polksalet Posted June 28, 2008 Share Posted June 28, 2008 Let's say a person made around 200k from their business, owed 300k on their home, spent around 30k for private school for their kid, made four wheeler payments, and a typical yukon payment. Let's say that the person only invested in their 401k and small roth contribution while spending 6-8 grand on a beach vacation annually and spent Christmas in various parts of the country for a few more grand, what would you think of thid person's financial fitness? Quote Link to comment Share on other sites More sharing options...
TheShiznit Posted June 28, 2008 Share Posted June 28, 2008 Let's say a person made around 200k from their business, owed 300k on their home, spent around 30k for private school for their kid, made four wheeler payments, and a typical yukon payment. Let's say that the person only invested in their 401k and small roth contribution while spending 6-8 grand on a beach vacation annually and spent Christmas in various parts of the country for a few more grand, what would you think of thid person's financial fitness? I wouldn't question their financial fitness....if they are ok with payng juice on their Yukon and four wheelers...and are not going in the hole....then you only live once...keep doing what you are doing....I am sure there will be plenty left over to invest when the kiddies grow up...and as long as they are aware of their limited retirment savings so far....again...you only live once and are not guaranteed a retirement...you might not live that long. Quote Link to comment Share on other sites More sharing options...
Kid Cid Posted June 28, 2008 Share Posted June 28, 2008 You only live once. If that's the route they want to take, more power to them. Quote Link to comment Share on other sites More sharing options...
Chavez Posted June 28, 2008 Share Posted June 28, 2008 Let's say a person made around 200k from their business, owed 300k on their home, spent around 30k for private school for their kid, made four wheeler payments, and a typical yukon payment. Let's say that the person only invested in their 401k and small roth contribution while spending 6-8 grand on a beach vacation annually and spent Christmas in various parts of the country for a few more grand, what would you think of thid person's financial fitness? If they want to risk living in a cardboard box and eating Alpo when it comes time to retire, that's their prerogative. Quote Link to comment Share on other sites More sharing options...
JoJoTheWebToedBoy Posted June 28, 2008 Share Posted June 28, 2008 10K a year for vacation.... Way, way too much, cut that by at least half and invest the rest, pay down your mortgage, debt, etc... Quote Link to comment Share on other sites More sharing options...
TDFFFreak Posted June 28, 2008 Share Posted June 28, 2008 That's not exactly how I'd live if I didn't have much in savings, but I've seen far more foolish ways to live. How sure is this individual of their business' future longevity and success? Quote Link to comment Share on other sites More sharing options...
Ursa Majoris Posted June 28, 2008 Share Posted June 28, 2008 10K a year for vacation.... Way, way too much, cut that by at least half and invest the rest, pay down your mortgage, debt, etc... Your post and your sig line are polar opposites. Quote Link to comment Share on other sites More sharing options...
JoJoTheWebToedBoy Posted June 29, 2008 Share Posted June 29, 2008 You can party pretty well on 5K....... Quote Link to comment Share on other sites More sharing options...
muck Posted June 29, 2008 Share Posted June 29, 2008 The two biggest things that jumped out at me are: $30k / yr is stout for a private school for their kid (presumably you're talking about K-12, not a 'private college/university') $10k / yr is stout for vacations So, make $200,000 ... pay $80,000 in taxes ... pay $40,000 on private school and vacations ... left with $80,000 for mortgage, living expenses, car payments, saving/investing, etc. Is that about right, Polk? Quote Link to comment Share on other sites More sharing options...
polksalet Posted June 29, 2008 Author Share Posted June 29, 2008 The two biggest things that jumped out at me are: $30k / yr is stout for a private school for their kid (presumably you're talking about K-12, not a 'private college/university') $10k / yr is stout for vacations So, make $200,000 ... pay $80,000 in taxes ... pay $40,000 on private school and vacations ... left with $80,000 for mortgage, living expenses, car payments, saving/investing, etc. Is that about right, Polk? oops, meant 20k for school k-12 but everything else is right. With being the resident skin flint you can imagine what I tell him. Personally I would buy a travel trailer and be a millionaire in 10 years. Quote Link to comment Share on other sites More sharing options...
muck Posted June 29, 2008 Share Posted June 29, 2008 oops, meant 20k for school k-12 but everything else is right. With being the resident skin flint you can imagine what I tell him. Personally I would buy a travel trailer and be a millionaire in 10 years. He's spending 25% of his net earnings on vacations and private school for his kid. I know some that spend more...but, that's more because they feel VERY strongly about a particular private school ... and ... they really don't make much money at all. Many people spend money on things I find rather silly. I'm sure some of my spending looks unbalanced to others, too. Quote Link to comment Share on other sites More sharing options...
Chief Dick Posted June 29, 2008 Share Posted June 29, 2008 I'm sure some of my spending looks unbalanced to others, too. Especially those cowboy outfits. Quote Link to comment Share on other sites More sharing options...
Azazello1313 Posted June 30, 2008 Share Posted June 30, 2008 Especially those cowboy outfits. that gave me a pretty good chuckle Quote Link to comment Share on other sites More sharing options...
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