Comments on: Could You Live on Half Your Income? http://www.pfadvice.com/2009/04/13/could-you-live-on-half-your-income/ Bridging the gap between saving money and investing Fri, 10 Feb 2012 02:42:04 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: pen http://www.pfadvice.com/2009/04/13/could-you-live-on-half-your-income/comment-page-1/#comment-711587 pen Sat, 03 Jul 2010 23:43:31 +0000 http://www.savingadvice.com/blog/?p=4372#comment-711587 late post but here goes... I am well below the poverty line. I do save every month, but half my income is more then rent. In some cases, saving 50% is not possible, save what you can. late post but here goes… I am well below the poverty line. I do save every month, but half my income is more then rent. In some cases, saving 50% is not possible, save what you can.

]]> By: John http://www.pfadvice.com/2009/04/13/could-you-live-on-half-your-income/comment-page-1/#comment-671511 John Tue, 02 Feb 2010 04:48:56 +0000 http://www.savingadvice.com/blog/?p=4372#comment-671511 If anyone think it is impossible, pick up a backpack and go live in the woods for 1 wk. You will learn a lot about life and how simple it can be. We save 50% of our income. If anyone think it is impossible, pick up a backpack and go live in the woods for 1 wk. You will learn a lot about life and how simple it can be. We save 50% of our income.

]]> By: Why Should You Never Trust Just One Source? Often They Don’t Know Any More Than You Do - SavingAdvice.com Blog http://www.pfadvice.com/2009/04/13/could-you-live-on-half-your-income/comment-page-1/#comment-593420 Why Should You Never Trust Just One Source? Often They Don’t Know Any More Than You Do - SavingAdvice.com Blog Mon, 25 May 2009 07:01:39 +0000 http://www.savingadvice.com/blog/?p=4372#comment-593420 [...] of money in the recent downturn. I also know people who base all of their decisions on the words of Suze Orman, Dave Ramsey, Fortune magazine, Money magazine, Kiplingers, or any other financial expert or media [...] [...] of money in the recent downturn. I also know people who base all of their decisions on the words of Suze Orman, Dave Ramsey, Fortune magazine, Money magazine, Kiplingers, or any other financial expert or media [...]

]]> By: ThiNg http://www.pfadvice.com/2009/04/13/could-you-live-on-half-your-income/comment-page-1/#comment-577807 ThiNg Tue, 21 Apr 2009 19:16:28 +0000 http://www.savingadvice.com/blog/?p=4372#comment-577807 LOL, this is the kind of article that makes my little brother run screaming from savings forums and websites. There is no mention about what you do with the remaining 50%. "Banking It" means nothing. If you took 50% of your income and shoved it under a mattress it wouldn't help you. What about the people, who like my neighbour, never do anything with their lives, save all their money for retirement, then find out they are going to die at 48! It's called LIVING for a reason. You need to LIVE your life. You can do it cheaply - see a free play or help at the community theatre versus $500 seats to a broadway show, but at the end of your life you will only have your memories to show for it. I spend 10% of my income on just me and my children. Remote control toys, fishing trips, hockey equipment, etc. But, I have a headful of great times and fond memories to show for it. I agree with poster, Scott. You need to find a middle. 50% saving is just as extreme as 100% spending. LOL, this is the kind of article that makes my little brother run screaming from savings forums and websites.

There is no mention about what you do with the remaining 50%. “Banking It” means nothing. If you took 50% of your income and shoved it under a mattress it wouldn’t help you. What about the people, who like my neighbour, never do anything with their lives, save all their money for retirement, then find out they are going to die at 48!

It’s called LIVING for a reason. You need to LIVE your life. You can do it cheaply – see a free play or help at the community theatre versus $500 seats to a broadway show, but at the end of your life you will only have your memories to show for it.

I spend 10% of my income on just me and my children. Remote control toys, fishing trips, hockey equipment, etc. But, I have a headful of great times and fond memories to show for it.

I agree with poster, Scott. You need to find a middle. 50% saving is just as extreme as 100% spending.

]]> By: Kelly http://www.pfadvice.com/2009/04/13/could-you-live-on-half-your-income/comment-page-1/#comment-574617 Kelly Tue, 14 Apr 2009 23:28:34 +0000 http://www.savingadvice.com/blog/?p=4372#comment-574617 After a job loss last year, I had to learn this the hard way. I enjoyed how articulate this article presents the idea concerning how much we believe are "needs" rather than "wants." I just discovered this website today and really appreciate it! Kelly Wilson, Author Live Cheap and Free! Strategies to Thrive in Economic Times After a job loss last year, I had to learn this the hard way. I enjoyed how articulate this article presents the idea concerning how much we believe are “needs” rather than “wants.” I just discovered this website today and really appreciate it!

Kelly Wilson, Author
Live Cheap and Free! Strategies to Thrive in Economic Times

]]> By: Scott http://www.pfadvice.com/2009/04/13/could-you-live-on-half-your-income/comment-page-1/#comment-574575 Scott Tue, 14 Apr 2009 21:23:12 +0000 http://www.savingadvice.com/blog/?p=4372#comment-574575 Now, I understand the idea of living below one's means but the idea of trying to live off of 50% of your income seems like a stretch for most people. I fully advocate saving 10+% for retirement, stashing an emergency fund away, limiting housing expenditures to <30% of income, but living off of 50%? I take issue with a couple of statements. 1. Gets you in the habit of saving. Fine, if you aren't in the habit of saving you should be. 2. Gives you a feeling for your ability to survive economic disaster. How so? If you know where to trim the fat if required and have savings to help you along, how does forcing yourself to constantly live at 50% help you to survive an 'economic disaster'? (other than the implied savings, which you should be doing w/ #1). 3. Makes you sort out what is really important and necessary in your life from what it just fun and convenient. It's fine to have some (even many) fun and convenient parts of your spending, if that's how you choose to spend your money. 4. Shows you whether your lifestyle is really affordable. Not true. If you can save for retirement, pay your mortgage, have an emergency fund, and have other investable assets by living at 70% of your salary or 80%, that's just fine. Enjoy the rest. It's funny, there seem to be two rat races in keeping up with the Joneses on either end of the spectrum... one for saving and the other for spending. Just find a happy medium that supports yourself in a fiscally wise manner and remember that life is short and it should be enjoyed. Now, I understand the idea of living below one’s means but the idea of trying to live off of 50% of your income seems like a stretch for most people.

I fully advocate saving 10+% for retirement, stashing an emergency fund away, limiting housing expenditures to <30% of income, but living off of 50%?

I take issue with a couple of statements.

1. Gets you in the habit of saving.

Fine, if you aren’t in the habit of saving you should be.

2. Gives you a feeling for your ability to survive economic disaster.

How so? If you know where to trim the fat if required and have savings to help you along, how does forcing yourself to constantly live at 50% help you to survive an ‘economic disaster’? (other than the implied savings, which you should be doing w/ #1).

3. Makes you sort out what is really important and necessary in your life from what it just fun and convenient.

It’s fine to have some (even many) fun and convenient parts of your spending, if that’s how you choose to spend your money.

4. Shows you whether your lifestyle is really affordable.

Not true. If you can save for retirement, pay your mortgage, have an emergency fund, and have other investable assets by living at 70% of your salary or 80%, that’s just fine. Enjoy the rest.

It’s funny, there seem to be two rat races in keeping up with the Joneses on either end of the spectrum… one for saving and the other for spending.

Just find a happy medium that supports yourself in a fiscally wise manner and remember that life is short and it should be enjoyed.

]]> By: Monroe on a Budget » Suze’s Question: Could you live on half your income? http://www.pfadvice.com/2009/04/13/could-you-live-on-half-your-income/comment-page-1/#comment-574371 Monroe on a Budget » Suze’s Question: Could you live on half your income? Tue, 14 Apr 2009 13:22:21 +0000 http://www.savingadvice.com/blog/?p=4372#comment-574371 [...] Derrick at Personal Finance Advice explains some of the reactions: Predictably, everyone in the audience gasped and shook their heads as if to say, [...] Derrick at Personal Finance Advice explains some of the reactions: Predictably, everyone in the audience gasped and shook their heads as if to say,

]]> By: Patricia http://www.pfadvice.com/2009/04/13/could-you-live-on-half-your-income/comment-page-1/#comment-574152 Patricia Tue, 14 Apr 2009 01:09:42 +0000 http://www.savingadvice.com/blog/?p=4372#comment-574152 Great article. I had similar thoughts after I watched that episode of Oprah. I don't always agree with Suze but I thought her advice was great on this show. I especially liked her last point which was along the lines of "be grateful for what you have now and forget about what you had." Great article. I had similar thoughts after I watched that episode of Oprah. I don’t always agree with Suze but I thought her advice was great on this show. I especially liked her last point which was along the lines of “be grateful for what you have now and forget about what you had.”

]]> By: swaymonae http://www.pfadvice.com/2009/04/13/could-you-live-on-half-your-income/comment-page-1/#comment-574105 swaymonae Mon, 13 Apr 2009 20:17:26 +0000 http://www.savingadvice.com/blog/?p=4372#comment-574105 I agree that you should have to be capable of living off of half your income.. if not, you should be doing everything in your power to getting to a point where you can. I agree that you should have to be capable of living off of half your income.. if not, you should be doing everything in your power to getting to a point where you can.

]]> By: Dana http://www.pfadvice.com/2009/04/13/could-you-live-on-half-your-income/comment-page-1/#comment-574095 Dana Mon, 13 Apr 2009 19:35:34 +0000 http://www.savingadvice.com/blog/?p=4372#comment-574095 I like most of your points, but I'm not sure about the "stress" part. For me, the merits of having a high income is to have more freedom. For example, freedom associated with offloading certain tasks, freedom of not having to penny pinch. I think a lot of advice given nowadays targets frivolous consumerism. But high income should also be commended for offering people with more choices and more freedom, not only material accumulation. I like most of your points, but I’m not sure about the “stress” part. For me, the merits of having a high income is to have more freedom. For example, freedom associated with offloading certain tasks, freedom of not having to penny pinch. I think a lot of advice given nowadays targets frivolous consumerism. But high income should also be commended for offering people with more choices and more freedom, not only material accumulation.

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