2 months, but that'd be pushing it. I don't feel that I do too awful bad though, considering I'm still a full time college student, and somehow manage to work enough to pay all of my bills. I will say, college is paid for by my mother. If I had that hanging over my head, I wouldn't own a twin turbo Z06. Quote Link to comment Share on other sites More sharing options...
Doug1647545489 Posted February 13, 2007 Report Share Posted February 13, 2007 Kinda. Just started my career and I'm just now starting to have some cash free to save. Quote Link to comment Share on other sites More sharing options...
Buck531 Posted February 13, 2007 Report Share Posted February 13, 2007 FYI, if you're living at home.. you shouldn't be voting. Pay check to paycheck here. Just got in over my head early in life.. Still like that now even with more money. I'm like brian.. the more I make, the more I spend. It sucks. Quote Link to comment Share on other sites More sharing options...
Bam Posted February 13, 2007 Report Share Posted February 13, 2007 Kinda, but it depends how you look at it. I work about 30hrs a week, give or take some, but I'm in school fulltime which my parents pay for. So if I had to pay school, no, but with them taking care of the classes/books I can work a little less and still be alright. I definitely have more than a few months of living expenses saved up though. Quote Link to comment Share on other sites More sharing options...
OSUGT Posted February 13, 2007 Report Share Posted February 13, 2007 My wife and I got serious about saving when we got married. To all the guys in their late teens and early 20s, start saving now. Create good habits. It is possible to retire in your 40s! I wish I would have started earlier. Quote Link to comment Share on other sites More sharing options...
nathan Posted February 13, 2007 Report Share Posted February 13, 2007 My wife and I paid our way through college and grad school, but had to get some loans and debt came along with it. Kids are a money pit too, we put out $600+ in daycare every month which would sure look nicer as a car payment, but that's just me! Quote Link to comment Share on other sites More sharing options...
77nova Posted February 13, 2007 Report Share Posted February 13, 2007 Ive started to invest my money. I generaly don't spend much, just gas and food. Quote Link to comment Share on other sites More sharing options...
6 Speed S4 Posted February 13, 2007 Report Share Posted February 13, 2007 I've invested my money in the stock market so I don't have to worry a whole lot. I also have a decent amount in the bank if needed. Quote Link to comment Share on other sites More sharing options...
Buck531 Posted February 13, 2007 Report Share Posted February 13, 2007 I've invested my money in the stock market so I don't have to worry a whole lot. I also have a decent amount in the bank if needed. Unless the market crashes.. then you're fucked. Quote Link to comment Share on other sites More sharing options...
Skinner Posted February 13, 2007 Report Share Posted February 13, 2007 I would say we are going paycheck to paycheck but we do have a good amount in our savings. Right now our biggest expense is childcare. when you figure in diapers, formula, baby food, and daycare that there equals about a extra 1500 a month. but at the same time we have not other debt aside from house payment 1 car payment and a sec mortgage. Quote Link to comment Share on other sites More sharing options...
GRN96WS6 Posted February 13, 2007 Report Share Posted February 13, 2007 I save some money but don't have enough yet to make it two months with no income, I'd like to work my way up to 6 months in reserve that is my goal by year end. Quote Link to comment Share on other sites More sharing options...
Wease Posted February 13, 2007 Report Share Posted February 13, 2007 Saving money when you are young is SO important. I know you've all heard it before. If you can put anything in your 401K, do so. At least getting to your employers match is most important. What that money will make for you over the years is amazing when compared to someone who just starts saving in their 30's. I was in the Air Force until I was 25, but for the past 7 years I've been maxing out my 401K every year, along with some other investments on the side. My house is mortgaged for 20 years and I pay on it every two weeks. I'll have it paid off sometime in my 40's. Sooner if my company sells within the next few years. I'm not gloating or giving anyone crap about living paycheck to paycheck. Sometimes, you have to do certain things to make ends meet. I did for sure until I got out of the Air Force. But if you can start saving in some way, do so. 401K is still the best route to go, as it's tax free up to a certain point. Personally, I could afford a much bigger, nicer house, and better, more expensive cars. But I don't. I live under my means so that when I retire, I won't ever have to worry about working a part time job, or lessening my current standard of living. So do what you can to save, as soon as you can. Because when you're 65 or whatever, you'll be so glad you did... :nod: Quote Link to comment Share on other sites More sharing options...
Berto Posted February 13, 2007 Report Share Posted February 13, 2007 I just started my career. I am paying off school loans, my car, and my house. I have about 2 months saved up. I hope to have 3 months saved up and then whenever else I get extra invest it. I am currently putting 10% of my salary into 401K as well. Cant wait to have everything paid off. Recently I also set up a budget and trying to stick with it sucks, but its better in the long run. Quote Link to comment Share on other sites More sharing options...
Duff1647545513 Posted February 13, 2007 Report Share Posted February 13, 2007 Broke ass full time student. Pay for college myself and have insurance and phonebill to pay on top of food and gas. Just got a job at UPS to help out on things. Quote Link to comment Share on other sites More sharing options...
Akula Posted February 13, 2007 Report Share Posted February 13, 2007 I don't live paycheck to paycheck and have some sound investments. I could do more but haven't. The smartest thing I ever did was enroll in a savings bonds direct purchase when I was in the military. People told me I was stupid because they aren't a good investment, but you cannot buy beer with a savings bond. So, when I got out I had enough to put a down payment on a house. Set up something automated and increase the allotment when you get raises/make more. It has been said already but if you want to retire when you are 40 you must start early. If you are really interested go buy "the automatic millionaire" or one of those books and learn exactly how to start. Quote Link to comment Share on other sites More sharing options...
Nitrousbird Posted February 13, 2007 Report Share Posted February 13, 2007 I wish I had a 2 month backup. Sadly, I've been playing catchup ever since I was laid off from Lucent a week after moving into my house. I DID about 3 months worth before I bought the house, then I was in way over my head. Though I'm far better than before, things keep popping up keeping me from storing away cash. I do put a little money in my 401k. Every time I get my yearly raise, I put in a little more, basically making it to where I don't see my raise. Got some stocks (that are about worthless now), and an IRA too, so I do see the importance of investing. Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.