Thanks for your comment and yeah I am glad to be back too.

That goes for me too, health comes first, all the wealth in the world is no good if I am not healthy enough to use it.

Take care and cheers

Good to have you back…

I think the % can’t be fixed. Generally the lower the income, the less as expenses form a large chunk. The more you earn, the more you can set aside.

I have friends who set aside 50% of their income as saving for reinvestment. Do they earn a lot? Not necessary, they just don’t spend a lot.

Cheers
James

Right now, I’d say I’m probably saving between 10% and 15% each pay. (pay is every two weeks) with the savings going toward a vacation coming up soon!

Mind you, that amount may have to be adjusted to cover fluctuations in earnings now and again, but definately worth it.

My goal: It’s all about me, baby!

You are right it doesn’t have to be 10%, if you can put aside more, its even better. The ‘pay yourself first rule’ should be item number one in your budget.

The compulsory saving account with the company you work with is a great idea and I know of many different kinds of schemes which companies follow and they all work well. The point I am trying to make is, what % of what you take home are you setting aside? Indeed a not so easy proposition, but with a little discipline you can save a small amount each week. Start with 10$ a week for instance till you reach a point that you cant save any more. Worth a try, what do you think?

Take care and cheers.

We have this program at work where we can have a portion of our paycheck automatically deposited into a separate savings account each week so when you do get your pay, you don’t even notice it’s gone, really. It works well and I’d certainly recommend it for anyone who has it available at their company.

Take care;
Anna

You are right about the 10%, it had better be first, pay yourself first. The 10% should be a part of your budget as an expense to pay yourself.

Having good health doesn’t mean you will live till 100 ,I consider having good health as my best asset. Managing suitably is the answer .

Take care and cheers

For me, neither extreme is good. Having health so good that you live beyond 100 years old but not a penny in your pocket is trouble. The reverse is having billions of dollars but using them to pay the stacks of medical bill is crazy too. So managing suitably good wealth amid good health is the best.

Again most people knows about saving 10% of their income, but not everyone knows to save the 10% FIRST and not LAST. Do it first, you always save 10%. Do it last, you always end up saving less then 10%. Sometimes none.

Cheers
James

I have been a bit under the weather lately and I am glad to be back too.

I have heard of the 10% of your income philosophy being taken further too, in the end its all a question of priorities. If saving 10% is going to get you a Lexus at 60, might not be worth it.

Take care and cheers.

Good to see you back!

Most people know the “save 10% of your income” philosophy but I’ve heard it taken even further …

1) Save 10% for retirement
2) Save another 10% for large purchases (that Lexus)
3) And save another 10% for your other big goals