Poll

For those in the income-earning stage of life (and excluding rising value in investments and home):

I/we purposely allocate a meaningful portion of my income to saving for the future (>5% of income)
34 (68%)
I/we save minimally (e.g. minimal 401K contribution to get match, or portion of tax refund) (<5% of income)
3 (6%)
I/we spend about what I earn each year, without consistently growing/reducing my savings/debt
11 (22%)
I/we rely on at least some debt (home equity, other financing, savings, gains on investments, gemach’s, credit cards, other) to cover my (family's) annual expenses.
2 (4%)

Total Members Voted: 50

Author Topic: POLL: Living (1) below your means (2) above your means or (3) near income level?  (Read 1244 times)

Offline Dr Moose

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That is pretty presumptuous. Maybe the only way they can ever experience those luxuries is by paying "next to nothing" which is within their budget.
Maybe you didn't understand what I was saying.

He made an assumption, being that this is a deal website, most people will be living within their budget because they're always looking for deals.

I replied stating, it's possible that someone is here so they use their miles to stay and fly in the nicest places. Just because they're using miles, doesn't mean they're living within their means. I was not in agreement that you can presume everyone here is living within their means just because it's a deals website.
Hey there! I am using DansDeals Forums.

Offline Kobe bryent

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Maybe you didn't understand what I was saying.

He made an assumption, being that this is a deal website, most people will be living within their budget because they're always looking for deals.

I replied stating, it's possible that someone is here so they use their miles to stay and fly in the nicest places. Just because they're using miles, doesn't mean they're living within their means. I was not in agreement that you can presume everyone here is living within their means just because it's a deals website.

I understand your point.
It also doesn't mean they aren't....

Offline David61

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https://www.mrmoneymustache.com/2012/01/13/the-shockingly-simple-math-behind-early-retirement/

Assumptions:

You can earn 5% investment returns after inflation during your saving years

You’ll live off of the  “4% safe withdrawal rate” after retirement, with some flexibility in your spending during recessions.

The assumption (1) of 5% real rate of return (after incorporating loss from inflation) over a long period is conservative, (2) that your living expenses are not lower in retirement is conservative (especially for large families common in frum community) (3) that you need to retain 100% of the principal through '120' is conservative.

Offline farmbochur

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The assumption (1) of 5% real rate of return (after incorporating loss from inflation) over a long period is conservative, (2) that your living expenses are not lower in retirement is conservative (especially for large families common in frum community) (3) that you need to retain 100% of the principal through '120' is conservative.
Disagree with the assumptions? Feel free to adjust here. https://docs.google.com/spreadsheets/d/12StNSMXZe7DB7pFJ38FRORMNu4d5HTqDvt0u_Jvnmiw/edit#gid=0

Long term financial planning should be conducted with a fair amount of conservatism. If / when projections prove inaccurate, it's much easier to make upward adjustments to your standard of living than the opposite. :)
Risk is opportunity

Offline David61

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Long term financial planning should be conducted with a fair amount of conservatism. If / when projections prove inaccurate, it's much easier to make upward adjustments to your standard of living than the opposite. :)

With a measured amount of conservatism. Don't save all the good times for old age.

Offline JACKBLUE

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+1, though in the good old days people did churn for a living.
Oh ye! The 100K PP $3K spend with downgrading times! Wow was that fun!! Did like 5 a month!

Offline David61

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Given that this is a deal's based website I would assume the poll would lean heavily towards savings

You may be correct, or perhaps it's just a response bias (though I tried to word this neutrally).

I doubt the poll results is representative of the broader frum community (and not it's even sure if it's representative of the DDF community).

Offline aygart

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You may be correct, or perhaps it's just a response bias (though I tried to word this neutrally).

I doubt the poll results is representative of the broader frum community (and not it's even sure if it's representative of the DDF community).
There also can be people fooling themselves
The thing with the hamster is that running on the wheel is actually what it is trying to do.

Offline Kobe bryent

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There also can be people fooling themselves
In what sense?