6 upvotes, 2 direct replies (showing 2)
View submission: Hard-and-fast rules
Basically this means take 10% of every single bit of income you receive, paychecks, gifts, etc., and put it in some sort of savings, whether that be an emergency fund, a retirement plan, or some other vehicle, but ALWAYS take 10% of EVERYTHING and stash it for later.
Comment by recyclar13 at 06/02/2025 at 16:51 UTC
2 upvotes, 1 direct replies
this is great advice! and it's easy to give out when you have enough income to do more than just survive (I came from money, but I've also suffered under some severely low-income situations because my family sucks).
a LOT of people can't afford to pay even some of their bills (Corp. greed-flation) and not because they're bad with managing money. how are they going to pay themselves first?
Comment by pyratestan at 06/02/2025 at 15:29 UTC
1 upvotes, 1 direct replies
My first ex-wife came from a family which had a successful real estate company in northern VA. Soon after we married it was shuttered, so we began receiving dispersal checks for tens of thousands of dollars 2 to 3 times a year for about six years.
We blew the first one, had a lot of fun. After that we followed the rule you mentioned. While we made a few bad investments, we hit it big with Disney and Starbucks, investing in both when they were dirt cheap (Starbucks was pre-explosion, and Disney had a few years when they couldn't do anything right). Retirement level money.
So yeah, that's a good one.