allen592 is a “one-post-only” freeper
who never posts a reply to his articles...
https://freerepublic.com/tag/by:allen592/index?tab=comments;brevity=full;options=no-change
Whatever your projected expenses are they will be higher than you think, and not just because of inflation and rising taxes.
There will be unforeseen expenses and they will come at the most inopportune moment. There will also be things relating to your social and family life that require unplanned expenditures.
Learn to live below your means and invest to prudently increase your income every year. Even a modest amount can help help bridge a deficit.
Expenses have funny a way of of exceeding income.
.
.
Also known as FU money.
I think I saw these seven steps in 1966.
Thanks for posting. Maybe it will help someone. Try to save 20% + of your paycheck.
THIS
“Most financial experts say you should save at least 10-20% of your earnings. But, if financial independence is your goal, you’ll want to be looking closer to the 50% mark. That means creating a very tight budget and sticking to it religiously.‘
If your outgo exceeds your income, your upkeep will be your downfall.
THAT’s the part many folks can't seem to do.....the sacrificing.
Read the book, The Millionaire Next Door. And oldie, but goodie.
Not to complicated…..live within your means. Save as much as you can. Don’t buy things you don’t really need with money you don’t have. Try to stay out of or minimize debt. I’ve taught this to my kids. Thankfully they’ve learned it.
I’ve also taught them that the greatest threat to their financial security it the US government.