Look who John Schmoll from Frugal Rules ran into!!! Warren Freakin’ Buffett and Mark Bad Ass Cuban! At a Diary Queen no less! Man oh man am I jealous… Can you imagine just being there doing your thing when these two walk in?? What would you say? What would you do?
To make things worse, they also realized they were spending $200 a month, or $2,400 a year, for two separate gym memberships that they never use. Despite making good money, by living up to their means, the couple doesn't have much left over each month to put towards retirement.
"What most people do when they earn a dollar is pay everyone else first. They pay the landlord, the credit card company, the telephone company, the government ..." writes financial adviser David Bach in "The Automatic Millionaire," and at the end of the day, they pay themselves whatever is left over. Oftentimes, that's not much.
The first thing you should do when your paycheck clears is pay yourself. Most experts recommend setting aside at least 10 percent of your pretax income in a tax-advantaged retirement account, such as a 401(k) plan, Roth IRA, or traditional IRA.
The easiest way to do that is to make the transfer automatic — meaning, have your contributions automatically taken out of your paycheck and sent straight to your retirement account. That way, you won't even see the money, so you won't be tempted to blow it on a trip to the Caribbean or a new pair of Jimmy Choo's.
Next, you'll want to get in the habit of increasing your contributions consistently, either every six months, at the end of the year, or when you get a bonus or a raise.
If you already find yourself behind when it comes to retirement savings, don't let that discourage you from saving and investing. Start by looking at your credit card statements and evaluating your spending habits — you may find a $30,000 category that you can cut back on.
MY WIFE AND I SPENT $30,000 EATING OUT
LAST YEAR
Posted on January 30, 2017 by John Schmoll in Lifestyle
What it is: No city does over-the-top quite like Las Vegas, home to the The Fleurburger 5000, which is America’s (and the world’s) most expensive burger. Priced at a wallet-busting $5,000, the decadent Kobe beef burger comes loaded withfoie gras and black truffles（黑色松露）, and its is encased in a truffle-infused brioche bun. When you order the Fleurburger, you automatically receive a bottle of Chateu Petrus 1995, which the restaurant has listed at $5,300—so, technically, you’re getting the burger for free. You get to sip the wine out of a Ichendorf Brunello glass, which you’re allowed to keep for bragging purposes. You know, just in case you want to prove to your friends how you spent $5,000 in Vegas…on a burger.
Have you ever had one of those times where you can’t believe the words you’re hearing? I’m talking about something so crazy you wonder whether or not the person is telling the truth.
I had such a situation a couple of months ago. We were looking at replacing our roof thanks to some hail damage this past summer. Over the course of several conversations, the roofer and I built a rapport and I shared with him what I do for a living.
He then opened up by telling me that he and his wife needed help with their money. They knew they needed to make changes but had made excuse after excuse (his words, not mine). Then he lowered the boom… “My wife and I spent over $30,000 eating out last year…” The size of his family…his wife, their young daughter and himself.
Not believing him I asked if he was sure of that, to which he said, “Yes, my wife and I just finished going through our credit card statements last week.” Worse yet, he admitted to spending $200 per month for two separate gym memberships that they don’t use. He ended the conversation by sharing that he and his wife make good money but don’t seem to have much left at the end of the month, never mind.
I'm the founder of Frugal Rules, a Dad, husband and veteran of the financial services industry. I'm passionate about helping people learn from my mistakes so that they can enjoy the freedom that comes from living frugally. I'm also a freelance writer, and regularly contribute to GoBankingRates, Investopedia, Lending Tree and more.
Oh my goodness! I love eating out and would never actually stop doing so but spending $30K on it is insane. It’s easy to see how eating out can get out of control especially when you’re busy, have a higher disposable income, and/or don’t know how to cook.
I think it’s important to make room in your budget for things like eating out – it’s a simple pleasure and there are so many great restaurants and cuisines to try – but not at the expense of your savings and investments.
I give myself $100 a week to spend on whatever I like. The rest gets split up between my savings, mortgage and regular bills.
Isn’t it interesting how the most obvious solution seems to elude some people? I love to eat out but I can’t conceive of spending that much. I suppose they have kids that go out with them as well so that probably boosts the number. But they must get lobster every meal to spend that amount. How do they not see the solution?
Completely agreed Kathy, it happens to a lot of people. That’s a good point and forgot to mention it in the post, but they have one daughter and she’s 8-10 so it’s not like they have three teenagers that eat as much as they do, if not more. That just makes it worse in my opinion.
That’s impressive John! I guess the good thing is that you are eating like a King and not worrying about it. And the other thing is, if you haven’t gained weight in 2016, but actually lost weight in 2016, then eat away I say!
I’ve found that I’m struggling to maintain my ideal weight the older I get. I swear I don’t eat any more and I’m still gaining weight (167-170 lbs at 5’10”, when I want to be 155 lbs). So I’ve tried to improve what I eat and eat less. The problem is, I need energy to compete on the tennis court.
To be able to spend $30,000 a year on food means you’re financially well to do. Start celebrating!
Haha I thought the same thing at first but you probably expected people to think that when you title it like that! Did you end up gathering the contact info of the guy? Do you think you’ll help him out? This is an area I’m trying to focus on this year. I want to set aside time to actually help people improve their finances in a 1:1 setting.
Yea, can understand especially if the person doesn’t read past the first few paragraphs. I have it and spoke with him a fair bit of some changes they can do to turn things around. I’d love to as that’s definitely a focus of mine but we’ll see if it’s something he’s even open to/wants more help with.
Ha ha, I think you misread it Sam – it wasn’t us who spent $30k on eating out last year, but our contractor friend. The only thing we spend that much on is investing.
That being said, you’re not the only one. I fear it’s one of the curses of getting older. I don’t eat that much as it is, but it’s about eating smarter so I have the energy I need while not gaining weight.
Wow! $30k/year is a life-changing amount of money. Agreed – just making small wins in one problem area can make a huge difference (and will probably create some momentum to keep making changes).
Agreed, that’s more than some people make in a year. Exactly! Start with those small steps and use it for momentum – sadly many don’t see that as a possibility of becoming a reality.
I was so guilty of eating out too much when I was in college. The small paycheck I received would be blown every week – soon enough I had to stop and ask if it was really worth it! Great advice!
先看看大多数美国人认为存储多少资金就够退休所用
Here's how much most Americans think
they need to save for retirement
Kathleen Elkins| @kathleen_elk Thursday, 8 Dec 2016 | 9:44 AM ET
If you can't pinpoint exactly how much money you'll need in retirement, you're not alone.
In a recent report, Merrill Edge finds that "many Americans are unable to articulate their 'magic number,' and those who can underestimate the amount" they will require.
More than half of respondents don't think they'll need more than $1 million, the amount financial advisors traditionally recommend savers aim for, and 19 percent simply don't know their number.
How much money do you need for retirement?
The answer is highly personal, and specific dollar amounts can be arbitrary, but according to retirement-plan provider Fidelity Investments, a good rule of thumb is to have 10 times your final salary in savings if you want to retire by age 67.
Fidelity also suggests a timeline to use in order to get to that magic number:
By 30: Have the equivalent of your salary saved
By 40: Have three times your salary saved
By 50: Have six times your salary saved
By 60: Have eight times your salary saved
By 67: Have 10 times your salary saved
The simplest starting point is to contribute to your401(k) plan — a tax-advantaged retirement savings account that can facilitate building wealth — if your employer offers one.
"It's important for you to at least put enough in your 401(k) that you get the match if your employer offers one," certified financial planner Carolyn McClanahan tells CNBC. That means that, if you choose to put four percent of your salary into your account, your employer will put that same amount in as well, in effect doubling your contribution. But you only get their money if you put yours in first.
Next, you'll want to get in the habit of increasing your contributions consistently, either every six months, at the end of the year, or when you get a bonus or a raise.
It's also smart to consider alternate retirement savings accounts, such as a Roth IRA, traditional IRA, or health savings account, as experts say that relying on just a 401(k) plan may not be enough to fund your future.
If you already find yourself behind when it comes to retirement savings, don't let that discourage you from saving and investing.
In fact, "nearly half of families have no retirement account savings at all," the Economic Policy Institute (EPI) reported.
Just how much has the average American family saved up? According to the EPI, the mean retirement savings of all families is $95,776.
But that number doesn't tell the whole story. Since so many families have zero savings and since super-savers can pull up the average, the median savings, or those at the 50th percentile, may be a better gauge. The median for all families in the U.S. is just $5,000, and the median for families with some savings is $60,000.
Retirement account savings are inadequate and unequalRetirement account savings of families age 32–61, 1989–2013 (2013 dollars)
Mean savings, all families
Median savings, families with retirement savings
Median savings, all families
1989
$35,492.41
$22,413.88
$0.00
1992
$39,256.91
$24,858.88
$0.00
1995
$50,474.67
$28,384.37
$2,276.82
1998
$64,982.50
$38,597.09
$6,003.99
2001
$86,187.11
$45,962.57
$7,879.30
2004
$87,818.02
$49,325.68
$6,165.71
2007
$101,548.36
$57,262.57
$11,227.96
2010
$96,881.71
$50,369.70
$5,358.48
2013
$95,775.93
$60,000.00
$5,000.00
$86,187$101,548$95,776$45,963$57,263$60,000$7,879$11,228$5,000Mean savings, all familiesMedian savings, families with retirement savingsMedian savings, all families198919921995199820012004200720102013050,000100,000150,000200,000$250,000
Note:Since DC and DB shares include families with both kinds of plans, the share with both types is subtracted from the total to produce the share with any plan. Shares indicate whether either the respondent or his or her spouse participated in such a plan or plans on a current job (individual participation rates are lower). Retirement account savings include 401(k)s, IRAs, and Keogh plans.
Source: EPI analysis of Survey of Consumer Finance data, 2013.
Many Americans are not prepared for retirement.
In fact, "nearly half of families have no retirement account savings at all," the Economic Policy Institute (EPI) reported.
Just how much has the average American family saved up? According to the EPI, the mean retirement savings of all families is $95,776.
But that number doesn't tell the whole story. Since so many families have zero savings and since super-savers can pull up the average, the median savings, or those at the 50th percentile, may be a better gauge. The median for all families in the U.S. is just $5,000, and the median for families with some savings is $60,000.
"The large gap between mean retirement savings ($95,776) and median retirement savings ($5,000) indicates inequality — that the large account balances of families with the most savings are driving up the average for all families," the researchers explained.
When it comes to retirement, the rich get richer and the poor barely scrape by, the EPI reported: "Participation in retirement savings plans is highly unequal across income groups. In 2013, nearly nine in 10 families in the top income fifth had retirement account savings, compared with fewer than one in 10 families in the bottom income fifth."
To see how the size of your nest egg stacks up against your peers, check out the average amount families have saved broken down by age:
难怪热爱美国劳动人民之心满满的马云马同学觐见川普
同学时承诺为之创造一百万个工作岗位，原来就是因为
看过下列图表数据心里好难过，哭晕在厕所。
1989-2013年，56-61岁美国人平均家庭退休储蓄资金
2007年为最高值——211,885美元；
2013年年底为 —— 163,577美元
Again, due to retirement inequality, the median savings broken down by age is very different.
Whereas the average savings of a family with members between 32 and 37 is $31,644, the median savings is less than $500. At the other end, the average savings of families close to retirement — ages 56 to 61 — is $163,557. The median is $17,000.
La La Land has already made history, breaking the record for most Golden Globes won by a single film after snagging all seven of the awards it was nominated for. In January, the spectacular film was nominated for 14 Academy Awards, tying with All About Eve and Tiantic for the most nominations of all time. With an additional eight accolades on the Critics' Choice winners' list and a total of 16 trophies so far, it seems like the musical is set to make an unprecedented sweep through award season. Let's break down every nomination and win so far.
La La Land - City of Stars DUET - Lyrics
La La Land (2016 Movie) Official Trailer
荷兰革命政府无比热爱美国劳动人民伟大领袖唐纳德·川普同志
"Our country has become a laughingstock all over the world."
“ 我们美国已经成了全世界的笑料。”
———— 唐纳德·川普 2016年11月7日星期一
Hilarious Donald Trump Impersonator at Dutch TV show
Europe welcomes Trump in his own words - Compilation EU countries (Germany, Portugal, etc)
Denmark second | Denmark Trumps The Netherlands at being no. 2
America First, SWITZERLAND SECOND
Melania Trump Blames Everyone But Donald For His Locker Room Talk
