What is Digg?175 Comments
- inactive, on 02/05/2008, -1/+46Living on 90% of your income requires personal finance common sense which this article talks about, which unfortunately most of us don't have. In US we live for the moment and think that if we are in debt, we are part of american dream which is foolish thinking.
- mrgreenjeans, on 02/05/2008, -19/+59Here's another route to happiness that my coworker related to me today about our former co-worker's sister.
You will need: to be unmarried, female and unemployed. You will then be given an allowance for a house. It must be a house worth under $115,000. (You do have to pay fifty dollars per month for it.)
The more kids you have the better. I don't know how much each is worth, but she has four. She therefore receives a card with $700 per month for groceries and $400 cash per month that you can access through ATM's.
Then if you're really smart about things (she calls it being an entrepreneur) you will stay at your mother's house and rent out the house for which you pay $50/month, for $1000 dollars/month. Oh, and for extra money each year, sell your kids to others so they can claim them as dependents on their taxes.
Their is a catch, though. You only receive these benefits until your child is 18. So, keep churning out kids! That way you'll be rewarded for having kids which you couldn't take care of in the first place.
(Sorry I'm off topic but I owe a good chunk of money to the IRS this year and just heard this story today. I'm glad I know where a portion of it is going.)
/rant - Heem, on 02/05/2008, -5/+40while the government gets to live on 35% of my income.
- schnikies79, on 02/05/2008, -1/+32I have 10% automatically deposited to my savings account, the other 90% into my checking.
About every 4 months. I take what about 75% of what is in my savings and invest it. The other 25% stays in savings as an emergency fund.
It makes things simple. - swicklund, on 02/05/2008, -4/+26You're right, I'm sure every welfare recipient is living with their mom, choosing to give birth every couple of years to keep that income flow moving. Let's just cutoff welfare for everyone! That will give us all 1% of our taxes back. Or not, since the government would just have to pay for their hospitalization after living in shelters and on the streets. Well, let's close that little emergency room loophole and let 'em die then. That will really save us some green! I'll start piling that cash into a burglar alarm and some guns to protect me as poor people turn to a life of more overt crime to live.
Stop bitching over the money spent (admitted some wasted) on social programs and look at what is getting stolen by military contractors, where more than half the federal budget is spent! - Gryffydd, on 02/05/2008, -0/+18The 90% rule is great, but you have to be mindful of exactly what you do with the 10% beyond just sticking it in a savings account or it'll constantly be taking a hit from inflation.
- TomK88, on 02/05/2008, -0/+16People will continue to live on 150% of their income and beyond. It's sad that even educated people can't comprehend how racking up consumer debt is an idiotic practice that will decimate you in the long run.
- cecinestpasvrai, on 02/05/2008, -1/+16Any chance you could be so kind as to post a link to the state or federal programs with the rates/length of time you claim? Shouldn't be too hard, you seem to have all the numbers documented.
- inactive, on 02/05/2008, -0/+15This is very true, but even putting 10% in a savings account with 4% interest is preferable to what most Americans do- take that 10% and charge it on a 21% APR credit card.
- briankoenig03, on 02/05/2008, -0/+14It is literally impossible to follow this rule and be broke, as long as you have any income whatsoever. Even if your income is $1, following this rule you'd have 10 cents, which is disastrously poor but not broke.
If you have no income whatsoever, stop being a leech and get a job, unless of course you're a 13-yr old Digger, in which case get back to your homework. - crunchdigg, on 02/05/2008, -0/+14no need, it's a Friend (Sister) of a Friend (ex-coworker).
It MUST be true. - houndeyex, on 02/05/2008, -4/+17I'm off to get a sex-change, quit my job, and dump my girlfriend.
- neko6, on 02/05/2008, -0/+11Most Americans seem to live on 110% of their income (or more), and somehow are surprised when the bank calls for its money back...
- inactive, on 02/05/2008, -0/+11MrBabyMan seems to have mastered the Digg Algorithm. How do you do it man?!!
- Daiken, on 02/05/2008, -0/+9I'm living on the 50% rule. Spending 50% now and saving 50% for later. Buahahahahahah.
- richardiscool, on 02/05/2008, -1/+10GIVE 10% TO XENU FOR GREAT EFFECT
- spinaltap87, on 02/05/2008, -1/+10start growing it dumbass
- thailand1972, on 02/05/2008, -1/+10OT: 4 posts on the front page posted by MrBabyMan - I thought the algo changed to prevent such gaming of Digg??
- fak3r, on 02/05/2008, -1/+9So what does this have to do with the article? Sounds like your plan all along.
- slapded, on 02/05/2008, -4/+11i already live by this rule, and i'm still broke
- VinceNoir, on 02/05/2008, -0/+6That's the way to do it man... I'm 37 and that approach has served me and my wife well so far. We're not "rich". But we live simply. I recently lost my car due to a fractured unibody frame caused by rust. (It was ten years old and I'd owned it for eight years with four of those years free of a car payment) My first thought was, "uh oh, gonna need to get a new car". But my wife reminded me that the bus is always an option, which is something that didn't occur to me right away. She was right, because my workplace is less than 15 minutes away in the car. So I started taking the bus. Think of the savings... no insurance, no license plate renewal, no gas, no parking downtown. Just the bus fare... The plan is to do this for a few months until we have at least $6000 to put down on a used car. We're living on one car right now and we've both discovered life is actually better this way than we'd ever imagined. Of course we're "city folks" and this cemented our love of living near the city in the face of local news talking about how "bad" it is.
Keep doing what you're doing and don't let anyone convince you differently. They're the fools, not us. - Vektuz, on 02/05/2008, -0/+6That's odd. I always thought the 90% rule was "90% of everything is crap"
- FaithclubDotNet, on 02/05/2008, -0/+6Live on 90% of your wealth, save 10% *
* Offer not good in places with massive inflation such as Zimbabwe - BrokedownPalace, on 02/05/2008, -0/+6If you were really living off of 90% of your income, you could pay off your cards in full every month and STILL have 10% left. If you can't pay them off in full, you are spending way too much on them.
- AntBing, on 02/05/2008, -0/+6It should be more like 80/20 since the average life expectancy is increasing. Unless you want to work into your 60's or 70's you should be saving more than the suggested. The more you save now the more comfortable you will be later in life.
- TomK88, on 02/05/2008, -0/+6Saving is stupid? I stopped reading after that. If you don't think saving can easily beat the inflation rate you have little to no knowledge on personal finance.
- AJanitor, on 02/05/2008, -1/+7My parents taught me very well as a child to save my money. My parents always bought used cars and refused to go into debt for anything other than a house. They were always very generous with their money to people in need and they still had enough left to save because of living simply.
I started working when I was 12. I'm almost out of college and about to go to grad school. I'm making it out of college with money saved and no debt. It isn't always easy, my car is almost 10 years old, some of my things aren't the nicest. However I would rather give up "nice" things and start off life debt free. It can be done, it's just hard in a world that tells you that you need every newest thing. - chrisatwork, on 02/05/2008, -0/+6Living on 90% is difficult? I live on about 40% of my income and I make less than 50k a year. The rest sits in my bank account.
- DJPhoenix, on 02/05/2008, -0/+5Since the day I started working at my first real job just over a year and a half ago I allocated 10% of my income to my 401k plan. 4% of which is matched by the company. I figure if I did it from the start I'd never see that money and I'd simply get used to living without it. All the while it's accumulating in my retirement fund.
- tape250, on 02/05/2008, -3/+8Not only has the Personal Responsibility and Work Opportunity Reconciliation Act of 1996 since expired, but even under the act, approximately 45% of all people receiving welfare were not subject to any time restrictions. So, no, he's not a troll, you failed to research your topic.
It's time to end the welfare state.
Source: http://www.mdrc.org/publications/51/full.pdf - Hamletlere, on 02/05/2008, -0/+5Speak for yourself. I live in the US, and I don't go into debt for unnecessary purchases (anything outside of my house or car).
- VinceNoir, on 02/05/2008, -1/+6You must suck as a lover or your girlfriend sucks as a mate. That's the only explanation I can think of for why a fine home made gourmet meal and a sensual massage would not be considered a viable option. Either that, or you're still in high school. Most women with a clue would really appreciate a man who knows how to cook like a five star chef, and provide sensual body massages like a pro. That you/she think that "find dining", steak (yuck) and inebriation are required for a good Valentine's day, speaks volumes about the lameness of your relationship.
- fuelcarddotorg, on 02/05/2008, -0/+5holy crap, I cannot imagine spending 90% of my income, and I dont make much
- TomK88, on 02/05/2008, -2/+7So you would contribute to paying for roads, police, military, etc. without the government forcing you to? I'm sure the rest of society would as well.
- thelastcivilian, on 02/05/2008, -2/+7get a job.
- CthulhuDawn, on 02/05/2008, -0/+4Pro Tip: If you're a student and are fortunate enough to have parents that saved and are helping you with college, start early and save more than 10%. If you can, try to save 30% and just stick it something like an interest bearing savings. You'll be surprised how fast it grows.
- VinceNoir, on 02/05/2008, -0/+4And you must be annoying as ***** to deal with in real life. Shut the ***** up jackass.
- drewlew, on 02/05/2008, -1/+5Sorry no links, but I think I know the names of these programs. The groceries are from food stamps which you can get almost indefinitely if you're willing to fill out the forms and deal with the DHHS. The ATM card she speaks of is from welfare which I believe is difficult to get for an extended period of time. I've never heard of assistance like that to help you buy a house but I know you can get most of your rent subsidized Source: http://www.hud.gov/renting/
There are a few more things worth mentioning. The best way to do it is to live just below the poverty line with a couple kids. Then you can get free health care for you kids, free maternity medicaid, enough food stamps to live off of, pay NO taxes, and get enough tax credits to get a 4-5 k check each February. Many states now have state sponsored day care for kids over 2 now as well. - pasher1221, on 02/05/2008, -1/+5The 50% rule could make you rich and happy.. 50% living 25% savings to avoid loans 15% retirement savings 10% giving.
- MaddieCakes, on 02/05/2008, -0/+4We learned the 80/20 rule in my Personal Finance class, actually. Live off of 80%, save 20%. I also use this rule when eating (apparently this is something the Japanese do a lot), eat until you're about 80% full, and then stop, instead of eating until you're ungodly bloated and the slightest poke could send your lunch flying through the stratosphere.
- NeoTEKK, on 02/05/2008, -2/+6Says the man with the said avatar.
- Future2, on 02/05/2008, -0/+4Generally, its best to put the maximum percentage that your employer will match into your 401k. If your employer matches up to 6% of your income, contribute 6%. Put the remaining % into a Roth IRA (maximum $5000 per year) or some other savings vehicle. Also, its important to have an emergency fund. Tapping into a retirement plan early will erase virtually everything your money has earned. I know a lot of this seems common sense, but you would be surprised how clueless people are regarding their personal finances.
- Hamletlere, on 02/05/2008, -0/+4You really should consider moving to a cheaper area.
I make FAR more than $9/hour, and my total tax rate comes to a little under 22% of my gross salary, nothing like the 33% you are quoting. That include Federal, State, Social Security, and Medicare. And that's only what's taken out of my paycheck... I usually get a very good refund at the end of the year.
You also must be very young. My two cars together cost me $50/month in insurance. The mortgage on my 3-bedroom 1650 sq.ft. house costs me $810/month (mortgage, property tax, and insurance). And I live in a relatively nice suburb with low crime.
Then again, I work hard to save, and purposely choose to live in areas with a low cost-of-living index. - Gryffydd, on 02/05/2008, -1/+5The only thing I don't like is not having full access to my own money until I'm almost too old for it to matter....
- cecinestpasvrai, on 02/05/2008, -0/+4Well I looked at this for quite some time now, and can't find anything close to what's been said here. Perhaps somebody could paraphrase? I searched the entire document and found nothing about a 50$ housing fee, or really any of the above numbers. Now, I dont want to say they were just like, pulled out of your ass, but I want to invite you to point out to me exactly where in this 250 page document (weird, almost too long for most people to look through!) there's anything but legal wonkery.
I'm also curious if perhaps anyone who dugg this up could explain just what they found in the links that was so informative? - saltinekracka20, on 02/05/2008, -0/+4You seem to be good at saving, and bad at investing.
- Sp0rAdiC, on 02/05/2008, -0/+4I have my full paycheck direct deposited in my checking account, which usually happens late Wednesday/early Thursday, and I have my savings account and ING take out 10% of that paycheck every Thursday. I don't even notice the money is gone, because I never see it. It took me all of 15 minutes to get it all set up, and it adds up.
- purzzzell, on 02/05/2008, -0/+4someone lives well below their means - good job.
or you're lying...... - GorfTron, on 02/05/2008, -11/+15Just stop giving 10% to Jesus and his pedophile priests. Easy!!
- TomK88, on 02/05/2008, -0/+4Are you kidding? Starting a business is not the only way to get rich. Real estate has made more millionaires than any other business. The stock market can easily make you rich if you play it properly. And if you want lower risk, instruments like bonds, high-interest savings accounts, and diversified ETFs can help you live comfortably your entire life.
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