Lee is representing the typical check-by-check living style that afflicts most of Middle America … the sad thing is that there is a growing percentage of the population that would be jealous, and I fear that with the job losses etc. associated with the current downturn, this is a growing portion of current society.
However, Lee has two huge advantages over others in his predicament: (a) himself – he knows that he needs to do something different (b) us – he has the 7m7y community behind him.
Now that I’ve built you up, what advice can you give?
My being slow to respond to this post request comes about because of the same reason I still live check to check…’I just don’t get it’. But I’ll try anyway:
What have I learned so far? If it’s possible to get my act together I need to do it now, not yesterday. I’ve learned that the potential of reaching my “number” by “the date” and finally it’s a lot more important to save than I ever imagined.
My Struggle at this point in our journey is two fold and they are both things that I have “got to do” regardless of where the journey takes me. I need to set up a savings and by the way I have opened and “ING” account, small but nevertheless it’s there. I need to increase the income. Again I have started doing some writing with a couple of on-line writing gigs, but I need to generate some “real income” if I am to come anywhere near my “number”. Getting ready to “Launch” brings with it a certain sense excitement but also discouragement.
My monthly income statement including my spouse is approximately $3,354 (broken down that figures her after tax take home of $2,400 if she gets over time) I then receive with my retirement $354.00 and some non dependable income (Remember I am self employed) of $600.00. My monthly expenses including mortgage, car payment, utilities, gas, church donation, food and just plain wasteful spending is usually $2, 650 which should leave me with about $700 each month, but I usually don’t know what pocket I left it in in. My Assets are $183,515 made up of my small retirement, house, car and less that 100 bucks in cash. Then the Liabilities $109,000 include the house, student loan, car payment and back taxes.