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How much do you have in your account now
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How much is in your checking, savings/retirement account
less than 10k  
 39%  [ 107 ]
between 10k and 30k  
 13%  [ 36 ]
between 30k and 60k  
 16%  [ 45 ]
betwen 60k and 100k  
 10%  [ 29 ]
between 100k and 150k  
 8%  [ 24 ]
between 150k and 200k  
 10%  [ 29 ]
Total Votes : 270



amother
Babyblue


 

Post Wed, Nov 25 2020, 11:23 am
mommy3b2c wrote:
Well there is a lot of dysfunction going on, but she can afford it. Those are two separate issues. She can absolutely 100% afford to redo her kitchen and bathrooms.

Thanks because I reread that post quite a few times trying to figure out what I’m missing and if I really can’t do basic math.
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amother
White


 

Post Wed, Nov 25 2020, 11:50 am
amother [ Apricot ] wrote:
How much would it cost to make your kitchen and bathrooms presentable? IYH your kids will start dating soon, no? IMO maybe just take out money from savings and fix it up to make you satisfied and not embarrassed. A kitchen and bathrooms can be done decently I would guess at 65K all 3 together.


You can probably even . Do. It for cheaper!!! Bathrooms is about 10k each or less. Kitchen can be done for 10-12k or less even.

Can you take some of YOUR money and redo them???
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amother
Blush


 

Post Wed, Nov 25 2020, 11:54 am
I have about 10K in a savings account, 1k (or less) in checking and about 2K in investments.
I also have a whole life plus term insurance for me and dh.
I don't own a home.
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amother
Chartreuse


 

Post Wed, Nov 25 2020, 12:02 pm
I own a home, but most of it still belongs to the bank Smile and even when I own it all, it's a starter home and a condo - not worth that much. I can't afford anything bigger or more expensive.
I have about $1k in my checking account, $2500 in my savings account, and $5k credit card debt.
That's it.
We live paycheck to paycheck and end up falling back on the credit card every month. Eventually I hope my husband will earn more and we can start saving. But meanwhile it's not really possible.
In our high 20s, with 3 kids.
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Amarante




 
 
    
 

Post Wed, Nov 25 2020, 12:29 pm
amother [ Teal ] wrote:
Please diversify. Even if you don't make as much right away, you'll be doing yourself a favor in the long term.


Completely agree because if this is anything other than a blue chip stock, you are potentially heading for a financial nightmare. And even theoretically blue chip stocks can drop precipitously. Enron was considered to be a very safe investment. Hiding
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amother
Pink


 

Post Wed, Nov 25 2020, 12:41 pm
Mid 20s.

12k in checking accounts which is a ton for us. I just got a decent job (DH learns) and make about 8k a month so we can start saving for a down payment. We just havent yet decided where we are going to keep the money. Open to suggestions!
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amother
Honeydew


 

Post Wed, Nov 25 2020, 1:03 pm
I don’t mean this to be snarky but what is the point of knowing what people have without context.

I have a lot but it is because I inherited a large amount; I bought stock in a company so that my $5000 is now worth $1.5 million but that was pure luck. I stayed in the same relatively modest home that I purchased first and the value has escalated enormously. I was lucky that my parents gave me the down payment and houses were inexpensive enough so that I didn’t need a huge amount. Think $40,000 down payment after adjusting for inflation.

I lived relatively frugally especially compared to my income since I have a professional degree but always opted for less well paying jobs within the field rather than work solely for the maximum earnings.

I was lucky that I had no major medical expenses and that both my husband and I were able to work.

I was lucky that my education expenses including college and professional graduate degree were minimal so I didn’t have student loans.

I had a smaller size family so costs were less and the expense of children was a factor in the size of my family.

I had no idea that I would inherit a large amount or that my stock purchase would increase by such an amount. Without those, I would have a decent amount in assets but would probably have to sell my home when I retire as I have a lot of equity but my lifestyle wouldn’t be as nice.

My circumstances are really equivalent to advising someone to buy a lottery ticket. I did save for retirement but it wouldn’t cover some of the expenses I see that my older friends and family need. When the time comes I will be able to afford whatever care is necessary for the family.

I still live relatively frugally. I would say my chief luxury is not having to worry about money.
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amother
Mint


 

Post Wed, Nov 25 2020, 6:02 pm
Deleted

Last edited by amother on Tue, Mar 09 2021, 8:44 am; edited 2 times in total
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amother
Pumpkin


 

Post Wed, Nov 25 2020, 7:08 pm
In my mid 40s and don't know. Is that terrible?
Dh takes care of all the finances - I can't deal with maths and banks etc. He does talk to me about money but it goes in one ear and out the other. I sound childish and irresponsible but no I'm not a spender and I do earn almost as much as he does.
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amother
Burlywood


 

Post Wed, Nov 25 2020, 7:32 pm
amother [ White ] wrote:
You can probably even . Do. It for cheaper!!! Bathrooms is about 10k each or less. Kitchen can be done for 10-12k or less even.

Can you take some of YOUR money and redo them???


My money? Whats that supposed to mean? I should stop paying bills from my account and just hoard my money? Wont work. Dh will do some shtick and borrow money from the house to pay the bills. He will never withhold putting money into savings. He will never cash out the retirement account either, there are penalties.

Kitchen is a bigger project. Its small, but we can easily make it bigger by opening a wrongly used closet.

Besides for the new cabinets we need to demolish the entire kitchen to its studs. The insulation is awful and the sink freezes to often. It's the coldest room in my house.

After posting my kvetch I had a productive conversation with dh.
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lk1234




 
 
    
 

Post Thu, Nov 26 2020, 7:16 am
amother [ Pumpkin ] wrote:
In my mid 40s and don't know. Is that terrible?
Dh takes care of all the finances - I can't deal with maths and banks etc. He does talk to me about money but it goes in one ear and out the other. I sound childish and irresponsible but no I'm not a spender and I do earn almost as much as he does.


Thank you everyone for the new replies. Pumpkin - this was me back in the day. If it works for you then great. Personally - this is HORRIBLE. I believe that both husband and wife need to know every single bank name, number and how to access them (password, security question etc.) If I tell you I'm bad at math - I'm really really bad at math. This has nothing to do with math. You say you are not a spender- great, but god forbid if something happened - this is a recipe for disaster. The more empowered you are with the information about your bank accounts, retirements, properties - the better. One could be more in charge of the day to day handling but everyone should have access to and general information about all accounts.
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lk1234




 
 
    
 

Post Thu, Nov 26 2020, 7:26 am
[quote="amother [ Burlywood ]"]My money? Whats that supposed to mean? I should stop paying bills from my account and just hoard my money? Wont work. Dh will do some shtick and borrow money from the house to pay the bills. He will never withhold putting money into savings. He will never cash out the retirement account either, there are penalties.

Kitchen is a bigger project. Its small, but we can easily make it bigger by opening a wrongly used closet.

Besides for the new cabinets we need to demolish the entire kitchen to its studs. The insulation is awful and the sink freezes to often. It's the coldest room in my house.

After posting my kvetch I had a productive conversation with dh.[/quote]\

This is a huge win ! Good for you. Dave says that “Live like no one else, so that later you can live and give like no one else. If you've been savings 15% and have a fully funded retirement account and paid off mortgage then what is the point of continuing to live frugally and just saving your money? As long as your giving is proportionate to your spending then enjoy your money.
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amother
Violet


 

Post Thu, Nov 26 2020, 7:36 am
[quote="lk1234"]
amother [ Burlywood ] wrote:
My money? Whats that supposed to mean? I should stop paying bills from my account and just hoard my money? Wont work. Dh will do some shtick and borrow money from the house to pay the bills. He will never withhold putting money into savings. He will never cash out the retirement account either, there are penalties.

Kitchen is a bigger project. Its small, but we can easily make it bigger by opening a wrongly used closet.

Besides for the new cabinets we need to demolish the entire kitchen to its studs. The insulation is awful and the sink freezes to often. It's the coldest room in my house.

After posting my kvetch I had a productive conversation with dh.[/quote]\

This is a huge win ! Good for you. Dave says that “Live like no one else, so that later you can live and give like no one else. If you've been savings 15% and have a fully funded retirement account and paid off mortgage then what is the point of continuing to live frugally and just saving your money? As long as your giving is proportionate to your spending then enjoy your money.


I agree. And do it for your kids sake so they won't be embarrassed to have friends round. Hatzlocho
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amother
Puce


 

Post Thu, Nov 26 2020, 8:35 am
amother [ Burlywood ] wrote:
My money? Whats that supposed to mean? I should stop paying bills from my account and just hoard my money? Wont work. Dh will do some shtick and borrow money from the house to pay the bills. He will never withhold putting money into savings. He will never cash out the retirement account either, there are penalties.

Kitchen is a bigger project. Its small, but we can easily make it bigger by opening a wrongly used closet.

Besides for the new cabinets we need to demolish the entire kitchen to its studs. The insulation is awful and the sink freezes to often. It's the coldest room in my house.

After posting my kvetch I had a productive conversation with dh.

this is a control issue. He's hoarding money, why can't you spend your money? Most of all. if this is your home, and you're planning to move at some point, a house with a recently renovated kitchen and bathroom will sell for a lot more than one in unusable condition. People make money by investing their money, not holding on to the cash.
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amother
Violet


 

Post Thu, Nov 26 2020, 8:37 am
amother [ Puce ] wrote:
this is a control issue. He's hoarding money, why can't you spend your money? Most of all. if this is your home, and you're planning to move at some point, a house with a recently renovated kitchen and bathroom will sell for a lot more than one in unusable condition. People make money by investing their money, not holding on to the cash.


This. Plus in the meantime you and your kids enjoy a new kitchen and bathroom etc. It makes no sense not to redo them.
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amother
Saddlebrown


 

Post Thu, Nov 26 2020, 8:42 am
lk1234 wrote:
[quote="amother [ Burlywood ]

This is a huge win ! Good for you. Dave says that “Live like no one else, so that later you can live and give like no one else. If you've been savings 15% and have a fully funded retirement account and paid off mortgage then what is the point of continuing to live frugally and just saving your money? As long as your giving is proportionate to your spending then enjoy your money.


Hi how do you know if you have a fully funded retirement? How much is enough? Also what is the 15% you're supposed to be saving-each year 15 percent of income?
What abt saving for big expenses coming up?
We have BH good savings from hard work and gifts, buy we have young kids and growing family so I am always not sure if I should 'enjoy spending' or try to pinch corners.
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amother
Teal


 

Post Thu, Nov 26 2020, 9:48 am
amother [ Saddlebrown ] wrote:
Hi how do you know if you have a fully funded retirement? How much is enough? Also what is the 15% you're supposed to be saving-each year 15 percent of income?
What abt saving for big expenses coming up?
We have BH good savings from hard work and gifts, buy we have young kids and growing family so I am always not sure if I should 'enjoy spending' or try to pinch corners.


I'm just warning you that if you look up retirement calculators online you're going to be very scared. The rule of thumb for someone who wants to live off investment income is that you take 4 percent of your principal every year. Which means that you need a million dollars for every $40k of income that you want in retirement.

Don't get scared, but do start saving.
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amother
Emerald


 

Post Thu, Nov 26 2020, 10:06 am
For many years we often had a negative bank account!
The last few years things have gotten much better bH.
Sometimes there’s $35,000 in a bank account, sometimes there’s $17,000... dh invests in real estate and the bank accounts are constantly changing but bH we are paying all our bills.
Recently I received a $20,000 inheritance (separate account). Does anyone have any good ideas of what I should do with it instead of a savings account?
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amother
Wine


 

Post Thu, Nov 26 2020, 8:39 pm
amother [ Teal ] wrote:
I'm just warning you that if you look up retirement calculators online you're going to be very scared. The rule of thumb for someone who wants to live off investment income is that you take 4 percent of your principal every year. Which means that you need a million dollars for every $40k of income that you want in retirement.

Don't get scared, but do start saving.


Well, not completely. Let’s say you want a nice $120,000 per year, so you’d need 3 million. But you don’t really have any need for 3 million to pass to your kids, you consider 1 million divided among them to be a nice yerusha. Eventually you can start to spend down your principal to an extent, even using a generous assumption of living 40 years post retirement.
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Amarante




 
 
    
 

Post Thu, Nov 26 2020, 9:36 pm
amother [ Wine ] wrote:
Well, not completely. Let’s say you want a nice $120,000 per year, so you’d need 3 million. But you don’t really have any need for 3 million to pass to your kids, you consider 1 million divided among them to be a nice yerusha. Eventually you can start to spend down your principal to an extent, even using a generous assumption of living 40 years post retirement.


That isn’t how the calculators work.

They let you know how many years your principal will last. They are easy to find. You plug in the amount you will have when you retire; the age you plan to retire and how much you want to withdraw each year.

They either tell you how much you need to save to reach your retirement goal or show you how many years you can withdraw in retirement before running out of money.

https://www.bankrate.com/retir.....ator/

They don’t assume most people will have money left because the amount needed for a comfortable retirement is pretty high uniess you have a fixed pension of some kind which is very rare unless you are civil service.
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