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Old 07-19-2010, 02:06 PM   #21
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How many of you saving 50% are single earners?
We live in a fairly low cost of living area in the southeast US. I have a working spouse. And our childcare is presently provided at a huge discount (by family). We are basically able to live fairly comfortably off of one of our salaries (and still save some of it), and then save all the other's salary, or use it to reduce debt, such as paying 3x our mortgage payment every month.

Having a two income earner household also lets us get health and dental insurance (and other benefits) from the employer that has the better plan. We get all those benefits from DW's megacorp and it saves us probably $7000-9000 versus what my employer would charge for similar but crappier benefits. Although without DW's income, we would probably get "free" government health insurance for the kids since we would be "poor". And a bunch of other "free" stuff from the government.
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Old 07-19-2010, 02:39 PM   #22
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Single earner with about 45% savings rate, but I'm a renter living in Silicon Valley.
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Old 07-19-2010, 03:01 PM   #23
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Single, renter, living in silicon valley as well. Savings are 33% of annual salary, 43% of (paycheck+pre-tax 401k contributions). Of course, rent is 25% of (paycheck+pre-tax 401k contributions) so I'm hoping I can get that down in the not too distant future and swing some of that into savings as well.
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Old 07-19-2010, 03:27 PM   #24
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In the first quarter, I was saving 75% of my gross into my 401(k) and my spouse was saving 90%. Those were the limits imposed by the employer. We also maxed out our Roth IRA contributions for the year.

That was quite a bit of cheating though as our taxable investments paid enough dividends in the latter half of December to afford our lifestyle for a number of months.

And now that we cannot contribute to 401(k)s and Roths anymore in 2010, we just spend the money since we have enough of it.
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Old 07-19-2010, 04:26 PM   #25
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~15% for retirement including 401k match
~5% debt paydown of 0% loan on new car
~12-16% house/long term savings (depending on bonus amount)

Also a relatively newly married renter in Sillicon Valley but starting to look at townhouses and/or moving to Colorado . For now I think we're going to bite the bullet and stay here for at least awhile.

Hmm, not quite as much savings as I thought it was...
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Old 07-19-2010, 06:07 PM   #26
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Article is good and featured people's habits are impressive (and I am similar).

But I have to agree with one of the reader comments below the article.....

Wow! This is amazing. Someone who earns $250,000 is applauded as a super saver. It must be incredibly difficult to live on a mere pittance of $200,000. Oh, the agony. To woefully turn away and not be able to buy the necessities of life. The median salary in the US is ~$52,000. These fluff pieces passed as newsworthy are becoming ridiculous. Why don't we see the real supersavers.... I mean Buffet pulls in a billion and only lives on a couple hundred million...Now that's a super duper super duper saver!!!!
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Old 07-19-2010, 06:09 PM   #27
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Who would have guessed that Eddie Haskell and not Wally Cleaver was the saver?

When I used to w*rk, I did a pretty good j*b of maxing out my 401K and IRAs, along with investing in more if I had any left over.

I consider to more average investor I am, the more successful because I try to follow the indexes, up, down and flat
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Old 07-19-2010, 07:18 PM   #28
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I use a sponge.
I thought that was to control the inflow?

Ha
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Old 07-19-2010, 07:36 PM   #29
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I'd say we (DW and I) are pretty extreme savers in that we save 50% of our income WITH a mortgage in the most ridiculously expensive real estate market in North America.

Once the mortgage is paid off in little more than a year from now, and assuming we continue to live our D.I.N.K existence, we should be into the 65%-70% range.

Other than living in smaller residence that we would ideally like, we don't feel deprived of living a great life. Sometimes I wonder how so many people succumb to massive debt... LBYM seems so natural and sensible to us. We can definitely sleep easy at night...
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Old 07-19-2010, 08:34 PM   #30
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I thought that was to control the inflow?

Ha
Not at my age....
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Old 07-19-2010, 10:43 PM   #31
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"Don't buy stuff," how is that a secret?

Of course actual amounts earned, spent and saved can be more meaningful than percentages
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Old 07-20-2010, 12:20 AM   #32
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Of course actual amounts earned, spent and saved can be more meaningful than percentages
+1

We have a high savings rate - not because we are frugal but because we (i) live in a moderate tax jurisdiction and (ii) opted to buy a home which is well below our means (iii) have never owned a car (not needed here) and (iv) have a relatively high income.

Even though we spend more than we should in other areas, the four factors above are enough to give us a good savings rate as a percentage of income without trying too hard.
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Old 07-20-2010, 09:10 AM   #33
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We save/invest on average between 40 and 50% of our gross income. Essentially, my paycheck gets directed to Vanguard every 2 weeks.
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Old 07-20-2010, 12:32 PM   #34
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Sometimes I wonder how so many people succumb to massive debt
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Old 07-20-2010, 08:37 PM   #35
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Single, homeowner (actually, landlord), saving 58% after tax for retirement. If I included my slush fund savings in that it's closer to 65%.
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Old 07-20-2010, 10:22 PM   #36
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So what's your savings rate?
Single, no kids, renter, age 34.

Last year was around 44% of gross w2 income. This year will probably be the same.

I also have a pension. I would guesstimate that adds the equivalent of another 13% to savings every year.

So, around 57% plus whatever my investment returns are.
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Old 07-20-2010, 11:45 PM   #37
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I suspect that people with a low income have a much lower savings rate than people with a high income do.
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Old 07-22-2010, 06:24 AM   #38
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I'm always disappointed with articles like this because they never actually reveal any secrets. I always read them hoping someone will have a nifty little insight that I can use. It's seldom the case.
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Old 07-22-2010, 06:42 AM   #39
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LBYM seems so natural and sensible to us.
I think that is the difference between many of "us" and most of "them." We're just wired differently. I personally don't find shopping and buying things enjoyable, and not just because of the cost. Shopping blows. I hate it. But I know other people who engage in shopping as a competitive sport. They don't understand my aversion and I can't understand their compulsion. But I also recognize that my way of thinking is a minority view.
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Old 07-22-2010, 06:49 AM   #40
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I saved about 25-30% of my gross (including employer match) most years (a typical programmers salary) from 1979-2006. This allowed my to retire at 48 with about the same net 'pay' (after tax, adjusted for health insurance, mortgage payoff, and savings) as when I was working. No pension, no inheritance, no significant stock options, but I was helped by above average investment returns.
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