Comments on: Just Numbers http://7m7y.com/2009/04/04/just-numbers/ Learn how to make $7 million in 7 years ... a NEW guided learning experience. Join now! Thu, 04 Aug 2011 07:45:42 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Automated Budget? « http://7m7y.com/2009/04/04/just-numbers/comment-page-1/#comment-1664 Automated Budget? « Mon, 18 May 2009 08:29:24 +0000 http://7m7y.com/?p=1772#comment-1664 [...] I must admit I’m not a big fan of budgeting. I did attempt to follow the No Budget Budget, but I failed miserably, hence the broken pie chart above. I’m too used to letting Quicken download my financial data and perform monthly analysis on my spending. I usually have a 12-month average that I use as a benchmark. This is how I compare against my average spending. My average spending is actually here. [...] [...] I must admit I’m not a big fan of budgeting. I did attempt to follow the No Budget Budget, but I failed miserably, hence the broken pie chart above. I’m too used to letting Quicken download my financial data and perform monthly analysis on my spending. I usually have a 12-month average that I use as a benchmark. This is how I compare against my average spending. My average spending is actually here. [...]

]]> By: Save your way to wealth? « How to Make 7 Million in 7 Years™ http://7m7y.com/2009/04/04/just-numbers/comment-page-1/#comment-1663 Save your way to wealth? « How to Make 7 Million in 7 Years™ Sat, 02 May 2009 07:03:50 +0000 http://7m7y.com/?p=1772#comment-1663 [...] example, let’s look at Mark from our 7 Millionaires … In Training! ‘ grand experiment’: My current monthly [...] [...] example, let’s look at Mark from our 7 Millionaires … In Training! ‘ grand experiment’: My current monthly [...]

]]> By: MM101 Summary « http://7m7y.com/2009/04/04/just-numbers/comment-page-1/#comment-1662 MM101 Summary « Mon, 27 Apr 2009 06:07:39 +0000 http://7m7y.com/?p=1772#comment-1662 [...] our housing, to our choice of transportation, retirement accounts, debts, income statements and net worth statements. These MM101 building blocks are definitely important for us to check if we have the [...] [...] our housing, to our choice of transportation, retirement accounts, debts, income statements and net worth statements. These MM101 building blocks are definitely important for us to check if we have the [...]

]]> By: Adrian http://7m7y.com/2009/04/04/just-numbers/comment-page-1/#comment-1661 Adrian Mon, 06 Apr 2009 22:13:52 +0000 http://7m7y.com/?p=1772#comment-1661 @ Mark - LOL. In that case you'll be needing this: http://www.youtube.com/watch?v=nCISSGjcHL4 @ Mark – LOL. In that case you’ll be needing this:

http://www.youtube.com/watch?v=nCISSGjcHL4

]]> By: Mark http://7m7y.com/2009/04/04/just-numbers/comment-page-1/#comment-1660 Mark Mon, 06 Apr 2009 13:44:11 +0000 http://7m7y.com/?p=1772#comment-1660 @Josh - The 20K was a leftover after the purchase of the new home but about $6K of it will be gone fixing up the rental property (new HVAC, painting and cleaning). I'll transfer some of the leftover to a business venture I'm gearing up soon. @Jeff - Thanks! Looks like I'm a few steps behind on this transition. I'm taking car of the old townhouse too which bleeds some cash at the moment. @Adrian - Agreed. I can cut down on eating out, entertainment and travel but I don't think I can cut down on gifts that much. I do have some responsibilities and obligations to send money home. I can funnel some funds into a few businesses that will be the main vehicle to reach my number. I'm focusing on one area now - Real Estate. The 401K is indeed my fallback or safety net. On point #3, what if I marry a rich girl? That is still an option for me :) @Josh – The 20K was a leftover after the purchase of the new home but about $6K of it will be gone fixing up the rental property (new HVAC, painting and cleaning). I’ll transfer some of the leftover to a business venture I’m gearing up soon.

@Jeff – Thanks! Looks like I’m a few steps behind on this transition. I’m taking car of the old townhouse too which bleeds some cash at the moment.

@Adrian – Agreed. I can cut down on eating out, entertainment and travel but I don’t think I can cut down on gifts that much. I do have some responsibilities and obligations to send money home. I can funnel some funds into a few businesses that will be the main vehicle to reach my number. I’m focusing on one area now – Real Estate. The 401K is indeed my fallback or safety net. On point #3, what if I marry a rich girl? That is still an option for me :)

]]> By: Adrian http://7m7y.com/2009/04/04/just-numbers/comment-page-1/#comment-1659 Adrian Sun, 05 Apr 2009 07:52:47 +0000 http://7m7y.com/?p=1772#comment-1659 @ Scott - You stole my thunder - Debbie last post, now you! :P @ Mark - Jeff's right: I was going to say "Your “living the good life” activities account for about 43% of your monthly expenses (gifts, travel, eating out, entertainment)" but, he beat me to it. However, I probably have a slightly different reason; sure adding an extra, say, $800 p.m. can put you into Jeff/Scott (High Income / High Saver) territory, producing $11 mill. in 25 years, BUT: 1. That's 'only' $4 mill. in today's dollars (within sight of your Number, which is $5 Mill.) but you have to wait 25 years to get it 2. In 10 years (Your Date) you 'only' have $1.25 Mill. in today's dollars ... certainly not enough to even reopen up the spending gates ;) 3. Your current expenses are unlikely to reflect the reality of 'family life' over the next 10 years (assuming that marriage and children are in your future), therefore you are unlikely to be able to maintain that level of monthly salary without doing something about your income. AHA! It seems that you need to be "doing something about your income" [ AJC: <em>scary, now I'm quoting MYSELF</em> :P ] ... ... so, <strong>you really need to be saving more to help you increase your income</strong>: a) By building up a 'war chest' (working capital, R&D costs, etc.) for your business venture/s, and b) By building up a 'backup reserve' in case things don't work out. Save a little now, so you can still afford to spend later ... ... but, ONLY if you are serious about your Number, otherwise spend away! Go ahead and enjoy your life as it is, you're already ahead of 99% of those in your age group :) @ Scott – You stole my thunder – Debbie last post, now you! :P

@ Mark – Jeff’s right: I was going to say “Your “living the good life” activities account for about 43% of your monthly expenses (gifts, travel, eating out, entertainment)” but, he beat me to it.

However, I probably have a slightly different reason; sure adding an extra, say, $800 p.m. can put you into Jeff/Scott (High Income / High Saver) territory, producing $11 mill. in 25 years, BUT:

1. That’s ‘only’ $4 mill. in today’s dollars (within sight of your Number, which is $5 Mill.) but you have to wait 25 years to get it

2. In 10 years (Your Date) you ‘only’ have $1.25 Mill. in today’s dollars … certainly not enough to even reopen up the spending gates ;)

3. Your current expenses are unlikely to reflect the reality of ‘family life’ over the next 10 years (assuming that marriage and children are in your future), therefore you are unlikely to be able to maintain that level of monthly salary without doing something about your income.

AHA!

It seems that you need to be “doing something about your income” [ AJC: scary, now I'm quoting MYSELF :P ] …

… so, you really need to be saving more to help you increase your income:

a) By building up a ‘war chest’ (working capital, R&D costs, etc.) for your business venture/s, and

b) By building up a ‘backup reserve’ in case things don’t work out.

Save a little now, so you can still afford to spend later …

… but, ONLY if you are serious about your Number, otherwise spend away! Go ahead and enjoy your life as it is, you’re already ahead of 99% of those in your age group :)

]]> By: Jeff http://7m7y.com/2009/04/04/just-numbers/comment-page-1/#comment-1658 Jeff Sun, 05 Apr 2009 01:21:38 +0000 http://7m7y.com/?p=1772#comment-1658 Mark, Congrats on moving into the new home. I hear you loud and clear about "new home = money out." It seems like every time I turn around in my new home there's something new to spend money around. Mark, Congrats on moving into the new home.

I hear you loud and clear about “new home = money out.”

It seems like every time I turn around in my new home there’s something new to spend money around.

]]> By: Mark http://7m7y.com/2009/04/04/just-numbers/comment-page-1/#comment-1657 Mark Sat, 04 Apr 2009 23:24:13 +0000 http://7m7y.com/?p=1772#comment-1657 Thanks Scott and Jeff. I can definitely scale down. I'm being pushed enough yet. With the rental property and a side business I'm ramping up, I hope I'll be busy making money instead of spending money ;) I just moved into a new home today! Unfortunately, it will be money coming out Thanks Scott and Jeff. I can definitely scale down. I’m being pushed enough yet. With the rental property and a side business I’m ramping up, I hope I’ll be busy making money instead of spending money ;) I just moved into a new home today! Unfortunately, it will be money coming out

]]> By: Josh http://7m7y.com/2009/04/04/just-numbers/comment-page-1/#comment-1656 Josh Sat, 04 Apr 2009 23:20:26 +0000 http://7m7y.com/?p=1772#comment-1656 Mark, is the 20K in cash just sitting, waiting for an opporutnity, or is that an emergency fund? Mark, is the 20K in cash just sitting, waiting for an opporutnity, or is that an emergency fund?

]]> By: Scott http://7m7y.com/2009/04/04/just-numbers/comment-page-1/#comment-1655 Scott Sat, 04 Apr 2009 21:51:17 +0000 http://7m7y.com/?p=1772#comment-1655 Yeah, good points Jeff. I'm all for getting to the number faster, then living the good life ;) Yeah, good points Jeff. I’m all for getting to the number faster, then living the good life ;)

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