Dear Friends and Family,
First and foremost, I'm not even considering converting to Mormonism - raised a Catholic by a mom who once considered entering a convent, I've found my comfort level with religion in being a Buddhist of sorts.
Being a Buddhist, I am 110% comfortable with the idea that there are useful concepts and constructs to be found everywhere and if you find something that works for you, it's fair game to pick it up and adapt it to your use.
One of the things I do like about Mormonism is the approach to money. Replace "tithe" with "donate to charity" and "replace 10% of your income" with "what you think makes sense to you" and we have a workable solution of sorts.
Another tenet is to avoid debt - to live within your means and to recognize the difference between wants and needs. Amen.
Followed by use a budget. This one I've gotten a little slack on. We used to have a very strict budget. Now, we know how much we need to save for retirement and as long as the monthly budget balances, I don't get too hung up on the details. Last month and the month before were tight, but this month is shaping up better.
Let's see... Build a reserve. Yes! This is a tough one and one we took a couple of years to do. I'm still not sure if it's the "right" amount, but it's enough so that I can sleep soundly at night. If one of us loses our job or decides to try something new or both, then we can last indefinitely on the other income although retirement will slip out several years if that were the case. If both of us lose our jobs (I'll assume we don't both decide to try something new spontaneously and simultaneously as that seems like poor planning) then we have one or more years of reserve depending upon how much we cut back on our expenses. Again, not sure if it's the right amount, but it's enough so that I can sleep soundly at night.
And, last but not least, get the word out. Family? Not very successful on this front as I'm concerned any conversation on the above makes several family members begin to believe I am an angel investor and they are a worthy start-up. Friends? Yes, especially ones with a natural interest in managing their finances.
See? Totally fine adapting and using good stuff from everyone.
Cheers!
mouse
First and foremost, I'm not even considering converting to Mormonism - raised a Catholic by a mom who once considered entering a convent, I've found my comfort level with religion in being a Buddhist of sorts.
Being a Buddhist, I am 110% comfortable with the idea that there are useful concepts and constructs to be found everywhere and if you find something that works for you, it's fair game to pick it up and adapt it to your use.
One of the things I do like about Mormonism is the approach to money. Replace "tithe" with "donate to charity" and "replace 10% of your income" with "what you think makes sense to you" and we have a workable solution of sorts.
Another tenet is to avoid debt - to live within your means and to recognize the difference between wants and needs. Amen.
Followed by use a budget. This one I've gotten a little slack on. We used to have a very strict budget. Now, we know how much we need to save for retirement and as long as the monthly budget balances, I don't get too hung up on the details. Last month and the month before were tight, but this month is shaping up better.
Let's see... Build a reserve. Yes! This is a tough one and one we took a couple of years to do. I'm still not sure if it's the "right" amount, but it's enough so that I can sleep soundly at night. If one of us loses our job or decides to try something new or both, then we can last indefinitely on the other income although retirement will slip out several years if that were the case. If both of us lose our jobs (I'll assume we don't both decide to try something new spontaneously and simultaneously as that seems like poor planning) then we have one or more years of reserve depending upon how much we cut back on our expenses. Again, not sure if it's the right amount, but it's enough so that I can sleep soundly at night.
And, last but not least, get the word out. Family? Not very successful on this front as I'm concerned any conversation on the above makes several family members begin to believe I am an angel investor and they are a worthy start-up. Friends? Yes, especially ones with a natural interest in managing their finances.
See? Totally fine adapting and using good stuff from everyone.
Cheers!
mouse
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