| Author |
Message
|
| eagertolearn |
 Posted: Thu Feb 24, 2005 1:40 pm Post subject: Anyone here use the "10%" rule? |
 |
|
Investing Sr. Associate
|
Years ago it was very popular and you can still find some of the older generation who live by it.
Basically what it boils down to is that you ALWAYS save 10% of ANY money that ever comes your way. Salaries; bonuses; gifts; rebates; garage sale monies; savings from coupon clippings; etc.
It worked well for many older Americans and that is why so many of them are able to retire in a fairly comfortable manner now. |
|
| Back to top |
|
 |
| chop456 |
| Posted: Fri Feb 25, 2005 12:46 pm Post subject: |
|
|
Investing Sr. Associate
|
| I have never used the 10% rule. I seem to always need the money for something else. however, it seems to be a good rule of thumb. Anyone else??? |
|
| Back to top |
|
|
| eagertolearn |
| Posted: Fri Feb 25, 2005 2:58 pm Post subject: |
|
|
Investing Sr. Associate
|
| Give it a try just for a month and you'll be amazed at how quickly you're able to have a little nest egg. |
|
| Back to top |
|
|
| fladoozle84 |
| Posted: Fri Feb 25, 2005 8:42 pm Post subject: |
|
|
Investing Sr. Associate
|
| Never thought of that- I just save all my change in a jar. Every time I buy something I round up to the dollar and collect the change at the end of the day. That way I "save my pennies" every day! |
|
| Back to top |
|
|
| paula0000 |
| Posted: Sat Feb 26, 2005 2:56 am Post subject: |
|
|
Investing Manager
|
| I know of people who live by that rule. It's the idea of "pay yourself first". It seems to work well. |
|
| Back to top |
|
|
| paula0000 |
| Posted: Sun Feb 27, 2005 3:48 am Post subject: |
|
|
Investing Manager
|
| I wanted to add as well- that was seems to be popular is not necessarily the 10% but...every year if you get a raise (2.3% or 5% or whatever)- start saving that extra bit- taht could really add it- and you really wouldn't notice it missing. |
|
| Back to top |
|
|
| bigdave |
| Posted: Sun Feb 27, 2005 11:29 am Post subject: |
|
|
Investing Sr. Associate
|
Yes this is a good Idea.... kind of the suze orman rule of Pay yourself first through 401K's IRA's and savings. 10% is a good number to go by or start off at but you should really shoot for 20 or 30%....
Some many say OMG how...... well one easy way to do it is when you get a raise live off of your old salary and save that increase for some reaosn we feel if we get an increase we feel we ahve to spend more....
I read where one lady was living off her same salary from 1988 and it 2005!!!! To me that is amazing but because of that she is able to pay cash for a 150K home!!! |
|
| Back to top |
|
|
| InvestingMac |
| Posted: Mon Feb 28, 2005 9:16 am Post subject: |
|
|
Investing Manager
|
| Pay bonuses and raises are excellent ways to have some extra funds for investing (if you're younger), or saving for retirement. |
|
| Back to top |
|
|
| jeepgirl30 |
| Posted: Mon Feb 28, 2005 10:16 am Post subject: |
|
|
Investing Sr. Associate
|
I was laid off for 8 mths. I took a job at a lower pay and had more expenses because I had to put the kids in daycare full time. At my old job I had been telecommuting so the kids only went to daycare part time.
i just recently got a new job at equal my orginal salary however still on the negative since the kids are full time daycare.
I have a year of catch up. Then hopefully I can do the 10%. That is what my goal is anyway. |
|
| Back to top |
|
|
| patriciah2 |
| Posted: Mon Feb 28, 2005 6:09 pm Post subject: |
|
|
New Poster
|
| I haave the money taken out of my paycheck before I get it. That way I don't miss the 10%. |
|
| Back to top |
|
|
|
|
 |
| keokagal |
| Posted: Wed Mar 02, 2005 5:03 pm Post subject: |
|
|
Investing Sr. Associate
|
A few yrs ago Husband and I started saving our raises. We now need to add 10% or so. I don't want to be a poor old couple, or be dependent on my children.  |
|
| Back to top |
|
|
| trixiezzz |
| Posted: Thu Mar 03, 2005 6:23 pm Post subject: |
|
|
Investing Manager
|
| What about the 20% rule: give yourself 10% and then give another 10% to the church. |
|
| Back to top |
|
|
| keokagal |
| Posted: Fri Mar 04, 2005 5:32 pm Post subject: |
|
|
Investing Sr. Associate
|
| Yup and God gives back 10 fold. Giving the extra doesn't have to mean to church. We can all choose which charities/tax deductions. |
|
| Back to top |
|
|
| amles |
| Posted: Thu Mar 10, 2005 9:46 am Post subject: Giving can add to our joy |
|
|
New Poster
|
We heard about giving something to the Lord first, shortly after we were married. We decided to try it and started small. After 42 years of marriage and raising 10 children, I can honestly say that we have never needed to worry about money $. God is good and has always provided the things we needed even if He didn't just give us a big pile of money to go out and buy the newest thing available. Proverbs says "The blessing of the Lord makes us rich and adds no sorrow with it." Sometimes, lots of money can ruin a person's life.
God bless you guys, Amles |
|
| Back to top |
|
|
| keokagal |
| Posted: Sun Mar 13, 2005 4:38 pm Post subject: |
|
|
Investing Sr. Associate
|
| OOPS! Sorry, God gives back 100 fold. Did not mean to gyp the Lord;) |
|
| Back to top |
|
|
|
|
stock market game on the web. At eInvesting you compete for monthly cash prizes while you interact, make virtual dollars, purchase items, and trade in the realistic stock market simulator. We make investing FUN!
