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#3429554 - 07/19/14 07:52 PM Re: Living beyond your means [Re: Clubber_Lang]
Silverado12 Offline


Registered: 02/26/13
Posts: 857
Loc: Central Virginia
It would drive me crazy to be deep in debt. I live in a basic house, have sensible (priced) cars and the only impulse buy was my Harley, which is now paid for. I know people who live way beyond their means and it doesn't seem to bother them. Glad it's not me, though.
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#3430007 - 07/20/14 09:45 AM Re: Living beyond your means [Re: Clubber_Lang]
cashmoney Offline


Registered: 03/23/13
Posts: 213
Loc: TX
Retire on $1 million 401K is possible if you have no other debt. That means pay off your house. And remember that $1 million in a 401k is not actually all yours. You have to pay income tax on it as you take funds out. So careful planning needs to happen if you want to minimize tax bills in retirement. Also careful planning is required on blending Social Security with 401k.

In some cases in may make sense to spend down 401k funds first and delay taking any SS until age 70. This is because delayed SS payments go up 8% a year past 65 until a person has to take it at 70 yo. This is a fairly complex strategy and takes a hefty 401k fund to start off but it is workable alternative. Also depends on age bracket. At some point in the future SS fund is going to go broke but for current folks very near retirement age it will be fine. If I was 40 yo I would not be counting on SS to fund much of my retirement.

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#3430030 - 07/20/14 10:07 AM Re: Living beyond your means [Re: rjundi]
sciphi Offline


Registered: 03/24/07
Posts: 8640
Loc: Upstate NY
Originally Posted By: rjundi
I am perfectly fine paying $600/month for property taxes. It is a great filter that results in really low crime, excellent schools and mostly decent kids in the community.



Same here. The range of services available to homeowners and school district residents at no/little additional cost is really nice, as is knowing the elementary school down the block is an excellent school n an excellent district. I value things like good schools, quick emergency response, and well-maintained roads. Those need funding somehow...
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#3430058 - 07/20/14 10:28 AM Re: Living beyond your means [Re: Clubber_Lang]
jcwit Offline


Registered: 07/24/07
Posts: 2884
Loc: no. indiana
Man you folks must have schools out of this world and streets paved with gold.

$7,200 a year in property taxes, no wonder NY needs to advertise for business to come there.

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#3430078 - 07/20/14 10:50 AM Re: Living beyond your means [Re: jcwit]
Quattro Pete Offline


Registered: 10/30/02
Posts: 26478
Loc: Michigan
Originally Posted By: jcwit
Man you folks must have schools out of this world and streets paved with gold.

LOL! We're lucky to have them paved with anything. Potholes galore!
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#3430099 - 07/20/14 11:17 AM Re: Living beyond your means [Re: Clubber_Lang]
hattaresguy Offline


Registered: 06/01/11
Posts: 5321
Loc: CT
Ahh the preachy Dave Ramsey peeps come out.

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#3430188 - 07/20/14 12:46 PM Re: Living beyond your means [Re: Quattro Pete]
sciphi Offline


Registered: 03/24/07
Posts: 8640
Loc: Upstate NY
Originally Posted By: Quattro Pete
Originally Posted By: jcwit
Man you folks must have schools out of this world and streets paved with gold.

LOL! We're lucky to have them paved with anything. Potholes galore!


The main thoroughfares are pretty good. There's also a lot of road construction going on. It's not perfect, but it's better than other states I've traveled through. Seeing how they replace rotted concrete bridge pylons while keeping the bridge in service has been interesting.
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#3430204 - 07/20/14 12:59 PM Re: Living beyond your means [Re: sciphi]
jcwit Offline


Registered: 07/24/07
Posts: 2884
Loc: no. indiana
Originally Posted By: sciphi
Originally Posted By: Quattro Pete
Originally Posted By: jcwit
Man you folks must have schools out of this world and streets paved with gold.

LOL! We're lucky to have them paved with anything. Potholes galore!


The main thoroughfares are pretty good. There's also a lot of road construction going on. It's not perfect, but it's better than other states I've traveled through. Seeing how they replace rotted concrete bridge pylons while keeping the bridge in service has been interesting.


Been thru Indiana lately? If so what part?

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#3430206 - 07/20/14 01:00 PM Re: Living beyond your means [Re: hattaresguy]
jcwit Offline


Registered: 07/24/07
Posts: 2884
Loc: no. indiana
Originally Posted By: hattaresguy
Ahh the preachy Dave Ramsey peeps come out.


How so? Just who?

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#3430241 - 07/20/14 01:36 PM Re: Living beyond your means [Re: Clubber_Lang]
hattaresguy Offline


Registered: 06/01/11
Posts: 5321
Loc: CT
The OP, read the first couple of posts.

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#3430277 - 07/20/14 02:30 PM Re: Living beyond your means [Re: doitmyself]
Lolvoguy Offline


Registered: 02/06/14
Posts: 253
Loc: Canada
Originally Posted By: doitmyself
I choose to live a modest, financially responsible life, which includes responsible use of credit. Accumulation of wealth and material things is not what matters to me.

"What we do for ourselves dies with us. What we do for others and the world remains and is immortal." -Albert Pine


finally, someone who gets what it's all about!

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#3430383 - 07/20/14 04:46 PM Re: Living beyond your means [Re: Clubber_Lang]
Clubber_Lang Offline


Registered: 09/01/10
Posts: 294
Loc: SC
An easy money saver is cell phone bills.

Some of you are easily paying $1200 per line/year.

I have a smartphone with unlimited talk/text/data for $25 a month. There is no contract required, just pay month to month. The service has been outstanding. No I do not work for them, but ive had them for 6 months. Frugal radio personality clark howard says they are the best cell phone value of 2014.

www.republicwireless.com

I tried them after reading advice from another forum.
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#3430409 - 07/20/14 05:19 PM Re: Living beyond your means [Re: Clubber_Lang]
Quattro Pete Offline


Registered: 10/30/02
Posts: 26478
Loc: Michigan
Originally Posted By: Clubber_Lang
I have a smartphone with unlimited talk/text/data for $25 a month.

Doesn't work for everybody. I travel quite a bit around the country, and more then half the country is a roaming area for them. If you read the fine print, you don't really get unlimited data when roaming. They cripple your speeds do who knows what...

Quote:
Our Terms of Service permit us to reduce your speed for a billing period if you exceed 5GB of data while using cell or if you exceed 100MB of cell data while roaming during the billing period.


Still, a good deal for someone who stays put.
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#3430415 - 07/20/14 05:29 PM Re: Living beyond your means [Re: Quattro Pete]
Clubber_Lang Offline


Registered: 09/01/10
Posts: 294
Loc: SC
Originally Posted By: Quattro Pete
Originally Posted By: Clubber_Lang
I have a smartphone with unlimited talk/text/data for $25 a month.

Doesn't work for everybody. I travel quite a bit around the country, and more then half the country is a roaming area for them. If you read the fine print, you don't really get unlimited data when roaming. They cripple your speeds do who knows what...

Quote:
Our Terms of Service permit us to reduce your speed for a billing period if you exceed 5GB of data while using cell or if you exceed 100MB of cell data while roaming during the billing period.


Still, a good deal for someone who stays put.


Thats just for data tho, and all they do is reduce the speed. Most of the rip off companies do that anyway. You can aldo get phone and text only for $15 per month (unlimited) if i remember correctly.


Edited by Clubber_Lang (07/20/14 05:38 PM)
_________________________
"Socialism is a philosophy of failure, the creed of ignorance, and the gospel of envy, its inherent virtue is the equal sharing of misery." Sir W.C.

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#3430521 - 07/20/14 07:18 PM Re: Living beyond your means [Re: Clubber_Lang]
hattaresguy Offline


Registered: 06/01/11
Posts: 5321
Loc: CT
They don't do roaming or work outside of the country.

All those little cell services are good if you don't really need much, and don't travel but Verizon and At&T own the towers and blow them out of the water. I can't tell you the number of times one of my friends with a discount phone needed to borrow mine because his was not picking up service.

A 4G plan is $40 a month, that's not that cheap.

I pay $305 a month for 4 Iphone 5S's and a flip phone.

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