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Old 11-09-2008, 02:37 PM   #21
Recycles dryer sheets
Lagniappe's Avatar
Join Date: Mar 2006
Posts: 372
Wow, do I ever pay a lot in taxes. Saving for FIRE:

Taxes 42.9%
Housing 8.8
Food 1.2
Utilities 1.0
Other 8.0
Savings 38.1
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Old 11-11-2008, 03:40 PM   #22
Recycles dryer sheets
Join Date: Nov 2007
Location: Denver
Posts: 170
Originally Posted by Dreamweaver View Post
Here's a summary of the results:

For those on the way to FIRE:

Avg Med High Low
Taxes 23% 24% 37% 5%
Mortgage 10% 8% 22% 0%
Savings & IRA 38% 38% 73% 10%
Food 6% 5% 15% 1%
Utilities 3% 3% 8% 1%
Everything Else 20% 14% 60% 5%

More successful savers tended to get savings predominantly by having lower mortgages (perhaps not surprisingly). To their credit, they also tended to shave off expenses across the board, meaning that as the mortgage became cheaper relative to income, they didn't tend to bloat expenses in other areas. This data really demonstrates the concept of setting your lifestyle at a particular level and then, as income grows, sock that extra away towards savings rather than upgrading the lifestyle...
Hmmm probably should have noted also that my mortgage is a 15 year not a 30 year. I was the one on the high end for the mortgage which might be partially explained by that tidbit. That and we are in our mid-20's so not at our peak earning capacity
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Old 11-11-2008, 04:01 PM   #23
Thinks s/he gets paid by the post
Join Date: Oct 2005
Posts: 4,898
Taxes -- 12%
Mortgage & HOA fee --28% (includes taxes)
Savings & IRA -- 12%
Food 8%
Utilities 2%
Medical insurance & HSA deductible -- 11%
Everything Else -- 28%

I'm surprised at the low % for housing expenses for the people on their way to ER. I guess they didn't buy at the height of the bubble.
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