Comments on: What The Olympics Taught Me About Personal Finance

By: Crystal

Crystal — Fri, 19 Feb 2010 22:21:29 +0000

Low cost of living in the suburbs of Houston, TX.

We also bought a $114,000 foreclosure in 2007 and put 20% down…our mortgage is $740 a month. Even with taxes and homeowners insurance, it’s less than $1000 a month. So, we’re a little frugal but some luck has played a big part.

By: Crystal

Crystal — Fri, 19 Feb 2010 22:15:41 +0000

“McFlurry” literally made me laugh out loud! Thanks!

When I heard the “expletives” that everyone was going crazy about, I was flabbergasted…they’re freaking snowboarders…they’re lucky that’s all they heard!

By: Daniel

Daniel — Fri, 19 Feb 2010 20:29:41 +0000

Wow saving that much is fantastic! I’d call that more than 35% because you’re only really using somewhere around 40 or 50%, and then extra payments and vacation savings are just icing on the cake. Well done!

I definitely hear about the money, I’m amazed you’re able to do so much with *so little*!

By: Daniel

Daniel — Fri, 19 Feb 2010 20:26:47 +0000

Yah Shaun White was the coolest thing ever. Probably shouldn’t have had them mic’ed up, but those were some fantastic moved. Especially at the end. He got no air but somehow did his mcflurry or whatever you call it.

By: Crystal

Crystal — Fri, 19 Feb 2010 18:18:28 +0000

PS My hubby is obsessed with the Olympics too! It’s rubbing off on me. Did you see the Men’s Half Pipe Snowboarding?! Shaun White is AMAZING!!! How about the Lindsey Vonn with a bruised shin…wow!!!

By: Crystal

Crystal — Fri, 19 Feb 2010 18:14:07 +0000

My husband and I are 26 and 27…we’re trying very hard to save well enough that our future selves will have no regrets. I keep picturing a 50 year old me slapping a 25 year old me upside the head if we screw up now.

That motivates us to save 35% of our gross income towards our pension, 401k, Roth IRA, Scottrade account, long-term savings, and financial opportunities account. We save an additional 5% a month in a vacation fund and spend an additional 20% a month for discretionary expenses so we can have a full life now too. We pay our mortgage, extra principal payments, and the rest of our necessary bills (including taxes) with the remaining 40%.

We’re pretty proud of ourselves since we “only” make $78,000 a year jointy as a teacher (him) and an office worker (me). $78,000 sounded like a lot to me 10 years ago, but I never realized how much taxes and home ownership would cost when I was 17 years old. Now I’m surprised that we could save so much for our future and have a great life now too.

It’s important to start, no matter how late, and find a balance that will make you happy. It’s done wonders for us. :-)

By: LeanLifeCoach

LeanLifeCoach — Fri, 19 Feb 2010 00:56:36 +0000

I am praying your are right! I too started way too late. I spent my early career pissing away the money having fun and buying anything I desired. By the time I woke up at 30 I had a long way to climb out of the hole. Really though I do believe you are right. I am almost feeling confident that I will achieve my goals by the time I retire. Never give up! .-= LeanLifeCoachÂ´s last blog ..Combat The Closing Techniques â€“ The Puppy Dog Close =-.

By: Daniel

Daniel — Thu, 18 Feb 2010 21:07:43 +0000

Lifestyle inflation is a problem. I’m hoping that if I start now, I’ll be able to keep the percentage the same as I make more money. Hopefully I can make it automatic so I never feel the effects of making more before I sock more of it away. Once we get used to having more, it’s so hard to back to having less!

By: Little House

Little House — Thu, 18 Feb 2010 18:40:47 +0000

I'm so behind! I think it has something to do with the idea that when I make more money, I'll stick it away for retirement. Then, I make more money and still don't stick to my original plan. This year, my goal is to open an IRA, even if that goal doesn't come to fruition until later in the year. I'm sticking to it darn it! .-= Little HouseÂ´s last blog ..Making the Most of a 3-Day Weekend =-.