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How much money should I sock away?
Topic Started: 10 May 2012, 09:43 PM (1,895 Views)
Future
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Hey guys, I have another question about savings. I'm a pretty focused dude and I want to know if the following is OK.

Is 1000 dollars a week much in disposable income (after accommodation, mobile, and transport costs)? I do have to fork out for food with that.

How much of that should I be banking?

I"ve got early 20s mates who power through their cash. On the booze and weed. Party hard on the weekends. And live like there's no tomorrow.

So how much do we save?

In our 20s?
30s?
40s?

Yes and I know the 50s are filthy rich like the old man. That's cool because they should take of the kids when they die.
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NotFooled
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The Bear Whisperer

I assume we are not talking about your wank sock. The more you sock away while you are young, the sooner you can retire.
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Gossamer
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44th most prolific poster on APF

Saving money for a rainy day? Depends on how long the coming storm will last.
Common sense is a curse - those who have it need to suffer dealing with those who don't have it.

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Nelson
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Future
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NotFooled
10 May 2012, 09:51 PM
I assume we are not talking about your wank sock. The more you sock away while you are young, the sooner you can retire.
Not much tossing Fooled. I've got a solid chick on the go. Bit straight but keeps me grounded.

How about your kids? What would they have as disposable? A grand? And what they save from that?

How about yourself? Are you in your late 50s? I'd imagine you probaby spend a grand a week at least on fun.
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War Machine
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Future if you have a grand/week to toss around get some decent advice and don't listen to grubs like us

Your successfull old man should know whats going on right?
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themoops
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Save $20k and get a 95% home loan asap. It will double in 7 years. :re:

Depends where you live, but $1k a week by yourself is shit in Sydney. Alright at your age though.

Assuming you're not a liar, because you sound dodgy as.
Edited by themoops, 10 May 2012, 10:11 PM.
stinkbug omosessuale


Frank Castle is a liar and a criminal. He will often deliberately take people out of context and use straw man arguments.
Frank finally and unintentionally gives it up and admits he got where he is, primarily via dumb luck!
See here
Property will be 50-70% off by 2016.
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Future
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themoops
10 May 2012, 10:11 PM
Save $20k and get a 95% home loan asap. It will double in 7 years. :re:

Depends where you live, but $1k a week by yourself is shit in Sydney. Alright at your age though.

Assuming you're not a liar, because you sound dodgy as.
You're a laugh dude. No way would I live in Shitney. Too many wankers, Bra Boys, and angry ethnics.

If I lived there, I would want to be on around 150K to have a life (not live in an aggro cesspit and be able to enjoy myself).
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MOFO
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Future
10 May 2012, 10:19 PM
You're a laugh dude. No way would I live in Shitney. Too many wankers, Bra Boys, and angry ethnics.

If I lived there, I would want to be on around 150K to have a life (not live in an aggro cesspit and be able to enjoy myself).
This is what I would think: $1300 (excluding your accommodation costs... this would differ, but you sound young so you could live well on $250/week in a share house)

Food $344
Entertainment $344
Internet $50
Mobile $49
Car insurance $38
House insurance $40
Health Insurance $80
Transport $150
Electricity $70
Gas $30
Water $30
Holidays $100

So a total monthly of $1300. Add accom @ $1000, and you have a cost of $2300. An average wage earner could save $2K/month on top of this which is doing pretty well.

The most important thing is to enjoy yourself when you are young, don't stop having fun and such, but even putting away $1k/month when you are in your mid-twenties is doing well. when you get to your thirties, as long as you don't adjust your lifestyle up too much (add a nicer car, holidays, restaurants) - you can save $4-5K/month if you are going OK.... Saving $60K/year for a few years will break the back of a mortgage.
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barns
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Future
10 May 2012, 09:43 PM
Hey guys, I have another question about savings. I'm a pretty focused dude and I want to know if the following is OK.

Is 1000 dollars a week much in disposable income (after accommodation, mobile, and transport costs)? I do have to fork out for food with that.

How much of that should I be banking?

I"ve got early 20s mates who power through their cash. On the booze and weed. Party hard on the weekends. And live like there's no tomorrow.

So how much do we save?

In our 20s?
30s?
40s?

Yes and I know the 50s are filthy rich like the old man. That's cool because they should take of the kids when they die.
$1,000 per week is not enough. You are better just renting, spending the money and having fun. If you want a house you really need to be able to save $10k per month.
“You Keep Using That Word, I Do Not Think It Means What You Think It Means” - Inigo Montoya
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Future
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barns
10 May 2012, 10:59 PM
Future
10 May 2012, 09:43 PM
Hey guys, I have another question about savings. I'm a pretty focused dude and I want to know if the following is OK.

Is 1000 dollars a week much in disposable income (after accommodation, mobile, and transport costs)? I do have to fork out for food with that.

How much of that should I be banking?

I"ve got early 20s mates who power through their cash. On the booze and weed. Party hard on the weekends. And live like there's no tomorrow.

So how much do we save?

In our 20s?
30s?
40s?

Yes and I know the 50s are filthy rich like the old man. That's cool because they should take of the kids when they die.
$1,000 per week is not enough. You are better just renting, spending the money and having fun. If you want a house you really need to be able to save $10k per month.
Mate, that's what I'm thinking $1000 per week is not much. So it's all about how do I get to that 10K per month. Fuck the corporate world, so it's either mining or doing my own business.
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