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Saving vs spending

 
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mmyy




 
 
 
 

Post Wed, Jun 22 2022, 9:23 pm
Wanted to hear ppls opinion. Me and my husband worked very hard for a couple of years and saved up. we invested it in real estate we have a passive income of about 7.5K, until now we kept on investing it and not using it because I have a job that brings 5K and we had another side job of a few thousand $$ that stopped.
What would you do now,
1. continue saving the 7.5K to continue investing and living very tight.
2. spending it all, after all it's a passive income that will keep on coming.
3. take out a monthly budget from there and save some, if so how much?
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amother




Zinnia
 

Post Wed, Jun 22 2022, 9:26 pm
I’m not sure what you mean by these numbers. $7,500 per month? Per year?
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mmyy




 
 
 
 

Post Wed, Jun 22 2022, 9:28 pm
Every month 7.5K of passive income after all expenses
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amother




Chartreuse
 

Post Wed, Jun 22 2022, 9:29 pm
Is that all your savings? If yes, I would continue saving for weddings bar mitzvahs and retirement.
If you have more savings than that or are nearing your goal then I would split - use some but still save at least half.
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amother




Chartreuse
 

Post Wed, Jun 22 2022, 9:29 pm
Can I ask how much your initial investment was?
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mmyy




 
 
 
 

Post Wed, Jun 22 2022, 9:33 pm
amother [ Chartreuse ] wrote:
Is that all your savings? If yes, I would continue saving for weddings bar mitzvahs and retirement.
If you have more savings than that or are nearing your goal then I would split - use some but still save at least half.


No, I don't have other savings.
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mmyy




 
 
 
 

Post Wed, Jun 22 2022, 9:34 pm
amother [ Chartreuse ] wrote:
Can I ask how much your initial investment was?


It's a tricky question, we started with 100K bit kept on re investing it all.
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amother




Chartreuse
 

Post Wed, Jun 22 2022, 9:36 pm
mmyy wrote:
It's a tricky question, we started with 100K bit kept on re investing it all.


That’s great, I’m so happy for you that you reached this point.
We just invested 35k so we’re starting much slower and obviously seeing slower results.
When you reinvested it all, was that into real estate?
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amother




Chartreuse
 

Post Wed, Jun 22 2022, 9:36 pm
mmyy wrote:
No, I don't have other savings.


Then without a doubt I would continue to save at least half the amount.
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mmyy




 
 
 
 

Post Wed, Jun 22 2022, 9:53 pm
amother [ Chartreuse ] wrote:
That’s great, I’m so happy for you that you reached this point.
We just invested 35k so we’re starting much slower and obviously seeing slower results.
When you reinvested it all, was that into real estate?


Yes, it was all into real estate, but we are talking about a couple of years ago and the housing market wasn't so crazy, it was way easier then now.
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EMEN




 
 
 
 

Post Wed, Jun 22 2022, 11:04 pm
How much was the side job bringing in? Maybe you should take out that amount?
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amother




Babypink
 

Post Thu, Jun 23 2022, 9:00 am
You have a total income of approximately $12,500 per month or approximately $150,000 per year. I am not counting the additional job that you said you no longer have although theoretically that is always a possibility.

I don't understand why you are separating your two sources of income because your household because they are just money. Many people have their income from various sources. The only difference is that the taxes for earned income are different than from real estate or capital gains.

You handle your finances the way other prudent people do - you make sure you have at least six months of money in a safe liquid source. You make up a realistic budget which includes savings for retirement as well as other non-discretionary items like mortgage, health insurance, tuition and then determine how you spend the rest in terms of priorities.

If you have $12,500 per month of income from investments and salary, then there is no reason to live as though you have only $5000 per month in income.
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amother




Linen
 

Post Thu, Jun 23 2022, 9:14 am
It’s very good to save but good to live too
But if you don’t feel like you you’re lacking anything then maybe keep on saving
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