WHAT ARE YOU SAVING PER MONTH?

Are you just making money and spending, what are you doing with the money.

Category:

Education

Tags:

• SAVINGS
• RETIREMENT
• EMERGENCY FUND
• MILLIONAIRE
• BILLIONAIRE
• WARREN BUFFETT
• CFP

[nestealover2002]

Right now I'm not saving anything, unless saving for my trip to Ireland counts? I have saved almost $2,000 for travel in about 4-5 months. After I come back I plan on putting $100/month away for emergencies and sending the rest to pay off debt. I just read The Automatic Millionaire as well as David Bach's new book and they were helpful.

[mohammedabshaun]

@nestealover2002 Wow my friend what if something happens to you in Ireland or before, what cash do you have to fall back on.

[happygameshow]

3-5k per month but every 6-12 months I'll put about 20-30k down on my mortgage as a lump sum. Some goes to mutual funds. My goal is to just pay the house off in the next couple years then worry about what to do with the money that used to go to the mortgage.

[mohammedabshaun]

@happygameshow wow I like that, You wouldn't be available for a interview with you. I think this story needs to be heard on how you are actually doing this.

[mohammedabshaun]

@happygameshow To you its nothing different but you are extremely focused and you know where you are going. Most people don't your story can help others.

[albc1964]

Second; I have high balance checking account, zero credit debt and cards, some debt collection accounts, a tiny size savings account. What should be my plan of of attack fiancially ? I am thinking about building my emergency savings along with seeing what is my best course of action dealing with the collection agencies. About the collection agencies: I have only two or three phone calls and one letter from each of them..they haven,t really bothered like I thought they would. Part One

[mohammedabshaun]

@albc1964 you can do the negotiating yourself with the companies and then you don't have to pay anybody.

[DiceHunt]

@happygameshow So true, so true. If you have the money that's "fine," but think more than twice as to whether or not you TRULY NEED it before you make that purchase, WITH CASH.

[imstillworkin]

I have some rental houses rented through the Section 8 program and it is the best way to guarantee you collect the rent every month. It pretty much only works if you have low income type of properties though because Section 8 has limits as to how much rent they will allow - for example around $800/mo for a 2 bedroom, around $1000/mo for a 3 bedroom. If you have higher income type of houses, the rent you would need would exceed their limits.

[imstillworkin]

@happygameshow It would be smarter to pay an extra 2-3k every month instead of a lump sum every 6-12 months.  Think compounded interest.

[happygameshow]

@mohammedabshaun I don't know about being focused I just don't like owing money. My advice would be simple. If you can't pay for it with cash then you cant afford it. Even if you can afford it you have to think about things in the long run. Like you said a lot of people were ousted when the economy colapsed because they had things they couldnt afford. If you've ever seen "till debt do us part" you get a good idea of how people are digging themselves holes.

[happygameshow]

@mohammedabshaun It's not any kind of secret or anything I'm doing that other people aren't. I was very lucky to land an easy job in oil & gas so I can average a little over 100k a year. I have a roomate that helps with the mortgage and I own my vehicle. The only thing I owe on is my house. No other loans or credits.