The 60 Percent Solution

At what percent of your total income do you live at? Do you make a $100 and spend a $100? Thus living at 100%. Or, do you make a $100 and spend $105, $110 or more money than you make? Thereby living at more than 100% of your total income

Some time ago I read an article titled, The 60 Percent Solution.

Is it possible to live below one's means?

The author states that he, after many years of budgeting finally came to the conclusion that living below one's means was the most simplest way to combat the battle of expenses.

His solution, live at 60% of he and his family's total income. 60% seems a little extreme, but it is just a number that he has picked. Each person may have their own number at which they may want to "live" with. I am a big fan of the number 70 percent.

What ever the number, living below your means can only lead to better things.

10% to 401k/403b or other retirement savings account
10% to bank savings account (see other post about on line banking)
10% to tithes (a point at which others may argue against, but it is hard to argue with your own beliefs)
70% to live on and pay bills.

NOTE: My goal is to bring the biggest bill, our house mortgage lower, thus freeing up more cash.

Till later

Chris

"living below our means so we can live above our expenses"

The "Secret" Revealed

Remember that old commercial, where the actor would say something like "What's my secret"?

Well my secret is my online bank:

I just received my latest statement from my online bank (no, not Bank of America or Wells) but one of those "stick it to the establishment banks". My statement revealed that our money earned a cool $230. What? $230 in a year, big deal. No actually in one month. As I said earlier, my bank sticks it to the establishment banks because I get 5.05 %. Awesome!

So now for the big drum roll, the total over 3 months since opening the account, we have received just over $500.

I know one is not supposed to use the interest earned to purchase things but so far the interest has purchased my wife's eye glasses (buy 2 for $50 at Nation Wide Vision). I am counting on 3 more months interests to produce about $600 more. This interest generated will go toward our trip to Europe. The interest should help pay for hostels, which seem to be the best value for our money as best I can judge. (hostelworld.com)

It is good to have your money work for you. After the trip to Europe, I plan on just letting the money in our online account work for us and continue to produce more money that will work for us.

Next up, I will hope to write about my experience in other ventures where money will work for us. (check out Prosper.com)


chris

Have You Hugged Your Teacher Today?

I am a teacher. My wife is a teacher. Most of my friends are teachers. Sounds like a likable group of people, so I guess its only fitting that I write my take on the whole Teacher Appreciation Day.

This is my (and my wife) 10th year of teaching. We both teach in different districts, her district is much larger than mine. We both have very similar clock hours (credits a teacher must take if they want to move across the pay scale), however, I make $15,000 more than my wife. How is this possible, even I don't know. She loves where she works and does not want to leave her district to come work in mine, even though she will most likely make similar money. Districts where we live each pay differently. But the most frustrating thing about the different pay scales is; leaving one district to go to another district will not ensure similar pay.

2 years ago I was asked (pursued) by another district to come work for them. Their pay scale & the years of experience they were willing to give to me, would have resulted in a $15-$20,000 pay cut.

Teacher Appreciation.

I like teaching. In fact, I love my students, junior high students at that. They are full of life, never out of energy and always willing to "shock" their teacher back to reality. I feel appreciated when I come to school and my students (even those I don't know) smile and say good morning Mr. :) Teaching is not easy, it has taken me years to finally be able to leave an hour after the students have left (my first 2 years, I left just before the evening cleaning crew left).

Teacher Appreciation.

Richteacher-Poorteacher...I spent years justifying to myself that I did not become a teacher for the money. However, I also did not become a teacher to make just enough to get by. Sure I have my summers off (this summer I will get 2 months) but I have spent every summer, but this upcoming one, going to school, taking classes or working other jobs to pay my bills. A summer to me, it is usually a chance for me to find ways to make more money to cover expenses.

Why Richteacher-Poorteacher, I am trying to change my thinking and like my blog headline states, trying to get out of the "I am just a teacher, middle class for life" self defeating thought patterns.


chris

Money + Shakespeare = A Fat Purse

Gold comes to those who know its principals!

I will not deny that I LOVE the book, The Richest Man in Babylon. I recently got a copy of the book on CD. The original was written by George Samuel Clason and published in 1926. I remember putting it on my iPod, exciting that I would have something to listen to while I sat in traffic. I have grown accustom to listening to podcasts as a way of soothing my road rage. (free podcasts off of iTunes)

Listening to The Richest Man in Babylon brought back memories of me sitting in high school literature class and listening to my teacher read King Lear. This book on CD is not for the anti-Shakespeare type.

Nevertheless, I found listening to this book has instilled in me a desire to get gold by way of sound principals. George S Clason sets out to present sound money principals in the form of parables set in ancient Babylon. Though the principals of money presented in the book are wrapped in ancient settings, the principals (I believe) are sound and would continue to bring "gold" to anyone who practices the principals.

7 Ways to Cure a Lean Purse
The 5 Laws of Gold

These are just 2 of the short stories that I have come to greatly enjoy listening to more than once. Both stories explain sound, simple and effective principals that anyone could evoke into their life and succeed. "Gold", the term used for money, can come to anyone who understands the principals of money that are available to anyone who desires gold.

In conclusion, though not a single person on planet earth may read this review, I felt it was needed, if only for myself to look back on when I have more "gold" in my purse than I dreamed of.

Chris

Teachers Complain Way 2 Much

10 years. 10 long and sometimes painful years. I am not sure what else I would have done with my life if I had not been a teacher.

A little about me. I started teaching in 97, began as a 6th grade teacher. HATED. HATED my first year. I was in a class (portable) away from the other teachers on my team. I was the only 6th grade teacher outside in this type of structure. HATE is a strong word. More like, CRIED EVERY DAY. I mean I cried, or at least thought about crying every day I went to school. My dad (I lived at home for the first 2 years) would ask me, why don't you quit. My response, I can't.

FEAR. It was really FEAR that cemented me to that first year. FEAR of not having any money. FEAR of letting down my cooperative teacher (Beth, the teacher who took me into her classroom and let me do my student teaching). FEAR of what else I would do with my life. Hmmm, is it really fair to expect someone who went to college for five years ( I think I changed my major) to enter the work force and actually like what they went to school to become.

Drum roll Please!

Does the lawyer really like the job they now have (after years of school)
Does the doctor really like the job they have now (after years of school)
Does the nurse really like the job they have now (after years of schoo)

Does anyone like the job they end up in that they went to school for, OR, is it just a matter of quit-a-tude. The desire to become good at what you are doing regardless of whether you initially like it. The desire not to quit and show yourself that you can succeed.

I did not quit my first year, though I cried often that year, even in my principal's office, I did not quit. In fact, he (principal) even hired me back for the next year.

I hatched and emerged from my cocoon. I was on track to become a great teacher. Hey, I am still on that same track.

I like to teach. I love my junior high students (I now teach junior high computers and technology)

Peace out Yo!

( I teach a kind of rough, sort of "in the hood" area)

Problem Solved

I have been trying and finally (after 2 days) was able to remove the bar at the top of my blog, I feel a little bit safer. Thanks to those sites that posted the solution.

I want to win another iPod

Just finished the typical evening Blog Jet Set, what is the Blog Jet Set (?), its where my wife goes to bed, I am wired beyond acceptable levels (coffee) and I proceed to spend a few quiet hours reading blog after blog in the hopes of getting more direction.

Speaking of blogs, I just finished reading http://www.fivecentnickel.com, a very interesting blog about (what else) money. And to top it off, he is giving away a free iPod.

So, this post is really about trying to get another entry into the contest by way of letting those who find my blog know about http://www.fivecentnickel.com/ .

Till later

chris