What does living within your means really mean?

[KissMy]

I have a lot of credit, 4 houses paid for, piles of gold & a farm. NO DEBT!!!. You should only borrow money to invest in something solid. Not to gamble on stocks, MBS or for consumption.

 

[High_Gravity]

Got into a discussion with The Rabbi about this, he thinks a credit card of $3500 is still living within your means. That is apparently the average these days; I say it depends on your ability to pay it off. If you have an average income X, and you spend on average X, then you are living within your means. Some months you go over, some months you don't, it evens out over time. But if you're exceeding X in spending on a regular basis and your debt is growing, then you are not living within your means.

Essentially, you're right. The problem is that people in todays society believe that credit, equals savings or income. Having a credit line does not grant you additional wealth. The exact opposite. it grant you the opportunity to BORROW, on interest, more money than you obviously have in savings or at disposal.

Credit is not savings, credit is not income, credit is nothing more than the ability to acquire debt on interest.

Living in your means is just that. Keeping expenditures and consumption at levels that meet your level of income. I'm of the caliber that I live humbly in order to actually save additional money to put toward things I might wish to acquire in time. There fore my income is much higher than my designated expenditures. I deliberately live far under my income in order to provide additional savings, as opposed to paying for things I can not afford by becoming a slave to a creditor.

I hate credit cards and loans and I want nothing to do with them, if I can't buy something up front I just don't, minus my car because I couldn't pay for it all at once. I hate owing people.

 

[NYcarbineer]

Got into a discussion with The Rabbi about this, he thinks a credit card of $3500 is still living within your means. That is apparently the average these days; I say it depends on your ability to pay it off. If you have an average income X, and you spend on average X, then you are living within your means. Some months you go over, some months you don't, it evens out over time. But if you're exceeding X in spending on a regular basis and your debt is growing, then you are not living within your means.

Like when Bush told us to go shopping, instead of raising our taxes for the war that had just begun.

 

[signelect]

TM lives in a perfect world. the rest of us have to make do with what we have. If I can't pay for it I don't buy it. I own 2 used cars, live in a modest apartment and eat only what I can pay for. What is wrong with that. By the way I don't have an IPad, big screen anything, movey room or debt. It is not so hard to figure out for most of us

 

[Avorysuds]

So what does a person do?

Get a job, get a better job, get two jobs, give up booze, give up cigarettes, any of those?

or

Live off other Taxpayers?


We can probably guess your answer

.

Goes without saying.

Truthsplatters believes in the producers paying for the poor and downtrodden. We should be overjoyed to pay our own bills along with theirs.

God forbid they take care of themselves. God forbid they actually work two jobs to take care of themselves. Shit. Might be nice if they had even one job.

how does that get done when you guys crashed the economy and so many cant get ONE job.

heartless fucking cons

It's a proven fact Democrats held a majority in congress since 2006... well before the crash. Also Clinton repealed regulation that helped lead to the crash. Unlike you most of us are able to see how both sides contributed to the depression that Obama has only made worse.

Many of us are not limited by party over country as you are. Do you ever get tired of using the poor and minorities for political gain?

 

[The T]

My parents survived the Depression and their advice to us was to get an education, take a civil service job, avoid credit and debt except for a mortgage, invest in nothing but U.S. Savings Bonds and live within your means regardless of any temptation. I have followed that advice to the letter and it's served me well.

I grew up dirt poor farmer family was sharecroppers didn't even own the dirt or the house they lived on.

And I'm sure you and your familily rose above it and prevailed as any American when they are afforded the oppritunity and government isn't in your way.

 

[High_Gravity]

Credit is nothing more than a High Interest Loan... Until people realize that, they are bound to fail. I saw a girl buy a Slurpee at 7/11 yesterday with a Credit card, and I wondered how many years it would take, or if she was "ever" going to pay that Slurpee off. And No, it wasn't a Debit card either.

I pay cash for everything. If I can't? I don't buy it...needs/necessities before wants.

You just nailed it.

 

[Avorysuds]

Nope you are just wrong

Who is wrong about what?

10 bucks she quotes herself and does not realize it, again.... lol

 

[Truthmatters]

Dear fucking idiots,

you crashed the economy and MANY cant even find one job

 

[The T]

Credit is nothing more than a High Interest Loan... Until people realize that, they are bound to fail. I saw a girl buy a Slurpee at 7/11 yesterday with a Credit card, and I wondered how many years it would take, or if she was "ever" going to pay that Slurpee off. And No, it wasn't a Debit card either.

I pay cash for everything. If I can't? I don't buy it...needs/necessities before wants.

You just nailed it.

Is what it is. Necessities...period...budget. If there is something I want? I save for it...and buy it outright.

 

[Avorysuds]

Got into a discussion with The Rabbi about this, he thinks a credit card of $3500 is still living within your means. That is apparently the average these days; I say it depends on your ability to pay it off. If you have an average income X, and you spend on average X, then you are living within your means. Some months you go over, some months you don't, it evens out over time. But if you're exceeding X in spending on a regular basis and your debt is growing, then you are not living within your means.

Like when Bush told us to go shopping, instead of raising our taxes for the war that had just begun.

Correct, or another example would be like when Obama did the same thing... yes.

 

[Truthmatters]

Credit is nothing more than a High Interest Loan... Until people realize that, they are bound to fail. I saw a girl buy a Slurpee at 7/11 yesterday with a Credit card, and I wondered how many years it would take, or if she was "ever" going to pay that Slurpee off. And No, it wasn't a Debit card either.

I pay cash for everything. If I can't? I don't buy it...needs/necessities before wants.

You just nailed it.

Do you really think the wealthiest americans did it without credit?

 

[Avatar4321]

I have no debt and the only credit card I have is the one on my debit card.

I don't owe anybody a dime.

I live within my means.

You own your home outright?

Absolutely. Bought and payed for. I also own both cars sitting in my driveway.

I pay cash for everything that I purchase with one exception.

Both My current vehicles are payed for and have been for many years. I will however have to get another at some point and the will be financed. The exception.

Love having no car payment.

I cant wait till i have no car payment. between 6-12 months. I need to start counting the days lol

 

[Avorysuds]

Dear fucking idiots,

you crashed the economy and MANY cant even find one job

It appears the troll is hungry!

 

[bigrebnc1775]

My parents survived the Depression and their advice to us was to get an education, take a civil service job, avoid credit and debt except for a mortgage, invest in nothing but U.S. Savings Bonds and live within your means regardless of any temptation. I have followed that advice to the letter and it's served me well.

I grew up dirt poor farmer family was sharecroppers didn't even own the dirt or the house they lived on.

And I'm sure you and your familily rose above it and prevailed as any American when they are afforded the oppritunity and government isn't in your way.

Hell yes we did. I was the first in my family that went to college. My mother finally got her GED a few years ago because she had to quit school when she was a kid father did the same thing. Funny thing they were smarter than most educated people even without the paper.

 

[Truthmatters]

TM lives in a perfect world. the rest of us have to make do with what we have. If I can't pay for it I don't buy it. I own 2 used cars, live in a modest apartment and eat only what I can pay for. What is wrong with that. By the way I don't have an IPad, big screen anything, movey room or debt. It is not so hard to figure out for most of us

and you will never won a home.

 

[High_Gravity]

I pay cash for everything. If I can't? I don't buy it...needs/necessities before wants.

You just nailed it.

Is what it is. Necessities...period...budget. If there is something I want? I save for it...and buy it outright.

Thats the way I am too. Bills get paid before I buy anything personal.

 

[High_Gravity]

TM lives in a perfect world. the rest of us have to make do with what we have. If I can't pay for it I don't buy it. I own 2 used cars, live in a modest apartment and eat only what I can pay for. What is wrong with that. By the way I don't have an IPad, big screen anything, movey room or debt. It is not so hard to figure out for most of us

and you will never won a home.

Won a home? put down the Schnapps.

 

[High_Gravity]

I pay cash for everything. If I can't? I don't buy it...needs/necessities before wants.

You just nailed it.

Do you really think the wealthiest americans did it without credit?

Excuse me?

 

[bigrebnc1775]

Dear fucking idiots,

you crashed the economy and MANY cant even find one job

The people that support the government are the ones who crashed the economy.
Those people who do not live within their means is why the economy was crashed.