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Optimist
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Posted: Monday January 23rd, 2006 20:30 |
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Ok
so when I earnt £10,000 I knew it was not enough, then I went up to £16k - joy, then £28k bliss. My boss has just put me up to £6xk and I feel a bit embarassed - I've got this mental block on the one hand I think yeah its only money get on with it. But on the other I need to keep motivated to achieve more. How much is enough ? What's average for someone in their 30s?? And when I go into the shop they still look at me like I'm about to nick the testers!  does anyone else ever feel like this?
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AfriCariBrit
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Posted: Tuesday January 24th, 2006 00:15 |
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You're so embarassed bout your salary you write an entire post about it?... hmmmm...
...I reckon like many things, its all relative... my enough isn't enough for my son... he thinks you need to have all the game consoles and other such crap... I have a slightly different take... so i guess it depends on the individual non?...
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umbrarchist
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Posted: Tuesday January 24th, 2006 07:15 |
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Money and Wealth are two different things. What is your NET WORTH? If you stopped working tomorrow how long could you go without a job? Is your house payed for?
As long as you live on income from a job you are still on the treadmill.
You may notice the banks increase your credit limit. They want you in debt so your income goes to them in interest. NOT GOOD FOR YOUR NET WORTH!
umbra
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Saint
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Posted: Tuesday January 24th, 2006 10:47 |
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I agree that it is relative. But generally if you earn enough you should be happy, and by being happy doesn't mean you shouldn't strife to get more if you can. If you are happy, then it means you aint doing too bad, then again if you getting like £10000 below what you're worth, then you want to find out why or do more to take yourself to the next height.
it is also important not to chase money but let money chase you .. don't work silly hours....... and then find out you have no time for family or friends and cannot do social activities. ie don't be a slave to money but let money be your slave. Broadly speaking, when you have enough to pay for your own place, your children, your parents and even help and sponsor some less privilege folks around you, then you know you aren't doing bad.
Now the answer to the Question is when you have 100 000 000. You would have £4000 grand to spend every day even if you stop work. That should be enough. I hoped I have helped you.
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En Sabah Nur
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Posted: Tuesday January 24th, 2006 10:59 |
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Live below your means. Because you make a certain amount or get a raise does not mean you should "live up" to that wage. Uh uh. Most wealthy people got that way by being frugal.
You should not crumble if you miss the next paycheck.
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Shemsi en Tehuti
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Posted: Tuesday January 24th, 2006 15:52 |
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Optimist wrote: Ok
so when I earnt £10,000 I knew it was not enough, then I went up to £16k - joy, then £28k bliss. My boss has just put me up to £6xk and I feel a bit embarassed - I've got this mental block on the one hand I think yeah its only money get on with it. But on the other I need to keep motivated to achieve more. How much is enough ? What's average for someone in their 30s?? And when I go into the shop they still look at me like I'm about to nick the testers! does anyone else ever feel like this?
===============
This is a curious post indeed...
Anyhooo, here is my suggestion. Definitely establish a diverse investment portfolio with separate funds (at least two). One for retirement, and the other to establish wealth. Total up your monthly pay, and subtract out all taxes, deductions for retirement and investment funds, living espenses to the most minute detail (including shopping, gas, & entertainment), recurring bills/debt, and all these expenses become part of your budget.
One thing I recommend is to set aside 10% of your gross pay every month into a savings account because you need to be able to live for at least 6 months in case you have trouble finding another job for some reason without work. This 10% also goes into your budget.
Once you figure out how much you need to set aside for all of these things (plus whatever financial budgetting is important to you) in your budget for the month, check your monthly take home pay and that tells you if you make enough. It is not a quick calculation, you will have to do a little bit of digging.
I do something similar with my expenses. However, for what I want to do in life, I am trying to start my own company. There are some smart people here on Blacknet so hopefully we will end up working together in the near future...
Last edited on Tuesday January 24th, 2006 15:54 by Shemsi en Tehuti
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AfriCariBrit
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Posted: Tuesday January 24th, 2006 21:46 |
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 @ Thoth B
...erm... do you know if thats a man or woman in your avatar?... I've been looking at it for a bit now and I can't decide... the face looks kinda feminine but the hands look jus like my dads  ...
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Shemsi en Tehuti
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Posted: Wednesday January 25th, 2006 00:29 |
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Judging from the lipstick, I assumed it was a woman. The reason I like it is because it resembles the book cover for Decolonizing the African Mind by Chinweizu; however, it portrays a woman instead. I find the woman more appealing...
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umbrarchist
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Posted: Wednesday January 25th, 2006 10:54 |
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You can't put enough information about this in posts on a website.
Therefore:
Your Money or Your Life by Joe Dominguez
Rich Dad, Poor Dad by Robert Kiyosaki
The Screwing of the Average Man by David Hapgood
http://www.simpleliving.net/ymoyl/default.asp
http://www.twbookmark.com/books/34/0446677450/chapter_excerpt10368.html
http://www.consumercounseling.org/newsite/pages/DavidHapgood.htm
umbrarchist
Last edited on Wednesday January 25th, 2006 10:55 by umbrarchist
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ac9311
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Posted: Wednesday January 25th, 2006 11:56 |
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A couple of other books to add to the list are:
Think and grow rich by Napoleon Hill
The millionaire next door and the millionaire mind by Thomas J. Stanley
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umbrarchist
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Posted: Wednesday January 25th, 2006 18:03 |
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THE MILLIONAIRE NEXT DOOR contains an interesting statistic. It says that 36% of millionaires buy used cars. This deals with the issue of net worth and depreciation. Once you get the money you want to convert it into wealth that lasts. You don't want to blow it on crap that depreciates which is what new cars do. Our GNP is based on a large percentage of the population being dumb.
You don't hear economists saying accounting should be mandatory in the schools.
Wonder why? Whose economy is ignorance good for?
umbrarchist
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Blackthought
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Posted: Wednesday January 25th, 2006 22:16 |
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umbrarchist wrote: THE MILLIONAIRE NEXT DOOR contains an interesting statistic. It says that 36% of millionaires buy used cars. This deals with the issue of net worth and depreciation. Once you get the money you want to convert it into wealth that lasts. You don't want to blow it on crap that depreciates which is what new cars do. Our GNP is based on a large percentage of the population being dumb.
You don't hear economists saying accounting should be mandatory in the schools.
Wonder why? Whose economy is ignorance good for?
umbrarchist
Couldn't agree with you more there bro.....
There are tonnes of ppl out there buying new cars on loan.. just becuase its newer ... even I know some... and they tell me about thinking of investing.... 
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ac9311
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Posted: Thursday January 26th, 2006 03:51 |
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Blackthought wrote: umbrarchist wrote: THE MILLIONAIRE NEXT DOOR contains an interesting statistic. It says that 36% of millionaires buy used cars. This deals with the issue of net worth and depreciation. Once you get the money you want to convert it into wealth that lasts. You don't want to blow it on crap that depreciates which is what new cars do. Our GNP is based on a large percentage of the population being dumb.
You don't hear economists saying accounting should be mandatory in the schools.
Wonder why? Whose economy is ignorance good for?
umbrarchist
Couldn't agree with you more there bro.....
There are tonnes of ppl out there buying new cars on loan.. just becuase its newer... even I know some... and they tell me about thinking of investing....
The funny thing is if people would just do the math they would never buy a new car again. With lease market being so hot you can get a sweet deal on a lease return. I've done it.
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ac9311
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Posted: Thursday January 26th, 2006 04:01 |
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umbrarchist wrote:
You don't hear economists saying accounting should be mandatory in the schools.
Wonder why? Whose economy is ignorance good for?
umbrarchist
You know why, The banks and other lending institutions would have alot less control over our lives because if everyone was financially responsible there would be absolutely no need for their services. By the way another book that is a good read and an eye opener is the Total Money Makeover by Dave Ramsey.
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Incognito
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Posted: Thursday January 26th, 2006 11:54 |
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umbrarchist wrote: Money and Wealth are two different things. What is your NET WORTH? If you stopped working tomorrow how long could you go without a job? Is your house payed for?
As long as you live on income from a job you are still on the treadmill.
You may notice the banks increase your credit limit. They want you in debt so your income goes to them in interest. NOT GOOD FOR YOUR NET WORTH!
umbra
Umbra - well said. I believe you can never earn enough but then I also agree no footballer needs to earn 100k a week.
Generally I try to avoid credit like the plague, the only thing I will owe money on is the mortgage and even then tthe duration falls in line with when the children come off age.
I was unemployed for 10 months and everything accumulated in the previous 10 years of non stop work would have totally vanished in two more months. I think most of us are grossly underpaid so he key is if you have to work then do something you enjoy.
JOB is an acronym meaning just over broke - loose it and there's only one thing you'll be - broke.
For me, enough money is when you can spend it without thinking about it. I hate filling up the tank and having to worry about how much is going in - it's an admission tat you can't afford it. Hence my approach is if I want a particular lifestyle or standard of living but can't afford it then I'm in the wrong job or my skills don't cut the mustard.
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Saint
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Posted: Thursday January 26th, 2006 17:50 |
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Some people ***Not all*** who get broke after two months of losing their job made no investment or ...........they have been wasteful or............... they don't have a good job. simple as that. People need to invest.
For me you earning enough or not doing so badly when you can go for weeks without touching your wages. for example, you get paid this week and you can live on that for the next 3 weeks without spending any of your next 3 weeks payment.
Obviouly if you pay a lot on your mortgage you might not be able to do. if you're paid monthly and you have enough to spend for the next two months without touching you next two monthly payments then you are ok.
That doesn't mean you should be mean on yourself, but it means you are comfortable. Which is ok.
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Miyu
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Posted: Saturday January 28th, 2006 19:59 |
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| Eat slightly less than you should. Work slightly more than you should.
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Incognito
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Posted: Saturday January 28th, 2006 20:50 |
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@Saint
When I was unemployed, I cashed in all my investments, it was them that got me going so long, unemployment insurance was also a good move.
If you have made such good investments that they can cover you when unemployed then by default you are already in a position where you do not need to work.
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Optimist
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Posted: Tuesday January 31st, 2006 21:08 |
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 Thank you for your wise words one and ALL. Yes, even though I spk of money the right response is to make me more reponsible - so the book advice and investment advice is spot on! I'm always skint - hence when is enough ever enough - the answer is never if you are silly with your money!
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umbrarchist
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Posted: Wednesday February 1st, 2006 13:37 |
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Yeah, managing your money is really managing yourself.
I had a Xerox sales manager tell me he liked for his salesmen to be in debt because it made them hustle.
umbra
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Optimist
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Posted: Thursday February 2nd, 2006 20:03 |
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Ok no need to turn the screw - I hear you already!
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umbrarchist
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Posted: Thursday February 2nd, 2006 21:02 |
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| Sorry!
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