Comments on: Can You Live on 50% of Your Income? http://steve-olson.com/can-you-live-on-50-of-your-income/ For People Pursuing Freedom Tue, 16 Mar 2010 14:14:23 -0700 http://wordpress.org/?v=2.9.1 hourly 1 By: Jonha http://steve-olson.com/can-you-live-on-50-of-your-income/comment-page-1/#comment-5326 Jonha Sun, 14 Mar 2010 23:02:54 +0000 http://www.steve-olson.com/?p=326#comment-5326 Hi Steve, I am currently 21 and every time I receive my salary, I make sure that there would always be something saved for tomorrow. I do not believe in buying things on credit as they would only add to one's burden. Decision to save, commitment and determination will help one save and keep that savings (not just save then withdraw them soon) Hi Steve,

I am currently 21 and every time I receive my salary, I make sure that there would always be something saved for tomorrow. I do not believe in buying things on credit as they would only add to one’s burden. Decision to save, commitment and determination will help one save and keep that savings (not just save then withdraw them soon)

]]> By: Carsforsale http://steve-olson.com/can-you-live-on-50-of-your-income/comment-page-1/#comment-5249 Carsforsale Mon, 01 Feb 2010 09:22:01 +0000 http://www.steve-olson.com/?p=326#comment-5249 I agree with all of this. I would like to add that there is no advantage apart from the maintenance sector when buying a new cars for sale. Used cars are easily found and they sometimes come as a surprise when apon purchasing as they are sometimes as good as brand new at half the cost. I agree with all of this. I would like to add that there is no advantage apart from the maintenance sector when buying a new cars for sale. Used cars are easily found and they sometimes come as a surprise when apon purchasing as they are sometimes as good as brand new at half the cost.

]]> By: Ramblings | Bizness Geek http://steve-olson.com/can-you-live-on-50-of-your-income/comment-page-1/#comment-4852 Ramblings | Bizness Geek Sun, 07 Jun 2009 03:26:52 +0000 http://www.steve-olson.com/?p=326#comment-4852 [...] Not easy and perhaps not always possible, but worth looking into; living on 50% of your income. [...] [...] Not easy and perhaps not always possible, but worth looking into; living on 50% of your income. [...]

]]> By: kelly http://steve-olson.com/can-you-live-on-50-of-your-income/comment-page-1/#comment-4856 kelly Sat, 30 May 2009 01:13:36 +0000 http://www.steve-olson.com/?p=326#comment-4856 talking about ... Keep tin mind that these lifestyle sacrifices would be temporary - delayed gratification) 2 and 8 totally agree... talking about …
Keep tin mind that these lifestyle sacrifices would be temporary – delayed gratification) 2 and 8 totally agree…

]]> By: Anthony http://steve-olson.com/can-you-live-on-50-of-your-income/comment-page-1/#comment-4860 Anthony Thu, 28 May 2009 07:39:10 +0000 http://www.steve-olson.com/?p=326#comment-4860 "To expand, we need employees, and our house wouldn’t be a good place for others to work" - I wouldn't want employees in my house and lose all my privacy. “To expand, we need employees, and our house wouldn’t be a good place for others to work”

- I wouldn’t want employees in my house and lose all my privacy.

]]> By: Intelligent Speculator | Ramblings http://steve-olson.com/can-you-live-on-50-of-your-income/comment-page-1/#comment-4851 Intelligent Speculator | Ramblings Sat, 23 May 2009 19:54:04 +0000 http://www.steve-olson.com/?p=326#comment-4851 [...] Not easy and perhaps not always possible, but worth looking into; living on 50% of your income. [...] [...] Not easy and perhaps not always possible, but worth looking into; living on 50% of your income. [...]

]]> By: lina http://steve-olson.com/can-you-live-on-50-of-your-income/comment-page-1/#comment-4853 lina Tue, 19 May 2009 21:26:10 +0000 http://www.steve-olson.com/?p=326#comment-4853 Not that I disagree with the point but I do not see how some one can live on $50 for a month as he claims. Not that I disagree with the point but I do not see how some one can live on $50 for a month as he claims.

]]> By: Luke http://steve-olson.com/can-you-live-on-50-of-your-income/comment-page-1/#comment-4870 Luke Mon, 27 Apr 2009 13:58:11 +0000 http://www.steve-olson.com/?p=326#comment-4870 I took me escaping the "18-25" year old phase with a house I could not afford, loaded with student debt and cars loans to know this advice is true. We now work everyday harder to get back to the "zero-sum" game to start over. How much father behind will we be because this advice was not shared? Keep up the message. As someone who graduated from HS in the last 10 years I assure you, the most basic financial advice is NOT taught. We must be louder and stronger in our convictions that pop culture. I took me escaping the “18-25″ year old phase with a house I could not afford, loaded with student debt and cars loans to know this advice is true. We now work everyday harder to get back to the “zero-sum” game to start over. How much father behind will we be because this advice was not shared? Keep up the message. As someone who graduated from HS in the last 10 years I assure you, the most basic financial advice is NOT taught. We must be louder and stronger in our convictions that pop culture.

]]> By: Steve http://steve-olson.com/can-you-live-on-50-of-your-income/comment-page-1/#comment-4854 Steve Sun, 19 Apr 2009 14:10:11 +0000 http://www.steve-olson.com/?p=326#comment-4854 quadszilla, You make a good point. One of the joys of being young is freedom from responsibility. Spending all you have is one thing. It is another to spend more than you have. I've known so many people who get buried in debt by 25 and become slaves to debt for the rest of their lives. Credit cards, trips around the world, trendy clothes, student loans, cars, big mortgages. My point in this post wasn't so much that you should save 50% indefinitely with out ever spending your savings balance. It was that if you save 50% and use the balance to buy things like cars and education and vacations with cash you can afford instead of incurring massive debt. Case in point, I know a kid from a poor working class family, he's attending an expensive private college ($35000 per year) for computer science entirely on loans. He just bombed a java course and is questioning whether he likes comp science. Now he's almost $100K in debt and he feels trapped. He bought the lie that he should get a degree no matter the cost and student debt is always 'good debt.' On top of this, he's never programmed in his life until college, his parents didn't even have a computer. He would have been much better off getting a job, buying a computer with cash, learning about it, saving some money and taking some programming classes at a community college or tech school with his savings. From there he could find out what he likes without incurring debt. Right now it looks like he's going to end up 150K in debt doing a job he hates. And that's if he makes it and is good enough to get a job. I just heard another story just like this about medical school. The student is 500K in debt, has his job as a general practitioner and hates it. Is that any way to start out in life? Buried in debt doing something you hate? Make sense? Comments? quadszilla,

You make a good point. One of the joys of being young is freedom from responsibility. Spending all you have is one thing. It is another to spend more than you have.

I’ve known so many people who get buried in debt by 25 and become slaves to debt for the rest of their lives. Credit cards, trips around the world, trendy clothes, student loans, cars, big mortgages.

My point in this post wasn’t so much that you should save 50% indefinitely with out ever spending your savings balance. It was that if you save 50% and use the balance to buy things like cars and education and vacations with cash you can afford instead of incurring massive debt.

Case in point, I know a kid from a poor working class family, he’s attending an expensive private college ($35000 per year) for computer science entirely on loans. He just bombed a java course and is questioning whether he likes comp science. Now he’s almost $100K in debt and he feels trapped. He bought the lie that he should get a degree no matter the cost and student debt is always ‘good debt.’ On top of this, he’s never programmed in his life until college, his parents didn’t even have a computer. He would have been much better off getting a job, buying a computer with cash, learning about it, saving some money and taking some programming classes at a community college or tech school with his savings. From there he could find out what he likes without incurring debt. Right now it looks like he’s going to end up 150K in debt doing a job he hates. And that’s if he makes it and is good enough to get a job. I just heard another story just like this about medical school. The student is 500K in debt, has his job as a general practitioner and hates it. Is that any way to start out in life? Buried in debt doing something you hate?

Make sense? Comments?

]]> By: quadszilla http://steve-olson.com/can-you-live-on-50-of-your-income/comment-page-1/#comment-4855 quadszilla Sun, 19 Apr 2009 08:25:03 +0000 http://www.steve-olson.com/?p=326#comment-4855 I spend much less than 50% now. However, I don't think it's good advice for 18-25 year olds. Spending everything you make and then some is one of the joys of being young. Why take that away from them? I spend much less than 50% now. However, I don’t think it’s good advice for 18-25 year olds. Spending everything you make and then some is one of the joys of being young. Why take that away from them?

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