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Saving at least 20%

Discussion in 'General Personal Finance Discussions' started by LPH, Jan 1, 2012.

  1. LPH

    LPH Flight Director Flight Instructor

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    My grandpa was fiscally conservative. He used to keep a hidden floor safe with money - just in case. He also kept his checkbook balanced with a fake zero balance; the real balance was $500. He did these because he was concerned he might never have enough money to take care of his family.

    Another grandpa requirement was for at least 20% of his paychecks to be placed in a retirement savings - right off the top. This money went straight into savings before any bills were paid.

    As a New Year's resolution - start saving and protecting your family's future. Choose a percentage and have that money transferred into a savings account. Start small and let it build.
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  2. Robert Heiny

    Robert Heiny Research Scientist of Learning and Education Flight Instructor

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    Both grandpa's also gave 10% off of the top of their income to their churches. They grew up dirt poor, did "a man's work" all their lives in fields and shops constantly making and growing something in order for their families to enjoy a better life than they had had. I don't remember hearing either mention a new year's resolution to save or donate. And they wrote down and filed a sheet of paper for each loan they made and when each part was repaid, even for sons and daughters. But they remembered who had not repaid loans and how much balance they left unpaid. Respectfully, it was their way of life, not these financial transactions that mattered to them.

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